Finance Minister Nirmala Sitharaman on Tuesday participated in a traditional 'halwa' ceremony, marking the final stage for the preparation of the Union Budget 2026-27, to be unveiled on February 1 in the Lok Sabha.
Officials said the government is keen to conform to the convention of the Union Budget for 2026-2027 being presented on February 1 despite it falling on a Sunday in 2026.
The best course for the government at this time would be to tighten the seat belt a little more, without compromising on its investments in creating better infrastructure and giving a push to privatisation, points out A K Bhattacharya.
Finance Minister Nirmala Sitharaman on Friday participated in a traditional 'halwa' ceremony, marking the final stage for the preparation of Union Budget 2025-26 to be unveiled on February 1 in the Lok Sabha. The ceremony is a customary ritual in which traditional dessert 'halwa' is prepared and served to officials and staff members of the finance ministry who are involved in the preparation of the Budget.
Finance Minister Nirmala Sitharaman on Tuesday participated in a traditional 'halwa' ceremony, marking the final stage for preparation of Union Budget 2024-25 to be unveiled on July 23 in Lok Sabha. The ceremony is a ritual in which traditional dessert 'halwa' is prepared and served to officials and staff members of the finance ministry who are involved in the preparation of the Budget.
About 1.2 trillion tax evasion cases have been detected and as many as 59,000 entities identified for verification in order to ascertain whether they are fake.
The Confederation of Indian Industry (CII) on Sunday urged Indian startups to keep their valuation "realistic" and distinguish between the goals of the organisation and its founder. "Startups may strive for long-term value creation rather than short-term valuations. "The valuations of businesses should be kept as realistic as possible," CII said in its Corporate Governance Charter for Startups.
The Bharatiya Janata Party and its allies on Tuesday welcomed the Union Budget and said it focussed on youth, farmers, women, and has 'substantial allocations' for Maharashtra, but the opposition slammed the annual financial statement, claiming it neglected the western state and only seeks to please the saffron outfit's partners in Bihar and Andhra Pradesh.
The Halwa ceremony, marking the final stage of the budget preparation process for Interim Union Budget 2024, was held in North Block on Wednesday in the presence of Union Finance Minister Nirmala Sitharaman. Union Minister of State for Finance Dr Bhagwat Kisanrao Karad was also present. A customary halwa ceremony is performed every year before the "lock-in" process of Budget preparation begins.
Other ministers who have presented five straight annual financial statements include Arun Jaitley, P Chidambaram, Yashwant Sinha, Manmohan Singh and Morarji Desai.
Juventus will not play in Europe next season after being banned over breaches of UEFA's Club Licensing and Financial Fair Play rules.
Sources in the Delhi government said the ministry of home affairs has stopped the Kejriwal government's budget and it will not be tabled in the assembly on Tuesday.
The need for finding options for proper functioning of Parliament is of paramount importance as the frequency of the passage of Budgets and other economic Bills without discussion or debate has only increased in the last few years, notes A K Bhattacharya.
The Delhi government's budget size for 2022-23 was Rs 75,800 crore and Rs 69,000 crore in the preceding year.
In yet another move to close the regulatory gap between banks and shadow banks, the Reserve Bank of India (RBI) has mandated exposure limits to the non-banking finance companies, in line with commercial banks. In the large exposure framework released on Tuesday, the regulator capped aggregrate exposure of NBFCs which are in the upper layer toward one entity at 20 per cent of capital base. The limit can only be extended by another 5% with board's approval. For a particular borrower group, the cap is at 25 per cent, with additional 10 per cent if exposure is towards infrastructure.
The government must expedite its plan for asset sale and privatisation, both of which hardly got any mention in the Budget speech, points out A K Bhattacharya.
While Wipro will announce its fourth quarter (Q4) results along with annual financial statements on April 15, market leader TCS will hold its board meet the next day (April 16) for approval of its financial statements. Infosys is yet to inform investors the date it will announce its Q4 earnings.
The government has extended the deadline for filing GST annual return and audit report for the 2018-19 fiscal year by a month, till October 31.
The CAG has pulled up the union government for adopting an erroneous process of devolution of IGST to states and short-transfer of cesses to reserve funds, which resulted in under-reporting of deficit figures for the 2017-18 and 2018-19 fiscals. The Integrated Goods and Services Tax (IGST), which is levied on inter-state sale of goods and services, is shared between the Centre and states in the 50:50 ratio. In its report on the union government accounts tabled in Parliament, the Comptroller and Auditor General of India (CAG) found that a sum of Rs 13,944 crore was left unapportioned and retained in the Consolidated Fund of India (CFI) in 2018-19, even though the amended IGST Act now provides for a process for ad-hoc apportionment of IGST.
NSE's board was to approve on Friday the annual financial statement for the year ended March 31, 2019, but it decided to defer the matter till its legal team firmed up a view on Sebi's order, sources said.
Certain technical problems are being faced by the taxpayers as a result annual return for the period July 1, 2017 to March 31, 2018 could not be furnished.
These companies provide better quality jobs and so it is particularly reassuring to see these jobs grow faster than the overall growth of jobs in India, says Mahesh Vyas.
As per the assessment done by the RBI, the gross NPA of the SBI was 11,932 crore more at Rs 1,84,682 as against Rs 1,72,750 reported by the bank. As a result the bank has to make additional provisioning of Rs 12,036 crore in the balance sheet.
Companies such as Tata Sons and Bharti Telecom, which are unlisted but have listed subsidiaries, may soon have to file periodic financial statements with the registrar of companies under the new provision of the Companies Act. The provision requires greater financial disclosures by a certain category of unlisted companies.
Companies will have to follow all requirements laid out under rules for holding board meetings via video conferencing such as recording of these proceedings, ensuring availability of proper equipment among others.
The Finance Ministry said it has followed standard practice and has not violated any Constitutional provision by not showing interest on tax refund as separate expenditure in the Budget.
'The clubbing of policy announcements in the Budget speech creates policy surprises.' 'Economic actors dislike policy surprises because they throw their plans off track,' points out Alok Tiwari.
As part of the ritual, ''halwa'' is prepared in a big ''kadhai'' (large frying pot) and served to the entire staff involved in the Budget making exercise of the ministry. Halwa was served while maintaining COVID protocol with all present in mask and those distributing sweets were wearing gloves.
The preparations for the next Budget have already started.
The proposed measures aim to bring stricter norms to curb holding of illegal cash and mismanagement of unaccounted cash seized by the probe agencies during investigations.
The proposals are expected to be part of the new Companies Bill, 2011.
With people reposing faith in the UPA and voting for stability, this is the government's chance to fulfill its promises, ensure growth and development of the country, check runaway prices, and offer succour to the aam aadmi.
The Budget refers to the 'Annual Financial Statement', laid before both the Houses of Parliament (Lok Sabha and Rajya Sabha).
As finance minister Pranab Mukherjee gets ready to present the much anticipated budget for financial year (FY) 2010-11 on February 26, we tell you what you ought to know about the Union budget.
Without a market that is positively impressed with the finance minister's Budget, the government will face major problems in offloading its shares in PSUs and bring down its deficit.
Parrikar, who is suffering from pancreatic ailment, presented a revenue surplus state budget sitting on his chair in the state assembly, with a tube inserted through his nose.
The Budget refers to the 'Annual Financial Statement', laid before both the Houses of Parliament.
With people reposing faith in the UPA and voting for stability, this is the government's chance to fulfill its promises, ensure growth and development of the country, check runaway prices, and offer succour to the aam aadmi.
Budget preparation may be one of India's most secret exercises, but what's not under wraps is that the annual financial statement ranks 17th in a transparency index compiled by an American civil society group.
'The numbers are null and void now. Look, we can give out projections now, but we know that a week later those numbers will also be irrelevant. So we need to wait,' a top government official said.
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