'The finance minister missed yet another opportunity to simplify the income tax structure in the Budget.' 'This was an opportune moment to get rid of the old tax system entirely and move fully to the new system,' asserts M Govinda Rao, member of the 14th Finance Commission.
Finance Minister Nirmala Sitharaman on February 1 will present a record eighth consecutive budget that is expected to contain measures to shore up weakening economic growth and ease the burden on the middle class struggling with high prices and stagnant wage growth while being fiscally prudent.
The Karnataka government has tabled a Bill in the Legislative Assembly to introduce a 4 per cent reservation for Muslims in public contracts. The Bill aims to address unemployment among backward classes and promote their participation in government construction projects. The BJP has called the move an "unconstitutional misadventure" and vowed to oppose it.
With Nirmala Sitharaman's Budget presentation lasting for about one hour 31 minutes on Tuesday, the finance minister's budget speech this year became the shortest ever since 2019.
Finance Minister Nirmala Sitharaman on Saturday unveiled 'transformative' tax reforms that ranged from a simpler income tax law to higher TCS threshold for remittances and income tax benefits for middle class.
The government will introduce a new Income Tax bill next week to take forward the "trust first, scrutinise later" concept, Finance Minister Nirmala Sitharaman said on Saturday. In another major reform move, the minister announced that the Foreign Direct Investment (FDI) in the insurance sector will be increased to 100 per cent from 74 per cent.
Rediff.com brings to you Finance Minister Pranab Mukherjee's Budget Speech Live from Parliament at 11.00 a.m. on February 26.
Finance Minister Nirmala Sitharaman on Friday proposed to double the limit for Tax Deduction at Source (TDS) on interest income for senior citizens to Rs 1 lakh, and also increase the threshold to Rs 6 lakh on rent from the current Rs 2.4 lakh.
As per the Budget memorandum, the government has proposed amendment to Sub-Section 2 of Section 23 of Income Tax Act, which relates to determination of annual value of house properties.
An Income-Tax Department internal committee reviewing the old direct tax law to pave the way for a new one has "largely" received suggestions for "simplifying" the language, better "structuring" the provisions and enlarging the ambit of schemes like presumptive taxation, CBDT chairman Ravi Agrawal said Sunday. Speaking to PTI during a post-Budget interview at his North Block office, Agrawal said the panel also "studied" the deliberations and processes of countries like the UK, Australia and some others where a similar tax law simplification exercise was undertaken.
Individuals earning up to Rs 12 lakh annually will not have to pay any income tax under the new tax regime as Finance Minister Nirmala Sitharaman on Saturday gave relief to middle class by raising exemption limit and rejigging slabs. For salaried employees, this nil tax limit will be Rs 12.75 lakh per annum, after taking into account a standard deduction of Rs 75,000.
Bharatiya Janata Party on Thursday issued a three-line whip to all of its Lok Sabha MPs asking them to be present in the House for the passing of the Union Budget 2025-26.
Finance Minister Nirmala Sitharaman's Budget speech on Wednesday was marked by the usual thumping of benches by the ruling alliance members, but the loudest cheer was reserved for her announcement of income tax relief, which was welcomed by 'Modi, Modi' chants in Lok Sabha that also witnessed a few instances of protest by the Opposition.
Rediff.com brings to you Finance Minister Pranab Mukherjee's Budget Speech Live from Parliament at 11.00 a.m. on February 26.
The Union Budget 2025-26, while promising a new framework for smoother mergers and acquisitions (M&As), has plugged a major loophole on carry-forward losses for a total of eight assessment years between amalgamating company and amalgamated company from the date of loss instead of date of the merger. For all mergers effected on or after April 1, 2025, the losses can be carried forward only for the residuary period (counting from the date of loss).
Finance Minister Nirmala Sitharaman on Saturday announced the removal of import duties on 12 critical minerals, lithium-ion batteries scrap, cobalt products, LED, zinc and 36 drugs for cancer and rare diseases.
China has announced a 7.2 percent increase in its national defence budget, bringing the total to USD 249 billion for the year. This rise comes amidst China's ongoing efforts to modernize its armed forces, including the development of new warships and fighter jets. The budget increase, exceeding last year's 7.2 percent rise, reflects China's commitment to bolstering its military capabilities. Chinese Premier Li Qiang emphasized the importance of the Communist Party's leadership in guiding the military, with President Xi Jinping at the helm of the Central Military Commission. China's defence spending is now three times that of India's and is viewed by critics as a sign of the country's growing military ambitions.
Rediff.com brings to you Railway Minister Mamata Banerjee's Railway Budget Speech Live from Parliament at 12.00 noon, February 25
Roads, railways, and coal together are likely to account for 70 per cent of the government's takings from the upcoming second edition of the National Monetisation Pipeline (NMP), set to run from FY26 to FY30. In comparison, these three sectors are estimated to have contributed 66 per cent in the first edition of the NMP - FY22 to FY25.
The real requirement for the finance minister's explanatory speech is to explain the measures taken in the Budget to influence inflation and growth not just through the announcement of a deficit goal, but more broadly through the impact on money supply, consumer demand, foreign trade and investment, explains Nitin Desai.
Most of the members, including Prime Minister Narendra Modi, were seen wearing face masks. However, members had crowded the Lok Sabha chamber, while hardly a handful of others, including union ministers Dharmendra Pradhan and Piyush Goyal, were seen seated in the Rajya Sabha chamber.
Finance Minister Nirmala Sitharaman on Saturday said she is likely to introduce the new income tax bill, which will replace the six-decade-old I-T Act, in the Lok Sabha in the coming week.
Finance Minister Nirmala Sitharaman on Saturday announced six new schemes and increased the subsidised Kisan Credit Card (KCC) loan limit to Rs 7 lakh from Rs 5 lakh, targeting everything from unemployment to crop productivity enhancement across the country. Presenting her eighth budget speech in Parliament, Sitharaman positioned agriculture as "the first engine of growth" and unveiled the Prime Minister Dhan-Dhaanya Krishi Yojana, a flagship program targeting 100 agri-districts grappling with low productivity, moderate crop intensity, and below-average credit parameters.
Rediff.com brings to you Finance Minister Pranab Mukherjee's Budget Speech Live from Parliament at 11.00 a.m. on February 28.
Rediff.com brings to you Finance Minister Pranab Mukherjee's Budget Speech Live from Parliament at 11.00 a.m. on February 28.
In a major relief for taxpayers, Finance Minister Nirmala Sitharaman on Saturday announced an increase in the threshold for Tax Deduction at Source (TDS) on rent from Rs2.40 lakh per annum to Rs6 lakh per annum while presenting the Union Budget 2025-26. Presenting the budget in Lok Sabha, the Finance Minister said, "The annual limit of Rs 2.40 lakh for TDS on rent is being increased to Rs 6 lakh.
Finance Minister Nirmala Sitharaman on Tuesday termed misleading claims by opposition leaders that if any state is not named in the Budget speech, then it does not get any budgetary allocation. Replying to a Budget discussion in the Lok Sabha, Sitharaman asserted that no state was being denied money. She recalled that in the past Budgets by the UPA government also did not mention names of all states in their Budget speech.
Finance Minister Nirmala Sitharaman on Monday called on President Ram Nath Kovind before presenting the Union Budget 2021-22. As per established tradition, the Finance Minister met the President at the Rashtrapati Bhawan before heading to Parliament. The Union Cabinet will meet at 10.15 am to clear the Budget.
Fitch Ratings on Monday said India's pace of debt reduction is gradual, leaving room for a downside risk to sovereign rating in the eventuality of a significant economic shock. However, the rating agency expressed confidence in India's ability to stick to its medium-term fiscal framework, which aims to reduce debt and bring it on a downward trajectory over time.
Union Finance Minister Nirmala Sitharaman on Saturday announced a fresh Rs 15,000 crore 'SWAMIH Fund' for completion of 1 lakh units in stalled housing projects across various cities, a move aimed at providing relief to distressed homebuyers whose investments are stuck. In November 2019, the Centre announced a stress fund named 'Special Window for Affordable and Mid-Income Housing' (SWAMIH), to complete stalled housing projects across India.
To tap Indian civil aviation market's growth potential, the government on Saturday announced a modified regional air connectivity scheme UDAN (Ude Desh ka Aam Naagrik) to connect 120 new destinations, airport projects in Bihar and upgradation of infrastructure for air cargo in the Union Budget.
The Rural Development Ministry has been allocated Rs 1.88 lakh crore in the Union Budget for 2025-26, around 5.75 per cent more than the allocation in the previous budget.
In a significant policy shift aimed at boosting agri-productivity and rural prosperity, Finance Minister Nirmala Sitharaman on Saturday announced six new agricultural schemes while increasing the subsidised Kisan Credit Card loan limit to Rs 5 lakh from the existing Rs 3 lakh, benefiting 7.7 crore farmers, fishermen, and dairy farmers.
When it comes to usage of words in the budget speech, terms like women, youth and investors grew in count from the last year levels.
Finance Minister Nirmala Sitharaman will present her 8th straight Budget and all eyes will be on the much-expected tax relief for the middle class. Sitharaman had in her first Budget in 2019 replaced the leather briefcase -- which had been in use for decades for carrying Budget documents -- with a traditional 'bahi-khata' wrapped in red cloth.
Her speech was laced with Hindi, Urdu, Sanskrit and even Tamil verses.
Whether the ambitious targets are achievable is a moot question as India's earlier target was 20,000 MW of nuclear power by 2020.
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.
The government in FY26 Budget should announce an "effective" personal income tax cut to support consumption and demand, Barclays said on Thursday. In its FY25-26 Union Budget preview, Barclays said the key ask from the Budget, to be presented on February 1, is to support growth while adhering to fiscal consolidation path.
Sitharaman, India's first full-time woman Finance Minister, broke away from the colonial tradition of carrying a Budget briefcase in July 2019, opting instead for a traditional 'bahi-khata', to carry the Union Budget papers.
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