It is proposed to provide a combined upper limit of Rs 7.5 lakh in respect of employer's contribution in a year to NPS, superannuation fund and recognised provident fund and any excess contribution is proposed to be taxable.
India must be prepared to deal with climate disasters, geopolitical confrontations, and social strife linked to global events, asserts Jayant Sinha, chairman of Parliament's Standing Committee on Finance.
Bharti Airtel delivered encouraging results for the January-March quarter of the 2022-23 financial year (Q4FY23) as telecom and associated services moved into the 5G zone. In India, Airtel's mobile Q4 revenue and Ebitda (earnings before interest, tax, depreciation and amortisation) were Rs 19,550 crore (up 1 per cent quarter-on-quarter or QoQ) and Rs 10,530 crore (up 1.1 per cent QoQ), respectively. The Ebitda margin was flat at 52.2 per cent.
The government has approved 8.1 per cent rate of interest on employees' provident fund (EPF) deposits for 2021-22 -- an over four-decade low -- for about five crore subscribers of retirement fund body EPFO. Earlier in March this year, the Employees' Provident Fund Organisation (EPFO) had decided to lower the interest on provident fund deposits for 2021-22 to 8.1 per cent from 8.5 per cent provided in 2020-21. According to an EPFO office order issued on Friday and reviewed by PTI, the Ministry of Labour and Employment has conveyed approval of the central government to credit 8.1 per cent rate of interest for 2021-22 to each member of the EPF scheme.
While reasonable safeguards should be built in, there can't be restrictions on the individual's right to leave her/his money to whoever s/he wants, notes Harsh Roongta.
Labour ministry guidelines say workers returning to cities must get housing, health insurance, facemasks. The Centre has also asked states to issue guidelines to employers to take care of the needs of migrant workers.
The recent protests by employees of Urban Company and the case of a a Zomato delivery executive who died in a road accident point to the severely straitened condition of gig workers during the ongoing Covid-19 pandemic. Budget 2021 had promised several measures to help the cause of gig economy workers, but most of them are yet to see the light of day. Even after a year, the country's gig workers continue to be without any social security cover or a minimum wage guarantee. "In Budget 2021, finance minister Nirmala Sitharaman had announced that the government is looking toward including migrant and gig workers for social security benefits," says Srinivas Kotni, managing partner, Lexport, a consulting firm. Parliament had passed the Code on Wages in 2019 and Code on Industrial Relations, Social Security and Occupational Safety, Health and Working Conditions in 2020.
The finance minister has stayed true to her commitment to fiscal consolidation, even though the pace of the decline in the deficit could have been faster, notes A K Bhattacharya.
In Bihar, where a bandh had been called, a railway station and a police vehicle were torched, an ambulance attacked and security personnel injured in stone-pelting incidents on the fourth consecutive day of the agitation, while protesters vandalised Ludhiana railway station in Punjab and blocked roads and rail tracks in West Bengal, Haryana, Rajasthan, Maharashtra, Odisha and Uttar Pradesh.
If the corruption issue doesn't claim Mr Baghel, the Congress's chances in the assembly election later this year are good, observes Aditi Phadnis.
The Union Budget on Wednesday outlined several initiatives to drive India's technology agenda and boost digital infrastructure, including new centres of excellence for artificial intelligence, National Data Governance Policy, and Entity DigiLocker.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
The ministry of labour & employment has now been mandated to seek the 12-digit unique identification number Aadhaar from people like employees and unorganised sector workers seeking registration, benefits, availing services or receiving any payment under various schemes under the Social Security Code 2020. Aadhaar would not be made mandatory for delivery of services under various social security schemes under the purview of the ministry because Social Security Code 2020 has not been fully implemented so far. The rules under the Code are finalised by the ministry but those rules are yet to be notified.
The automobile sector is considered a good indicator of economic health. It has a very long value chain, from primary materials, like metals, glass and plastic, to value-added high-end electronic components, specialised alloys, and software.
In the pre-scheduled meeting, the home minister reviewed the prevailing security situation in the Union Territory and steps taken to deal with the Pakistan-backed terrorists and maintain peace.
The negative balance is largely on account of pending material cost for the work done under the programme during the year and even earlier.
The BJP launched an all-out and aggressive personalised campaign led by Prime Minister Narendra Modi himself, but voters went by local rather than national issues.
Migrant workers play a very vital role in building the nation and their rights cannot be ignored at all, the Supreme Court said on Thursday while asking the Centre to devise a mechanism so that they receive food grains without ration cards.
A renewed energy seems to have been infused into the 75-year old Congress leader Siddaramaiah's gait as he walked to address a packed press conference in Mysore on Saturday.
The unemployment rate among women came down to 12.4 per cent in urban areas
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
However, demand was still much higher compared to the previous years, underlining the scheme's vital role in providing employment to the rural poor, a vast majority of whom are migrants.
The challenge is to enhance opportunities for people to generate livelihoods through entrepreneurship, both big and small, argues R Jagannathan.
The government on Friday extended he deadlines for various income tax compliances and said the amount paid by an employer to employees for Covid-19 treatment would be tax exempt.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
After complaints that the new law may impact employment of women, the government has framed a scheme to provide monetary incentive to companies, reports Somesh Jha.
Finance Minister Nirmala Sitharaman will have to do a tight-rope walk between staying fiscally prudent and general public expectations of lower taxes and a wider social security net, while at the same time firing the engines of the economy before general elections. Sitharaman will on Wednesday present her fifth straight Budget at a time when the economy is slowing due to global headwinds and specific sectors need attention. In the run-up to the Budget presentation, expectations are rife that she may tweak income-tax slabs to provide relief to the middle class and increase spending on the poor through programmes such as the rural job scheme while ramping up financial incentives for local manufacturing.
Of these 8.5 million additional people employed in September, 6.5 million were in rural India, reveals Mahesh Vyas.
Reaching out to the youth of the Kashmir Valley, Prime Minister Narendra Modi on Sunday spelled out initiatives for peace and development, and assured they will not inherit the problems faced by their parents and grandparents.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
'Wherever in the world there is political instability, those countries are beset with severe crises today. But India is in a much better position than the rest of the world due to the decisions taken by my government in the national interest,' President Droupadi Murmu said in her address to both Houses of Parliament.
Delhi Chief Minister Arvind Kejriwal on Sunday promised to introduce a free pilgrimage scheme for the people of different communities in Uttarakhand if the Aam Aadmi Party came to power in the state.
Since the first Aadhaar number was issued in September 2010, more than 1.33 billion Aadhaar cards have been generated till June 2022. With the Aadhaar enrolment of adult Indians nearing 100 per cent, the main objective of the Unique Identity Authority of India (UIDAI), which was to give Unique Identification numbers (UID) to all residents of India, is almost achieved, said a senior government official. "Enrolment will now be much more update-based, because people keep updating their mobile numbers and addresses.
Industry body CII has pitched for a reduction in personal income tax rates, decriminalisation of the goods and services tax and a relook at the capital gains tax rates as part of its agenda presented to the government for the forthcoming Budget. Arguing that the GST law already contains adequate penal provisions for deterrence against evasion of taxes, CII has suggested decriminalisation of GST law. Also, the applicability of prosecution provisions should not be based on the absolute amount of tax evasion but should be based on real intent to evade the taxes and a certain percentage of the tax payable, it stated.
The government hopes that the PLI schemes would provide 200,000-300,000 direct employment over five years, according to sources in the know.
The Centre's decision to grant 10 per cent quota for the EWS category in admissions and jobs violates the basic structure of the Constitution on multiple counts including that it breaches the 50 per cent cap on reservation, the Supreme Court was told on Tuesday.
Experts say having an open fire in the kitchen is like burning 400 cigarettes an hour.
The Union government could target a fiscal deficit of 5.8-6 per cent of nominal GDP for 2023-24, and it should continue its capital expenditure push and look to simplify the personal income tax regime, economists recommended Finance Minister Nirmala Sitharaman and her team during their pre-Budget interaction on Monday. Starting last week, Sitharaman had eight pre-Budget consultations this time. More than 110 invitees representing seven stakeholder groups participated in these meetings, the finance ministry said in a statement. The stakeholder groups included representatives and experts from agriculture and agro-processing industry; industry, infrastructure & climate change; financial sector and capital markets; services and trade; social sector; trade unions and labour organisations; and economists.
ESI subscribers to get Covid unemployment allowance within 15 days of claim. Payment will be made into bank account of the insured and Aadhaar will be used for identification.
The pre-Budget proposals sent to the finance ministry aim to bring uniformity in tax treatment for investments in different financial sectors, mitigate hardship to retail taxpayers, and encourage participation in mutual funds.
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