The finance minister is likely to announce the government's vision for a tax-friendly regime by raising the I-T exemption limit from the current Rs 250,000 per annum.
Union Finance Minister Nirmala Sitharaman, along with her team of bureaucrats, delved into the fine print of the 2024-25 Budget documents in a press conference, detailing the government's road map on bringing down the debt-to-GDP ratio and bold tax measures.
To validate and continue using the existing PAN cards, citizens will have to link them to Aadhaar. Or else, they will be permitted to use Aadhaar instead for filing returns and while making other high-value transactions, specified under the Income Tax Act.
While reforms may translate into new opportunities for firms like ITC, Adani Wilmar and Reliance Retail, farmers are unlikely to use it for fear of upsetting commission agents.
The provisions exempt farmers from attachment of land up to 2.5 acres and provide for prevention of hoarding and black marketing of agricultural produce.
The Supreme Court on Monday refused to stay the Himachal Pradesh assembly speaker's order disqualifying the six Congress rebels who had cross-voted in the recent Rajya Sabha polls in the state.
Alloting more funds for MNREGA and PM-KISAN could wipe out the entire additional money that the Centre may have for FY25.
Make financial planning a part of your education and definitely a part of your marriage, says financial planner Sheetal Jhaveri.
A united opposition is set to corner the NDA government on issues ranging from the NEET paper leak case to railway safety.
Online and mobile based personal finance applications have gained importance over the past few years.
The Aam Aadmi Party MLAs spent the night in the state legislative assembly building demanding copies of the Bill which the state's Congress government is now expected to introduce on Tuesday.
The Congress leader told reporters that the Punjab government is 'preparing to challenge the Bills in the apex court on two counts'. "First, it is a state subject and the Union government has no right to enact a legislation on it. "Besides, the federal government cannot destroy the economy of states. Due to the Bills, losses will be too much for a small state like Punjab," he said.
A proposal to withdraw the bill was moved by Minister of State for Finance Pon Radhakrishnan and was approved by the House
When the landslide hit, Sruthi's house was washed away, along with its inhabitants. She lost her entire family and some relatives. All she had left for a close confidante was her fiance Jenson. Days after the landslide and the loss of her family, Jenson died in a road accident that also left Sruthi with serious injuries. News of the accident and Sruthi's backdrop as the lone surviving member of a family wiped out in the July landslide, was picked up by the media, and people rushed to help.
Reserve Bank Deputy Governor Michael Patra on Wednesday said the central bank's views about cryptocurrencies might have delayed the government's proposed legislation on crypto assets. Emphasising that the Central Bank Digital Currency (CBDC) will be introduced in FY23 as announced by Finance Minister Nirmala Sitharaman in the Budget speech, Patra said India will proceed very gradually on the subject as there are concerns on privacy, its impact on monetary policy formulation and energy intensity. The government had plans to introduce a bill on cryptocurrencies like Bitcoin during the Winter Session of Parliament in November-December 2021 but did not introduce it.
Ahead of a likely trial of strength in Lok Sabha on the proposed cut motion on finance bill, the Congress on Monday said the government was in absolutely no danger.
Indian charitable trusts, including Tata Trusts and top corporate donors, are stumped by a new tax law proposed in the Budget, which reduces tax breaks for the donor organisations. The Finance Bill proposes that if a charitable organisation donates to another charity, then only 85 per cent of the donation will be considered as application of income for the donor organisation. Trust officials say this is a major setback for the donor organisations, including corporate foundations and intermediary organisations, which work with various implementing agencies at the grassroots level.
A five-judge constitution bench headed by Chief Justice D Y Chandrachud held that the 2018 scheme was 'violative' of the constitutional right to freedom of speech and expression and right to information.
The Finance Bill proposes introduction of Section 26A in the Customs Act, 1962, so as to comply with the standards under the International Convention on the Simplification and Harmonisation of Customs Procedure (Revised Kyoto Convention).
Amendments would be required in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 for privatisation, sources said.
Once the Finance Bill 2017 is passed, jewellery will be treated on par with general goods which attract 1 per cent TCS on cash purchase of above Rs 2 lakh.
The Bill was introduced in the Lok Sabha in December.
Parliament on Tuesday completed the three-stage Budget exercise with Rajya Sabha returning the Finance Bill, 2003 after Finance Minister Jaswant Singh promised to move towards simplified 'Green Channel Tax System' based on trust.\n\n\n\n
The bill provides for severe punishment ranging from 1 year to 10 years and pecuniary fines ranging from Rs 2 lakh to Rs 50 crore to act as deterrent.
The Opposition intensified its noisy protests in Lok Sabha on Wednesday over Pegasus snooping, farm laws and other issues with some unruly members even hurling papers and torn placards in the House, but the government went ahead with its legislative agenda and three bills were passed amid the din.
In a huge relief for H-1B visa holders, a White House-backed bipartisan deal has been unveiled under which automatic work authorisation would be granted to about 100,000 H-4 visa holders, who are spouses and children of a certain category of H-1B visa holders. The National Security Agreement that was announced on Sunday after long negotiations between the Republican and the Democratic leadership in the US Senate also provides a solution to about 250,000 aged-out children of H-1B visa holders. The move comes as good news for hundreds and thousands of Indian technology professionals who are waiting in a painstakingly long wait for a Green Card, in the absence of which their spouses cannot work and their aged-out children face the threat of deportation.
The idea behind advancing the Budget date is to ensure that the Finance Bill is passed before the start of the financial year, on April 1, so that all central government departments get their full allocations to work with right from the first day
Make minimum payments on all debts, then use extra funds to tackle the smallest debt first.
Both Houses of Parliament witnessed multiple adjournments on Monday as opposition MPs continued their protest over the Pegasus snooping row and other matters. Amid ruckus by the Opposition, the Rajya Sabha passed the Inland Vessels Bill-2021 while the Lok Sabha passed the General Insurance Business (Nationalisation) Amendment Bill with voice-vote.
Several BJP-backed state governments have unveiled schemes targeting the poor, women, farmers and students, following the party's setback in the Lok Sabha polls.
Experts recommend awaiting the findings of the 2021 Census, which is yet to be conducted, before introducing population control policies.
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.
This article tries to strip off the jargon and present the contents of the current act with respect to the punishments and penalties applicable to various offences as defined by the tax man.
While the government has the option of ensuring the passage of these Bills as money Bills, there are voices within the government advising discretion on the GST roll-out by April 1.
The cost of deposits is on the rise, but banks can't raise interest rate on close to 60% of their loan books, points out Tamal Bandyopadhyay.
Move to shift powers from RBI without discussions baffles many
Let there be a rule that if the Budget is not passed and funds cannot be drawn from the Consolidated Fund of India, there will be a government shutdown as it happens in the United States, says A K Bhattacharya.
Dear Finance Minister, We don't expect magic, just a little understanding and some tax relief that feels like a real reward, not a bare minimum. A little extra fuel in our wallets could go a long way, pleads Vatsal Ramaiya
TMC Rajya Sabha MP and leader of the party in the Upper House Derek O'Brien and Sudip Bandyopadhyay, Lok Sabha MP and leader of the party in the Lower House, have written to presiding officers of both Houses, urging then to wind up proceedings on Monday (March 23).
The Bhagavad Gita reminds us that true peace comes not from the absence of problems, but from the ability to face them with a prepared mind and a steady resolve, says Vatsal Ramaiya, and shows how the Gita helps you to achieve financial peace.
