Increase in Budgetary allocation likely to be only 5.8%, the lowest in six years
'Filing a nil ITR serves as a formal declaration to the tax authorities that your earnings fell below the taxable threshold in the given financial year, and you had no tax liability during that period.'
For example, railways, roads and highways, and shipping could form a section within the Budget as an omnibus transport sector
Households are likely to remain the primary net lenders to the economy in the coming decades.
'Maharashtra is virtually in a debt trap.'
The development comes a day after a government resolution (GR) was issued, in which the state administration ordered disbursal of Rs 10 crore funds for strengthening the state Waqf Board.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
The supplementary demands for grants include a gross additional spending of over Rs 2 lakh crore, which would be matched by savings of over Rs 1.21 lakh crore.
India's leading steel companies hope the Modi 3.0 Budget will continue the massive capital expenditure currently underway, focusing on infrastructure development, manufacturing, and fair trade. The infrastructure segment is the largest steel user, and the government's focus has fuelled steel consumption even as international markets have underperformed. According to provisional statistics, steel consumption grew 13.6 per cent in FY24, reaching 136 million tonnes (mt), according to a CRISIL report.
'India's top companies currently lack the organisational wherewithal to hire and train 2 million interns annually, given their current scale of operations and existing employee base.'
DAP does not consider past I-T returns to match a taxpayer's resources with their expenditures or investments, points out Harsh Roongta.
Company managements need to "curtail the kind of expenditures on themselves personally" with the COVID-19 pandemic highlighting the need to build internal resources with a frugal style of functioning, Maruti Suzuki India chairman R C Bhargava said on Tuesday. Addressing shareholders in the company's annual general meeting held virtually, he also termed as "a good development for the whole of industry" recent shareholder actions that did not approve expenditures by management on themselves, without specifying details. In the wake of the pandemic, building internal resources has to become a priority of industry and companies.
'Consider 40% to 50% in equities, 10% in gold as a hedge, and the remaining 30% to 40% split between multi-asset funds and hybrid funds.'
'In a serious fiscal situation like this, an ostrich-like focus on annual budgeting, event management and defensive rhetoric will only make matters worse,' warns Rathin Roy.
A combination of factors, including heavy investments in US Treasury bonds and dollar sales at a healthy profit, facilitated the Indian central bank in transferring a record surplus of Rs 2.11 trillion to the government for 2023-24 (FY24). The RBI's dollar purchases increased in FY24, supported by robust capital inflows endorsing the economy's health.
Shares of healthcare services major Max Healthcare Institute have gained over 23 per cent since the start of this month and the stock crossed the Rs 1 trillion mark on September 24. On September 25, it closed 989.85 apiece at the NSE. The gains were cornered on the back of a strong outlook for the sector and aggressive expansion plans for the chain led by acquisitions and organic growth.
Bhaker finished third to secure a bronze medal in the final of the Women's Air Pistol event on Sunday. She became the first Indian woman to win a medal in shooting at the Olympics.
After social media outrage over a Budget proposal making it mandatory to get tax clearance certificates for going abroad, the government on Sunday clarified that the proposed amendment is not for all, and only those accused of financial irregularities or having substantial tax arrears need such clearance. The finance ministry, in the Finance Bill, 2024, has proposed to add the reference of the Black Money Act, 2015, to the list of Acts, under which any person should clear his liabilities to obtain the tax clearance certificate.
'A government whose policies are focused around making the life of ordinary citizens, specially the most deprived sections, richer; a government that prioritises education, health and transport, that doesn't treat its citizens as subjects who must come to it for everything, is rare in our country.' 'When such a government is thrown out, one is left stunned,' notes Jyoti Punwani.
Few finance ministers announce any taxation measure that could upset the stock market. Ms Sitharaman decided to take that risk, observes A K Bhattacharya.
Godrej Consumer Products Ltd (GCPL) reported a 2 per cent year-on-year (Y-o-Y) increase in consolidated revenue to Rs 3,670 crore. Organic revenue growth in constant currency was up 14 per cent Y-o-Y. Consolidated operating profit was up 5 per cent to Rs 760 crore, profit before tax grew 10 per cent Y-o-Y to Rs 710 crore, and adjusted net profit grew 12 per cent Y-o-Y to Rs 490 crore.
For Indian parents, sending a child abroad for a three-year degree could deplete 48% of their retirement savings, while a four-year degree may consume up to 64%.
The Reserve Bank of India (RBI) has identified "climate shocks" as a risk to food inflation rates and overall price rise while stating that the outlook for the country's economic growth remains bright. In its Annual Report for 2023-24, released on Thursday, the central bank said easing supply-chain pressures, broad-based softening in core inflation, and early indications of an above-normal southwest monsoon meant well for the inflation outlook in 2024-25. "The increasing incidence of climate shocks, however, imparts considerable uncertainty to the food inflation and overall inflation outlook," said the RBI while noting headline inflation moderated by 1.3 percentage points on an annual average basis to 5.4 per cent in 2023-24.
'IPOs have performed exceptionally well, with a notable increase in average ticket size from Rs 800 crore in the last financial year to around Rs 1,300 crore in this financial year.'
The Bombay High Court on Tuesday questioned the justification behind reducing and waiving police protection charges levied during cricket matches in Maharashtra with a retrospective effect from the year 2011, and said "something is amiss".
The total allocation to the defence sector is 12.9 per cent of the total budget of the government of India for the financial year 2024-25.
'We are going to need more technical people in government.' 'You can't expect a generalist to understand the complicated world of financial engineering.' 'I regret to say that most of our politicians have no competence to deal with these things. Nor is there a willingness to learn.'
He also suggested reducing interest rates would help stimulate growth.
While Andhra Pradesh is expected to receive Rs 15,000 crore to Rs 20,000 crore, Bihar is likely to get Rs 5,000 crore to Rs 10,000 crore in FY25.
The calendar year 2024 is set to go down as the best year for initial public offerings (IPOs) in terms of funds raised. Following the IPOs of food delivery major Swiggy and two other companies slated for next week, this year's total will reach nearly Rs 1.2 trillion, going past 2021's record tally of Rs 1.19 trillion. Swiggy's Rs 11,327 crore IPO, the sixth-largest in India, and solar energy firm Acme Solar Holdings' Rs 2,900 crore IPO opened on Wednesday (Nov 6), while health-tech firm Sagility India's Rs 2,106 crore IPO opened a day earlier.
The EU mission noted that political and campaign fundraising and financial expenditure lack transparency and effective oversight.
Don't solely focus on tax-saving alone.
State Bank of India (SBI) is planning to recruit over 15,000 people in 2024-25, increasing the strength of those in the field for marketing. The recruits will be also for deployment in the bank's operations subsidiary and expanding the branch network. The operations subsidiary - State Bank Operations Support Services - became functional last year.
Make minimum payments on all debts, then use extra funds to tackle the smallest debt first.
'Probably revised guidelines will come, and then the real picture will emerge.'
As on April 1, income tax arrears have increased to Rs 43 trillion from Rs 24 trillion on April 1, 2023.
The deficit stood over Rs 8 trillion in the first seven months of the current financial year. Non-tax revenues, comprising transfers from the RBI and dividends of the public sector units, shored up the Centre's revenues.
The Survey is authored by Chief Economic Advisor V Anantha Nageswaran and his team.
The stock of the country's largest plastic pipe maker Supreme Industries has shed 22 per cent since its highs in October. The September quarter results were below expectations as the volatility in polyvinyl chloride (PVC) resin prices led to a major destocking across the trade channel.
'Asset allocation should be driven much more by long-term factors rather than the market scenario at any particular point in time.'
