The Budget announcement of taxing 'virtual digital assets' or crypto currencies will help the income-tax department measure the "depth" of this trade in the country, know the investors and the nature of their investments and it does not "attach any legality" to these transactions, Central Board of Direct Taxes chairman J B Mohapatra said.
While she primed up spending on infrastructure to create jobs and boost economic activity, Sitharaman did not tinker with income tax slabs or tax rates. Her Budget for the fiscal year beginning April 2022 proposed a massive 35 per cent jump in capital expenditure to Rs 7.5 lakh crore, coupled with rationalisation of customs duty, an extension of time for setting up new manufacturing companies and plans for starting a digital currency and tax crypto assets.
Without periodic booster shots to display of strength, how is this government what it aims to be? There was also the landscape of prosperity pictured; the in-season affair with 'amrit' stretched to a longer residence in 'Amrit Kaal', notes Shyam G Menon.
Interest on employee contributions to provident fund over Rs 2.5 lakh per annum would be taxed from April 1, 2021, a move aimed at taxing high-value depositors in the EPF. Finance Minister Nirmala Sitharaman said the Employee Provident Fund (EPF) is aimed at welfare of workers and any person earning less than Rs 2 lakh per month will not be affected by the Budget proposal. Expenditure secretary T V Somanathan said the number of people who actually contribute more than Rs 2.5 lakh is less than 1 per cent of the total number of contributors in the EPF.
Budget for 2022-2023 has returned to its agenda for protectionism in the name of creating a self-reliant India, points out A K Bhattacharya.
However, experts caution that investors should not expect the big returns they got from the sector between March and September 2020.
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.
This demand comes at a time when the government is falling short of its revenue targets due to dwindling tax and low disinvestment receipts. It could account for the dividend in the upcoming Union Budget on February 1. RBI is, however, yet to take a final call on the government's demand and might decide on this at its central board meeting scheduled for February 15 in New Delhi.
M&M was the top gainer in the Sensex pack, soaring around 7 per cent, followed by Bajaj Finserv, Bharti Airtel, PowerGrid, Infosys and ICICI Bank. On the other hand, HUL, Kotak Bank, Bajaj Finance and ITC were among the laggards.
Senior citizens of 75 years and above having pension income and interest from fixed deposit in the same bank would not be required to file income tax returns for the financial year beginning April 1.
'There is a vision in the Budget, and the vision is to take India from a largely agrarian, rural economy into a fast-track digitalised economy.'
RBI Governor Shaktikanta Das has assured Finance Minister Nirmala Sitharaman that the Rs 12.05-trillion gross borrowing programme for FY22 will go through smoothly.
In its biggest post-Budget day rally ever, the Sensex had soared 777 points on March 1, also its best single-day show in nearly seven years.
All banks are eligible for privatisation. A committee of secretaries will decide which banks will be privatised, says Financial Services Secretary Debasish Panda.
Very gradual fiscal consolidation glide path with looser-than-expected fiscal policy; good quality spending mix and reasonable assumption on fiscal math; and focus on privatisation, asset monetisation and long-term funding for infrastructure investments, according to Morgan Stanley, are the three key themes from the Budget 2021.
sharper-than-expected economic recovery back home, analysts say, can fuel a further rally in domestic cyclicals, industrials, and financials as global central banks continue with their easy money policy.
Finance Minister Nirmala Sitharaman presented her third Budget on February 1.
Finance Minister Nirmala Sitharaman on Monday said the government has come out with open and transparent Budget and has not made any attempt to hide anything under the carpet.
In Friday's market rally post the corporate tax cut, the country's top business promoters recouped more than two-thirds of the losses that they suffered in the post-Budget sell-off in equity markets.
North Block is concerned that when India is trying to attract more investment, putting up restrictions on audit firms could create an avoidable bad advertisement.
The minister is likely to inform the RBI board about the steps taken to contain fiscal deficit and may underline the need for reducing interest rates to promote growth.
'Long-term retail investors should not worry about these sharp dips and jumps if they have chosen their stocks wisely.' 'Short-term volatility is a given and a rise and fall of two-three per cent should not worry them.'
You can make all the speeches you want, you cannot argue against 39 straight months of slowing, observes Aakar Patel.
The new rates, effective Wednesday, is the third reduction by SBI in this financial year having cut the rates by 5 bps each in April and May, while its home loan rates has come down by 20 bps during this period.
Maybe Modi could ask a patriarch of the stature of the late G D Birla to flesh out the details of a new company to manage government land privatisation.
From Hyundai to Tata Motors, automakers are staring at a bleak future. With no succor provided in the Budget, the pain for companies is likely to continue for the next two quarters.
Finance Secretary Hasmukh Adhia vacates his post on November 30 and Expenditure Secretary Ajay Narayan Jha, the second seniormost bureaucrat in the finance ministry, retires on January 31, the day before Jaitley presents the 2019-20 interim budget.
Top losers in the Sensex pack on Friday included Bajaj Finance, ONGC, IndusInd Bank, PowerGrid, L&T, Axis Bank, NTPC, Bharti Airtel, HDFC, HDFC Bank and Kotak Mahindra Bank, falling up to 2.08 per cent.
Bad loans of PSBs are at Rs 20 trillion. Most of it is, I sense, due to corruption and behest lending. Nobody pays a price for this charade. Not the promoters, the bankers, RBI officials, finance ministry bureaucrats or politicians, points out Debashis Basu.
The Budget would have been the perfect vehicle to introduce some bold initiatives.
That opportunity has been lost through this Budget, observes Shreekant Sambrani.
The proposal to increase public float, hike income tax surcharge, move to tax share buybacks and lack of stimulus to shore up economic growth has hurt investor sentiment.
'The government's projections for 2019-2020 will be disappointing big time.'
Post-Budget survey find GDP numbers as 'too optimistic'
He said he had achieved a fair measure of success in stablising India's economy and aimed to make it the third-biggest after the US and China.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Several critics including some rating agencies have doubted prospects of meeting this ambitious fiscal deficit target.
Among the 30-share basket, 27 stocks led by Bajaj Auto and Bharti Airtel ended with losses.
Last year, the finance ministry had sent a reminder notice to Vodafone to pay Rs 14,000 crore (Rs 140 billion) of income tax dues, which the telecom major said it didn't owe. Later, it offered conciliation.
Admitting there were challenges before the economy, Finance Minister P Chidambaram said at a post-Budget media conference that another set of decisions and measures would be announced during the Budget's passage in Parliament.
Bulk of the gains projected from direct taxes will come from the surcharge on super-rich.
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