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.
Hiring demand is strongest for high-impact technology and product roles, particularly DevOps engineers, product managers, and full-stack developers.
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 presented her eighth budget on Saturday.
ITRs with zero tax liability have increased to 55.7 million in FY25.
The era where nations thrived through rigid alignments is giving way to an age where the connective State defines power. For India, that era has arrived, points out Dr Nishakant Ojha.
Pakistan on Tuesday increased its defence budget by 20 per cent, allocating PRs. 2,550 billion ($9 billion) for the fiscal year 2025-26, amid tensions with India.
Remittances to India are likely to drop by 23 per cent from USD 83 billion last year to USD 64 billion this year due to the coronavirus pandemic, which has resulted in a global recession, the World Bank has said. Globally remittances are projected to decline sharply by about 20 per cent this year due to the economic crisis induced by the pandemic and shutdowns, according to a World Bank report on the impact of the Covid-19 on migration and remittances released on Wednesday.
NRIs still send largest remittances than counterparts elsewhere.
According to the data available on the Reserve Bank of India's website, net workers' remittances in April-June 2018 were $11.5 billion
They don't just want better returns -- they're looking for global opportunities, more variety and smarter ways to grow their money, says Soubho Moulik, CEO, Appreciate.
Money sent abroad rises sharply in July; maintenance of close relatives, education expenses top the chart
The government's indirect tax collection is expected to increase by 8.3 pc in the financial year 2025-26 (FY26), according to a report by ICICI Bank. The report also noted that this growth is higher than the 7.1 per cent increase seen in FY25 and is mainly driven by rise in GST revenue from strong urban consumption. It said "The increase is driven by higher goods and services tax collections which in-turn is explained by boost to urban consumption".
The current situation in Kerala politics is perhaps best described as a case of the state's traditional two front politics now seeing a third front (the BJP) muscling in with the potential outcome being either a messy three front affair or a renewed endorsement of the two front pattern but with one of the old fronts compromised or quashed, observes Shyam G Menon.
The time limit is proposed to be extended from the current two years to four years.
According to IRDAI, Marsh India had held the premium received from the clients in an Insurance Bank Account for more than 15 days and did not remit the premium to the insurer/reinsurer within the time limit of 15 days.
A former Bangladeshi beauty queen, Meghna Alam, has been detained for allegedly setting up a honey trap for a former Saudi ambassador in Dhaka, in an attempt to extort USD 5 million. Alam, who runs a charity, was initially detained without charge under the controversial Special Powers Act. Her arrest sparked a media outcry and concerns by rights watchdogs. Alam denies the allegations, claiming the diplomat wanted to marry her. The Saudi embassy has not commented, but media reports suggest the envoy left Bangladesh as the scandal unfolded.
The Indian economy could remain less affected by global trade wars than other countries because the two engines of domestic growth - consumption and investment - are likely to face a limited impact from such headwinds, according to an article on the 'State of the Economy' in the Reserve Bank of India's (RBI's) bulletin, released on Tuesday.
The stronger-than-expected recovery in remittances -- payments that are key to supporting the economies of many poor countries -- was driven by growth in Europe, Russia, and the United States.
According to the minister, the government continues to be engaged with the US to promote mutually advantageous and secure mobility frameworks for streamlining the movement of students and professionals and facilitating short-term tourist and business travel.
Non-banking entities such as fintech firms will have to tap into use cases beyond peer-to-peer (P2P) and peer-to-merchant (P2M) transactions to scale up the presence of the retail version of the central bank digital currency (CBDC), which is also known as the e, said industry players. These use cases will enable programmable transactions across domains, including the government's direct benefit transfer (DBT) schemes, with subsidies restricted to specific purposes such as food coupons, hospital bills, fertilisers, pesticides, and cross-border remittances.
Remittances to the developing world are expected to reach $440bn in 2015.
As a percentage of GDP, the top recipients of remittances, in 2012, were Tajikistan (48 per cent), Kyrgyz Republic (31 per cent), Lesotho and Nepal (25 per cent each) and Moldova (24 per cent).
Can a culture survive as a way of life, even as the language and writing at its core, alter with time? Can we be rational and Malayalee or do we have to necessarily be religious and proudly cultural to be Malayalee? asks Shyam G Menon.
India received $70 billion in remittances during 2014.
India continues to be the top recipient of global remittance flow at $52 billion in 2009, the World Bank has said in a report. Check out the other top receivers of remittances.
The Reserve Bank on Wednesday announced the increase of the UPI Lite wallet limit to Rs 5,000 and per-transaction limit to Rs 1,000, in order to encourage wider adoption of the popular instant payment system through mobile phones. A limit of Rs 500 per transaction and an overall limit of Rs 2,000 per UPI Lite wallet, is presently applicable, with the facility of auto-replenishment. Unveiling the October bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das also said the per-transaction limit in UPI123Pay will be enhanced to Rs 10,000 from the current Rs 5,000.
The I-T department issued a circular allowing manual filing of Form 15CA/15CB (required for foreign remittances) with banks till June 30, so that business transactions may go on. The forms will be uploaded online on the e-filing portal later, it added.
HDFC Bank on Tuesday launched an online remittance facility for NRIs in the US, UK and Singapore.
Tamil Nadu, Kerala and Uttar Pradesh are ahead of Bihar in terms of remittance sent by Indians to their home through Western Union money transfer with assistance from post offices, Anil Kumar, Director, Business Development, Bihar postal services told PTI.
According to the latest data released by the Reserve Bank of India, remittances for overseas studies accounted for 61.59 per cent of the total outgo under the liberalised remittance scheme that enables individuals to send up to $200,000 (around Rs 98 lakh) annually for specified activities without seeking prior approval.
Minister of Overseas Indian Affairs Vayalar Ravi in reply to a question said India's remittance from abroad is $27 billion which is the highest in the world.
The Income Tax Act empowers the CBDT to capture information in respect of payments to non-residents, whether taxable or not
Remittance is defined as the sum of money paid to someone at a distance.
India is the largest recipient of remittances, which touched $23.4 billion in 2006.
The remittance is limited to 12 transactions a year per sender, with a maximum amount of Rs 50,000 per transaction with a normal transaction fee of Rs 50 for an amount less than Rs 5,000 and Rs 75 for amount above Rs 5,000. It will be implemented by commercial banks under the national electronic fund transfer system.
High frequency indicators, like vehicles sales, air traffic, steel consumption and GST E-way bills, point towards a sequential pickup in momentum of economic activity during the second half of the fiscal 2024-25 and sustain moving forward, RBI Bulletin said on Wednesday. However, a strong dollar, driven by US economic resilience and trade policy pivots, could exacerbate capital outflows from emerging economies, push risk premiums higher, and intensify external vulnerabilities, said an article on 'State of the Economy' published in RBI's February bulletin.
While Indians are increasingly using mobile platforms and technology for various financial transactions and purchases like bill payments, ticket bookings, entertainment, travel and banking transactions, cross border mobile remittance is yet to see the light of the day.
The police went to Robin Uthappa's house to issue a notice. Since he does not reside at that address at present, a warrant has been executed for the former cricketer.
Remittances towards gifts and donations have been brought under the ambit of remittance scheme of individuals up to $1,00,000.
