Paraphrasing Abraham Lincoln, Finance Minister Nirmala Sitharaman on Sunday described the Union Budget as "by the people, for the people, of the people", and said Prime Minister Narendra Modi was fully behind the idea to cut taxes for the middle class but it took time to convince the bureaucrats. "We have heard the voice of the middle class" who had been complaining about their aspirations not being met despite being honest taxpayers, she told PTI in an interview.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
A combination of ELSS or PPF with a term plan offers better coverage and returns
Investors must, however, be prepared for volatility in ELSS, cautions Sanjay Kumar Singh.
The Budget announcement of zero tax for earnings upto Rs 12 lakh per annum and the rejig of tax slabs across the board should prompt more than 90 per cent of individual taxpayers to embrace the new tax regime as compared to the about 75 per cent as of now, CBDT Chairman Ravi Agrawal said. Agrawal also highlighted the government's focus on "non-intrusive" tax administration through enhanced use of Artificial Intelligence (AI) and simplified tax processes for common taxpayers. He emphasized the benefits of the new tax regime (NTR), which offers simple calculations and allows taxpayers to file their ITR without professional help. The CBDT chief stated that the Budget provisions related to income tax payment benefit all income earners, not just those earning Rs 12 lakh per annum, creating a positive sentiment in the economy and propelling growth. The department is also harnessing technology, including AI and data analytics, to widen and deepen the tax base, resulting in increased compliance and tax revenue. Agrawal further highlighted the positive impact of data availability and simplified tax processes on compliance rates, citing examples of taxpayers filing revised returns and paying taxes after being prompted by the department's data analysis.
Amid the row over Congress leader Sam Pitroda's remarks, the party on Wednesday asserted that it has no plans whatsoever to introduce an inheritance tax and cited former Union minister Jayant Sinha's remarks to allege that it is the Modi government that wanted to do so.
'There's a misconception that all Rs 1 lakh crore will be spent immediately, leading to higher consumption of FMCG goods, travel, and vehicle purchases.' 'While some of this money will go toward consumption, not all of it will.' 'The impact depends on where people deploy their savings.'
Prime Minister Narendra Modi on Friday said the world has seen the power of India's indigenous weapons during Operation Sindoor, which is 'not over yet'.
The country's biggest carmaker, Maruti Suzuki India, has raised concerns about the continuing slide in small car sales.
A mistake here can prove costly.
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Buying makes sense for those planning to stay in a city for at least 7 to 10 years. Financial preparedness is crucial.
Many investors confuse investment with a tool to save tax and do not see them as a tool to build wealth!
The Supreme Court of India has made public the asset details of its judges, including Chief Justice Sanjiv Khanna who has Rs 55.75 lakh in a fixed deposit, a three-bedroom DDA flat in south Delhi, and a four-bedroom apartment measuring 2,446 square feet in the Commonwealth Games Village. The court has also uploaded the complete process of appointments to the high courts and the Supreme Court on its website for public awareness.
Privately, many bankers admit their immediate goal is not growth but slowing the erosion of Casa deposits, reveals Tamal Bandyopadhyay.
Finance Minister Nirmala Sitharaman on Tuesday said the securities transaction tax (STT) will be increased on futures and options (F&O) trade from October 1 to discourage retail investors from investing in the risky instrument.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
'When people have money in their hands, they make their judgment about whether they want to spend it entirely or spend some out of it.'
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Indian drugmakers supply 47 per cent of the generic medicine requirements in the US, and tariffs would have increased prices in the US domestic market for patients, who are already dealing with drug shortages.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) will answer your personal finance-related questions.
Finance Minister (FM) Nirmala Sitharaman has presented a forward-looking Budget, reinforcing the government's commitment to 'Reform, Perform, and Transform'.
The India Today report claimed that Jaiswal's relationship with Mumbai Captain Ajinkya Rahane had become 'untenable'.
Ask your bank to save for you. Plan your taxes. Reward yourself for your addictions... Chartered accountant Shreya Jaiswal's 10 ways to make more money this year.
Prime Minister Narendra Modi launched a scathing attack on Leader of Opposition Rahul Gandhi and the Aam Aadmi Party (AAP) in the Lok Sabha on Tuesday, accusing them of "speaking the language of urban naxals" and being "AAP-da" for the youth. He also took a swipe at former Congress chief Rahul Gandhi, saying those who entertain themselves by getting photo sessions done in huts of the poor will find the talk about the poor in Parliament boring. Modi also hailed his government's decisions in the Budget and said that the Ayushman Bharat scheme, which his government started for the poor, has been stalled by some states, leaving poor people in hardship.
Prime Minister Narendra Modi has lauded the Union Budget as a "people's budget" that fulfills the dreams of every Indian and said that it is a "force-multiplier" that will boost consumption, investment and growth. He highlighted a host of measures for different sectors, including welfare initiatives for gig workers, tax relief for the middle class, and support for the manufacturing sector.
rediffGURU Samkit Maniar answers readers' personal income tax queries
Invest in these funds through the SIP route with at least a seven-year horizon.
If you have a health insurance policy, you can earn benefits on premiums paid on health check-ups, says Sajja Praveen Chowdary, head-Term Life Insurance, Policybazaar.com.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Find out all about these tax-saving strategies for various age-groups that will work in tandem with your overall game plan.
While equity savings funds could offer higher returns over three-five years, they would also be more volatile.
It is important to have the necessary documents on hand to verify the information in the form.
According to a police officer, the fire started in the office of the Commissioner in room number 325 on the third floor of the building. He said many of the employees were outside the building as it was lunchtime, otherwise, the casualty could have been more.
'I am optimistic about the Budget because of the fiscal discipline the government has committed to.'
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
India's opposition parties have sharply criticized the Union Budget, calling it inadequate to address the country's economic woes and accusing the BJP-led government of using it to woo voters in Bihar and Delhi ahead of upcoming elections. Leaders from the Congress, TMC, DMK, SP, and CPI(M) voiced their disapproval, highlighting concerns over inflation, unemployment, and the lack of substantial measures to support the agricultural sector and the poor. They also criticized the tax cuts for the middle class as insufficient and coming too late after years of high taxes and rising prices.
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