Following are comments from economists at leading financial institutions, banks and rating agencies on the interim Budget:
Several opposition ruled states expressed concern over Centre's decision to allow enforcement directorate (ED) to share information with GST Network, with finance minister of AAP-ruled Punjab Harpal Singh Cheema on Tuesday saying it amounts to 'tax terrorism' and scaring small business. The finance ministry, through a notification, brought in an amendment to the provisions of Prevention of Money Laundering Act (PMLA), 2002, as per which GSTN, which handles the technology backbone of Goods and Services Tax, has been included in the list of entities with which ED will share information. At the 50th GST Council meeting on Tuesday, Aam-Aadmi Party ruled Delhi and Punjab voiced concerns over the notification and demanded a discussion.
ICICI Bank reported good results for the October-December 2023 quarter (Q3), with 24 per cent year-on-year (Y-o-Y) growth in profit after tax (PAT). Net interest margin (NIM) dropped 10 bps quarter-on-quarter (Q-o-Q) to 4.43 per cent. Credit growth was at 19 per cent Y-o-Y (4 per cent Q-o-Q), while deposit growth was at 19 per cent Y-o-Y (3 per cent Q-o-Q).
'As our per capita income increases and various demographic segments emerge, the need for various kinds of protection and risk covers will become even more explicit.'
'If this first instalment of advance tax is paid by June 30, instead of June 15, then the interest on delayed payment will be levied at 0.75% per month instead of 1% per month,' notes Homi Mistry, a partner with Deloitte India.
Even if interest rates go down, they may continue to offer better returns than fixed deposits.
Modi launched a scathing attack on the Congress alleging that the opposition party has become outdated and has always been against any kind of reservation.
rediffGURU Sunil Lala answers your MF-related queries.
A panel of Union ministers held a fourth round of talks with farmer leaders in Chandigarh on Sunday over their demands, including a legal guarantee of MSP, as thousands of protesting farmers camped at the Punjab-Haryana border.
From 100% tax deductions for contributions to PM-CARES fund to extending the due date for linking Aadhar and PAN card, the government has provided various tax relief and extensions in deadlines for statutory compliances, says Homi Mistry.
There is more to tax savings than Section 80C. These six can help you optimise your tax savings.
'The number of leave accumulated sometimes goes up to 300.' 'The encashed amount is equivalent to almost 10 months' salary.'
'If you do quick back-of-the-envelope calculation, someone earning Rs 10 lakh can get a benefit of anywhere between Rs 35,000 and Rs 45,000, even if s/he is availing exemptions.' 'A large proportion of people do not avail full exemptions as they don't have money to invest in those schemes.'
Excerpted from Sahara: The Untold Story by Tamal Bandyopadhyay.
'... dividing society not just on religious lines, but also creating rift in families and among brothers and sisters.'
Check out the best of Get Ahead for the week ending December 1.
'These statements which you are telling me were never uttered from mosques on that day.' 'And if this had happened, I would have got the report as the chief secretary of J&K.'
In a major relief to tax payers, the Union Budget for 2005-06 on Monday altered income tax brackets.
'Tax cuts will have only marginal effects in the short run and significant positive effects in the medium term,' says Shankar Acharya, former chief economic adviser to the Government of India.
The Institute of Chartered Accountants of India has shortlisted the changes it hopes to see in Budget 2017.
Levying buyback tax at a flat rate of 20 per cent (plus applicable surcharge and cess), irrespective of the period for which shares are held will be a dampener for equity shareholders who take inherent risks while investing, says Hitesh D Gajaria, partner and head of tax, KPMG in India.
Tax Guru Anil Rego answers your personal income tax queries
China has spent half a century plotting to defeat America and in some respects, the Chinese military is already at par with the US armed forces, Haley said in a major policy speech on the economy in the key early primary State of New Hampshire on Friday.
Congress president Mallikarjun Kharge on Monday expressed apprehension that the 2024 Lok Sabha elections would be the last opportunity for the people to save democracy, as Prime Minister Narendra Modi might prefer dictatorship in case his party wins the upcoming polls.
Chief Economic Advisor (CEA) V Anantha Nageswaran considers absolute poverty a more direct and pressing concern for India. He argues that inequality is a relative concept. Simultaneously, with formerly economically deprived sections joining the ranks of the middle class, policy attention needs to extend beyond 'roti, kapda, makaan' to keep the growth engine up and running.
In an online chat with Rediff.com readers, personal finance expert Anil Rego answered queries about the new tax regime announced in the Union Budget.
These schemes are a good choice for investors contemplating a large investment in equity funds. Instead of investing all the money in one go, they can do so in a staggered manner by parking it in these schemes and then transferring it to equity mutual funds through a systematic transfer plan.
10 per cent for those who earn up to Rs 30 lakh a year and 25 per cent for those who earn more, suggests T C A Srinivasa-Raghavan.
'I suggest a cut in the GST rates and an infusion of Rs 1.2 trillion into the economy in six months.'
A term plan's premium is lower than that of a wholelife plan.
But the government will present a second tranche of Supplementary Demands for Grants during the Budget session of Parliament in February, when it can seek additional spending.
P V Subramanyam takes a hard look at the pros and cons of both options.
In the five years in politics Priyanka Gandhi has undeniably emerged as a thorn in the BJP flesh, notes Nilanjan Mukhopadhyay. It is time that this thorn is twisted a wee bit more when the elections have become far more uncertain than what it was when the Election Commission announced the poll schedule.
Teja Sajja is agile and a decent actor but not charismatic enough to watch in almost every frame, observes Deepa Gahlot.
The calculator, with a comparative table to compare taxes in the old and the new tax regime, for resident individuals (financial year 2020-21) has been hosted on the official e-filing website of the department -- https://www.incometaxindiaefiling.gov.in.
Airports levy charges such as FTC, infrastructure charge, and into-plane charges on sale of jet fuel. The levy is passed through to airlines, pushing up costs.
Giving a relief to exporters community, the government on Thursday said it will release Rs 56,027 crore to exporters against pending tax refunds under different incentive schemes for outbound shipments. The amount will be disbursed to more than 45,000 exporters. Briefing the media about the decision, Commerce and Industry Minister Piyush Goyal said that the Rs 56,027 crore, which is being released under various export promotion schemes, is over and above duty remission of Rs 12,454 crore for the Remission of Duties and Taxes on Export Products (RoDTEP) Scheme and Rs 6,946 crore for Rebate of State and Central Levies and Taxes (RoSCTL) Scheme already announced.
Personal loans offer more flexibility in usage but may come with higher interest rates and shorter repayment terms. It is important for individuals to evaluate their needs, financial situation, and future goals before deciding between the two loan options.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
Many millennials believe that they have enough time to plan for long-term goals, hence they do not worry about goals such as retirement.
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