In yet another round of sops, Finance Minister Jaswant Singh on Wednesday said the exemption on dividend distribution tax to open-ended equity-oriented scheme of mutual funds should continue for full year beyond March 2004.
FinMin does not expect tax or non-tax revenue to reach anywhere close to the targets set in the interim Budget. Sources say that the challenge before the new government will be either to accept the reduced projection and tailor the Budget accordingly or set a more ambitious target.
'Companies like Tesla and others have been given a long rope in India.'
The sops, to be given under different schemes like 'Focus Market' and 'Focus Products' from January to December 2011, were unveiled here by Commerce and Industry Minister Anand Sharma.
An important aspect of B-school admissions is the submission of the Statement of Purpose candidates need to submit. But what is it and how do you go about writing it? Read on to find out...
Modi pitched for competition among the states on ease of doing business instead of offering charity.
The exporters will get duty benefits for shipments to 15 countries, including Australia, Brazil, New Zealand, China and Japan.
Government considers a proposal to give sops to airlines for linking metropolitan cities and small towns, Union minister for civil aviation Praful Patel informed the Rajya Sabha on Tuesday.
Navy officials on Monday said that the swift response by the Indian Navy's mission deployed warship INS Sumitra ensured the safe release of the hijacked vessel and its crew.
Credit outstanding to the housing sector rose by nearly Rs 10 lakh crore in the last two fiscals to reach a record Rs 27.23 lakh crore in March this year, according to RBI's data on 'Sectoral Deployment of Bank Credit'. Experts from banking and real estate sectors attributed this growth in housing credit outstanding to a strong revival in the residential property market post-COVID pandemic on pent-up demand. According to the data of the Reserve Bank of India (RBI) on sectoral deployment of bank credit for March 2024, the credit outstanding to the housing (including priority sector housing') stood at Rs 27,22,720 crore in March 2024, up from Rs 19,88,532 crore in March 2023, and Rs 17,26,697 crore in March 2022.
Announcing the annual Foreign Trade Policy, Anand Sharma said recovery in global economy so far has been fragile and uneven.
Finance Minister Nirmala Sitharaman on Wednesday raised the personal income tax rebate limit, doled out sops on small savings and announced one of the biggest hikes in capital spending in the past decade as she did a tight rope walk in the Budget between staying fiscally prudent and meeting public expectations in the year before general elections.
Finance Minister Nirmala Sitharaman will have to do a tight-rope walk between staying fiscally prudent and general public expectations of lower taxes and a wider social security net, while at the same time firing the engines of the economy before general elections. Sitharaman will on Wednesday present her fifth straight Budget at a time when the economy is slowing due to global headwinds and specific sectors need attention. In the run-up to the Budget presentation, expectations are rife that she may tweak income-tax slabs to provide relief to the middle class and increase spending on the poor through programmes such as the rural job scheme while ramping up financial incentives for local manufacturing.
In Bihar, where a bandh had been called, a railway station and a police vehicle were torched, an ambulance attacked and security personnel injured in stone-pelting incidents on the fourth consecutive day of the agitation, while protesters vandalised Ludhiana railway station in Punjab and blocked roads and rail tracks in West Bengal, Haryana, Rajasthan, Maharashtra, Odisha and Uttar Pradesh.
The National Security Guard lost an experienced counter-Improvised Explosive Device officer to a deadly booby trap in the Pathankot terror attack as the terrorists used an innovative technique whose antidote was not included in the Standard Operating Procedure of the elite counter-terror force.
After being sworn in as chief minister, Akhilesh Yadav announced sops for those believed to have propelled him to power. Sharat Pradhan reports from Lucknow
The government has decided to extend the Rs 25,938-crore production-linked incentive scheme for the automotive sector by one year, Union Heavy Industries Minister Mahendra Nath Pandey said on Tuesday. Post extension, the five-year scheme, originally in place from 2022-23 to 2026-27, will be active until 2027-28. At present, incentives are applicable under the scheme for determined sales of Advanced Automotive Technology (AAT) products (vehicles and components) manufactured in India from 1 April 2022 onwards for a period of five consecutive years.
The Department of Pharmaceuticals has submitted a freight subsidy scheme for exporters to the Commerce Ministry so that they could take alternate routes and avoid transit through Europe, which is a shorter route with better connectivity.
Batting for the worried SEZ developers who fear withdrawal of incentives in the new direct tax code, Commerce and Industry Minister Anand Sharma on Friday said his ministry would ensure that the sops continue.
Announcing sops for minorities ahead of the panchayat elections next year in the state, West Bengal Chief Minister Mamata Banerjee on Wednesday said that her government has ordered a survey for ensuring job reservation for Muslims and would also bring a bill for 50 per cent reservation for women in panchayats.
Citing "serious fiscal situation", Union Commerce Secretary Rahul Khullar said that no new incentives and sops could be provided to exporters in the next fiscal in view of significant resource crunch faced by Centre.
Close on the heels of announcing sops for special economic zones, the government on Friday assured exporters that it will take more steps to enable them to compete globally.
There are no major announcements in the Union Budget 2014-15.
Special economic zones dedicated to the infotech sector may receive a body blow if the tax exemptions provided to Software Technology Parks of India under Section 10(A) and 10(B) of the Income Tax Act are extended beyond March 31, 2009. According to a senior central government official, not more than half of the nearly 100 notified infotech SEZs will survive if the tax sops are extended.
Four companies - Rajesh Exports, Hyundai Global Motors Company, Ola Electric Mobility and Reliance New Energy - are eligible for receiving benefits under the production-linked incentive (PLI) scheme for advanced chemistry cell battery storage, the heavy industries ministry said on Thursday. The allotment was made for a total of 50 GWh of battery capacity to the four successful bidders. These firms, the ministry said, will receive incentives under India's Rs 18,100 crore programme to boost local battery cell production.
The top court also sought the assistance of Solicitor General Tushar Mehta, who was present in the case, in formulating the standard operating procedure (SOP) and fixed the plea for hearing after the summer vacation in July.
'Rather than taking a very short-term view on the markets, equity investing should be premised on longer term growth opportunities.'
The Individual tax payer exemption limit to be raised to Rs 200,000 from Rs 180,000.
'We want to prove to the world that they will get the best code written from a small place like Wayanad.'
The government is likely to offer a slew of tax sops to telecom operators, including asking state governments not to levy sales tax on telecom services, seven years of exemption of revenue sharing on revenues from rural subscribers, etc.
In a pre-budget meeting with revenue secretary P V Bhide, a Ficci delegation asked the finance ministry to tread with caution on rolling back the stimulus measures taken to spur growth.
The government on Tuesday indicated that forthcoming Foreign Trade Policy may grant some sops for the ailing textile sector especially exporters, who were disappointed over the Budget proposals.
If the Budget makes no big announcements on new schemes, projects, or tax giveaways, the government would face a major political dilemma as it may have to reluctantly consider shunning the practice of unveiling pre-election sops to woo voters, notes A K Bhattacharya.
The development comes in the wake of an indefinite hunger strike launched by activist Manoj Jarange in Jalna district on Wednesday to demand reservation for the Maratha community.
Finance Minister Nirmala Sitharaman on Monday held a meeting with representatives of the semiconductor industry of the US and invited them to make further investments in India. The finance minister spoke about opportunities for companies situated in Silicon Valley and about the government of India's commitment to be a reliable player in the entire semiconductor value chain with dedicated incentive for the sector in mission mode through the Indian Semiconductor Mission. Last year, the government approved a Rs 76,000-crore scheme to boost semiconductor and display manufacturing in the country in a bid to position India as a global hub for hi-tech production, and attract large chip makers.
Traders and weavers in Uttar Pradesh's Bhadohi district, which is famous for hand knit carpets and hand tufted carpets, said they wanted the government to help them regain markets lost due to recession. In the wake of the global economic slowdown, small exporters are being wiped out while large exporters are striving to survive. The traders also said that the government should reconsider the taxes levied on them.
The biggest challenge before Chidambaram, who will be presenting his eighth budget, would be to keep every constituent happy, arrest decelerating economic growth and bring down fiscal deficit to committed level of 4.8 per cent of the gross domestic product.
Indian companies are expecting generous tax incentives from the Union Budget that will help them invest more in building capacities in the coming years. While the productivity-linked incentives (PLIs) are a good start to spur local manufacturing, the government should also take steps to boost consumer demand, which is not showing encouraging signs, say chief executive officers (CEOs) of India Inc. Statistics released by the Reserve Bank of India (RBI) shows that Indian banks had sanctioned loans worth Rs 75,558 crore in 220 new projects - a record low - in the pandemic-hit financial year ending March 2021. This is not showing any signs of a significant pick up in the last nine months of the ongoing financial year.
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