All posts tagged: India budget

1 Crore More People Won’t Pay Tax Due To Relief, Says Nirmala Sitharaman

1 Crore More People Won’t Pay Tax Due To Relief, Says Nirmala Sitharaman

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Following are reactions from industry executives and economists: DEEPASHREE SHETTY, PARTNER, GLOBAL EMPLOYER SERVICES, TAX & REGULATORY SERVICES, BDO INDIA “The proposal to exempt income up to 1.2 million rupees ($13,867.06) is a big boost to the middle-class taxpayers. This is in line with the recent measures to make the new tax regime a preferred tax regime. It would also create more disposable income for the taxpayers, strengthening their expenditure power.” RC BHARGAVA, MARUTI SUZUKI CHAIRMAN, TO ETNOW “The tax cut is going to be a helpful factor in accelerating demand for various kinds of consumer products.” ANITHA RANGAN, ECONOMIST, EQUIRUS “While capex growth does not look very robust, implicit capex via long-term reforms shows promise. Simplification of direct taxes reforms will be announced in a week, but the icing on the cake came in the end with income tax relief to the middle class with direct tax foregone of 1 trillion rupees.” RADHIKA RAO, DBS BANK, SENIOR ECONOMIST “One of other major pillars was also to expand India’s footprint in global supply chains and …

India Increases Foreign Aid To Maldives, But This Country Tops The List

India Increases Foreign Aid To Maldives, But This Country Tops The List

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New Delhi: The Ministry of External Affairs (MEA) has allocated Rs 5,483 crore for aid to foreign nations, slightly higher than last year’s Rs 4,883 crore. The overall budget for the MEA stands at Rs 20,516 crore, with aid to neighbouring and strategic countries remaining a crucial component. The MEA budget has placed a key emphasis on India’s ‘Neighbourhood First’ policy. Rs 4,320 crore – 64 per cent of the total scheme portfolio – has been earmarked for the country’s immediate neighbours for several initiatives like large infrastructure projects such as hydroelectric plants, power transmission lines, housing, roads, bridges and integrated check-posts. Bhutan Retains Top Spot Bhutan continues to be India’s largest foreign aid recipient, receiving Rs 2,150 crore in 2025-26. This is an increase from last year’s allocation of Rs 2,068 crore. India remains Bhutan’s primary development partner, with funding directed towards infrastructure, hydropower projects, and economic cooperation. Maldives Boost Amid Diplomatic Reset India’s allocation for the Maldives has increased from Rs 400 crore to Rs 600 crore. This comes at a time when …

New Income Tax Bill Announcement: Date, Time, What is New Income Tax Bill

New Income Tax Bill Announcement: Date, Time, What is New Income Tax Bill

Published by Parlour News

New Income Tax Bill Budget 2025: A new income tax legislation will be introduced by the government next week in the ongoing Budget session of Parliament, Union Finance Minister Nirmala Sitharaman said Saturday while presenting the Union Budget for 2025-26.  The proposed new income tax law follows from the earlier Budget announcement for 2024-25. In July 2024, Sitharaman had announced a comprehensive review of the Income-tax Act, 1961 to be completed in six months. The purpose of the review is to make the Act concise, lucid, and easy to read and understand. This, in turn, is expected to reduce disputes and litigation, thereby providing tax certainty to the taxpayers. “It will also bring down the demand embroiled in litigation. It is proposed to be completed in six months,” she had said.  Story continues below this ad In October last year, the Income Tax department had announced the formation of an internal committee to review the Income-tax Act and invited public inputs and suggestions on four key areas — simplification of language, litigation reduction, compliance reduction, …

Budget 2025: From increase in GDP allocation to investments in health services – Expectations of education sector

Budget 2025: From increase in GDP allocation to investments in health services – Expectations of education sector

Published by Parlour News

Budget 2025: Finance Minister Nirmala Sitharaman is set to present Union Budget 2025 in the Parliament on February 1, following the tradition of recent years. As the announcement of the second full-fledged budget of the Modi 3.0 government comes near, it’s time to look at the expectations of education sector stakeholders from the upcoming financial document that will govern the future of students of the country. In light of the Union Budget 2025 announcement, education sector received an allocation of ₹73,498 crore in the financial year 2024-25 which is the highest ever for the Department of School Education and Literacy. The Department of School Education and Literacy was granted an overall increase of ₹12,024 cr (19.56%) in the FY 2024-25. Expectations of education sector from Budget 2025 IIM Raipur director Professor Ram Kumar Kakani said,” Examining the trajectory of Indian Higher Education budget we hope to achieve the historical target of allocating 6% of GDP to education, recommended by the Kothari Commission in 1964-66.” Since education is a part of the concurrent list, the centre …

Budget 2024, Interim Budget, Budget, Nirmala Sitharaman, Finance Minister, FM, Income Tax Slab, Income Tax New Regime, Income Tax Old Regime

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Budget 2024 Live: This is FM Nirmala Sitharaman’s sixth Union Budget. New Delhi: Finance Minister Nirmala Sitharaman today presented Union Budget 2024 in Parliament. This was an interim budget as it came just ahead of the Lok Sabha Elections. No changes were announced in the tax slabs in both old and new regime.  This is Nirmala Sitharaman’s sixth Union Budget. The full-fledged budget will be presented by the new government that comes to power after the elections.  The interim budget – a short-term financial plan – seeks Parliament nod for a grant in advance to meet the government’s essential expenditure for the first four months of the new financial year.  The Budget Session of Parliament began yesterday with President Droupadi Murmu addressing the joint meeting of both Rajyya Sabha and Lok Sabha. The session will conclude on February 9. Stock markets opened in green today, ahead of the interim budget.  Here Are The LIVE Updates On Union Budget 2024:   Get NDTV UpdatesTurn on notifications to receive alerts as this story develops. Interim Budget 2024 Live: …

Budget 2024 LIVE: Nirmala Sitharaman to present Interim Budget today

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Budget 2024 LIVE: What PM Modi said on the Interim Budget Ahead of the Budget Session, PM Modi said, “Ram Ram to all of you for the year 2024. At the end of the first session held in the new Parliament building, this Parliament took a very dignified decision to clear the Nari Shakti Vandan Adhiniyam.” “Just before the election, we don’t submit a full budget, this we will do after a new government is elected. This interim budget is a guideline for us. I am hopeful that the country will touch new heights of prosperity. Development for everyone is taking place. this journey will continue with your blessings. Ram Ram,” he said. Source link

Budget 2024 expectations: From tax exemptions to lower GST, what education sector needs to achieve Viksit Bharat goals

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Union Finance Minister Nirmala Sitharaman will present the Interim Budget 2024-25 on February 1. The full Budget for FY25 will be presented after the formation of the new government following the general elections. The Interim Budget will contain details about the estimated receipts and the expenditure of the government until the formation of the new government. Here is what experts expect for the education sector from the Interim Budget: Viksit Bharat Galgotias University CEO Dr Dhruv Galgotia said he eagerly anticipates a budget that not only prioritises education but harmonises seamlessly with the ambitious Viksit Bharat vision. Galgotia further expressed the crucial need for a budget that integrates AI and technology into education.  Also read: Budget 2024 expectations: From human resource investments to fulfilling NEP goals, here’s what education sector needs Infinity Learn CEO Ujjwal Singh said, “The onus of Viksit Bharat 2047 rests on the shoulders of our youth in India…. Bridging the digital divide is imperative, and we propose fortifying the digital backbone of educational institutions across the nation. Our plea includes substantial …

Budget 2024 expectations: From human resource investments to fulfilling NEP goals, here’s what education sector needs

Published by Parlour News

Union Finance Minister Nirmala Sitharaman will present the Interim Budget 2024-25 on February 1. The full budget for FY25 will be presented after the formation of the new government following the general elections. The upcoming Interim Budget will contain details about the estimated receipts and the expenditure of the government for all sectors of the economy including the education sector until the formation of the new government. Here are some suggestions from experts: Director of Education at Shiv Nadar School Shashi Banerjee said, “Plans such as integrating Anganwadis with elementary schools and including a ‘Preparatory Class’ or ‘Balavatika’ before Class 1 require additional infrastructural facilities, building teacher capacities and hiring additional teachers in elementary schools.” The education sector requires investments and capacity addition to lay the groundwork for the National Education Policy’s (NEP) vision and objectives with IC2: infrastructure, capacity and collaboration.  Also read: Budget 2024 Expectations Live Updates: Auto, FMCG, IT, Agriculture, Salaried class and more sectors their wishlist Shashi Banerjee further mentioned that schemes such as PM Poshan and Swayam require budgetary support. …