New Income Tax Bill: Prime Minister Narendra Modi-led Union Cabinet has cleared the New Income Tax Bill today, according to a PTI report. The Income Tax Bill being cleared by the Cabinet paves way for it to be tabled in the Parliament next week as part of the Budget session.The proposed New Income Tax Bill,…
MUMBAI: Availability of credit for taxes paid on inputs – be it goods, such as raw material, or services for setting off against Goods and Services Tax (GST) liability plays an important role in the GST arena. Input tax credit (ITC) helps reduce the tax outgo for the GST payer.A retrospective amendment, which comes into…
A day after offering the largest tax relief ever in absolute terms, FM Nirmala Sitharaman explained the macroeconomic context of her Budget to TOI’s Diwakar & Surojit Gupta. In an exclusive interview, she rejected the criticism that the concessions would further shrink the tax base, while asserting that strong fundamentals would help the economy weather…
NEW DELHI: Finance minister Nirmala Sitharaman on Sunday cited India’s “unblemished track record” of fiscal consolidation, even as credit rating agency Moody’s decided not to upgrade the country’s sovereign rating.Sitharaman said that India has never deviated from its fiscal consolidation and debt reduction targets.She also defended the government’s strategy of balancing fiscal prudence with growth,…
NEW DELHI: Union finance minister Nirmala Sitharaman on Sunday outlined India’s economic trajectory, fiscal policies, and key government initiatives after she presented the 8th consecutive union budget a day earlier.Sitharaman reaffirmed the Centre’s commitment to fiscal consolidation while ensuring economic growth, infrastructure expansion, and sectoral support. Addressing global economic challenges, she detailed strategies to navigate…
NEW DELHI: Finance minister Nirmala Sitharaman, paraphrasing Abraham Lincoln, described the Union Budget as “by the people, for the people, of the people” during an interview with PTI on Sunday. She said that Prime Minister Narendra Modi was fully supportive of tax cuts, but bureaucratic hurdles delayed the decision. “We have heard the voice of…
This Budget is for aspirations of 140cr Indians… It’s a force multiplier… will increase savings…and growth —PM Modi Happy early Diwali. Or should we say, belated Happy New Year? Whatever your preferred greeting, here’s the takeaway — FM Nirmala Sitharaman Saturday unveiled a Budget bonanza for taxpayers, particularly the middle class, which has been reeling…
Union finance minister Nirmala Sitharaman on Saturday tabled the Budget 2025 announcing a slew of measures, including no tax on income up to Rs 12 lakh. Here’s a look into the gains and pains that the Budget offers: Gains for taxpayers No tax on income up to 12L. With standard deduction, salaried remain tax free…
Finance minister Nirmala Sitharaman announced a significant increase in allocation for the education sector, focusing on last-mile broadband connectivity in rural schools that were worst hit by insufficient internet coverage during Covid. Infrastructure expansion for IITs, medical education and AI in learning were also among the Budget highlights.The digital push is expected to boost broadband…
In presenting the Union Budget for 2025-26, finance minister Nirmala Sitharaman would seem to have managed the envious task of giving out generously to the taxpayer while remaining fiscally responsible and prudent.How has she managed to do this?The short answer is that it has been achieved partly through curbing ambition in spending to create assets…
