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Tax Exemption
Economic Affairs Secretary Ajay Seth on Sunday said the historic decision to give significant income tax relief will stimulate demand and propel growth in the next financial year for which the ministry has pegged the nominal GDP growth of 10.1 per cent. Finance Minister Nirmala Sitharaman on Saturday announced significant income tax cuts for the middle class. Individuals earning up to Rs 12.75 lakh in a year will not have to pay any taxes benefiting 1 crore taxpayers. However, the tax cuts will cost the exchequer about Rs 1 lakh crore. The Union Budget has tried to address domestic headwinds through measures which can mitigate them, Seth told PTI in an interview. "Very, very significant tax relief given to all taxpayers, and in particular to the middle class, is an attempt towards that direction, because some data is showing that consumption, as well as investment by the private sector is not to a level which requires or which is necessary for a higher growth path," he said. "There
The proposed income tax relief for the middle class and increased investments for rural development will help to drive consumption and propel growth of the premium product market, leading FMCG and consumer goods makers said on budget proposals. The measures announced by Finance Minister Nirmala Sitharaman in the Union Budget will not only alleviate the burden of inflation and rising living costs but also help stimulate overall consumption, the makers said. The Union Budget 2025-26 is a bold and forward-looking plan that places the middle class at its core while ensuring inclusive and sustainable growth across all sectors," said Marico MD & CEO Saugata Gupta. For middle-class families, strategic focus on targeted tax relief and enhanced social security measures, will uplift household sentiments, boost disposable income and drive consumption, he added. PepsiCo India & South Asia Chief Executive Officer Jagrut Kotecha said Union Budget 2025 is focused on an income-led economic ...
Karnataka industry stalwarts welcomed the union budget presented by Finance Minister Nirmala Sitaraman on Saturday saying the focus on infra, consumption, and investment will help the economy. Kiran Mazumdar-Shaw, Executive Chairperson of Biocon Limited said the Union Budget 2025 is reassuring, as it instils confidence that India is investing in the right areas to drive stable and inclusive economic growth. The significant income tax relief, with no tax payable up to Rs 12 lakh income, will put more money in the hands of the people and thus boost domestic consumption, she said on social media 'X'. "Consumption, investment, innovation and employment are the four pillars of our economic growth model and FM Nirmala Sitharaman has focused on all aspects of those segments," she added. N Venu, Chairman of Confederation of Indian Industry (CII) Karnataka State Council in a statement said the budget strengthens the foundation for 'Viksit Bharat' with its sharp focus on infrastructure, rura
The government may extend the concessional 15 per cent income tax rate for corporates to set up new manufacturing units by one year till March 31, 2025, to encourage private investments, EY said in its 2024 Budget expectation report. Finance Minister Nirmala Sitharaman is scheduled to present the interim Budget for 2024-25 on February 1. EY in its Budget expectations report also said that in the interim Budget, the government would continue its focus on ease of paying taxes, while legislative reforms will stay work-in-progress. To encourage more investment in the manufacturing sector and exports, the interim Budget may extend the sunset date for commencing manufacturing from March 31, 2024, till March 31, 2025, for companies availing 15 per cent concessional income tax rate, EY said. The government in 2019 announced that any new domestic company incorporated on or after October 1, 2019, making fresh investment in manufacturing, will have the option to pay income tax at the rate of
Society of Manufacturers of Electric Vehicles (SMEV) on Tuesday urged the government to formulate a unified policy of road tax exemption for Electric Vehicles (EVs) across the country. In a letter to the Union Road Transport and Highways Minister Nitin Gadkari, SMEV said a consistent and favourable policy environment is essential to accelerate the shift towards electric mobility in India. "I am writing to request your esteemed office to weigh in on a unified policy of road tax exemption for EVs that will play a pivotal role in encouraging the adoption of clean and sustainable transportation options, which is vital for our nation's environmental and economic future," SMEV Chief Evangelist Sanjay Kaul wrote. In July, SMEV had named Kaul as its Chief Evangelist to help revise the association's agenda. In view of the Ministry of Heavy Industries' decision to reduce the subsidy component mid-way through the FAME II scheme, this input (unified policy of road tax exemption for EVs) from t
The Delhi unit of the BJP on Sunday demanded that the AAP government give tax exemption to 'The Kerala Story' film and hold its special screenings for girls in the 15-16 age group in the city. In a letter to Chief Minister Arvind Kejriwal, Delhi BJP spokesperson Praveen Shankar Kapoor said the film was based on the "serious issue of love jihad", "religious conversion" and pushing innocent girls into "terrorism". The Delhi chief minister should promote the film by watching it himself and exempting it from entertainment tax, he said. "The Kerala Story has been given an 'A' certificate for viewing only by adults, while nowadays the danger of love jihad is gravest for the girls of 15-16 years of age. Therefore, the chief minister should contact the Film Censor Board and get it a 'U/A' certificate for Delhi so that more and more girls belonging to the sensitive category can be made aware by showing this film," Kapoor said. He said that besides girl students of classes 11 and 12, those w
