Page 336 - Economy & Policy News

First draft of revised direct tax code in 6 months: Revenue secretary

Malhotra said that the exercise is not linked to bringing a new Direct Tax Code, but a comprehensive review of the income tax law

Labour minister to meet with 20 ministries on 'capturing' employment data

Meeting will on Friday review steps taken by ministries and departments for generating employment

India-UK unveil futuristic Technology Security Initiative; to seal FTA soon

The British foreign secretary also held separate talks with National Security Advisor Ajit Doval

Union Budget 2024-25: Emphasis on bringing simplicity in direct tax system

Tax proposals aim to bring in uniformity, improve compliance and reduce litigation

Credit rating agencies upbeat on India's fiscal consolidation plan

Moody's Ratings notes that the Budget is credit positive

66% taxpayers opted for new ITR filing in current season: CBDT chairman

So far, the CBDT chief said, as the new tax regime is concerned, the government is nudging the taxpayer towards opting for it and therefore this is being sweetened also, by way of changing tax slabs

Rlys on the move, eyes to ferry 7.4 bn passengers, 1,650 mt freight in FY25

Railways Minister Ashwini Vaishnaw said phased rollout plan of Kavach would be released soon

Gains in new orders, biz activity surge pushes flash PMI to 61.4 in July

According to the survey carried out by the global banker, the headline flash composite Purchasing Managers' Index (PMI) figure rose to 61.4 in July, compared to 60.9 in June

Govt will come out with new shipbuilding policy soon: Shipping Minister

The industry had shown several concerns about the policy, which are now being deliberated on by the ministry before it unveils the final policy

Govt prepares for Rs 10,000 crore war chest to fight food inflation

Within the whole inflation basket, food inflation has been stubbornly high

I-T dept says changes in capital gains tax to promote ease of compliance

The holding period of gold, unlisted securities (other than unlisted shares) is also reduced from 36 months to 24 months for calculating LTCG

Union Budget 2024-25: Govt aims on strengthening social sector reforms

Budget's focus is to create jobs and improve workforce skills

Union Budget 2024-25: Lightening the indirect burden on taxpayers

The Budget has taken up several welcome measures for their benefit and overall trade facilitation

Govt changes stance on fiscal consolidation, prioritises debt reduction

Finance Secretary said the figure of 3% for fiscal deficit does not take into account the specific dynamics of a fast growing economy like India

Govt notifies governing council to set up framework for Data Innovation Lab

The council will also have representation from NITI Aayog, the Indian Statistical Institute, and the Department of Science & Technology (DST)

Pilot study to enhance viability of 60 fair price shops underway: Govt

Proposed services include Common Service Centre (CSC) functionalities, banking partnerships with banks and corporate correspondents, and the retail sale of small LPG cylinders, among others

Taxpayers can opt for 'Vivad se Vishwas' scheme from Dec 31: CBDT chairman

First 'Vivad se Vishwas' scheme for cases under the direct taxes or income tax category was brought out by government in 2020 and, according to the CBDT chief, it was quite successful

DPIIT to create timelines for govt agencies for clearance of FDI proposals

He said that the concerned ministries and departments will be nudged to prioritise applications and speed up the process of approvals

India's economic activity expands in July, services PMI rises to 61.1

The indexes are based on preliminary survey results and are a signal of business confidence in the economy

India-UK FTA negotiations floor not ceiling of ambitions: David Lammy

The British foreign secretary's visit to New Delhi is the first high-level engagement between India and the UK after Prime Minister Keir Starmer's Labour government came to power on July 5