Page 4 - Budget And Infrastructure

I-T Act review attempt to make it simpler for taxpayers: CBDT chairman

The budget announcement about a comprehensive review of the Income Tax Act, 1961, is an attempt to make the "bulky" law "simpler" to understand and comfortable to use for taxpayers along with aligning new technology processes with it, CBDT Chairman Ravi Agrawal has said. The Act that started its journey in 1922 contains 298 sections, 23 chapters and other provisions in its current form of 1961. Speaking to PTI during a post-budget interview on Wednesday, Agrawal said the Act has seen "redundancies" over a period of time making it "thick and bulky." "The taxpayers also feel that the Act is not so simple, as it ought to be...it is cumbersome...so the attempt is if we can make this Act simpler, simpler to comprehend, simpler in terms of language, simpler in terms of presentation, then that hitch of the taxpayer to actually not see the Act and take the help of a tax practitioner or someone (maybe eased)..." "We are working towards how can we make it (Income Tax Act) simple so that the

Research, infra allocation will boost innovation in steel sector: ISA

The increased funding for R&D announced in the Budget and the support extended to startups and MSMEs will foster innovation in steel manufacturing, the apex industry association said on Wednesday. Further, the allocation of Rs 11.11 lakh crore is set to enhance national infrastructure, create millions of jobs, and directly benefit the steel industry, the Indian Steel Association (ISA) said in a statement. In her Budget speech on Tuesday, Finance Minister Nirmala Sitharaman announced a slew of measures for sectors, including infrastructure, manufacturing, healthcare, education, startups, and green energy, among others. The Budget's strong emphasis on roads, railways, ports, and urban development will not only generate employment but also improve overall productivity. The increased funding for R&D and the support extended to startups and MSMEs will foster innovation in steel manufacturing, the ISA said. Jindal Steel and Power Ltd (JSPL) Chairman Naveen Jindal said, "The ...

Budget 2024: What is the 'Purvodaya' scheme announced by FM Sitharaman?

Finance Minister Nirmala Sitharaman during her Budget 20204 speech unveiled 'Purvodaya' plan, focusing on human resource development, infrastructure, and economic opportunities in the eastern region

Budget 2024 is growth oriented, addresses right sectors: Vikas Khemani

Union Budget 2024 analysis: The government has laid out a clear vision for 'Viksit Bharat' by addressing key areas - agricultural reforms, manufacturing push and employment generation among others

Budget 2024: Govt to set up 'plug and play' industrial parks in 100 cities

12 industrial parks to be 'sanctioned' under the National Industrial Corridor Development Programme, says Finance Minister

Budget 2024: Mere 0.5% boost to department of drinking water and sanitation

The Department of Drinking Water and Sanitation has received a budgetary allocation of Rs 77,390.68 crores for the fiscal year 2024-2025. This figure reflects a minimal increase of only 0.5 per cent from the revised estimate of Rs 77,032.65 crore announced in budget 2023-2024. A substantial portion of this financial year's allotment for the Drinking Water and Sanitation department is directed towards the Jal Jeevan Mission (JJM), which received Rs 69,926.65 crore, a marginal rise from the revised estimate of Rs 69,846.31 crore in 2023-2024. This flagship programme aims to provide functional household tap connections to every rural household by 2024, focusing on ensuring regular and adequate water supply. Additionally, the Dr Syama Prasad Mookerjee National Institute of Water and Sanitation (SPM-NIWAS) has been allocated Rs 95 crore, a huge rise from the Rs 3 crore it got in the last revised estimate. The Swachh Bharat Mission (Gramin), which focuses on maintaining Open Defecation

Union Budget 2024: Gaya gets Centre's nod for development. But is it new?

Finance Minister Nirmala Sitharaman's 2024 Budget supports Gaya's industrial development and spiritual tourism, aiming to boost the eastern region's growth

Union Budget 2024: FM Sitharaman announces Rs 26,000 cr aid for Bihar

India Budget 2024: Finance Minister Nirmala Sitharaman said that the Centre will support setting up a 2400 MW power project in Bhagalpur at the cost of Rs 21,400 crore as well

Union Budget 2024: Here are the key highlights from FM Sitharaman's speech

Finance Minister Nirmala Sitharaman's Union Budget 2024 speech focused on increased spending, job creation, and tax reforms

Budget 2024: Govt keeps infra spend target unchanged at record Rs 11.11 trn

The government has doubled spending on infrastructure over the past three years as a way to boost the economy

Budget news: A look at landmark Union Budget announcements in the past

From the introduction of wealth tax to economic liberalisation to privatisation, here is a look back at landmark Union Budgets

FM Sitharaman's record 7th Union Budget presentation: All you need to know

Finance Minister Nirmala Sitharaman is set to make history with her seventh consecutive Union Budget presentation today, laying out Modi 3.0's fiscal plan for the India Budget for FY25

Budget 2024 Updates: Finance Minister Nirmala Sitharaman to present the Union Budget on Tuesday

Union Budget 2024: As Finance Minister Nirmala Sitharaman presents the Union Budget on Tuesday, markets expect tax cuts, infra spending, and a boost to rural demand. Stay with us for all updates

Airport operators to conduct 3rd party audit of structural stability: Govt

The government on Monday said all airport operators have been directed to carry out a third party audit of structural stability of airport buildings and associated infrastructure. Besides, they will conduct a thorough evaluation of all civil, electrical and technical aspects of the buildings before the onset of monsoon every year. The directives came in the wake of roof collapse incidents at three airports last month. During heavy rain, forecourt canopy collapsed at Terminal 1D of the Delhi airport on June 28. Also, the kerb area canopy made of tensile fabric, a non-structural element, was damaged at Jabalpur and Rajkot airports on June 27 and 29, respectively. In 2023-24, an amount of Rs 795.72 crore has been spent on Repair and Maintenance (R&M) works at 121 airports of the Airports Authority of India (AAI), as per official data submitted to the Rajya Sabha on Monday. Meanwhile, Civil Aviation Minister K Rammohan Naidu told the Upper House that the ministry has constituted a ...

Short-term inflation outlook benign, normal monsoon expected: Eco Survey

The short-term inflation outlook for India is benign, and the expectation of a normal monsoon and moderating global prices of key imported items give credence to the projections made by the RBI and IMF, the Economic Survey said on Monday. However, to ensure long-term policy stability, the Survey 2023-24 suggested making focused efforts to increase the production of major oilseeds, expanding the area under pulses, and assess the progress in developing modern storage facilities for specific crops. The Economic Survey 2023-24, tabled in Parliament by Finance Minister Nirmala Sitharaman, also suggested linking of price monitoring data for essential food items collected by different departments to help monitor and quantify the build-up of prices at each stage from the farm gate to the final consumer. "The ongoing efforts to construct the producer price index for goods and services may be expedited to have a greater grasp of episodes of cost-push inflation," said the Survey authored by a

Tax cuts to welfare support: Here's what to expect from Modi 3.0 1st Budget

Government is expected to reduce its deficit target slightly from the 5.1 per cent of gross domestic product projected before the elections

NSE, BSE say functioning remains normal; unaffected by Microsoft outage

Country's leading stock exchanges NSE and BSE on Friday said they are not impacted due to the global outage of Microsoft systems amid reports of disruptions in functioning of several airlines, banks, media outlets worldwide. Microsoft users globally, several in India, have reported massive outages in services, with outage tracking website Downdetector showing users flagging disruptions across various services. Meanwhile, the two leading Indian stock exchanges announced that they are not impacted due to Microsoft outage. "NSE (National Stock Exchange) and NCL (NSE Clearing Ltd) are working normal today," NSE's spokesperson said in a statement. Separately, a spokerseron of BSE said that the bourse is "not impacted due to Microsoft issue. Our operations are running normal." Globally, the Microsoft cloud outage led to US airlines cancelling flights, but the tech giant later reportedly said its cloud services outage in the Central US region has been resolved. The glitch is causing use

Brazil to freeze $2.7 bn from budget as govt tries to meet fiscal target

The decision to hold back on spending comes amid market worries about the government's ability to meet its goal of eliminating the primary deficit.

India's economy poised for robust growth ahead of annual Union Budget

The budget is expected to see an increase in spending on infrastructure and welfare programmes such as rural housing

Govt to stick to Feb budget targets despite losing majority, shows poll

While relying on some regional parties to form the government, the BJP has retained most ministers from its second term, signaling continuity in fiscal policy