Page 8 - Budget

Modi 3.0 readies for Budget 2024: Tax reforms, economic strategies in focus

Union Budget 2024 is expected to introduce reforms in income tax structure with a focus on reducing taxes for lower income brackets to stimulate consumption

Pre-Budget talks: Industry bodies suggest tax reforms to revenue secy

The PHDCCI said that the slab of 30 per cent income tax should be raised to the income of Rs 40 lakh and above. Below this, the body said, the tax rate should be kept at 20-25 per cent

Secure your future: How to build an emergency fund for financial stability

Knowing you have a financial buffer allows you to focus on other important aspects of your life without worrying about money

Union Budget 2024: Nirmala Sitharaman to hold pre-budget meeting on June 20

Finance Minister Nirmala Sitharaman will hold a pre-budget consultation with industry stakeholders on June 20. Here's what to expect

Pak highlights critical risks to Budget 2024-25 in statement to Parliament

Pakistan's cash-strapped government has highlighted almost a dozen critical risks to next year's budget and medium-term outlook, including lower than estimated economic growth, unexpected climatic or natural disasters as well as continuing poor performance of state-owned entities. In a written statement on the fiscal risks submitted to Parliament, Finance Minister Muhammad Aurangzeb and Secretary Imdadullah Bosal said a combination of three risks higher than the estimated interest rate, lower than non-tax revenue collection and higher subsidies had the most significant impact on fiscal variables across the board. "The combination of reduced revenues, increased expenditure on subsidies, and potential financing needs due to higher interest rates lead to substantial fiscal deficit and higher debt stock, the Dawn newspaper quoted the statement as saying on Monday. It underscored the interconnectedness of fiscal policy and the need for comprehensive approaches to address fiscal ...

Panel on rejigging GST rates due for another revamp, to meet before Budget

Council likely to meet by end of this month or first week of July

Pak allocates Rs 3.79 trn for national development plan to boost growth

Pakistan has approved an ambitious national development plan worth Rs 3.79 trillion (USD 13.6 billion) for the next fiscal year as authorities in the cash-strapped country try to use expansionary public investment to boost growth. The decision, taken at the high-level meeting of the National Economic Council (NEC) on Monday, comes just two days before the unveiling of the budget 2024-25 on Wednesday. Prime Minister Shehbaz Sharif chaired the meeting while chief ministers of all four provinces participated in the four-hour-long meeting, the Dawn newspaper reported. The meeting approved a more than 47 per cent increase in the federal Public Sector Development Programme (PSDP) to Rs 1.4 trillion compared to the current year's Rs 950 billion. The Rs 1.4 trillion total federal PSDP would also include foreign financing of Rs 316 billion. The federal development programme goes up by 58 per cent or Rs 1.5 trillion if other Rs 100 billion public-private partnership (PPP) projects are ...

Pakistan's Budget aims to set stage for new bailout deal with IMF

Pakistan is in talks with the IMF for a loan estimated to be anything between $6 billion to $8 billion to avert a default for an economy

Commerce Ministry to seek more funds for startups in upcoming Budget

The commerce and industry ministry may seek more funds for startups in the forthcoming Budget, to be announced by the new government, to promote innovation in the country, an official has said. The new government may announce the Budget for 2024-25 in July. The seed fund scheme, announced in April 2021 with a corpus of Rs 945 crore, will end in 2025, and the ministry may consider proposing a new scheme on similar lines. The seed fund scheme was aimed at providing financial assistance to startups for proof of concept, prototype development, product trials, market-entry, and commercialisation. The fund was divided into four years for providing seed funding to eligible startups through incubators across India. Easy availability of capital is essential for entrepreneurs at the early stages of growth of an enterprise, and the capital required at this stage often presents a make-or-break situation for startups with good business ideas, another official said. There are over 1.17 lakh ..

Tax origin not suitable measure for budgetary devolution to states: Study

Amongst the major states, an increase in the share of tax devolution over this period was observed in Chhattisgarh, Haryana, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, and West Bengal

Deep tech startup policy to promote innovation likely in forthcoming Budget

The commerce and industry ministry may propose a dedicated policy for deep tech startups to promote innovation, for the forthcoming Budget to be announced by the new government, an official said. Voting for the Lok Sabha polls is over and the counting is scheduled for June 4. The new government is likely to take oath this month. The new government may announce the full Budget for 2024-25 in July. The official said that startups have to convert their innovation into intellectual property rights and for that extensive R&D is required. The policy is in the final stages and the ministry may forward this proposal for the full Budget announcement, the official said. In July last year, a draft National Deep Tech Startup Policy (NDTSP) was released for stakeholders' comments. It is aimed at addressing the challenges confronting deep tech startups through definitive policy interventions to create a conducive ecosystem. It also aims to harness the transformative potential of technological

Shankar Sharma's market strategy post Lok Sabha exit poll: Stay strapped in

Meanwhile, every government since 1991, Shankar Sharma said, has performed exceedingly well in different ways and with different strategies

States achieve 84% of capex budget, 4 exceed target amount: CAG data

States with the lowest capex absorption included Nagaland, Chhattisgarh, Punjab, and Mizoram, according to CAG data

New Zealand budget expected to offer tax cuts, worsening outlook

The government has asked most departments and ministries to cut between 6.5 per cent and 7.5 per cent of their operating allowances

FinMin likely to raise FY25 CPSE dividend target by Rs 5K cr in full Budget

The finance ministry is likely to raise the CPSE dividend estimates by Rs 5,000 crore to around Rs 53,000 crore for the current fiscal in the full budget to be presented in July. In the interim budget 2024-25, the government had pegged dividend estimates from non-financial central public sector enterprises (CPSEs) at Rs 48,000 crore for the current fiscal. "The estimates may go up by about Rs 5,000 crore in the final budget to be presented in July," an official told PTI. The interim budget estimates were based on the estimates in December 2023, and January 2024, and the estimates in the full budget will be higher as we have a better picture of the dividend now, the official added. The dividend receipts of the government in a particular fiscal include interim dividends announced by state-owned companies during the fiscal, as well as final dividends for the previous fiscal. So far in the current financial year, the government has obtained Rs 4,837.25 crore as dividends from the ...

Saudi Arabia's budget deficit at $3.3 bn in Q1 of 2024 on lower oil revenue

Oil revenues reached 181.922 billion riyals in Q1, up 2% from the prior-year period, but non-oil revenues increased 9% year on year during the quarter

Trudeau's govt raises taxes on wealthiest Canadians in federal Budget

Canadian Prime Minister Justin Trudeau's government announced Tuesday it is imposing higher taxes on the wealthiest Canadians as part of the federal budget. The budget proposes to increase the capital gains inclusion rate, which refers to the taxable share of profit made on the sale of assets. The taxable portion of capital gains above $250,000 Canadian (US$181,000) would rise from half to two-thirds, which the federal government says will only affect 0.1% of Canadians and raise nearly $20 billion Canadian (US$14.5 billion) in revenue over five years. I know there will be many voices raised in protest. No one likes paying more tax, even or perhaps particularly those who can afford it the most, Finance Minister Chrystia Freeland said. But before they complain too bitterly, I would like Canada's one per cent Canada's 0.1 per cent to consider this: What kind of Canada do you want to live in? Freeland presented the federal budget, which pledges $53 billion Canadian (US$38 billion)

Work on FY25 full Budget begins ahead of 2024 Lok Sabha elections

Industry sources said that they have shared certain tax proposals which are being considered by the finance ministry

Exemptions to rebates: Differences between old and new tax regime

Taxpayers are given a choice to choose between the old and new tax regimes

20% of Budget is towards capex, says Delhi Finance Minister Atishi

She tells that the Centre by treating the Union Territory unfairly in devolution of central taxes was killing the goose that lays golden eggs