Finance Minister Nirmala Sitharaman on Saturday said she is likely to introduce the new income tax bill, which will replace the six-decade-old I-T Act, in the Lok Sabha in the coming week. After introduction in the Upper House, the bill will be sent to a parliamentary standing committee for scrutiny. The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the bill on Friday. "Yesterday, the Cabinet cleared the New Income Tax proposal, I hope to have it introduced in the Lok Sabha in the coming week. Post that it will go to a committee," Sitharaman said a media briefing after addressing the post-Budget customary meeting with the central board of directors of the Reserve Bank of India (RBI). The bill will again go to the Cabinet after the parliamentary committee gives its recommendations on it. After Cabinet approval, it will again be introduced in Parliament. "I still have three critical stages to pass through," Sitharaman said to the query regarding rollout of the new
As part of the Viksit Bharat initiative, announced in the July 2024 budget, the government launched a comprehensive internship scheme aimed at providing opportunities to 1 crore youth over five years
With southern states voicing concerns over 'unfair' tax money devolution, Finance Minister Nirmala Sitharaman has said the states have to engage and highlight their concerns with the 16th Finance Commission, whose recommendations will decide how the funds are divided. Population is one of the criteria used by Finance Commissions to decide how the tax revenues are divided. Southern states, which have managed to check the rise in population, feel they get a raw deal when compared to the northern states with much larger population growth. In an interview with PTI, Sitharaman said the central government does not decide on the devolution formula. The devolution of taxes is made in accordance with the recommendations of the Finance Commission and the aggrieved southern states should approach the panel for change in parameters. "It is for the states to engage with the Finance Commission to express their concerns about the parameters based on which the tax devolution principles are laid dow
UPL share price rose after a rating upgrade by Investec, which revised the stock's outlook to 'Buy' from 'Sell', alongside a strong performance in Q3FY25 and announcements from the 2025 Budget
Sitharaman spoke on issues ranging from the theme of the Budget to income tax relief and challenging geopolitical environment
Union budget 2025-26 Live Updates: Modi govt has made some big announcements including changes in the new tax regime with taxpayers not having to pay any income tax on earnings up to Rs 12 lpa
Paraphrasing Abraham Lincoln, Finance Minister Nirmala Sitharaman on Sunday described the Union Budget as "by the people, for the people, of the people", and said Prime Minister Narendra Modi was fully behind the idea to cut taxes for middle class but it took time to convince the bureaucrats. "We have heard the voice of the middle class" who had been complaining about their aspirations not being met despite being honest taxpayers, she told PTI in an interview. With the honest and proud taxpayers wanting the government to do more to limit the impact of factors like inflation, the prime minister was quick to task Sitharaman to look at ways to give relief. While Modi was quick to agree to tax relief, it took a bit of convincing to get on board the officials in the finance ministry and the Central Board of Direct Taxes (CBDT) - who are tasked to ensure revenue collection to meet welfare and other schemes, she said. Presenting her eighth straight budget, Sitharaman on Saturday announced
Finance Minister Nirmala Sitharaman on Sunday flaunted India's unblemished track record of not faltering on any of its fiscal consolidation or debt reduction targets as she seemed to shrug off the passiveness of agencies like Moody's which have not upgraded India's ratings. Sitharaman in her budget for fiscal year beginning April treaded a fine line between fiscal prudence and providing a thrust to growth as she not only gave the middle class the biggest-ever tax relief but also unveiled a glide path for reducing fiscal deficit next year and debt as percentage of GDP by 2031. India, she said, had to borrow more during the pandemic to meet the fiscal needs of the economy amid global challenges, supply chain disruptions and geopolitical conflicts in two theatres. "Despite all these we have shown a commitment and following the commitment to the last word as regards fiscal deficit and the glide path that we should follow," she told PTI in an interview. "We have, not one year have we ...
Finance Minister Nirmala Sitharaman on Sunday rejected criticism over the slide of the Indian rupee, saying it has depreciated only against a strengthening US dollar but remained stable against all other currencies because of the strong macroeconomic fundamentals. In an interview with PTI, she said a 3 per cent depreciation in the rupee against the US dollar in past few months is a matter of concern as it makes imports costlier, but she rejected criticism that the local currency has seen all-round weakness. "I am concerned but I will not accept the criticism that 'Oh Rupee is weakening!' Our macroeconomic fundamentals are strong. Rupee wouldn't be stable against all the currencies if the fundamentals were weak," she said. The Indian rupee has been under pressure in the last few months but it continues to be the least volatile currency against the US dollar among its Asian and global peers. The reasons for the rupee hitting record lows almost on a daily basis against the US dollar ..
New tax regime updates: Under the new system, taxpayers will not have to pay any income tax on earnings up to Rs 12 lakh per annum
Taxpayers can now file updated returns for four years instead of the previous two
Signalling a commitment to research and development, Union Finance Minister Nirmala Sitharaman on Saturday allocated Rs 20,000 crore to the Department of Science and Technology as a corpus for a fund to promote private sector-driven innovation. Sitharaman had announced setting up of a Rs 1 lakh crore research and development fund in the budget last July. The allocation in Saturday's budget will kickstart the fund aimed at supporting research and development in deep tech and sunrise sectors. "To implement the private sector-driven Research, Development and Innovation initiative announced in the July budget, I am now allocating Rs 20,000 crore," Sitharaman said. Presenting the Union Budget for the 2025-26 fiscal, the finance minister also said a Deep Tech Fund of Funds would be explored to catalyse the next generation start-ups as part of this initiative. "The allocation this year will kickstart the fund and be a major boost to support research and development in the private sector
The government will introduce a new Income Tax bill in Parliament next week, replacing the six-decade old income tax act of 1961. Finance Minister Nirmala Sitharaman, in her 2025-26 Budget speech, said the new I-T Bill will carry forward the spirit of "Nyaya" (justice) based on the concept of "trust first, scrutinise later". "The new bill will be clear and direct in text with close to half of the present law, in terms of both chapters and words. It will be simple to understand for taxpayers and tax administration, leading to tax certainty and reduced litigation," Sitharaman said. She said the government has implemented several taxpayer reforms in last 10 years and the new income-tax bill will be introduced next week. Addressing a post budget press conference, Sitharaman said, "I hope it (the Bill) will get passed without much of a difficulty". The new income tax bill will go to the Standing Committee of Parliament, she added. Sitharaman had in July last year announced a comprehen
The Bahujan Samaj Party chief Mayawati criticised the Budget calling it 'politically motivated'
The focus on uplifting 17 million farmers in 100 weakest farming districts is a step towards ensuring equitable development across the country
Announced by Finance Minister Nirmala Sitharaman, this initiative is part of India's strategy to position itself as a global hub for electronics system design and manufacturing
Kisan Credit Cards (KCC) facilitate short-term loans for 7.7 crore farmers, fishermen, and dairy farmers
The uptick in hospital stocks came after the Finance Minister announced the government's plan to increase the number of medical colleges and hospital seats by 10,000 in the coming year
Budget 2025 revises FY25 capex, promises incentives for EVs, social security for gig workers, and major infrastructure projects in Bihar, including a greenfield airport and a Makhana Board
Finance Minister remarked that India's development track record for the past 10 years and structural reforms have drawn global attention