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Nirmala Sitharaman

Union Budget expectations highlights: Real estate sector seeks tax relief

Budget 2024 highlights: FM Nirmala Sitharaman is all set to present the Union Budget 2024-25 in the Lok Sabha on July 23

Union Budget expectations highlights: Real estate sector seeks tax relief
Updated On : 17 Jul 2024 | 4:32 PM IST

Budget 2024: ICC calls for changes in custom duty to boost manufacturing

Ahead of Budget 2024, to be tabled in the Parliament on July 23, the Indian Chamber of Commerce has called for streamlined customs duties and tax reforms to boost domestic manufacturing

Budget 2024: ICC calls for changes in custom duty to boost manufacturing
Updated On : 17 Jul 2024 | 4:17 PM IST

Govt should rationalise customs duty in Budget to boost domestic mfg: ICC

The Indian Chamber of Commerce (ICC) has suggested the government to rationalise customs duties in various sectors including steel, solar battery, aluminum, and lithium cells in a bid to boost domestic manufacturing. Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget for financial year 2024-25 on July 23. ICC President Ameya Prabhu said protective measures are needed for the growth of domestic industry in sectors including steel, solar battery, aluminum, and lithium cells. "There is a need for rationalization of customs duty in these specific sectors in a holistic manner. Huge potential is there to boost domestic manufacturing and make India a global hub for manufacturing," Prabhu said. He added that levies on raw materials impact domestic players particularly the downstream firms. He also asked for correction in inverted duty structure by cutting down duty on mixed petroleum gas from 5 per cent to 2.5 per cent. "To boost domestic manufacturing, there is

Govt should rationalise customs duty in Budget to boost domestic mfg: ICC
Updated On : 17 Jul 2024 | 2:34 PM IST

Finances, infra in focus during Andhra Pradesh CM Naidu's 2nd Delhi visit

While the previous visit of Naidu's was budget-focused, the current one will have him discuss Andhra's medium-term financial and infrastructure needs

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Updated On : 16 Jul 2024 | 11:18 PM IST

Union Budget 2024: FM participates in 'halwa' ceremony held at North Block

Finance Minister Nirmala Sitharaman on Tuesday participated in a traditional 'halwa' ceremony, marking the final stage for preparation of Union Budget 2024-25 to be unveiled on July 23 in Lok Sabha. The ceremony is a ritual in which traditional dessert 'halwa' is prepared and served to officials and staff members of the finance ministry who are involved in the preparation of the budget. It is organised in the basement of North Block, which houses the ministry in the national capital and is attended by the finance minister and other high-ranking officials. "The final stage of the Budget preparation process for Union Budget 2024-25 commenced with the customary Halwa ceremony in the presence of Union Minister for Finance and Corporate Affairs Smt. @nsitharaman, in New Delhi, today," the finance ministry said in a post on X. As part of the ceremony, the finance minister also took a round of the Budget Press and reviewed the preparations besides extending her best wishes to the official

Union Budget 2024: FM participates in 'halwa' ceremony held at North Block
Updated On : 16 Jul 2024 | 7:41 PM IST

Budget 2024: Green tech, vehicle scrapping aid; auto sector's wishlist

Budget 2024: During the Interim Budget presentation, Nirmala Sitharaman had highlighted that the Centre is keen on expanding and strengthening the electronic-vehicle ecosystem

Budget 2024: Green tech, vehicle scrapping aid; auto sector's wishlist
Updated On : 16 Jul 2024 | 10:33 AM IST

Budget 2024: Rail budget may see more focus on passenger capacity, safety

Ashwini Vaishnaw recently announced that the national transporter will manufacture 10,000 non-air-conditioned coaches over the next two financial years

Budget 2024: Rail budget may see more focus on passenger capacity, safety
Updated On : 16 Jul 2024 | 7:13 AM IST

Space industry demands tax exemptions, PLI scheme from Union Budget

Import holidays, GST exemption for components of launch vehicles, productivity-linked incentives (PLI) and government stepping in as a customer are some of the expectations of the private space sector from Finance Minister Nirmala Sitharaman as she presents the Union Budget next week. "More money for space related acquisitions, tax holidays, import holidays, and PLI scheme for space," Pixxel Space co-founder and CEO Awais Ahmed told PTI when asked about his wishlist for the budget. Industry bodies Indian Space Association (ISpA) and Satcom Industry Association (SIA-India) have sought greater government expenditure on the space sector in the form of an anchor customer for the nascent private sector. "ISpA calls for a commitment from the government to procure and adopt space technology solutions across various governance areas such as agriculture, disaster management, infrastructure planning and development monitoring, urban development, and remote area connectivity," ISpA director .

Space industry demands tax exemptions, PLI scheme from Union Budget
Updated On : 16 Jul 2024 | 6:39 AM IST

Budget 2024: Govt likely to announce steps to enhance pulse production

Union Budget 2024: Finance Minister Nirmala Sitharaman will present the Budget in the Lok Sabha on July 23

Budget 2024: Govt likely to announce steps to enhance pulse production
Updated On : 15 Jul 2024 | 5:30 PM IST

Govt may cut borrowings by Rs 50-75K cr in FY25 Budget: Axis Bank treasurer

In the interim budget, the government announced a gross borrowing of Rs 14.13 trillion, with a fiscal deficit target of 5.1 per cent of the gross domestic product

Govt may cut borrowings by Rs 50-75K cr in FY25 Budget: Axis Bank treasurer
Updated On : 15 Jul 2024 | 1:04 PM IST

Industry body urges FM Sitharaman to continue 45-day MSME payment rule

Industry body SME Chamber of India has urged Finance Minister Nirmala Sitharaman to continue the 45-day MSME payment rule for corporates and other buyers. According to Section 43B(h) of the Income Tax Act, introduced through the Finance Act 2023, if a larger company does not pay an MSME on time -- within 45 days in case of written agreements -- it cannot deduct that expense from its taxable income, leading to potentially higher taxes. The government in last year's Budget added a new clause under Section 43B of the Income Tax Act to address the challenge of delayed payments faced by MSMEs in the country. "We are pursuing not to change the 45-day MSME payment rules imposed by the Department under the pressure of corporates or multinational companies to save the life span of the MSME sector. Section 43B(h) of the Income Tax Act reinforces the importance of timely payments by mandating that companies settle payments to MSME vendors within 45 days to qualify for deductions," SME Chamber

Industry body urges FM Sitharaman to continue 45-day MSME payment rule
Updated On : 14 Jul 2024 | 5:18 PM IST

Direct tax mop-up rises 20% to Rs 5.74 trn on higher corporate advance tax

Net direct tax collection grew 19.54 per cent to over Rs 5.74 lakh crore so far this fiscal on higher advance tax payment by corporates. The first instalment of advance tax, which was due on June 15, rose 27.34 per cent to Rs 1.48 lakh crore. This includes Corporation Income Tax (CIT) at Rs 1.14 lakh crore and Personal Income Tax (PIT) at Rs 34,470 crore. The net direct tax collection of Rs 5,74,357 crore (as of July 11, 2024) includes CIT at Rs 2,10,274 crore and PIT at Rs 3,46,036 crore, as per data released by Central Board of Direct Taxes (CBDT) on Saturday. Securities Transaction Tax (STT) contributed Rs 16,634 crore to the direct tax collection, it said. During the same period last year, net direct tax collection was Rs 4,80,458 crore. Refunds amounting to Rs 70,902 crore have also been issued in FY25 till July 11, which is 64.4 per cent higher than refunds issued during the same period in the previous year. For April-July 11, gross collection of direct taxes (before adjust

Direct tax mop-up rises 20% to Rs 5.74 trn on higher corporate advance tax
Updated On : 13 Jul 2024 | 11:41 AM IST

Highlights of the day: Repair work on Munak Canal likely to complete by Friday night, says Atishi

From Amit Shah's announcement of Samvidhaan Hatya Diwas to Supreme Court hearing Arvind Kejriwal's plea; stay with us for all the news updates from across the globe

Highlights of the day: Repair work on Munak Canal likely to complete by Friday night, says Atishi
Updated On : 12 Jul 2024 | 11:46 PM IST

PM Modi, FM Sitharaman meet top economists ahead of Union Budget 2024

Social sector push, rural economic development discussed at key meet

PM Modi, FM Sitharaman meet top economists ahead of Union Budget 2024
Updated On : 12 Jul 2024 | 8:57 PM IST

Budget 2024: What does the education sector expect from Nirmala Sitharaman?

Union Budget 2024: Finance Minister Nirmala Sitharaman will present the Budget in the Lok Sabha on July 23

Budget 2024: What does the education sector expect from Nirmala Sitharaman?
Updated On : 12 Jul 2024 | 8:54 PM IST

Hopes in the balance: How much can the Budget do for the rural sector?

The government will have to tweak the demand for Mahatma Gandhi National Rural Employment Guarantee Act and may retain the demand for PM Kisan to not allow fiscal slippage

Hopes in the balance: How much can the Budget do for the rural sector?
Updated On : 12 Jul 2024 | 12:00 AM IST

Ballots to Budget: Taxpectations from Union Budget 2024

Economists predict a potential populist shift through a surge in welfare initiatives, write Sandeep Puri and Jitendra Jain

Ballots to Budget: Taxpectations from Union Budget 2024
Updated On : 11 Jul 2024 | 10:51 PM IST

Insurers expect Union budget to have more tax benefits for health insurance

More tax benefits for health insurance under the new tax regime, relaxation in payment norms for MSMEs and incentives for the agri-tech sector are among the expectations of stakeholders from the first budget of the Modi 3.0 government. Finance Minister Nirmala Sitharaman is scheduled to present the full Budget for fiscal 2024-25 on July 23, which will be the first major policy document of the new government. Anup Rau, Managing Director and Chief Executive Officer of Future Generali India Insurance Company, said the deduction limit on health insurance premiums under Section 80D of the Income Tax Act has remained unchanged for the past nine years despite the fact that there has been a significant rise in healthcare costs across the country. "It would be best if the limit for medical insurance is linked to inflation and gets revised automatically every year or once in a couple of years. Also, the benefits need to be extended to the New Tax regime since increasing health insurance ...

Insurers expect Union budget to have more tax benefits for health insurance
Updated On : 11 Jul 2024 | 6:27 PM IST

What does the jewellery sector expect from FM Sitharaman?

Union Budget 2024: Finance Minister Nirmala Sitharaman will present the Budget in the Lok Sabha on July 23

What does the jewellery sector expect from FM Sitharaman?
Updated On : 11 Jul 2024 | 5:08 PM IST

Budget 2024: PM Modi, FM Sitharaman hold talks with Niti Aayog, economists

Budget 2024: Niti Aayog Vice-Chairperson Suman Bery and other members of the government think tank also attended the talks

Budget 2024: PM Modi, FM Sitharaman hold talks with Niti Aayog, economists
Updated On : 11 Jul 2024 | 4:36 PM IST