Page 48 - Nirmala Sitharaman

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: 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

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 .

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

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

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

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

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

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

Social sector push, rural economic development discussed at key meet

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

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

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

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 ...

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

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

Full Budgets tend to realign fiscal deficits set in interim Budgets

Analysis of fiscal trends since 1991 reveals that full Budgets typically reduce fiscal and revenue deficits set in interim budgets, with notable exceptions during economic crises and major reforms

Budget 2024: Standard deduction for salaried persons may rise to Rs 1 lakh

Budget 2024: Under the Indian taxation laws, the standard deduction is a provision for the salaried employees and taxpayers receiving a pension

Budget Watch: FinMin confident of sticking to fiscal deficit of 5.1% of GDP

However, this path may not be as easy for the government to tread

Budget 2024: What does India's power sector expects from FM Sitharaman

Union Budget 2024: Securing supply chain stability and embracing new technologies are essential for the sector's long-term sustainability and efficiency

Budget Watch: Sitharaman likely to address banking, insurance reforms

Government's equity dilution in state-owned lenders will be one issue financial market observers will monitor