Page 73 - Union Budget

How will Budget 2023 affect your taxes and investments?

The next Budget will be the last full-year Budget ahead of the General Elections. How are your taxes likely to be affected amid calls from the industry to extend tax benefits to the common man?

Direct tax collection up 24% to Rs 8.77 trn; nears 62% of Budget estimates

The net direct tax collection grew 24 per cent to Rs 8.77 lakh crore in the April-November of the current fiscal, the Finance Ministry said on Monday. This represents 61.79 per cent of the full-year Budget Estimates (BE) of direct tax collection for 2022-23 (April-March). "Direct tax collection net of refund stands at Rs 8.77 lakh crore as of November 30, which is 24.26 per cent higher than the net collection for the corresponding period last year," the ministry tweeted. The collection accounts for 61.79 per cent of Budget Estimates for FY 2022-23. The Budget estimated direct tax collection at Rs 14.20 lakh crore this fiscal, higher than Rs 14.10 lakh crore collected last fiscal (2021-22). Tax on corporate and individual income makes up for direct taxes. Tax collection is an indicator of economic activity in any country. The collection from the levy of tax on goods and services sold (GST) has flattened to around Rs 1.45-1.50 lakh crore per month. Refunds amounting to Rs 2.15 lak

Budget 2023-24: Govt mulls basic Customs duty cut to align with FTA

Finance Minister Nirmala Sitharaman will be presenting the Union Budget on February 1, 2023, in Parliament, outlining her tax and expenditure plans for 2023-24

Union Budget 2023 may announce sops for domestic EVs and storage solutions

Custom duty exemptions being provided for lithium-ion cells for making phone battery packs could be extended to EV batteries and energy storage solutions as well

Capex by CPSEs accelerates to 60% of annual target during Apr-Nov period

CPSEs are likely to achieve their target as they tend to rush up their spending in March quarter

Waiting for private sector to take the lead on capex: CEA Nageswaran

'Not necessary or healthy for public sector to keep expanding capital investment,' he says

Finance ministry likely to target fiscal deficit of 5.5-6% in FY24 Budget

This means the government will stick to its fiscal consolidation road map, which envisages a deficit of 4.5 per cent of GDP by FY26

Union Budget: Understanding the GDP, GVA and the difference between the two

While GDP measures the total value of products and services a country manufactures or delivers, GVA measures the value added to product in order to enhance their worth

Local medical device makers seek trade margin rationalisation in Budget 23

Group wants basic custom duty on import of medical devices increased to 10-15%

RSS leaders urge Centre to restore old pension scheme, raise import duty

The demand was made during Union Finance Minister Nirmala Sitharaman's meeting with RSS leaders that took place between Nov 21 and Nov 29

Indian crypto industry group writes to govt for 'strong regulations'

Bharat Web3 Association says collapse of USA's FTX highlights 'lacunae in corporate governance'

Alstom, Medha, Siemens in race for Rs 26,000-crore Vande Bharat order

At least 4 of the five bidders have formed JVs for the Rs 26,000-crore order

Budget 2023: How the finance ministry can kill many birds with one stone

The govt should shift all welfare spending into the capital spending account and call it an investment in social capital

Budget may not be right time to restructure capital gains tax: Revenue secy

There's no need for having so many buckets under the capital gains tax structure or so many different permutations and combinations, says Tarun Bajaj

Budget 2023-24: 'Realistic' 10-11% nominal growth target on the table

Finance ministry expects moderation in retail inflation in FY24

Valuation, capital gains tax treatment key risks for the market: Analysts

The government, reports suggest, may rationalise long-term capital gains tax (LTCG) structure by bringing parity between similar asset classes

'Budget For Children' charter demands more investment for PM-POSHAN

Increasing investment on all schemes for children, particularly on PM-POSHAN and raising health budget are among the demands in 'Budget For Children' charter presented to Minister of State for Finance Pankaj Chaudhary. This charter is a result of numerous local to state and national consultations with over 3,500 of their peers across the country. The interaction was led by 15-year-old Ruksar Rehman, president, National Inclusive Children's Parliament, a statement said. The children's charter of demands stemmed from a report they had submitted to the United Nations as part of the Universal Periodic Review (UPR) process at Geneva and the Charter on Environmental Rights of Children in the lead up to COP 27 in Egypt. The demands include that the 6 per cent promise for education (GDP public spending) and 2.5 per cent on health be reflected in the upcoming Union and state budgets for 2023-24 in India. They have also sought an increase in the investment on all schemes for children, ...

Budget 2023-24 should clear confusion over options for personal income tax

From 2020-21 onwards, the Budget gave an option of a lower personal income tax regime to those earning up to Rs 15 lakh, provided they forgo some exemptions

Trade union bats for separate business management service cadre for PSUs

Bharatiya Mazdoor Sangh (BMS) wants creation of a separate business management service cadre like IAS, IFS to manage the public sector units (PSUs)

Going truly federal: Why states should be allowed to levy an income tax

We need to ask why, in India, income tax is levied only by the Centre while in many other federations, the constituent units also levy it