India's fiscal deficit glide path for 2025-26 is reasonable, but a coalition government may challenge necessary economic reforms, according to Moody's Ratings. Prime Minister Modi's BJP, lacking an outright majority, now depends on regional parties to govern. Finance Minister Sitharaman announced $576 billion in spending plans, focusing on manufacturing, job creation, and rural development.
Union Budget 2024: Now you will have to pay a lower percentage of tax deducted at source (TDS) on house rent payments exceeding Rs 50,000. The Union Budget has amended section 194-IB and reduced the rate of TDS to 2% from 5%. Here's what this means for you.
Axis Bank’s Q1 results, to be released on July 24, may show 11% NII growth, 12% net profit increase, and 15% loan growth. NIMs are likely to drop by 6-8 bps. Analysts foresee Rs 4,500 crore PSL slippages and cost pressures affecting NII growth and ratios. March quarter profit was Rs 7,130 crore.
The Union health ministry receives a budget increase to Rs 90,958.63 crore for 2024-25. Customs duty exemptions on three cancer drugs announced. Budget allocation for AYUSH Ministry raised to Rs 3,712.49 crore. Various health schemes and autonomous bodies also see increased funding in the new budget.
To promote women-led development, Union Finance Minister Nirmala Sitharaman on Tuesday said the Budget carries an allocation of more than Rs 3 lakh crore for schemes benefitting women and girls across various ministries. Presenting the Union Budget for 2024-25 in the Lok Sabha, Sitharaman said this signals the government's commitment to enhance women's role in economic development.
Budget 2024: Finance Minister Nirmala Sitharaman announced the sanctioning of 12 industrial parks under the National Industrial Corridor program during her Union Budget 2024-25 presentation in the Lok Sabha on Tuesday. Additionally, the budget introduced rental housing for industrial workers facilitated in a Public-Private Partnership (PPP) mode.
Budget Tax Collection Target: Finance Minister Nirmala Sitharaman proposed to increase gross tax collection in Budget 2024 to boost income and consumption, aiming for India to become the world’s third-largest economy. The government targets a gross tax revenue of Rs 38.40 lakh crore, with Rs 22.07 lakh crore from direct taxes and Rs 16.33 lakh crore from indirect taxes, crucial for fiscal stability and funding development initiatives. Personal income tax collections are projected to rise, with a deadline for filing returns by July 31.
According to the Union Budget 2024-25, for every rupee in government coffers, 63 paise will come from taxes, 27 paise from borrowings, 9 paise from non-tax revenue, and 1 paise from non-debt receipts. Expenditure will allocate 19 paise to interest payments, 21 paise to states, 8 paise to defense, and 16 paise to central schemes.
Market expert Porinju Veliyath highlights market resilience to the capital gain tax increase, stressing growth-focused investments. The budget's emphasis on digital infrastructure supports growth. Investors should remember only capital gains are taxed, he said and said agriculture investments will address rural stress and help job creation. Veliyath called the budget a non-event for markets.
The announcement highlighted the government's plans for the digitization of land records, both in urban and rural areas, as a part of a broader strategy to enhance economic efficiency and transparency. The Finance Minister announced plans for the digitalization of both urban and rural land records. States will be incentivized to implement land-related reforms and actions over the next three years through appropriate fiscal support.
Finance Minister Nirmala Sitharaman announced a forthcoming solution for the New Pension Scheme (NPS) to address relevant issues while ensuring fiscal prudence. The finance ministry's committee, led by Finance Secretary T V Somanathan, is reviewing NPS. Sitharaman also proposed increasing employer NPS contributions and introducing 'NPS-Vatsalya' for minors.
India's Finance Minister Nirmala Sitharaman announced the establishment of a 10-billion-rupee venture capital fund to boost the country's space sector, aiming for a larger global market share. With recent policies allowing increased foreign investment and easing launch vehicle regulations, India targets a five-fold expansion of its space economy in a decade.
The 10-year yield rose two basis points to 6.98%, while the 5-year yield was up one basis point at 6.94%. The rupee hit a new all-time low of 83.6925 per dollar.
Today and for may be for some more time this increase would impact the sentiment, but in the long term it is the economy and earning which matters to the street. Now the question is whether the budget is a step in the right direction when it comes to the economy.
India Budget: Finance Minister Nirmala Sitharaman announced on Tuesday an increase in basic custom duty (BCD) on PVC flex banners from 10 percent to 25 percent. The change aims to address environmental and health concerns.
L&T set to shock the market with soaring revenues and profits in Q1! Analysts predict a jaw-dropping 12% revenue growth and 11% profit surge. Don't miss the thrilling updates on international orders and project performance. Brace yourself for the explosive results announcement on July 24!
Rahul Gandhi, aka RaGa, trends on social media after Finance Minister Sitharaman's budget speech. Claims arise of government policies resembling Gandhi's proposals. Is RaGa secretly influencing policy? Old speeches resurface sparking debate. Is the Shadow PM more powerful than the NDA government?
Budget 2024: Finance minister Nirmala Sitharaman abolished India’s angel tax, boosting the startup ecosystem. Industry leaders like Siddarth Pai, Mayank Kumar, Snapdeal CEO Kunal Bahl, and Sumit Gupta praised the move.
Budget 2024: The travel and hospitality industry has expressed dissatisfaction with the Union Budget 2024-25, noting that several key demands were unmet. These included granting infrastructure status to the hospitality sector, increasing marketing and publicity budgets for inbound tourism, and reducing GST rates on travel and hospitality. Aashish Gupta of FAITH highlighted missed opportunities for supporting tourism growth. Rajiv Mehra of the Indian Association of Tour Operators criticized the lack of focus on boosting inbound tourism. Читать дальше...
Re-Assessment of Old ITR: Budget 2024 has brought significant relief as tax authorities are no longer allowed to reopen old income tax returns (ITR) beyond the specified time limits.
TMC criticized BJP's 2024-25 Budget favoring Bihar and Andhra Pradesh. Abhishek Banerjee called it a bribe to allies, ignoring unemployment. Aaditya Thackeray denounced Maharashtra's exclusion despite being a top taxpayer. Kalyan Banerjee labeled it a 'kursi bachao' action. Nirmala Sitharaman’s seventh budget announced major projects for Bihar and Andhra, including Gaya industrial corridor and expressways. Session ends Aug 12.
Samajwadi Party chief Akhilesh Yadav criticised the Union Budget presented by Finance Minister Nirmala Sitharaman, accusing it of being a tactic to retain power by favoring Bihar and Andhra Pradesh. He also slammed BJP leaders for incomplete projects in Uttar Pradesh. Dimple Yadav of the same party criticised the Modi government for not addressing inflation and women's safety concerns. CPI(M) General Secretary Sitaram Yechury also criticized the budget for failing to tackle rising unemployment and decreasing government expenditure.
Union Minister Kiren Rijiju said that Prime Minister Narendra Modi's dream of Viksit Bharat by 2047 has been clearly reflected in the Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman on Tuesday.
Union Budget 2024 House Rental Income: Now you can't save tax from rental income of residential house property. You have to mandatorily declare it under the house property heads of income. The loophole to save income tax from rental income of house property has been plugged in by the government in Budget 2024.