In a recent interview, Finance Minister Nirmala Sitharaman revealed that the Union Budget 2024 aims to provide relief to the middle class, albeit within certain limitations. Nirmala Sitharaman stated, “I want to relieve the middle class, but I have limitations too. I want to give relief by reducing the tax rate, and that is why … Read more
The budget proposal for the critical minerals mission is expected to encourage local manufacture of battery cells and increase domestic value addition, especially since an ₹18,100 crore production-linked incentive (PLI) scheme for advanced chemistry cells (ACC) is nearly exhausted. Early gainers may include companies already approved under the ACC PLI such as Ola Electric Mobility, … Read more
In Budget 2024, the central government has sweetened the new tax regime with more slab relaxations and an increase in the standard deduction from ₹50,000 to ₹75,000. However, despite the changes introduced in Budget 2024 in the rates under the new tax regime, there are taxpayers who would want to opt for the old tax … Read more
New Delhi: The Centre will aim to keep its fiscal deficit for FY26 below 4.5% of the GDP, in line with its performance over the past two fiscals, where it bettered projections, finance secretary T.V. Somanathan said. “The objective for the next year (FY26) remains to have the fiscal deficit below 4.5%,” Somanathan told Mint … Read more
As promised in the Interim Budget 2024-2025 by finance minister Nirmala Sitharaman, it was heartening to see the detailed and comprehensive road map for Viksit Bharat in the full budget. Overall, the Budget 2024 has been an inclusive one, listing out nine priority areas. In fact, inspired by Prime Minister Narendra Modi’s vision, FICCI’s four … Read more
The Government of India levies income tax at slab rates ranging between 0 and 30 per cent with a surcharge (up to 25 per cent) in addition to levying a 4 per cent health and education cess. Effectively, the maximum rate of income tax on the highest income bracket stands at 39 per cent now. … Read more
An unexpected development in this year’s budget was the proposal to tax share buyback income. Finance minister Nirmala Sitharaman proposed that income received on share buybacks should be taxed for the recipients. “It is proposed that the income from buyback of shares by companies be chargeable in the hands of the recipient investor as dividend, … Read more
In Budget 2024, Union Finance and Corporate Affairs Minister Nirmala Sitharaman revised income tax slabs under the New Tax Regime, offering considerable savings in the hands of salaried taxpayers. After the revision of income tax slabs, there is no tax liability for income up to ₹3 lakh. However, as the changes announced in Budget 2024 … Read more
Union Budget 2024: TeamLease Services share price shot up about 10% on Tuesday after Finance Minister (FM) Nirmala Sitharaman said that the government will allocate ₹2 lakh crore for job creation over the next five years. TeamLease Services share price opened at an intraday low of ₹2,830 apiece on BSE, the stock touched an intaday … Read more
The entire country is eagerly waiting for Budget 2024 wherein Union Finance and Corporate Affairs minister Nirmala Sitharaman to announce changes in income tax rates to reduce the tax outgo of masses. Changes in tax slabs is something that takes place once in a blue moon. The last time these tax rates were changed was seven years ago … Read more