CBDT Chairman: I-T Dept to Erase Petty Tax Demands
In a relief to about 80 lakh taxpayers, the income tax department will erase petty tax demands on its own, CBDT chairman Nitin Gupta said on Friday. What are petty tax demands? Petty tax demands are outstanding direct tax demands up to Rs 25,000 till 2009-10 fiscal and up to Rs 10,000 for financial years […]
Sanjay Malhotra Caps Old Tax Relief at Rs 1 Lakh
The interim budget of 2024 has proposed a relief for small taxpayers by withdrawing outstanding direct tax demands up to Rs 25,000 for the financial years till 2010 and up to Rs 10,000 for the financial years between 2010 and 2014. However, there is a catch: the relief to a single taxpayer will not exceed […]
FY25 Budget: Agriculture Ministry Allocated Rs 1.27 Lakh Cr
The Union Budget 2024-25 has allocated Rs 1.27 lakh crore for the Ministry of Agriculture, a slight increase from the current fiscal year. The allocation includes Rs 60,000 crore for the flagship PM-KISAN scheme, which provides income support to farmers. The budget also focuses on boosting the sectors of fisheries, animal husbandry and dairying, as […]
Budget 2024: FM Calls Off Direct Tax Demand Under Rs 25,000
In a major relief to taxpayers, Finance Minister Nirmala Sitharaman announced that the government will withdraw all direct tax demands under Rs 25,000 in the Interim Budget 2024. This move is expected to benefit about one crore taxpayers and reduce litigation and compliance burden. Why this matters The Finance Minister said that this decision was […]
Budget 2024: A Look at New and Old Income Tax Slabs
Finance Minister Nirmala Sitharaman presented the Interim Budget 2024 on February 1, 2024, amid high expectations from the salaried class. However, the budget did not announce any changes in the income tax slab rates for both new and old regimes. The taxpayers have the option to choose between the new and old tax regimes as […]
India Targets Rs 14,000 Cr in FY25 via Online Gambling Tax
India expects to collect up to Rs 14,000 crore ($1.7 billion) in goods and services tax (GST) next financial year by taxing online gambling companies, Revenue Secretary Sanjay Malhotra told Reuters on Saturday. The tax, imposed in October, aimed to boost the industry, which is backed by global investors. Online Gambling Tax Rate Set by […]
IDBI Bank’s Strategic Sale Likely to Finish in Next Financial Year
The government expects to complete the strategic sale of IDBI Bank in the next financial year, according to a senior official. The process of privatisation of IDBI Bank is on and once the regulator clearance is obtained, financial bids will be invited. Here are some more details about the deal. Introduction IDBI Bank is a […]
State Oil Refiners Denied Interim Budget Funds for Net-Zero
India’s state-owned oil refiners have been denied funds in the current fiscal year to achieve their net-zero carbon goal, according to the interim budget presented by finance minister Nirmala Sitharaman on Friday. The budget has also not provided any sum to buy crude oil to fill the country’s strategic reserves amid volatility caused by tensions […]
CII: One Nation, One Election Key to Economic Development
The Confederation of Indian Industry (CII) has expressed its support for the concept of One Nation, One Election (ONOE), saying it will bring economic efficiency and reduce the cost of project delays by about half of current levels. The ONOE initiative aims to synchronize the election schedules for the Lok Sabha and State Assemblies, thereby […]
Cabinet Extends Animal Husbandry Fund; Dairy, Fisheries Set for Fillip
The Union Cabinet has approved the continuation of the Animal Husbandry Infrastructure Development Fund (AHIDF) till 2025-26 with an outlay of Rs.29,610.25 crore. The scheme will incentivize investments in various segments of the livestock sector, such as dairy, meat, animal feed, breed multiplication, animal waste management and veterinary drugs and vaccines. The scheme will also […]