Page 4 - Budget

Budget to accelerate pace of reforms, take many historic steps: President

The first budget of the newly-formed NDA government next month will take "many historic steps" as well as accelerate the pace of economic reforms and lay a roadmap for 'far-reaching policies' and 'futuristic vision' of the government to make India the world's third largest economy, President Droupadi Murmu said on Thursday. In her first address to the joint sitting of Parliament since the constitution of the 18th Lok Sabha, she outlined the economic vision of the NDA government as well as highlighted achievements in the past decade under Prime Minister Narendra Modi. A stable government with clear majority is "a mandate that the work of making India a developed nation continues uninterrupted and India attains its goals", she said. The new government under Modi is to present a full Budget for the fiscal year 2024-25 (April 2024 to March 2025) next month which is likely to lay down priorities in matters of taxation and policy as well as reform agenda for the near term. "This budget w

Budget should raise basic exemption to Rs 3.5 lakh under new tax regime: EY

The government should double standard deduction under the new concessional tax regime to Rs 1 lakh or increase the basic exemption limit to Rs 3.5 lakh in the upcoming Budget, tax and consultancy firm EY said. Listing out the priorities on taxation reforms in the upcoming Budget, EY said the government should prioritise streamlining tax structures, enhancing policy frameworks to promote economic growth, and fostering a conducive environment for investment and development. EY also suggested that stability in corporate tax rates be maintained, TDS provision rationalised as well as streamlining dispute resolution as possible areas for consideration in the Budget to be tabled in Parliament next month. On the personal tax front, the concessional tax regime without exemptions/ deductions should continue, it said. To make it more attractive, the standard deduction under concessional tax regime may be increased to Rs 1 lakh instead of existing deduction of Rs 50,000 or the basic exemption

The Budget Show with BS: Rural distress, energy demand

The Budget Show with BS: Taxation, capex and consumption

Budget 2024: Rise in standard deduction limit likely in new tax system

Union Budget 2024: Standard deduction represents a portion of the income that is not subject to taxation; it serves as a comprehensive allowance for tax deductions available to salaried employees

The Budget Show with BS: Coalition, consensus and continuity

ACMA Budget 2024 wishlist: Incentivise capex, rationalise GST rates on EVs

Auto components industry body ACMA on Monday called for incentivising capex expenditure, increasing depreciation rates on plant and machinery and rationalising GST rates on EVs and its components, ahead of the upcoming Budget 2024-25. In its recommendations submitted to the Ministry of Finance and the nodal ministry for automotive industry, the Ministry of Heavy Industries, ACMA also asked the government for clarification of tax deductions on business benefits and perquisites under Section 194R while suggesting an amnesty scheme for resolving legacy disputes under customs laws. ACMA said it has proposed several key measures to further bolster the sector. "These include incentivising capex expenditure by reintroducing additional investment allowance provision, increasing depreciation rates on plant and machinery in the auto component industry from 15 per cent to 25 per cent, and rationalising GST rates on EVs and its components," ACMA said in a statement. ACMA President & CMD ...

Budget 2024: Renewable sector likely to get double-digit capex allocation

Union Budget 2024: Capital expenditure for renewable power may witness a double-digit allocation, with capacity expected to reach 180-gigawatt by FY26, according to a CRISIL report

Budget 2024 to have Rs 5 trillion allocation for tribal community: Minister

Union Budget 2024: In the interim budget announced on February 1, Finance Minister Nirmala Sitharaman had allocated Rs 1.3 trillion to Tribal Affairs Ministry

Modi 3.0 readies for Budget 2024: Tax reforms, economic strategies in focus

Union Budget 2024 is expected to introduce reforms in income tax structure with a focus on reducing taxes for lower income brackets to stimulate consumption

Pre-Budget talks: Industry bodies suggest tax reforms to revenue secy

The PHDCCI said that the slab of 30 per cent income tax should be raised to the income of Rs 40 lakh and above. Below this, the body said, the tax rate should be kept at 20-25 per cent

Secure your future: How to build an emergency fund for financial stability

Knowing you have a financial buffer allows you to focus on other important aspects of your life without worrying about money

Union Budget 2024: Nirmala Sitharaman to hold pre-budget meeting on June 20

Finance Minister Nirmala Sitharaman will hold a pre-budget consultation with industry stakeholders on June 20. Here's what to expect

Pak highlights critical risks to Budget 2024-25 in statement to Parliament

Pakistan's cash-strapped government has highlighted almost a dozen critical risks to next year's budget and medium-term outlook, including lower than estimated economic growth, unexpected climatic or natural disasters as well as continuing poor performance of state-owned entities. In a written statement on the fiscal risks submitted to Parliament, Finance Minister Muhammad Aurangzeb and Secretary Imdadullah Bosal said a combination of three risks higher than the estimated interest rate, lower than non-tax revenue collection and higher subsidies had the most significant impact on fiscal variables across the board. "The combination of reduced revenues, increased expenditure on subsidies, and potential financing needs due to higher interest rates lead to substantial fiscal deficit and higher debt stock, the Dawn newspaper quoted the statement as saying on Monday. It underscored the interconnectedness of fiscal policy and the need for comprehensive approaches to address fiscal ...

Panel on rejigging GST rates due for another revamp, to meet before Budget

Council likely to meet by end of this month or first week of July

Pak allocates Rs 3.79 trn for national development plan to boost growth

Pakistan has approved an ambitious national development plan worth Rs 3.79 trillion (USD 13.6 billion) for the next fiscal year as authorities in the cash-strapped country try to use expansionary public investment to boost growth. The decision, taken at the high-level meeting of the National Economic Council (NEC) on Monday, comes just two days before the unveiling of the budget 2024-25 on Wednesday. Prime Minister Shehbaz Sharif chaired the meeting while chief ministers of all four provinces participated in the four-hour-long meeting, the Dawn newspaper reported. The meeting approved a more than 47 per cent increase in the federal Public Sector Development Programme (PSDP) to Rs 1.4 trillion compared to the current year's Rs 950 billion. The Rs 1.4 trillion total federal PSDP would also include foreign financing of Rs 316 billion. The federal development programme goes up by 58 per cent or Rs 1.5 trillion if other Rs 100 billion public-private partnership (PPP) projects are ...

Pakistan's Budget aims to set stage for new bailout deal with IMF

Pakistan is in talks with the IMF for a loan estimated to be anything between $6 billion to $8 billion to avert a default for an economy

Commerce Ministry to seek more funds for startups in upcoming Budget

The commerce and industry ministry may seek more funds for startups in the forthcoming Budget, to be announced by the new government, to promote innovation in the country, an official has said. The new government may announce the Budget for 2024-25 in July. The seed fund scheme, announced in April 2021 with a corpus of Rs 945 crore, will end in 2025, and the ministry may consider proposing a new scheme on similar lines. The seed fund scheme was aimed at providing financial assistance to startups for proof of concept, prototype development, product trials, market-entry, and commercialisation. The fund was divided into four years for providing seed funding to eligible startups through incubators across India. Easy availability of capital is essential for entrepreneurs at the early stages of growth of an enterprise, and the capital required at this stage often presents a make-or-break situation for startups with good business ideas, another official said. There are over 1.17 lakh ..

Tax origin not suitable measure for budgetary devolution to states: Study

Amongst the major states, an increase in the share of tax devolution over this period was observed in Chhattisgarh, Haryana, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, and West Bengal

Deep tech startup policy to promote innovation likely in forthcoming Budget

The commerce and industry ministry may propose a dedicated policy for deep tech startups to promote innovation, for the forthcoming Budget to be announced by the new government, an official said. Voting for the Lok Sabha polls is over and the counting is scheduled for June 4. The new government is likely to take oath this month. The new government may announce the full Budget for 2024-25 in July. The official said that startups have to convert their innovation into intellectual property rights and for that extensive R&D is required. The policy is in the final stages and the ministry may forward this proposal for the full Budget announcement, the official said. In July last year, a draft National Deep Tech Startup Policy (NDTSP) was released for stakeholders' comments. It is aimed at addressing the challenges confronting deep tech startups through definitive policy interventions to create a conducive ecosystem. It also aims to harness the transformative potential of technological