Page 3 - Union Budgets

TDS guidelines for gaming companies may require greater disclosure

The move is aimed at improving reporting and transparency in these sectors

Increase personal I-T exemption limit to Rs 5 lakh in Budget: Assocham

Industry body Assocham on Thursday made a strong case for doubling the income tax exemption limit to Rs 5 lakh in the forthcoming Budget so that the economy gets a consumption boost. Currently, the maximum amount of income which is not chargeable to income tax is Rs 2.5 lakh. In case of persons in the age bracket of 60-80 years, it is Rs 3 lakh and Rs 5 lakh for senior citizens who are above the age of 80. During a media interaction, Assocham President Sumant Sinha opined that companies in sectors like steel and cement are now beginning to make plans to increase capacities. Talking about the downside risks, he shared that globally, the world might go into recession and that will impact the external sector, and therefore may affect India's gross domestic product (GDP). In its pre-Budget recommendations, the chamber said the government should increase the exemption limit for income tax to at least Rs 5 lakh so that more disposable income is left in the hands of consumers and the econ

Top Headlines: Tax-free slab to Rs 5 lakh, basic Customs duty cut, and more

Business Standard brings you the top headlines at this hour

Budget 2023-24: Stay on fiscal glide path, economists advise FM Sitharaman

The Finance Ministry was also urged to continue with long term loans to states to support their capex programs, and give them more leeway to spend, in order to boost growth

Budget 2023 demands: Mutual Fund body asks for preferential tax treatment

To encourage retail investors to invest in yellow metal through mutual fund route, industry body Amfi has asked the government for preferential tax treatment for Gold ETFs and Fund of Funds ahead of the Union Budget. In its budget proposals for 2023-24 to the finance ministry, Amfi has proposed that Gold ETFs and Fund of Funds (FoF), which invest 90 per cent or more of their corpus in units of Gold ETFs, should be subjected to long-term capital gains tax of 10 per cent instead of 20 per cent with indexation benefit. Alternatively, it has suggested that holding period to avail long-term capital gains taxation in respect of Gold ETFs (exchange traded funds) should be reduced from existing three years to one year. "A preferential tax treatment to financial gold offerings like Gold ETFs and Fund of Funds ...will promote the category as a gold investment avenue over other fiscally inefficient avenues like physical gold and gold jewellery. This move will be in line with the government's

Budget 2023: Exporters urge govt for fiscal incentives, lower customs duty

The meeting took place at a time when external demand is waning as exporters are facing global headwinds of high inflation, currency depreciation and geopolitical tensions

Union Budget 2023-24: Govt mulls options on capital gains tax regime

As preparations begin for the next budget, discussions have gained steam around what the government would do with the capital gains tax regime

Loan waiver not a benefit, banks exempt from 10% TDS on OTS: CBDT clarifies

The Central Board of Direct Tax has clarified in a circular that the banks are not required to deduct 10% TDS on one-time settlement (OTS) or loan waivers.

Centre advances devolution as states hunt for funds, transfers Rs 1.16 trn

Money will help carry out their capital expenditure and welfare spending plans

5 PSUs to set up manufacturing units to increase coal gasification capacity

Coal ministry proposes PLI for ammonium nitrate to raise volumes and price competitiveness

No more freebies! Influencers, music bands, doctors liable to 10% TDS

Ensure value of goods doesn't exceed Rs 20,000 to avoid TDS

Buzz on virtual assets: Crypto industry sees exits ahead of new tax regime

With new rules coming into force in April, several investors are booking profits, rejigging portfolios or moving their virtual assets outside of India

Taxing income doesn't give cryptos legitimacy: FM Sitharaman

'I am not going to legalise it or ban it at this stage. Banning or not banning will come subsequently, when consultations give me input,' says FM in Parliament

Budget 2022: Share of capital expenditure is the highest in 19 years

The last time such a large segment was allocated was in 2004-05

Budget 2022: Education expenditure set to cross Rs 1 trillion in 2022-23

The government has proposed one channel per class in all vernaculars, taking the number of channels from 12 to 200

Budget 2022: Focus likely on raising limits for tax exemption, deduction

The Union Budget is expected to focus on employment generation, increase in limits for basic tax exemption, standard deduction, medical expenses, and certain social security investments

Market wrap: Sensex pares gains to end 77 points down; Nifty holds 17,100

Bharti Airtel rises 6% on Google's $1-bn investment plan, erases gains later; PSE stocks surge ahead of Budget; CPSE index gains 1%; Adani Wilmar IPO subscribed 1.08 times on day 2

What is Fiscal Deficit?

Equity markets will have a reason to cheer if the government reins in its fiscal deficit target at 6.25% of gross domestic product, a recent survey claimed. Find out how the government manages it

Watch Budget with BS, a tri-weekly show starting today

The show will be aired at 6 pm on Tuesdays, Thursdays and Saturdays

FM to hold pre-Budget meet with infra, financial sector players on Thursday

As part of pre-Budget deliberations, Finance Minister Nirmala Sitharaman will meet infrastructure and financial sector honchos on Thursday to seek their inputs for Budget 2022-23. The two consultations with different stakeholder groups will be held virtually, the Finance Ministry said. "Finance minister Smt. @nsitharaman will be holding consultations with experts of Industry, Infrastructure & Climate Change in forenoon; and experts of Financial Sector and Capital Markets in afternoon," the ministry said in a tweet. It will be the fourth Budget of Modi 2.0 government and Finance Minister Nirmala Sitharaman. The Budget would come against the backdrop of gradual recovery taking place in the Indian economy hit by the COVID-19 pandemic. The growth this fiscal year is expected to be in double-digit. The RBI in its latest bi-monthly monetary policy review pegged a GDP growth of 9.5 per cent in 2021-22. The government has projected a fiscal deficit of 6.8 per cent of the gross domestic ..