FM Nirmala Sitharaman shrugs off pleas by FPIs on super-rich tax
5 years, 5 months ago

FM Nirmala Sitharaman shrugs off pleas by FPIs on super-rich tax

Live Mint  

The super-rich tax is here to stay for a large section of foreign portfolio investors, with Union finance minister Nirmala Sitharaman ignoring their pleas while proposing further tax relief for startups and non-bank lenders. In amendments to the Finance Bill proposed to Parliament and passed by the Lok Sabha on Thursday, Sitharaman added more safeguards against tax evasion. The Bill retained the provisions to raise surcharge on income tax on wealthy individuals, despite FPIs organized as trusts claiming they are assessed as individuals and therefore, will be hit by the move. The Bill also clarified that a proposal in the original Bill requiring a 2% tax to be deducted at source in cases where a person withdraws more than ₹1 crore a year from banks or cooperative banks or post office accounts applies to all accounts of that person taken together.

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History of this topic

Good news for FD investors: Finance Minister Nirmala Sitharaman likely to make major announcements in Budget
6 days, 16 hours ago

Good news for FD investors: Finance Minister Nirmala Sitharaman likely to make major announcements in Budget

India TV News  

Fixed deposit investors may soon have a reason to celebrate as Finance Minister Nirmala Sitharaman makes an important announcement in the upcoming Union Budget for FY 2025-26. Expected announcements in the budget Tax exemptions for FDs : Tax relief on income generated from fixed deposits and shorter lock-in periods for tax-saving FDs. Funds for MSMEs and green initiatives : Specific …

Budget 2025: Will Nirmala Sitharaman address TDS-TCS challenges?
1 week, 1 day ago

Budget 2025: Will Nirmala Sitharaman address TDS-TCS challenges?

India Today  

As the Union Budget 2025-26 draws near, discussions intensify on simplifying India’s tax system. Industry bodies, including the Federation of Indian Chambers of Commerce and Industry, have shared their recommendations with Finance Minister Nirmala Sitharaman, advocating tax reforms to boost the ease of doing business and reduce complexity. SIMPLIFYING TDS-TCS RATES FICCI has proposed reducing the numerous TDS/TCS rates to …

Budget 2025: Mohandas Pai calls for revised tax slabs, relief for middle-class
Trending News
1 week, 1 day ago

Budget 2025: Mohandas Pai calls for revised tax slabs, relief for middle-class

India Today  

As the 2025 Union Budget approaches, former Infosys CFO TV Mohandas Pai has outlined his recommendations for substantial tax reforms. PROPOSED TAX REFORMS Pai highlighted the sharp increase in individual tax collections, which rose from Rs 4.87 lakh crore in FY21 to Rs 10.45 lakh crore in FY24—a 114% jump in three years. He proposed new tax slabs with no …

Nirmala Sitharaman reviews Income Tax Act 1961
2 months ago

Nirmala Sitharaman reviews Income Tax Act 1961

Live Mint  

Union Finance Minister Nirmala Sitharaman on Monday chaired a meeting on the comprehensive review of the Income Tax Act 1961. Sitharaman had announced a comprehensive review of the Income Tax Act 1961 in the Union Budget 2024-25 on July 23. He also told the finance minister that 6,500 valuable suggestions have been received through the portal since it was opened …

Nirmala Sitharaman on LTCG amendment: 'We have courage to change'
5 months ago

Nirmala Sitharaman on LTCG amendment: 'We have courage to change'

Hindustan Times  

Finance minister Nirmala Sitharaman said that the new amendments to Finance Bill 2024 will not impose any additional tax burden concerning the long-term capital gains tax on real estate sales. Replying to the House discussion on the Finance Bill in the Lok Sabha, the minister said: “Every time we present the Budget…I have gone around the country to various destinations, …

FM Nirmala Sitharaman announces amendment to LTCG tax proposal, offers new options
5 months ago

FM Nirmala Sitharaman announces amendment to LTCG tax proposal, offers new options

Hindustan Times  

Union finance Minister Nirmala Sitharaman on Wednesday announced that the contentious long-term capital gains tax proposal on real estate is being revised. The announcement came after the Budget 2024-25 plan to remove indexation benefits for long-term capital gains on property sales faced strong criticism from opposition parties and tax experts. The Budget presented on July 23 had proposed a reduced …

FM: Criticism a ploy to derail ‘Viksit Bharat’
5 months, 1 week ago

FM: Criticism a ploy to derail ‘Viksit Bharat’

Hindustan Times  

Union finance minister Nirmala Sitharaman on Tuesday alleged a conspiracy was being hatched to derail the government’s Viksit Bharat agenda, and pointed out that the National Democratic Alliance has a superior record than previous governments in boosting growth, controlling inflation, helping farmers and expanding social justice. In her reply to the debate on the Union budget in the Lok Sabha, …

Union Budget 2024 reforms of the new tax regime may reduce tax burden and allow option to choose again
5 months, 2 weeks ago

Union Budget 2024 reforms of the new tax regime may reduce tax burden and allow option to choose again

Hindustan Times  

Finance Minister Nirmala Sitharaman presented the Union Budget 2024 in the parliament on July 23, proposing new changes in the income tax slabs of the new tax regime. Nirmala Sitharaman pictured at the Lok Sabha on July 23, with the Union Budget What are the latest income tax slabs in the new tax regime? Up to ₹3 lakh: NIL ₹3-7 …

Watch: Budget 2024 | What’s in it for markets and investors?
5 months, 2 weeks ago

Watch: Budget 2024 | What’s in it for markets and investors?

The Hindu  

On July 23, the Finance Minister Nirmala Sitharaman presented the first full budget of the 3rd term of the NDA government. For deepening tax base the Finance Minister has proposed to increase Securities Transaction Tax on Futures and Options contracts to 0.2% and 0.1%, respectively. As per the budget proposals now unlisted bonds and debentures, debt mutual funds and market-linked …

Old vs proposed income tax slabs under new regime. What has changed?
5 months, 2 weeks ago

Old vs proposed income tax slabs under new regime. What has changed?

Hindustan Times  

Union finance minister Nirmala Sitharaman on Tuesday proposed a new tax structure under the new regime. Budget 2024: Mobile phones, chargers to get cheaper; Nirmala Sitharaman proposes cut in customs duty The new tax slabs under the new income tax regime will be effective from April 1, 2024.. Proposed Tax Structure: Income up to ₹ 3,00,000: Nil 3,00,000: Nil ₹ …

Budget 2024: Income tax slabs changed, standard deduction increased. Read details
5 months, 2 weeks ago

Budget 2024: Income tax slabs changed, standard deduction increased. Read details

Op India  

On Tuesday, Finance Minister Nirmala Sitharaman presented the Annual Financial Statement before the Lok Sabha. The Finance Minister has given relief to taxpayers who choose to opt for the New Tax regime as the tax slabs have been revised and the Standard deduction limit has been increased from Rs 50,000 to Rs 75,000. Personal Income Tax: The Union Finance Minister …

Budget 2024 Highlights on income tax: FM Sitharaman revises personal income tax slabs; taxation rates remain unchanged
5 months, 2 weeks ago

Budget 2024 Highlights on income tax: FM Sitharaman revises personal income tax slabs; taxation rates remain unchanged

The Hindu  

Finance Minister Nirmala Sitharaman in her seventh Budget speech on July 23 revised the tax slabs under the new regime. Whilst the rate of taxation remains unchanged, the size of each of the slabs, excluding the initial zero to ₹3 lakh, remains unchanged. Budget 2024-25: Taxes Earlier, the Finance Minister further placed increasing the standard deduction for salaried employees from …

Income Tax Budget Highlights: Govt proposes tax cuts, more standard deduction
5 months, 2 weeks ago

Income Tax Budget Highlights: Govt proposes tax cuts, more standard deduction

Hindustan Times  

New Tax Regime LIVE updates: Union Finance Minister Nirmala Sitharaman presents the Union Budget 2024-25 in Lok Sabha, in New Delhi, Tuesday, July 23, 2024. New Tax Regime Highlights: Union finance minister Nirmala Sitharaman presented her seventh consecutive Budget amid expectations from the middle class for relief at the tax front. Moreover, the efficiency of tax collection has improved over …

Budget 2024: Will Nirmala Sitharaman bring cheer to middle-class with income tax changes?
5 months, 3 weeks ago

Budget 2024: Will Nirmala Sitharaman bring cheer to middle-class with income tax changes?

Hindustan Times  

The Union Budget 2024 could provide Income Tax relief for low earners looms large amid rising prices in the country. Experts believe that a reduction in Income Tax could address economic challenges in the country as Finance Minister Nirmala Sitharaman is set to present the Union Budget for the fiscal year 2024-25 on July 23. This change would boost consumption, …

Budget 2024: Finance minister Nirmala Sitharaman to increase income tax exemption limit?
6 months, 3 weeks ago

Budget 2024: Finance minister Nirmala Sitharaman to increase income tax exemption limit?

Hindustan Times  

Finance Minister Nirmala Sitharaman may increase income tax exemption limit in the upcoming Budget 2024 which is the first for the third term of the PM Modi Government. News agency Reuters reported that the first full-fledged Budget 2024 of Modi 3.0 may relieve taxpayers as the government is considering reducing income tax rates for specific groups of individuals. The government …

FM Sitharaman Denies Rumors of Sweeping Tax Changes
8 months, 1 week ago

FM Sitharaman Denies Rumors of Sweeping Tax Changes

Deccan Chronicle  

New Delhi: After BSE benchmark Sensex crashed 1,100 points following a report that the Income Tax department is planning some sweeping changes after Lok Sabha elections, Union finance minister Nirmala Sitharaman on Friday debunked rumours calling it pure speculation. Pure speculation," Sitharaman wrote on social media platform X, while reacting to a tweet made by a news channel claiming that …

India’s direct tax collection jumps 20% to ₹18.9 trillion
9 months, 3 weeks ago

India’s direct tax collection jumps 20% to ₹18.9 trillion

Live Mint  

New Delhi: The Centre’s direct tax collection after adjusting for refunds has grown 19.88% annually to ₹18.9 trillion, the Central Board of Direct Taxes said in a statement on Tuesday quoting provisional figures for up to Sunday. That was on account of a sharp upward revision of ₹ 1.21 trillion in personal income tax collection for this year as the …

No discrimination in tax sharing with States: FM Nirmala Sitharaman
11 months ago

No discrimination in tax sharing with States: FM Nirmala Sitharaman

The Hindu  

Union Finance Minister Nirmala Sitharaman on Wednesday sought to dismiss allegations that the Centre was not giving money to the States and termed the Karnataka government’s charges about inadequate tax devolutions and discrimination in sharing Central taxes “patently wrong and mischievous”. Noting that even Tamil Nadu had voiced concerns, the Minister assured the House that the government had followed the …

Top news of the day: February 01, 2024
11 months, 1 week ago

Top news of the day: February 01, 2024

The Hindu  

No change to direct and indirect tax rates: Finance Minister in Budget Speech Finance Minister Nirmala Sitharamaman in her interim budget speech proposed to retain the same tax rates for both direct and indirect taxes, including import duties. Interim Budget 2024 | ASHA, anganwadi workers and helpers gets health cover under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana Health …

What did FM Sitharaman say on old tax demands? Whom this will help?
11 months, 1 week ago

What did FM Sitharaman say on old tax demands? Whom this will help?

Firstpost  

Nirmala Sitharaman in her speech said the government has proposed to withdraw old disputed direct tax demands of up to Rs 25,000 till FY10 and Rs 10,000 from FY 2010-11 to FY 2014-15. Sitharaman in the interim Budget speech on Thursday said the Centre will no longer seek disputed direct tax demands under Rs 25,000 till the 2009-2010 financial year. …

Budget 2024: Disputed Direct Tax Demand Of Up To Rs 25,000 Till FY10, Rs 10,000 For FY11-15 Withdrawn
11 months, 1 week ago

Budget 2024: Disputed Direct Tax Demand Of Up To Rs 25,000 Till FY10, Rs 10,000 For FY11-15 Withdrawn

ABP News  

Union Finance Minister Nirmala Sitharaman on Thursday said that the government has proposed to waive old disputed direct tax demands of up to Rs 25,000 till FY10 and Rs 10,000 for 2010-11 to 2014-15. "There are a large number of petty, non-verified, non-reconciled or disputed direct tax demands, many of them dating as far back as the year 1962, which …

FM withdraws all outstanding direct tax demands upto Rs 25,000, will benefit 1 cr taxpayers
11 months, 1 week ago

FM withdraws all outstanding direct tax demands upto Rs 25,000, will benefit 1 cr taxpayers

The Hindu  

Resolving long-pending tax dispute, Finance Minister Nirmala Sitharaman on Thursday, proposed withdrawing all outstanding direct tax demands upto ₹25,000 from 1962 to 2009-10. In her interim budget speech, she noted that a large number of petty or disputed direct tax demands were burdening the system, dating as far as 1962. Read : Budget 2024 live updates | Interim budget leaves …

No changes in income tax rates, slabs, announces Nirmala Sitharaman
11 months, 1 week ago

No changes in income tax rates, slabs, announces Nirmala Sitharaman

Hindustan Times  

Finance minister Nirmala Sitharaman on Thursday announced no change in the existing tax regime -- both direct and indirect. For taxpayers, there will be no relief as income tax rates and slabs remain the same in the interim budget that Nirmala Sitharaman presented ahead of the Lok Sabha election 2024. "I propose to retain the same tax rates for direct …

Income Tax Budget Highlights: Salaried class 'disappointed,' says this expert
11 months, 1 week ago

Income Tax Budget Highlights: Salaried class 'disappointed,' says this expert

Hindustan Times  

New Delhi: Union Finance Minister Nirmala Sitharaman, carrying a folder-case containing the Interim Budget 2024, arrives at Parliament House complex to present the budget, in New Delhi, Thursday, Feb. 1, 2024. Union Ministers of State for Finance Pankaj Chaudhary and Bhagwat Karad are Income Tax Budget 2024 Highlights: Union finance minister Nirmala Sitharaman on Thursday unveiled budget for the financial …

Lok Sabha passes Finance Bill 2023
1 year, 9 months ago

Lok Sabha passes Finance Bill 2023

Deccan Chronicle  

NEW DELHI: Finance minister Nirmala Sitharaman announced the setting up of a committee headed by the finance secretary to look into pension issues of government employees while maintaining fiscal prudence to protect common citizens. She made the announcement while seeking 64 amendments to the Finance Bill 2023, including providing marginal relief to tax payers under the new regime, and removing …

Sitharaman Interview Highlights: Indian Tax System Shouldn't be Seen as Too Harsh, Says FM
1 year, 11 months ago

Sitharaman Interview Highlights: Indian Tax System Shouldn't be Seen as Too Harsh, Says FM

News 18  

Nirmala Sitharaman Exclusive Interview to News18 LIVE Updates Union finance minister Nirmala Sitharaman on Friday credited people of India for?standing with the decisions of the government?. The finance minister said that she expects 50-55 per cent of taxpayers to shift to the new exemption-free tax regime. New income tax slabs 2023-24: Up to Rs 3 lakh income there is 0% …

Union Budget 2023-24: Modi government tweaks tax provisions to make new tax regime attractive
1 year, 11 months ago

Union Budget 2023-24: Modi government tweaks tax provisions to make new tax regime attractive

Firstpost  

The intent of the government is to make the new tax regime more attractive to salaried and small taxpayers. The intent is also to relieve small taxpayers from all hassles of tax planning using investment schemes in order to reduce tax liability The Union Budget 2023 has amended tax slabs for the new tax regime and has increased income tax …

Budget 2023: How Nirmala Sitharaman attempted to simplify tax experience
1 year, 11 months ago

Budget 2023: How Nirmala Sitharaman attempted to simplify tax experience

Live Mint  

The Hon’ble Finance Minister presented today the last full-fledged Budget 2023 under the Modi 2.0 Government. Further, with the proposals, it is apparent that the Government wants to simplify the tax experience to its taxpayers by proposing a common tax return form, bringing reforms to litigation and also giving prominence to the new tax regime which does not require the …

New income tax regime overhaul, Rs 2.4 L cr for railways among 5 big announcements by FM Niramala Sitharaman
1 year, 11 months ago

New income tax regime overhaul, Rs 2.4 L cr for railways among 5 big announcements by FM Niramala Sitharaman

India Today  

Union Finance Minister Nirmala Sitharaman presented Union Budget 2023 in Parliament on Wednesday and her proposals come at a time when India’s economy is facing challenges from a plethora of global factors, including inflation and a possible GDP growth slowdown in FY24 as predicted by the International Monetary Fund in its January update of the World Economic Outlook. The Top …

Budget 2023: Tax relief measures for ‘Agniveers’, FM Sitharaman announces
1 year, 11 months ago

Budget 2023: Tax relief measures for ‘Agniveers’, FM Sitharaman announces

Hindustan Times  

Finance minister Nirmala Sitharaman on Wednesday announced tax relief measures for ‘Agniveers’, recruited to the armed forces under the ‘Agnipath’ scheme. During her Budget 2023 speech in Parliament, the finance minister announced that the payment received by the ‘Agniveers’ from the Agniveer Corpus Fund is proposed to be exempted from taxes. Union Budget 2023 LIVE Coverage Last year, the Centre …

5 Major Announcements For Middle-Class: Budget 2023-24
1 year, 11 months ago

5 Major Announcements For Middle-Class: Budget 2023-24

Live Law  

On February 1, the Union Budget for 2023-24 was presented in the Lok Sabha by Finance Minister Nirmala Sitharaman. 7 Lakhs In The New Tax Regime From 5 Lakhs The individuals with income up to Rs.5 lakh do not pay any income tax in both old and new tax regimes. New Tax Slabs introduced The Finance Minister Nirmala Sitharaman has …

Budget 2023 Key Highlights: Are You Under New Tax Regime? Nirmala Sitharaman Has Good News for You
1 year, 11 months ago

Budget 2023 Key Highlights: Are You Under New Tax Regime? Nirmala Sitharaman Has Good News for You

News 18  

Budget 2023 Highlights: Delivering on the expectations of the aam aadmi, Finance Minister Nirmala Sitharaman today announced Income Tax relief for the salaried class with an eye on the mega 2024 elections as well as several state battles as she delivered the Union Budget 2023 speech. She also announced changes in the tax slabs under the new tax regime, which …

#Incometax trends on Twitter after Nirmala Sitharaman's Budget 2023 speech. Best memes
1 year, 11 months ago

#Incometax trends on Twitter after Nirmala Sitharaman's Budget 2023 speech. Best memes

India Today  

Finance Minister Nirmala Sitharaman presented the Union Budget 2023 in Parliament today. This year’s budget comes at a time when India’s economy faces challenges from a host of global factors; a steep rise in inflation and a possible GDP growth slowdown in the financial year 2024. However, the finance minister announced some relief for taxpayers as she proposed a new …

Lok Sabha passes Finance Bill
2 years, 9 months ago

Lok Sabha passes Finance Bill

Deccan Chronicle  

New Delhi: The Finance Bill 2022, moved by finance minister Nirmala Sitharaman, was passed in the Lok Sabha on Friday. The government has reportedly proposed 39 amendments to the Finance Bill, 2022, including changes to the crypto tax structure; penalty provisions on publication of import-export data and status of past income computations that claimed deduction of disallowed cess and surcharges. …

India's Budget 2022-23 - Key Highlights
2 years, 10 months ago

India's Budget 2022-23 - Key Highlights

Live Law  

INTRODUCTION India's Union Budget was announced on February 1, 2022, and the Finance Bill, 2022 was tabled in Parliament. TAX EXEMPTION OF AMOUNTS RECEIVED FOR MEDICAL TREATMENT AND ON ACCOUNT OF DEATH DUE TO COVID-19 To give effect to the press statement dated June 25, 2021 by the Finance Ministry, the Finance Bill has proposed to amend the IT Act …

Budget 2022: No change in income tax slabs announced
2 years, 11 months ago

Budget 2022: No change in income tax slabs announced

India Today  

Finance Minister Nirmala Sitharaman, while presenting the Union Budget, did not announce any new changes in tax slabs for the personal income tax category. It was highly expected that some incremental changes would be introduced to the current income tax regime, but, no significant change was announced. Read: Budget 2022: What Nirmala Sitharaman said on income tax and return filing …

Income tax rebate to PPF, top 5 budget 2022 announcements expected
2 years, 11 months ago

Income tax rebate to PPF, top 5 budget 2022 announcements expected

Live Mint  

Budget 2022 expectations: After Economic Survey painting India in an optimistic light with good macro-stability indicators, earning individuals and taxpayers are expecting some relief form Nirmala Sitharaman when she presents her fourth general budget today. From raise in annual limit of Section 80C of the Income Tax Act to PPF deposit limit, taxpayers are expecting some relief in income tax …

India Budget 2022: What analysts expect from FM Nirmala Sitharaman
2 years, 11 months ago

India Budget 2022: What analysts expect from FM Nirmala Sitharaman

Live Mint  

All eyes are on the announcements of Budget 2022 that will be introduced in the Parliament on February 1 by Finance Minister Nirmala Sitharaman. The market wants Budget to be reformist and pro-growth where last year’s Budget headed in the right direction, therefore, needs further momentum to reforms and growth in the upcoming Budget, as per analysts. So, it's high …

Union Budget 2022-23: Why salaried class may not get big income tax relief
2 years, 11 months ago

Union Budget 2022-23: Why salaried class may not get big income tax relief

India Today  

Stagnant income and risk of inflation due to the Covid-19 pandemic severely crippled the salaried class in the country over the past two years. Many people have sought income tax relief from the government in the upcoming Union Budget 2022-23. TAXPAYERS' WISHLIST A survey conducted by world's leading accounting firm KPMG indicated that most respondents expect an enhancement in the …

BREAKING : Centre Introduces Taxation Laws Amendment Bill To Nullify Retrospective Tax Demand Provision Brought By Finance Act 2012
3 years, 5 months ago

BREAKING : Centre Introduces Taxation Laws Amendment Bill To Nullify Retrospective Tax Demand Provision Brought By Finance Act 2012

Live Law  

The Union Ministry of Finance on Thursday introduced the Taxation Laws Bill 2021 in the Lok Sabha to nullify the effect of the amendment brought by Finance Act 2012 to impose tax liability on gains arising from indirect transfer of Indian assets with retrospective effect.The 2012 amendment was passed to overturn the Supreme Court verdict in the Vodafone case which …

Govt raises PF threshold limit to Rs 5 lakh for earning tax-free interest
3 years, 9 months ago

Govt raises PF threshold limit to Rs 5 lakh for earning tax-free interest

India TV News  

The government on Tuesday raised the deposit threshold limit to Rs 5 lakh per annum in provident fund for which interest would continue to be tax exempt. In her Budget presented to Parliament on February 1, Finance Minister Nirmala Sitharaman had provided that interest on employee contributions to provident fund over Rs 2.5 lakh per annum would be taxed from …

Govt Raises Provident Fund Threshold Limit to Rs 5 Lakh for Earning Tax-free Interest
3 years, 9 months ago

Govt Raises Provident Fund Threshold Limit to Rs 5 Lakh for Earning Tax-free Interest

News 18  

The government on Tuesday raised the deposit threshold limit to Rs 5 lakh per annum in provident fund for which interest would continue to be tax exempt. In her Budget presented to Parliament on February 1, Finance Minister Nirmala Sitharaman had provided that interest on employee contributions to provident fund over Rs 2.5 lakh per annum would be taxed from …

Income Tax Slabs Unchanged, But Budget 2021 Has These 6 Tax Related Announcements
3 years, 11 months ago

Income Tax Slabs Unchanged, But Budget 2021 Has These 6 Tax Related Announcements

News 18  

Contrary to expectations of middle class, Finance Minister Nirmala Sitharaman did not tweak personal income tax in Budget 2021. In a relief to senior citizens, the finance minister Nirmala Sitharaman announced that no income tax filing required for seniors citizens above 75 years of age and who have income only from pension and interest income in the Union Budget 2021. …

Union Budget 2021: Finance Ministry May Give Relief Up to Rs 80,000 in Total Tax Liability to Encourage Spending
3 years, 11 months ago

Union Budget 2021: Finance Ministry May Give Relief Up to Rs 80,000 in Total Tax Liability to Encourage Spending

News 18  

In order to put more money in the hands of the tax payer, the Finance Ministry is likely to provide tax relief of up to Rs 80,000 per annum in total tax liability. Sources informed CNBC-TV18 that on the basis of discussion during budget exercise there is strong possibility income tax payers may get relief between Rs 50,000 to Rs …

Income Tax, Corporate Tax, Merger of More Banks: Key Expectations from a 'Never Before' Budget 2021
3 years, 11 months ago

Income Tax, Corporate Tax, Merger of More Banks: Key Expectations from a 'Never Before' Budget 2021

News 18  

The countdown for the Union Budget 2021 has started with all eyes on Union Finance Minister Nirmala Sitharaman’s third budget, which she will be presenting on February 1, 2021. Section 198 of the Income-tax Act, 1961 provides that the tax deducted at source should be included in the gross total income of the assessee. With the fortune of many multinational …

Govt's endeavour has been to further simplify Direct Tax laws: Sitharaman
4 years, 5 months ago

Govt's endeavour has been to further simplify Direct Tax laws: Sitharaman

India TV News  

The government's endeavour has been to further simplify the Direct Tax laws and has brought in a major reform by giving option to taxpayers to opt for a new simpler tax regime, Finance Minister Nirmala Sitharaman said on Friday. In line with the same, we brought in a major tax reform by ushering in a new simpler tax regime for …

Finance Minister introduces Direct Tax Vivad Se Vishwas Bill in Lok Sabha
4 years, 11 months ago

Finance Minister introduces Direct Tax Vivad Se Vishwas Bill in Lok Sabha

The Hindu  

Finance Minister Nirmala Sitharaman on Wednesday introduced a bill in the Lok Sabha to provide for a mechanism to settle disputed tax cases to the tune of ₹9.32 lakh crore. However, Congress leader in the Lok Sabha Adhir Ranjan Chowdhury objected to the Direct Tax Vivad Se Vishwas Bill, 2020, saying it violates parliamentary tradition by using Hindi and English …

A long shot at growth: Can FM Nirmala Sitharaman's 161-minute budget revive economy?
4 years, 11 months ago

A long shot at growth: Can FM Nirmala Sitharaman's 161-minute budget revive economy?

India Today  

The burden of two failed budgets of the past weighed on Union Finance Minister Nirmala Sitharaman as she got down to delivering her 161-minute speech - the longest by any finance minister - in Parliament on Saturday. The smorgasbord consisted of personal income tax, farmers, infrastructure, foreign investors, domestic manufacturers, individual taxpayers, affordable housing investors. Having ignored the middle class …

Budget 2020: Personal Income Tax Rates Slashed
4 years, 11 months ago

Budget 2020: Personal Income Tax Rates Slashed

Live Law  

Finance Minister Nirmala Sitharaman has slashed the personal income tax rates but provided to forgo exemptions, as she announced the Union Budget for the Financial Year 2020-2021 today, in the Lok Sabha. It is noteworthy however that the new tax regime is optional for the taxpayers and an individual who is currently availing more deductions & exemption under the IT …

Budget 2020 Highlights: Nirmala Sitharaman announces tax cuts and an LIC stake sale!
4 years, 11 months ago

Budget 2020 Highlights: Nirmala Sitharaman announces tax cuts and an LIC stake sale!

New Indian Express  

Our consulting editorin his first take on the budget had this to say: If we were hoping for a major stimulus in the budget to counter the slowdown and breathe some life in the markets, it is not there. In fact, the Budget speech, one of the longest in recent years, was sounding as tired as the Finance Minister by …

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