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Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday announced <keyword id="20404375" type="General" weightage="20" keywordseo="income-tax-relief" source="keywords">income tax relief</keyword> for the <keyword id="20071167" type="General" weightage="100" keywordseo="middle-class" source="keywords">middle class</keyword>, a Rs 2 lakh crore outlay for <keyword id="22517841" type="General" weightage="20" keywordseo="job-creation-schemes" source="keywords">job creation schemes</keyword> over the next five years and a spending splurge for states run by her party's new coalition partners as she unveiled <keyword id="20509939" type="General" weightage="20" keywordseo="Modi-3-0" source="keywords">Modi 3.0</keyword> government's first budget after the general elections. With rural distress and unemployment being blamed for BJP losing its majority, Sitharaman in her seventh straight budget provided Rs 2.66 lakh crore for <keyword id="20027688" type="General" weightage="20" keywordseo="rural-development" source="keywords">rural development</keyword> and maintained spending on long-term infrastructure projects at Rs 11.11 lakh crore to boost <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>. She abolished 'angel tax' for all classes of investors in startups, cut customs duty on mobile phones and gold and simplified capital gains tax. She, however, raised the securities transaction tax (STT) on futures and options of securities, which led to tanking of stock markets. "India's economic growth continues to be the shining exception (in a world that is gripped by policy uncertainties) and will remain so in the years ahead," she said. "In this budget, we particularly focus on <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword>, <keyword id="20374219" type="General" weightage="20" keywordseo="skilling" source="keywords">skilling</keyword>, MSMEs, and the middle class." Besides Rs 2 lakh crore provided over a five year period for schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth, "I have made a provision of Rs 1.48 lakh crore for education, employment and skilling," she said. For Bihar, where assembly elections are due next year, the finance minister announced spending of Rs 60,000 crore on infrastructure projects like expressways, power plant, heritage corridors and new airports. The support to Bihar, whose ruling party and BJP's partner JD-U has been demanding an economic package and special category status for the state, is in the form of capital projects but not subsidy or cash dole. Similarly, for Andhra Pradesh, whose ruling TDP recently joined BJP-led NDA, she allocated Rs 15,000 crore in financial aid through multilateral agencies. A similar request for support to Bihar will be expedited, she said. For the middle class, she raised standard deduction -- a flat deduction from total salary earned by an employee in a year before calculating applicable income tax rate -- by 50 per cent to Rs 75,000 and tweaked tax slabs for taxpayers opting for the new income tax regime. This will lead to taxpayers under the new tax regime -- which offers lower rates of taxes but permits limited deductions and exemptions -- saving up to Rs 17,500 in tax annually, she said. To spur employment, the Budget provided for incentives for companies, including paying for one-month salary for first-time employees, incentive at specified sale to both employee and empower with respect to their retirement fund contribution in the first four years of employment and reimbursing employers up to Rs 3,000 per month for 2 years towards EPFO contribution of each additional employee. Also, a programme to improve skills as well internship for students and subsidised loans for higher education will be provided, she said. India's official unemployment rate in urban areas is pegged at 6.7 per cent but private agencies put it at much higher levels. Buoyed by robust tax collections and a higher-than-expected dividend receipt from the Reserve Bank, Sitharaman said the government's fiscal deficit -- the difference between the total revenue earned and total expenditure -- will be trimmed to 4.9 per cent of the GDP in 2024-25, below the 5.1 per cent figure estimated in the interim budget she presented in February. She reduced gross market borrowing marginally to Rs 14.01 lakh crore. The Budget for 2024-25 fiscal (April 2024 to March 2025) allocated Rs 1.52 lakh crore for agriculture and allied sectors, aid for building 3 crore affordable housing units in urban and rural areas, provided credit support to small and medium businesses, raised small loans to Rs 20 lakh for small business, proposed setting up 12 industrial parks, and provided for setting up a Rs 1,000 crore venture capital fund for space sector.

Modi 3.0 1st Budget: Tax relief for middle class, Rs 2 lakh cr job scheme

<ul class="summary-list"><li>The House has passed a bill to bolster the child tax credit and offer businesses tax relief. </li><li>The legislation, a rare bipartisan effort, could lift hundreds of thousands of kids out of poverty.</li></ul>The House just passed a bill to <a target="_blank" href="https://www.businessinsider.com/child-tax-credit-trump-breaks-might-come-back-wyden-cuts-2024-1">expand the child tax credit</a>, bringing the relief one step closer to parents. On Wednesday night, the House passed the Tax Relief for American Families and Workers Act of 2024 by a vote 357-70, which aims to boost the child tax credit, implement low-income housing credits and disaster relief, and give businesses an R&amp;D tax break, among other things.The bill won bipartisan support, with an endorsement from Speaker of the House Mike Johnson, who <a target="_blank" href="https://www.cbsnews.com/news/house-vote-tax-bill-child-tax-credit-business/">said in a Wednesday statement</a> that it's "important bipartisan legislation to revive conservative pro-growth tax reform.""This bottom-up process is a good example of how Congress is supposed to make law," he said.The legislation — a rare bipartisan feat — would both boost the child tax credit and offer GOP-friendly tax relief for businesses that invest in research and development, among other measures.The refundable child tax credit would be increased from $1,600 a child to $1,800 in 2023 and would rise to $2,000 by 2025. In the first year of the legislation alone, the left-leaning <a target="_blank" href="https://www.cbpp.org/research/federal-tax/about-16-million-children-in-low-income-families-would-gain-in-first-year-of#about-16-million-children-in-cbpp-anchor">Center on Budget and Policy Priorities estimates</a> it would lift up to 400,000 kids out of poverty; by the time it's fully in effect, half a million children would rise above the poverty line.Households set to benefit from the proposal would see their 2023 tax bills cut by $680, according to an <a target="_blank" href="https://www.taxpolicycenter.org/taxvox/bipartisan-ctc-framework-would-help-lowest-income-quintiles">estimate from the Tax Policy Center</a>, with a little over half of the lowest-earning households seeing a tax break.The White House has also urged Congress to pass the legislation to get the tax relief to American families as soon as possible. White House Press Secretary Karine Jean-Pierre said during a press conference last week that the legislation is "a welcome step forward, and we believe Congress should pass it.""This is for millions of families," Jean-Pierre said. "It's going to lift hundreds of thousands of children out of poverty and support construction of hundreds of thousands of affordable rental housing, as well, in that bipartisan agreement."The legislation didn't pass without conservative pushback. Some GOP lawmakers were upset with the expansion of the child tax credit, along with the advancement of the tax package while other conservative priorities remained stalled."I'm sick of these gutless cowards in Washington. You know what we're gonna put on the floor next week?" GOP Rep. Chip Roy <a target="_blank" href="https://thehill.com/homenews/house/4430555-bipartisan-tax-deal-coservative-moderate-pushback/">told</a> Fox radio host Jimmy Failla on last week. "A tax cut bill for corporations, because Republicans are whores for endless wars and corporations. That's it. That's what they stand for."The bill now heads to the Senate for a likely passage.

The House passes a bill to give parents a boosted child tax credit and businesses tax relief

'With COVID expenses rising, taxpayers need more than an insurance rebate', says a wealth manager

<ul class="summary-list"><li>Senate Democratic Whip <keyword id="192893" type="PERSON" weightage="60" keywordseo="Dick-Durbin">Dick Durbin</keyword> and Rep. <keyword id="9842650" type="UNKNOWN" weightage="60" keywordseo="cindy-axne">Cindy Axne</keyword> of Iowa introduced legislation on Tuesday to remove taxes on up to $10,200 in <keyword id="6358907" type="UNKNOWN" weightage="60" keywordseo="unemployment">unemployment</keyword> aid.</li><li>People who receive both federal and state <keyword id="414451" type="PERSON" weightage="60" keywordseo="unemployment-benefits">unemployment benefits</keyword> will be eligible for <keyword id="6623638" type="UNKNOWN" weightage="60" keywordseo="tax-relief">tax relief</keyword>.</li><li>Tax exemptions are not included in President Joe <keyword id="60973" type="PERSON" weightage="60" keywordseo="Biden">Biden</keyword>'s stimulus plan, though the proposal calls for extended unemployment benefits.</li></ul>Senate Democratic Whip Dick Durbin and Rep. Cindy Axne of Iowa introduced legislation on Tuesday to remove taxes on up to $10,200 in unemployment aid for the 2020 tax filing.As part of the ongoing efforts in Congress to provide pandemic relief to Americans, Durbin and Axne's legislation, The Coronavirus Unemployment Benefits Tax Relief Act, would waive federal income taxes for the first $10,200 of unemployment benefits received in 2020. Both people who received benefits through federal unemployment programs and state unemployment programs would receive the exemption, according to a <a href="https://www.durbin.senate.gov/newsroom/press-releases/durbin-axne-introduce-legislation-to-provide-tax-relief-for-unemployed-americans">news release. </a>"Families across the country are struggling to keep a roof over their head, food on the table, and to pay for health care and other necessities," Durbin said in a statement. "As we grapple with the economic pain of this pandemic, the bill I'm introducing today with Rep. Axne would provide tax relief to unemployed Americans so they can spend their benefits supporting their families and their communities."The CARES Act that was passed in March 2020 provided $600 in unemployment benefits through the end of July, and the tax relief in this bill would cover 17 weeks of that $600 benefit.Although President Joe Biden called to <a href="https://www.businessinsider.com/biden-address-high-unemployment-rates-through-series-of-aid-measures-2021-1">extend unemployment benefits</a> through the end of September, tax relief is not included in his proposal, so it is unclear whether Durbin and Axne's legislation will fall into a stimulus relief package.

Democratic lawmakers introduce legislation to remove taxes on up to $10,200 in unemployment aid

<keyword id="6354335" type="COMPANY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> Governor <keyword id="6359111" type="PERSON" weightage="20" keywordseo="Shaktikanta-Das">Shaktikanta Das</keyword> on Wednesday put onus on both Centre and the States to ensure that through coordinated policy measures the cost build up in the <keyword id="118558" type="ORGANIZATION" weightage="20" keywordseo="petroleum-products">petroleum products</keyword> does not escalate further. While seeking a cut in excise and VAT levies, the RBI Governor said that such a measure could provide relief on top of the recent easing of <keyword id="689487" type="PERSON" weightage="20" keywordseo="international-crude-prices">international crude prices</keyword> and help lessen pressure on <keyword id="22195" type="COMPANY" weightage="20" keywordseo="Inflation">inflation</keyword>. Petrol and diesel prices in the country have reached historic high levels. Apart from global movement in crude prices, high indirect taxes on the two products have contributed to its retail prices getting elevated. Though softening of crude prices from a high of over $70 a barrel early last month to about $63 a barrel now has provided some relief. A modest cut in petrol and diesel prices could provide consumers more relief and protection against price volatilities. In a video statement after the Monetary Policy Committee's bi-monthly meet, Das said: "Some respite from the incidence of domestic taxes on petroleum products through coordinated action by the Centre and States could provide relief on top of the recent easing of international crude prices." He said that though headline inflation at 5.0 per cent in February 2021 remains within the tolerance band, some underlying constituents are testing the upper tolerance level. In this, he cited that some respite from taxes on petroleum products could be helpful. The Governor also cited that the food inflation trajectory will critically depend on the temporal and spatial progress of the south-west monsoon in its 2021 season. Also, a combination of high international commodity prices and logistics costs may push up input price pressures across manufacturing and services. "Taking into consideration all these factors, the projection for CPI inflation has been revised to 5.0 per cent in Q4:2020-21; 5.2 per cent in Q1:2021-22; 5.2 per cent in Q2; 4.4 per cent in Q3; and 5.1 per cent in Q4, with risks broadly balanced," Das said. After breaching the upper tolerance threshold continuously since June 2020, CPI inflation moved below 6 per cent in December for the first time in the post-lockdown period, supported by favourable base effects and a sharp fall in key vegetable prices, the latter accounting for around 90 per cent of the decline in headline inflation during November and December. SEE ALSO: <a href="https://www.businessinsider.in/policy/news/rbi-has-increased-mobile-wallets-limit-with-2-lakh-and-need-full-kyc-also-for-mobile-wallets/articleshow/81946037.cms">You need to do full KYC for mobile wallets too – but you can store twice the amount of money</a> <a href="https://www.businessinsider.in/tech/news/how-to-check-if-your-phone-number-was-leaked-in-facebook-data-breach/articleshow/81946319.cms">How to check if your phone number was leaked in Facebook data breach of 533 million users</a> <a href="https://www.businessinsider.in/finance/news/rbi-forecast-shows-that-narendra-modi-administration-is-facing-its-worst-inflation-period-so-far/articleshow/81946820.cms">RBI forecast shows that Narendra Modi administration is facing its worst inflation period so far</a>

RBI Governor calls for coordinated action to give tax relief on petroleum products

<keyword id="6358777" type="LOCATION" weightage="20" keywordseo="New-Delhi">New Delhi</keyword>, The <keyword id="128625" type="COMPANY" weightage="20" keywordseo="Internet-and-Mobile-Association-of-India">Internet and Mobile Association of India</keyword> (IAMAI) on Thursday said that its has appealed to the government to reduce TDS on e-commerce platforms to 0.25 per cent from 1 per cent to give a much-needed relief to small sellers in the <keyword id="8445197" type="COMPANY" weightage="20" keywordseo="union-budget-2020-21">Union Budget 2020-21</keyword>. The uniform TDS on e-commerce transactions is creating major challenges for the small sellers who are conducting <keyword id="6355515" type="UNKNOWN" weightage="20" keywordseo="business">business</keyword> via e-commerce platforms. "Reducing TDS will help achieve the tax trail without creating the unintended cash-flow concerns," the IAMAI said in a statement. "While it understands that it was an important move on part of the government for better monitoring and realisation of taxation, it has led to unforeseen consequences hurting SME sellers". IAMAI had earlier shared with the authorities an illustration that suggested for merchants who have a turnover of up to Rs 1.25 crore, 1 per cent TDS under the new provisions would exceed their total tax liability, resulting in an unnecessary refund position. "Or, in other words, create cash flow and working capital concerns for small businesses," said the IAMAI which has now appealed to the authorities in its pre-budget memorandums to reduce the rate of TDS. Given the Covid-related economic slowdown, e-commerce platforms have proven to be a crucial lifeline for small scale and MSME sellers, who do not have the marketing or logistics bandwidth for wider outreach and are now using ecommerce platforms to sell across the country. "Unfortunately, the TDS, over and above the pre-existing TCS under GST, now means that such sellers conducting business over e-commerce platforms have a considerable amount of their total revenues locked up under <keyword id="516033" type="PERSON" weightage="20" keywordseo="tax-claims">tax claims</keyword>," the association argued. Forcing small businesses into prolonged tax refund claims for release of critical revenues is perhaps unwarranted under the present circumstances, it added. --IANS na/

Budget 2021: Industry body seeks tax relief for small sellers on e-commerce platforms

Mumbai, Mar 25 () Taxation experts have welcomed the measures announced by the government, saying these steps will add up to 2-3 per cent of GDP but will go a long way in addressing the issue of liquidity and deferment of payment obligations.The government on Tuesday came out with a slew of relaxation in tax and payment compliances by reducing the quantum of penalties, extending the deadline to make clear the dues among others to help the public and corporates.Some of the key measures include extension of tax filing/returns and accordingly all tax due arising between March 20, 2020 and June 29, 2020 now stand extended to June 30, 2020. This is across income tax and GST, and would apply to all return filings, replies/appeal filings, and other compliance documents. For delayed payments, interest rates have been reduced to 9 per cent under both income tax and GST.Welcoming the measures, Deloitte said these measures will help ease the compliance pressure on businesses and individuals and provide necessary relief to critical sectors in view of the Covid outbreak. Many analysts have said the lockdowns will shave off as much as Rs 9 lakh crore of the GDP.Gokul Chaudhri of Deloitte India said, "These steps will certainly give a lot of confidence to corporates and different sectors of the economy. The relief measures and easing of compliance deadlines will enable businesses to sustain themselves in the current atmosphere and is likely to have a positive impact on economic activities and more importantly remove uncertainty in the system."From the tax point of view, the reliefs like tax breaks, accelerated depreciation, reliefs on payrolls, payments-weighted deduction, relief on contribution to PF will add up to 2-3 percent of GDP, which is much needed to help address the issue of liquidity and deferment of payment obligations," he said.The move to ensure 24/7 trade facilitation at ports through the customs will not only promote ease of doing business but also ensure smooth flow of trade, he added.Jiger Saiya, partner and leader for tax and regulatory services at BDO India, said the extension to the Vivad Se Vishwas scheme will go a long way in making the entire scheme a success as in the original form it was an impossibility to attain the objective."With the extension, taxmen will now have time to clarify more aspects and taxpayers will have reasonable time to evaluate and seek settlement of tax disputes, under the scheme," Saiya said.Veena Sivaramakrishnan of Shardul Amarchand Mangaldas &amp; Co said the tax measures are a step in the right direction and indicate more such practical measures to come in the future.KPMG India's Rajeev Dimri said the various tax reliefs announced by the finance minister would provide the much needed succor to all in these unprecedented times.Naveen Aggarwal of KPMG said extension of the deadline under Vivad Se Vishwas from March 31 to June 30 without paying additional tax of 10 per cent is a welcome move and is in line with the representations made by taxpayers and industry forums. This would help companies save for possible financial difficulties faced by companies in this crises.On the IBC changes, Manish Aggarwal of KPMG said changing the operative sections of the IBC will help avoid large scale insolvencies.The government also needs to consider sector specific measures to address the cash flow &amp; liquidity enhancement measures to help businesses withstand this period. Stopping the process towards insolvency is necessary but not a sufficient condition to address fundamental issues facing the businesses now.Rajesh Narain Gupta, managing partner of SNG &amp; Partners the measures announced will lead to a positive direction and will give a boost to trade and commerce. BEN MR

Covid-driven tax reliefs to cost govt 2-3% of GDP

New Delhi, May 25 () Pummeled by evaporating demand and fall in business due to the lockdown, city gas operators such as Adani Gas, GAIL and Torrent Gas have sought tax relief and loan restructuring to tide over difficult times. Natrual Gas Society (NGS), which represents CNG and piped natural gas retailers in the country, has written to the Oil Secretary Tarun Kapoor seeking government support in expansion of the city gas distribution (CGD) business and the share of natural gas in the country's energy basket. "The CGD sector has been among the worst hit during the current lockdown with consumption reduced by over 80 per cent and now, the further extension of the lockdown, this will only bring additional hardship to the industry," it wrote. Barring supply of piped natural gas to households kitchens, all segments under the CGD have shown a sharp fall in gas offtake. "With falling demand, majority of the CGD entities are facing steep fall in revenue and margins and cash flow problems which could impact the ability to maintain the required investment/capex," it said. Slowdown in the overall economic activity, it said, can be a dampener for infrastructure capex plans especially under the newly awarded city gas licenses. The association sought exemption of the CGD sector from excise duty (14 per cent) and a deferment of statutory tax compliances at least till September-December, 2020. "Banks may be asked to restructure the loans and provide a moratorium on interest payments for at least another six months to help the sector to recover quickly," it wrote. NGS wanted government-priced controlled gas to be allocated to CGD operators. "Government should direct gas suppliers and transporters to bill CGD entities only for the quantities they consumed at normal prices / rates without any additional charges like excess gas, take-or-pay, imbalance etc," it said. The association sought waiver of penalty for not making committed investment in a city gas area. "It is proposed that a deferment of at least 24 months in minimum work programme (MWP) be allowed post lockdown period and till the restoration of normalcy period in the industrial activities." To help generate finances for investment and ease the financial stress being faced by the CGD entities, the Ministry of Petroleum and Natural Gas may consider financial assistance to the sector, it said, adding this could be through creation of a special fund. This could be through funding from the Oil Industry Development Board (OIDB) and the oil regulator PNGRB reserve. ANZ BAL BAL

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Modi 3.0 1st Budget: Tax relief for middle class, Rs 2 lakh cr job scheme

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The House passes a bill to give parents a boosted child tax credit and businesses tax relief

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'With COVID expenses rising, taxpayers need more than an insurance rebate', says a wealth manager

Business Insider India

Democratic lawmakers introduce legislation to remove taxes on up to $10,200 in unemployment aid

Ayelet Sheffey

RBI Governor calls for coordinated action to give tax relief on petroleum products

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Budget 2021: Industry body seeks tax relief for small sellers on e-commerce platforms

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Covid-driven tax reliefs to cost govt 2-3% of GDP

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City gas operators seek tax relief, loan restructuring to deal with lockdown impact

PTI

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