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Simply Put: A few big questions that government faced post budget and how it responded to each of them

Here’s how the advertising and marketing industry reacted to Union Budget 2021

<ul><li>Apple's new operating system has a lot in store for Indian users. </li><li>India's new Finance Minister will be reforming century-old laws that will affect global tech giants at the <keyword id="42982" type="PERSON" weightage="20" keywordseo="G20-Summit">G20 Summit</keyword> in Japan. </li><li>Flipboard recently reported a data breach that has reset all of its user's passwords.</li><li>The newly formed Indian government has started work on its first big 'Make in India' project for the defence sector. </li><li>The US ban on Huawei may end up affecting the roll out of 5G networks in China.</li></ul> This is Tech Insider's daily dose of tech news -- everything that's happening in tech that you need to know about today from Business Insider and its partner publications:

Today’s top tech news: Apple’s trying to win over India and India’s trying to win over the G20 Summit

<ul><li>Finance Minister of India <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> will present the Union Budget on February 1, 2022.</li><li>This will be the 10th budget that the BJP government led by Narendra Modi presents.</li><li>Huge expectations are pinned to the upcoming budget as it comes at a time when the country is fast recovering from the slowdown across multiple sectors due to COVID-19.</li></ul>The Union Finance and Corporate Affairs Minister Nirmala Sitaraman is expected to present the budget on February 1. This budget will be the fourth one presented by the Narendra Modi led BJP government during its second tenure. The Budget session will start at the Parliament around 11 am on February 1, 2022. Year on year, the Union Government generally hosts the customary Halwa Ceremony to mark the final stage of the Union Budget making process. However, in compliance with the pandemic necessitated safety protocols, this year sweets were distributed to the core staff at their own workplaces. <cmsannotation type="cmsannotation" annotationid="What is special about the 2022 budget?" comment="subhead" text="What is special about the 2022 budget?">What is special about the 2022 budget?</cmsannotation> Setting a new trend, the Union Budget of 2021-22 was presented in paperless form for the first time in the history of the country. Budget 2022-23 will also follow the same trend in furthering environmental friendly initiatives. Also, the government had launched a ‘Union Budget Mobile App’, which facilitated hassle-free access of the budget documents for the members of parliament (MPs) and the general public in the country. Once the Budget session is complete on February 1, 2022 in the parliament, Union Budget 2022-23 will also be available on the Mobile App. The mobile app will provide full access to around 14 Union Budget-related documents, including the budget speech, annual financial statement (budget), finance bills prescribed by the constitution, and demand for grants (DG). This mobile app will be made available in Hindi and English. It will be made available on Android and iOS platforms. ‘The Union Budget Mobile App’, will be available for download on the Union Budget website (<a href="http://www.indiabudget.gov.in">www.indiabudget.gov.in</a>). General public can also download the budget documents on this website. <cmsannotation type="cmsannotation" annotationid="Latest media reports about Budget 2022" comment="subhead" text="Latest media reports about Budget 2022">Latest media reports about <keyword id="10547300" type="General" weightage="20" keywordseo="budget-2022" source="Orion">Budget 2022</keyword></cmsannotation> There will not be any zero hour scheduled in the parliament on January 31 and February 1. Arrangements have been made for the Rajya Sabha leaders to meet virtually on January 31. The parliament is all set to comply with all the COVID-19 protocols strictly during the budget session. <cmsannotation type="cmsannotation" annotationid="Expert remarks on Budget 2022-23" comment="subhead" text="Expert remarks on Budget 2022-23">Expert remarks on Budget 2022-23</cmsannotation> Abheek Barua, chief economist of HDFC Bank said, “Unlike last year when the US Federal Reserve was unleashing a deluge of liquidity in the international banking system, in 2022 the Indian government is drawing up its annual budget at a time when global financial conditions are not quite so conducive. With the Fed signaling an aggressive rate hike path, the degree of monetary support that the Reserve Bank of India has the room to extend is now constrained and the government may therefore have to rely more on fiscal ammunition to ensure that the country’s growth recovery remains on track.” SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/rupee-is-likely-to-weaken-against-the-us-dollar-in-2022-as-per-experts/articleshow/89218673.cms">Experts say the rupee is likely to weaken against the US dollar this year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/explained-indias-annual-economic-survey/articleshow/89201135.cms">EXPLAINED: India’s annual Economic Survey</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/with-covid-expenses-rising-taxpayers-need-more-than-an-insurance-rebate-says-a-wealth-manager/articleshow/89199947.cms">With COVID expenses rising, taxpayers need more than an insurance rebate, says a wealth manager ⁠</a>

Union Budget 2022: Time, date and other details you need to know

<ul><li>Finance Minister of India Nirmala Sitharaman presented the Union Budget on February 1, 2022.</li><li>Struggling with high inflation and tepid rural demand, FMCG companies were hopeful for some positive news, steps and reforms that would help boost consumption in the economy.</li><li>However, with no changes in personal tax, there isn’t for hope for a drastic change in consumption and demand.</li><li>At the same time, there are enough subsidies to support the rural areas of the country.</li><li>Here’s what leading FMCG companies have to say about the Union Budget 2022-2023.</li></ul>The Union Finance and Corporate Affairs Minister Nirmala Sitaraman presented the Union Budget for 2022-2023 on February 01, 2022. The government announced that 5% of the annual collections under the Universal Service Obligation Fund will be allocated to improve broadband and mobile service penetration in rural India. This move will allow Fast Moving Consumer Goods (FMCG) brands and all businesses to cast their net a little wider in rural areas via mobile services. The government’s plan to expand the National Highway network by 25,000 KM, the Gati Shakti plan to strengthen seven engines of infrastructure, the launch of 100 new cargo terminals, will further open up new roads for brands and improve logistics efficiency. It will also create new job opportunities in rural areas, improving consumption and demand. The finance minister also mentioned that the government intends to pay ₹2.7 lakh crore worth of minimum support price (MSP) direct payments to wheat and paddy farmers. The government is also looking to deploy drones for agriculture monitoring, crop assessment, digitisation of land records and spraying of insect pesticides. These initiatives will help boost rural incomes and aid the growth of FMCG companies. The Union Budget aims to facilitate ease of doing business and give a push to consumption by providing employment opportunities, improving infrastructure, focusing on technological advancement and accessibility. Here’s how these subsidies for rural India will pave the way for FMCG growth: Mayank Shah, Senior Category Head, Parle Products: First of all, putting money in the hands of consumers really helps, so they go out and buy products. So that was more on the front of ensuring that the demand remained robust given that we have gone through two years of pandemic. That was something that industry expected, either by tax cut, or by increasing the slabs tax brackets or by probably increasing the standard deduction limit. Those were the things that we expected but not much has been done there. However, on the second front of job creation, the government has done a lot. The budget talks about seven engines driven by PM GatiShakti that will definitely boost employment and increase the number of jobs. The budget also talked about 60 new jobs to be created in the next five years. That is relatively a longer process compared to the first expectation which was putting money in the hands of consumers, which would have yielded immediate results. A 20,000 crore boost in transportation infrastructure will definitely help in terms of job creation going forward. Another thing the government would have ensured on the rural front was increased allocation to MGNREGA or direct benefit transfer. In Fact they chose the other way. In terms of rural demand, when you're talking about putting money in the hands of rural consumers by increased MSP and increased MSP allocation, it is also going to have an impact on the inflation because if you increase the MSP, that eventually is going to increase the cost of agri products, primary inputs in food processing. So procurement is going to be increased. The current challenge ahead of most FMCG companies, which is managing inflation, probably would be aggravated, so I consider it to be neutral. Probably placing this money in the hands of consumers through MGNREGA or DBT would have ensured demand to remain robust. Ahmed ElSheikh, President, PepsiCo India: Reviving economic growth, increasing consumption, and fostering investment to fuel post-pandemic growth have been key objectives for the government, and the <keyword id="12134566" type="General" weightage="20" keywordseo="union-budget-2022" source="Orion">Union Budget 2022</keyword> reflects this very intent. This year's Union Budget lays forth a vision for India at 100 years. The Government is leading from the front by raising public sector spending to keep the economic recovery on track. Digitization combined with infrastructural creation will accelerate economic development, stimulate innovation and entrepreneurship enhance living standards while keeping sustainability at its core. The increased outlay for PM Gati Shakti projects for multi-modal connectivity including 100 new railways logistics hubs coupled with steps like enhancing local oilseed production, extending the last date for starting production for new manufacturing units, encouraging alternate cropping will aid growth of the FMCG sector and further strengthen Govt’s vision of an Atmanirbhar Bharat. Saugata Gupta, MD and CEO, Marico Limited: With this Union Budget, the government has laid out a growth oriented, future focused blueprint for India. By prioritising job creation, infrastructure growth and strengthening digital capabilities while making ‘inclusive development’ and ‘financing of investments’ two of the key focal points of the Budget, the government is successfully laying the groundwork for faster financial inclusion and expansion of the credit ecosystem. It has undertaken some key initiatives targeted towards credit growth, farmer welfare, improving the health and education infrastructure, digital currencies and start-ups which will benefit young aspirational Indians. If executed well, the budget will trigger the virtuous cycle of economic growth and employment creation, leading to momentum in growth. I believe that the budget has several inclusive measures and policies that balance consumer needs with industry requirements. It encapsulates the spirit of an Atmanirbhar Bharat and takes strong steps towards fulfilling that vision. Venkatesh Vijaraghavan, Director &amp; CEO - FMCG, CavinKare: We welcome the futuristic, investment-led, growth-oriented Budget with a strong impetus to infrastructure and capability building, which would boost GDP, Atmanirbartha, economic stability and job creation, thereby reaping demographic dividend. Ghanshyam Khandelwal, Chairman, BL Agro: The budget was as expected. We didn't anticipate the industry to take centre stage because several schemes for the FMCG sector have already been implemented in recent years. However, the mention of a rationalised strategy to improve domestic oilseed production and minimise reliance on imports was welcomed. A more promising statement was the package that centers on farmers adopting appropriate fruits and vegetables, as well as proper harvesting practices. The move will go a long way towards uplifting the food processing sector. Harsha V. Agarwal, Director, Emami: A very forward-looking budget with focus on capital expenditure which should drive growth. The ease of business in India has also been prioritised. So over all the budget pulls no surprises and focuses on growth of the Indian economy. Amrinder Singh, Director, Bonn Group of Industries: As the social security benefit of state and central government employees has been enhanced in this Union budget 2022, we are expecting that it will spur the consumption. The government has put money in consumer’s hands and ensured that the demand is not getting affected by increasing the tax deduction limit by 14 percent of the state government employees. Vikram Agarwal, Managing Director, Cornitos: The Union Budget 2022-23 is a progressive budget, our Government is concentrating on infrastructure, employment generation, and future developments. This appears to be a growth-oriented budget as efforts are being made to reduce compliance burdens and improve ease of doing business. The Budget has given an extension of the ECLGS Scheme which would provide much-needed help to the MSME sector especially the hospitality and related food processing segments. The past few years have been tumultuous for the hospitality segment and I am hopeful that this initiative gives the industry a much-needed boost.

Union Budget 2022-2023: Here’s how FMCG brands reacted to the budget

<ul><li>Indian Oil threatened to stop supply of aviation turbine fuel to the airline, over unpaid dues.</li><li>Air India’s pilots also threatened the government with mass resignations if they go on with the divestment plan.</li><li>The debt of Air India has ballooned to a massive ₹60,000 crore and is struggling to carry on operations.</li></ul> The troubles of debt-laden Air India do not seem to come to an end. Even as the government is planning to go ahead with its divestment, today yet another state-owned company Indian Oil threatened to stop supply of aviation turbine fuel to the airline, over unpaid dues. BPCL and HPCL too said that they will cut off<a href="https://trak.in/tags/business/2019/10/14/air-india-flights-can-be-cancelled-after-october-18th-these-6-airports-will-be-affected-due-to-payment-crisis/"> fuel supplies unless</a> their bills, running into few thousands of crores, is cleared. This comes two days after the pilots union was enraged with the government’s plan to sell 100% of the national carrier. The pilots threatened a mass resignation if they plan to go ahead with it. Already as many as 120 pilots resigned in protest. In the Budget 2019, the finance minister Nirmala Sitaraman said that they plan to speed up the process of divestment, and is ready to make structural reforms. She also said that they plan to expedite it by October this year, but there has been no major movement. In the meanwhile, the debt of Air India has ballooned to a massive ₹60,000 crore, joining the ranks of state-owned telecom operators BSNL and MTNL who are struggling to carry on operations. This divestment could have brought in a new investor who could have help cut its debt, while providing the government with much-needed revenue as well. As government moves slowly in its planned sell-off, there is little interest from investors as well. In spite of rumours that Tata Group might bid for the airline, the group spokesperson insists that it <a href="https://www.thehindubusinessline.com/economy/logistics/air-india-buy-tata-sons-back-at-the-drawing-board-may-place-bid-soon/article29653782.ece">is speculation</a>. Yet another airline Jet Airways which was grounded in April this year, failed to find a bidder and its case is now with the bankruptcy court. This was in spite of billionaire Hinduja brothers showing interest in it.

Weeks ahead of divestment, Air India faces multiple threats of being grounded

The BSE SENSEX can be expanded as the Bombay Stock Exchange Sensitive Index. In other terms, it is simply called SENSEX. This is a free-float stock market index of about 30 top-performing and financially well-off companies that are found listed on the Bombay Stock Exchange. Representing various industry sectors in the country, these 30 companies are some of the largest in the country whose stocks are very actively traded. The BSE SENSEX is always considered as the pulse of the domestic stock exchange markets in India. The base value of SENSEX was taken as 100 on April 1, 1979. Some important milestones in SENSEX The first notable milestone in the history of SENSEX was noted on July 25, 1990, when it touched four figures for the first time closing at 1,001. This was attributed to the excellent corporate gains in the country and a favourable monsoon. SENSEX crossed its 2000 mark on January 15, 1992; touched the 3,000 mark on February 29, 1992; crossed the 4,000 mark on March 30, 1992; touched the 5,000 mark on October 11, 1992; crossed the 6,000 mark on February 11, 2000. On June 21, 2005, the SENSEX crossed 7,000 marks following the settlement between the Ambani brothers which boosted up the investors’ sentiments. On November 5, 2010, the SENSEX crossed the 21,000 mark with a huge jump reaching a peak of 21,078 points. This record was maintained for about 3 years and SENSEX closed at 21,033.97 points on October 30, 2013. For the first time, the SENSEX reached 24,000 points on May 13, 2014, following the results of the exit poll showing that the NDA led by BJO would form the government at the center following the general elections for the Lok Sabha 2014. On June 5, 2014, SENSEX closed above 25,000 points and it touched the 26,000 watermark on July 7, 2014, when the country anticipated a budget that would reform the country soon. When the Reserve Bank of India cut down the repo rates, the SENSEX crossed the 30,000 mark on March 4, 2015. On May 26, 2017, the SENSEX crossed 31,000 points level for the first time. it crossed the 32,000 points level on July 13, 2017. Summary of the SENSEX Jumps in India Historically the all-time high in the SENSEX stock index was noted at 40312.07 in June 2019 and an all-time low was noted at 113.28 in December 1979. A gigantic jump of SENSEX Both SENSEX and Nifty posted one of their biggest jumps in May 2019 after the exit poll results showing that the Narendra Modi government might retain the ruling power over the central government. During this time, the SENSEX reported its highest ever closing figure recorded at 39,352.67. The latest historical jump on September 20, 2019 On September 20, 2019, Friday, the SENSEX stock index made yet another historical jump following the announcement by the Finance Minister Nirmala Sitaraman which said the corporate tax rates for the domestic companies will be cut down from 30% to 22% with effect from April 1. The said move was aimed at boosting the Indian economic growth.

Here are the biggest rallies Sensex has seen in the last 30 years

<table style="border-width: initial; border-style: none; background-color: rgb(255, 255, 255); font-size: 16px; line-height: 1.6em; box-shadow: none; width: 468pt; font-family: Merriweather; table-layout: fixed; padding-bottom: 10px !important; background-image: inherit !important; background-position: inherit !important; background-size: inherit !important; background-repeat: inherit !important; background-attachment: inherit !important; background-origin: inherit !important; background-clip: inherit !important;"><tbody><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Income </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Previous Tax Rate </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">New Tax Rate </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Up to ₹2.5 lakh </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Nil </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Nil </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">₹2.5 lakh to ₹5 lakh </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">5% </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">5% </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">₹5 lakh to ₹7.5 lakh </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">20% </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">10% </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">₹7.5 lakh to ₹10 lakh </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">20% </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">15% </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">₹10 lakh to ₹12.5 lakh </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">30% </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">20% </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">₹12.5 lakh to ₹15 lakh </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">30% </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">25% </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Abover ₹15 lakh </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">30% </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">30% </td></tr></tbody></table> The new tax slabs increase the minimum taxable limit from ₹2.5 lakh to ₹5 lakh. At the other end of the segment, anyone earning more than ₹2 crore annually will be subject to 35% tax rate instead of 30%. Union Finance Minister Nirmala Sitharaman is all set to announce the <keyword id="8192304" type="UNKNOWN" weightage="20" keywordseo="union-budget-2020">Union Budget 2020</keyword>. She will have to balance a billion expectations with a slowing economy - compounded by high inflation, and job crisis. The individual taxpayers too have a set of grievances they want the government to address. 1.Increase tax break under section 80C One of the first expectations that Indian taxpayers keep with the government is to “increase the threshold limit under sec 80C, minimum from ₹1.5 to ₹3L,” says <a href="https://twitter.com/MansiMenda/status/1222790722878750720">Mansi Menda, tax payer. </a> Under section 80C, an individual is allowed a maximum deduction of ₹1.5 lakh from the total gross income with respect to the sum paid or deposited in specified schemes. If this is increased, taxpayers would be able to save more and pay less income tax. 2. Higher medical insurance tax exemption Under section 80D of the Income Tax Act, a taxpayer is allowed to claim a tax deduction of up to ₹25,000 per budgetary year for medical insurance premium. However, the citizens would have their ears and hopes on Sitaraman’s speech to remove the current limit and allow the redemption of actual premium paid. Since insurance premiums are <a href="https://economictimes.indiatimes.com/wealth/personal-finance-news/hike-in-tax-sop-for-health-insurance-premium-sought-in-budget-2020/articleshow/73470799.cms">expected </a>to go up, it will help taxpayers save on tax, and have more left for other expenses. 3. Higher-income tax exemption limit One of the most significant expectations a taxpayer keeps from the “Budget 2020 is to increase the income tax exemption limit from ₹2.5 lakh to at least ₹5 lakh”. The change in the tax slab was also proposed in the <a href="https://www.businessinsider.in/what-to-expect-from-budget-2019/articleshow/70081590.cms">last Budget</a> but was not implemented in the current financial year. However, the people have proposed again to increase the tax exemption limit in the coming financial year. 4. Deduction in the Tax rate of Long Term Capital Gain <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"></h2>In 2018, the late finance minister Arun Jaitley imposed a 10% long-term capital gains (LTCG) tax imposed on profit above ₹1 lakh. The industry experts expect the government to scrap or deduct the tax rate on long term capital gains. This would help investors save tax on the extra income that has come in from stock holdings and other sources. 5. Eradication of Dividend distribution tax The DDT is the levied tax on the company’s dividends distributed from the company’s profit. The company’s pay DDT up to 20% on its profit and at a later stage if the income exceeds ₹10 lakhs per annum then they have to pay 10% income tax. The abolition of taxes will result in higher distribution of dividends will encourage more companies to give dividends, helping investors gain more. 6. Home loan/ Personal loan As interest rates are on the rise and consumer confidence is at a low, the realty sectors and home buyers seek more tax relief from the government. “Ma’m kindly consider restoring tax rebates on the interest of ongoing home loans,” says <a href="https://twitter.com/InvestIndia6/status/1209334758846525441?s=20">Yash</a>, who has been paying the home loan for the last 20 years. 7. GST on under constructed homes At the moment, under-construction homes are charged GST at 5% without income tax credit, the common man expects the budget 2020 to scrap or reduce the percentage. <a href="https://economictimes.indiatimes.com/markets/stocks/news/gst-cut-to-boost-sales-of-under-construction-flats-no-itc-may-hit-builders-profit-margin-moodys/articleshow/68183477.cms?from=mdr">Moody’s </a>in a report last year showed how a reduction in GST from 12% to 5% boosted the industry. And a further fillip is necessary to encourage home sales. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2020-live-updates-news-and-highlights/liveblog/73824572.cms">Live Union Budget 2020</a>

Checkout Income Tax slab post Budget 2020

<ul><li>RBI announced some changes in the banking rules in the country. </li><li>The latest modifications in the banking system will take effect in January 2020. </li><li>Here are the important changes you need to know regarding financial transactions, EPF, Insurance, Hallmark, FASTag and Aadhaar linking in India. </li></ul>The Reserve Bank of India (RBI) is the authority that issues the rules and regulations that govern the banking sector. It is mandatory for all the banks in the country to implement the changes announced by the RBI, which helps provide uniform customer experience. Here are the latest guidelines and changes that take effect in January 2020. NEFT charges will be rolled back As per the new RBI guidelines, banks must <a href="https://economictimes.indiatimes.com/wealth/personal-finance-news/from-january-2020-banks-cannot-charge-you-for-online-neft-transactions/articleshow/71970375.cms?from=mdr">stop charging customers a fee for transacting using the NEFT</a> (National Electronic Funds Transfer) system. This measure is intended to encourage digital transactions among the users. Statistics show digital payments accounted for over 96% of the total non-cash retail payments done from October, 2018 to September 2019. OTP to withdraw cash from ATM India’s largest bank SBI says the customers transacting on the ATMs from January 2020 will have to input an OTP sent by the bank on their registered mobile phones to complete the transaction. It means users will have to carry their mobile phones while using ATMs. This measure is implemented to prevent fraudulent transactions and enhance the security measures while using ATMs. <div type="Article" hostid="261" msid="72994722" title="Bank Holidays January 2020: Complete list of bank holidays January 2020 to help you plan your financial activities" mstype="2" mssubtype="0"></div>

 No MDR charges for transactions on RuPay and UPI platforms The Department of Revenue is to announce RuPay and UPI as the prescribed mode for paying while transacting digitally. The finance minister Nirmala Sitaraman said <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/no-mdr-charges-applicable-on-payment-via-rupay-upi-from-jan-1-sitharaman/articleshow/73008967.cms?from=mdr">there will not be any MDR (Merchant Discount Rate) charges</a> while using these platforms for transactions. You can choose to lower your EPF contribution With the bill successfully passed in the Parliament, the government has decided to let employees lower their EPF contribution if they choose to. About 12% of their basic is deducted at present from the salaries of the employees for depositing in EPF. The said revision in the rule enables employees take more salary to their homes, if they want. General insurance policy premiums will cost more The New Year might also see <a href="https://www.moneycontrol.com/news/business/personal-finance/heres-why-your-general-insurance-premium-may-rise-by-10-15-after-january-1-4655291.html">general insurance premiums go up</a> by 10 to 15% on account of the rise in reinsurance rates. Reinsurance rate is the rate that the insurance providers must pay for securing a cover. The rise in reinsurance costs will mean the premiums will cost more. Health insurance providers who are under the pressure to cover additional ailments, are looking forward to increase the health insurance premiums from 10 to 15% in 2020. <div type="Article" hostid="261" msid="72975148" title="Income tax cuts and new tax slabs ⁠— here’s how Indian Finance Minister Nirmala Sitharaman wants to make people shop more" mstype="2" mssubtype="0"></div>

 SBI loan interest rates will come down After the RBI reviewed its monetary policy in December, SBI became the first bank to cut its external benchmark rate by 25 basis points. While the revised benchmark lending rate of 7.8% is taking effect from 1 January 2020, the borrowers will see the <a href="https://economictimes.indiatimes.com/wealth/personal-finance-news/sbi-reduces-its-external-benchmark-rate-by-25-bps/articleshow/73024749.cms">home loan interest rates come down to 7.9% a year</a> from the previous 8.15%. The interests of other kinds of loans will also come down a bit in the New Year. Hallmarking becomes mandatory for jewelry From January 15, 2020, the government has said <a href="https://www.businesstoday.in/current/economy-politics/govt-set-to-make-gold-jewellery-hallmarking-mandatory-from-january-15/story/391310.html">hallmarking is mandatory on jewelry</a>. Nevertheless, the government has allowed a lean period of one year to ensure compliance with this new rule giving time for establishing new hallmarking centers across the country and also to clear existing jewelry stocks with the merchants. This move is expected to tackle the quality concerns and thereby boost demand for gold in India which is the second largest gold market of the world. <div type="Article" hostid="261" msid="73030004" title="What is UPI and how does it work?" mstype="2" mssubtype="0"></div>

 3 months extension given to link Aadhaar with PAN card The government’s latest announcement on the subject says the last date to link Aadhaar card with PAN card is extended for three more months from <a href="https://www.businesstoday.in/current/economy-politics/pan-aadhaar-linking-deadline-extended-by-3-months-to-march-31/story/392888.html">December 31, 2019 to March 31, 2020</a>. This is the second time that the government is extending this deadline so that the users are given enough time to complete the task. While the Income Tax laws say that the PAN cards will become inactive if Aadhaar card is not linked, the extension comes as a respite to those who have not linked these two documents. Those that have not purchased FASTag will have to pay two times the toll charges All private and commercial vehicles running on the Indian roads must purchase FASTags. The government earlier extended the December 1, 2019 deadline to December 15, 2019 for the vehicle owners to ensure compliance. Failing to do so and driving through the toll lanes without FASTag affixed to your car windshield, will mean you will be paying twice the toll charge. These are rechargeable tags that will enable automatic deduction of toll charges from your linked bank account as you can avoid long queues at the toll plazas. SBI’s chip debit cards will only work in the New Year 2020 SBI had earlier asked its customers to change their magnetic stripe debit cards with EMV chip and PIN-based SBI debits cards. This can be done at their home branch. If you are an SBI customer having your old magnetic stripe card, <a href="https://www.financialexpress.com/money/sbi-customer-these-atm-cum-debit-cards-will-become-useless-from-january-1-do-this/1781664/">your card will not work from January 1, 2020</a>. In a statement, SBI has said, “Apply now to change your Magnetic Stripe Debit Cards to the more secure EMV Chip and PIN-based SBI Debit card at your home branch by 31st December, 2019. Safeguard yourself with guaranteed authenticity, greater security for online payments and added security against fraud.” <div type="Article" hostid="261" msid="72906028" title="Indian economists tell Finance Minister Nirmala Sitharaman to simplify GST and direct taxes" mstype="2" mssubtype="0"></div>

New Banking, Insurance and Finance rules that will come into effect starting 1st January - Here's how they will affect you and what you need to know

<ul><li><keyword id="52304" type="PERSON" weightage="20" keywordseo="Roshan-Abbas">Roshan Abbas</keyword>, the newly elected President of <keyword id="2774492" type="ORGANIZATION" weightage="20" keywordseo="EEMA">EEMA</keyword> is a man with a plan. He has put together an agenda to help the <keyword id="1541152" type="PERSON" weightage="20" keywordseo="live-events">live events</keyword> industry survive the Covid-19 lockdown and its business impact.</li><li>EEMA is currently working on creating an EEMA Marketplace where people can offer their services online. This marketplace is aimed at removing geographical barriers and open up opportunities for players even in smaller cities.</li><li>EEMA will also continue its dialogue with the government, to come out with solutions that can help the industry survive. </li></ul> <keyword id="9570645" type="COMPANY" weightage="20" keywordseo="the-event-entertainment-management-association">The Event &amp; Entertainment Management Association</keyword> (EEMA) recently elected Roshan Abbas, Managing Director, <keyword id="546993" type="PERSON" weightage="20" keywordseo="Encompass">Encompass</keyword> and Co-founder Kommune as its new President. Considering how adversely the events industry has been impacted by the lockdown, Abbas already has his agenda in place and he has some ambitious plans to try and get the industry back on the track. Since the start of the lockdown, EEMA has been having numerous conversations with the government on how it can support the industry. Abbas shares that they have already had discussions with Union Minister Nitin Gadkari and Finance Minister Nirmala Sitaraman and in the near future, the industry body will continue having these conversations with the government to figure out the best way to move forward. Abbas shares that the plan is not simply to ask the government for support but work with the government. “Rather than knocking on the government’s door and asking for its support, we want to tell the government to use our expertise. We want to offer our services. There has been so much talk about social distancing, safety and sanitation. So why can’t we showcase all the work that is being done in the country through an Expo? China recently had a Covid related expo. Considering there’s so much focus on ‘Vocal for Local’, we can showcase all the work that Indian players have been putting up during these last few months. The idea behind something like this is to change the narrative, not simply ask the government for its help, but also offer our services and in return,” shared Abbas. The industry body is also currently working on a Standard Operating Procedure (SOP) in an attempt to figure out how to organize events with people safely. “For me as an association body, it is very important to lead the way and tell people that these are the right SOPs to do larger format event safely and we are working currently on putting that in place,” he said. Abbas also wants to ensure that the industry is better represented to the world. While currently the organized experiential sector is pegged to be around Rs 7,000 crore in size, Abbas says that the actual size of the industry is substantially more. “I've always felt that we have been extremely conservative in presenting the size of the event industry. Events today include so many things, starting from religious, sports and cultural festivals to political rallies, corporate and rural events, properties like IPL and ISL, activations and even social events. When you look at all of this collectively, the industry is actually much larger. We have been trying to collate data and I believe our industry is around Rs 500,000 crore. We must look at ourselves as an industry. We employ over 10 million people directly and indirectly. When you take these numbers and go to the world at large and tell them that this is the state of the organized and unorganized sector across the country, I'm pretty certain people will sit up and take notice about the sheer economic and human capital. Moreover, events brings a happiness quotient, a soft power which nobody talks about. I think it's very important to a communicate this. We're going to work on a big campaign to get this message across to everybody about the fact that we’re that invisible force that makes such a big difference,” added Abbas. Creating a virtual marketplace EEMA will also be looking at creating a virtual marketplace in an attempt to bring the industry closer together. The idea behind the marketplace is to enable anybody and everybody to put up their services online. “Digital has led to the collapse of barriers created by time, space and geographies. The idea behind the marketplace is to provide a platform for our stakeholders to showcase their services, so that people sitting in even smaller cities can work for people in other cities. We are working on this virtual marketplace of services because in these times, the only route to prosperity is working together,” explained Abbas. EEMA’s advisory on conducting virtual events Considering that physical events have almost come to a standstill, a lot of events are moving to the digital space. However, most stakeholders are still confused about this transition and EEMA is working on putting together an advisory that will help answer these questions. “When you start a new line of business, like virtual events, you need to know what is the standardized pricing for it, what are the elements that you need to price for etc. We are trying to put together an advisory of sorts from EEMA, not just for our members but even for people outside. The advisory will tell people how virtual events should be looked at and organized. EEMA’s Digital Day (D-Day) There is a difference between a digital experience and a live digital experience. EEMA is also working on putting together an event calling it D-Day for the end of August that will celebrate the work that the industry has been doing. “D-Day is a digital way to actually bring brands, people from the large digital ecosystem together to show that there's a difference between a digital experience and a live digital experience. If tomorrow, a concert has to be done online, how do you create the shared experience? If you want to recreate the beautiful scenarios you would create in ballrooms and hotels and live locations, how would you create some part of it online? How do you create interactivity? We're hoping to put together a big Digital day towards the end of August, almost as a reach out to the industry at large saying if you have to do it, do it right and do it this way,” shared Abbas. Focus on showcasing young talent and women in the business The event industry also employs a lot of young professionals as well as women. EEMA will also work on creating conferences or cells that can work for both the younger population and well as women. “The younger population in the event industry is coming up with path-breaking ideas. They're questioning everything, they’re questioning how you hire manpower, what are incentives, they’re questioning technology and even formats. It's very important to celebrate the youth and also celebrate the women in our industry because almost 30-40% of all the people in our industry are women. Its an industry where there’s a large percentage of women and I feel if they are given the right platform, everything else can be done by them. I don't want this to sound like tokenism. I really want to make sure that there is a woman's conference or a cell that works together for just doing things for the youth separately and for women separately,” added Abbas.

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