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As expected and in relief for the citizens, the central government neither tweaked nor put any additional tax burden on citizens, in the interim Budget for 2024-25 tabled by Union Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword>. "Keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties," Sitharaman said in her Budget speech on Thursday. However, certain tax benefits to start-ups and investments made by sovereign wealth or pension funds as well as tax exemption on certain income of some IFSC units are expiring in March 2024. To provide continuity in taxation, she proposed to extend the date by another year. Moreover, in line with the government's vision to improve ease of living and ease of doing business, she announced to improve tax-payer services. "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 continue to remain on the books, causing anxiety to honest tax-payers and hindering refunds of subsequent years," she said. She proposed to withdraw such outstanding direct tax demands up to Rs 25,000 for the period up to financial year 2009-10 and up to Rs 10,000 for financial years 2010-11 to 2014-15. "This is expected to benefit about a crore tax-payers," she added. Presenting the Union Budget 2023, Sitharaman on Thursday pegged the fiscal deficit target for 2024-25 at 5.1% of gross domestic product (GDP). In 2023-24, the government pegged the fiscal deficit target for 2023-24 at 5.9% of gross domestic product (GDP). Today, Sitharaman said that the fiscal deficit of 2023-24 was downwardly revised to 5.8%. The difference between total revenue and total expenditure of the government is termed as fiscal deficit. It is an indication of the total borrowings that may be needed by the government. The government intends to bring the fiscal deficit below 4.5% of GDP by the financial year 2025-26. The government intends to bring the fiscal deficit below 4.5% of GDP by the financial year 2025-26. A capital expenditure, or capex, is used to set up long-term physical or fixed assets. Last year, which was the last full Budget under the Prime Minister Narendra Modi-led government's second term, the government proposed to increase capital expenditure outlay by 33% to Rs 10 lakh crore in 2023-24, which was estimated to be 3.3% of the GDP. With the substantial increase in capex, it is central to the government's efforts to enhance growth potential and job creation, crowd in private investments and provide a cushion against global headwinds. The interim budget, tabled today, will take care of the financial needs of the intervening period until a government is formed after the Lok Sabha polls after which a full budget will be presented by the new government in July. With this Budget Presentation, Sitharaman equalled the record set by former Prime Minister Morarji Desai, who as finance minister, presented five annual budgets and one interim budget between 1959 and 1964. The Budget Session of Parliament commenced on Wednesday with President Droupadi Murmu addressing a joint sitting of Lok Sabha and Rajya Sabha. The Indian economy is projected to grow close to 7% in the financial year 2024-25 which starts this April, said the Ministry of Finance in a review report. India's economy grew 7.2% in 2022-23 and 8.7% in 2021-22. The Indian economy is expected to grow 7.3% in the current financial year 2023-24, remaining the fastest-growing major economy.

FM Nirmala Sithraman keeps tax slabs unchanged

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

Simply put: These income tax changes can leave more money in your hands

The decline in the tax-GDP ratio over the years and declining share of direct taxes in total tax revenue, clearly suggest that the Central government should emphasize in the <keyword id="6360189" type="General" weightage="20" keywordseo="union-budget" source="Orion">Union Budget</keyword> 2022-23 on substantially improving the tax revenue, Primus Research said in a note. The policies regarding 'tax effort' could be designed through various ways such as, rationalising tax rates, policies regarding widening tax base and net, and improving tax compliance and tax administration. This process would have enormous implications on ameliorating economic growth, deficit (in both the absolute term and as per cent to GDP) would come down. It added that the Budget for FY 2022 should continue to provide more support on the demand side than the supply side by reviving the informal sector and MSMEs. It is expected that against contraction in revenues, increase in expenditures could collectively revive the aggregate demand in the economy. This could lead to a high growth in the near future, henceforth, reducing the fiscal deficit (estimated to be 6.8 per cent in 2021-22) both in absolute terms and as a percentage of GDP. In this regard, it is expected that central government would re-assess its ministry-wise allocations, and increase spending on social and economic sectors to boost aggregate demand in the economy. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budget-2022-expectation-in-higher-standard-deduction-tax-slabs-and-covid-insurance/slidelist/88891751.cms">From higher standard deduction and change in tax slabs to clarity on Covid insurance, here’s what tax experts want from Budget 2022</a> <a href="https://www.businessinsider.in/budget/news/the-indian-government-has-spent-less-than-half-the-money-it-had-budgeted-for-capital-investments-so-far/articleshow/88852518.cms">The Indian government has spent less than half the money it had budgeted for capital investments, so far</a>

Widening tax base should be a focus area in the Union Budget, says Primus Research

Currently, one-third of India's population reside in cities and it is estimated to go up to 50 per cent by 2030. There is a steady rise in the number of households with a shift towards nuclear families and increased urbanisation. The 66 per cent young population - below 35 years of age, are emerging as young millennial borrowers of home-loans. It is also true that home-loans market is driven by young borrowers within the age group of 26-35 years - about 25 per cent and also by people in the age group of 36-45 years - about 28 per cent. These are all active home-loan audience and jointly account for 53 per cent of annual originations. The average ticket size of a home-loan of young borrowers has continued to increase over the last 5 years, with a CAGR of 6.2 per cent. The ticket size continues to increase more for women than men. The cumulative active home-loan base of these borrowers has seen continuous growth over the last 3 years at a CAGR of 3.5 per cent. These young borrowers have been the reason for change in the home-loan market. Within the affordable segment, volume growth in home-loans of Rs 15-35 lakh, over the last 4-5 years, indicate shifting preferences of buyers towards higher ticket sizes. Rural Housing demand for mid-range and higher ticket sizes has continued to increase over the last 5 years too. Share of annual originations (volume) of Rs 35-75 lakh ticket size has increased by 4 per cent in the last 5 years. Share of annual originations of Rs 75 lakh plus ticket size has increased from 0.37 per cent to 0.87 per cent in the last 5 years. Share of annual originations of Rs 15 lakh ticket size has declined over the last 5 years, largely due to falling demand for very small ticket size segment of Rs 2 lakh. The dearth of disposable income has been a deterrent factor for salaried class towards taking home-loan and buying real-estate. Since the input cost in real-estate has increased the rates, the salaried class is left with no other option but to approach for home-loans from financial institutions. Interestingly, the tenure of repayment of home-loan is fluctuating between 11-30 years. There is also a deterrent factor for salaried class in home-loans and EMIs. The EMIs are no more supportive since the financial institutions first draw larger part of interest in the EMIs and principal component is kept less in more than first 50 per cent of the EMIs. As the EMIs near completion, the interest component becomes negligible and principal component is much higher. Even if the buyer has the provision of pre-payment of home-loan, he ends up paying the larger portion of principal amount rather than saving on the interest. Further, the financial institutions also levy heavy fees on pre-closure of loans. In case the buyer opts for higher tenure for loan repayment, it then makes it difficult for the buyer to invest in second property. One question that has been asked frequently is - "If the principal and interest amount are predefined, why the EMIs can't have equal amount throughout the tenure." Coming to tax benefit, repayment of principal amount in a home-loan qualifies for deduction under section 80C, which has an upper limit of Rs 1.50 lakh per annum. Since the same section - 80C, accounts a number of other investments including PF, PPF and life insurance policies etc, it becomes impossible for a buyer to take advantage of any benefit out of this section. Buyers are looking forward to increase in this limit in Union Budget-2022 since this limit has not been increased in last many years. On the tax benefit for interest payment, since under section 20(b) of the Income Tax Act, there is a cap of Rs 2 lakh per annum on the interest part of the home-loan, home-loans being larger in size, the buyers are unable to take much benefit of the same too. To extend tax benefit to the buyers the government has also added few sub-sections 80EE, 80EEA under the Income Tax Act but the volume of loan is not allowing buyers to gain desired additional benefits out of these sub-sections. What perhaps needed in the Union <keyword id="10547300" type="General" weightage="20" keywordseo="Budget-2022" source="Orion">Budget 2022</keyword> is to bring dynamic changes in the income-tax slabs and increase the rebates under section 80C, 80EE, 80EEA and 24(b) of the Income Tax Act. One of the greatest philanthropists <keyword id="310500" type="General" weightage="20" keywordseo="andrew-carnegie" source="Orion">Andrew Carnegie</keyword> said - "Ninety percent of all millionaires become so through owning real-estate." Andrew Carnegie is one of the five people who built America, the other four being Cornelius Vanderbilt, John D. Rockefeller, J.P. Morgan, and <keyword id="6629386" type="General" weightage="20" keywordseo="henry-ford" source="Orion">Henry Ford</keyword>. Harv Eker, an author and businessman, known for his theories on wealth and motivation said - "Don't wait to buy 'real-estate', buy real-estate and wait". These two statements said all about owning real-estate and what it could mean to a buyer. Globally, investment in real-estate is directly related to the future of a buyer and also growth of the economy, and so be in India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/budget-2022-could-consider-levying-tds/tcs-on-crypto-trading-make-it-reportable-in-sft/articleshow/88943733.cms">Budget 2022 could consider levying TDS/TCS on crypto trading, make it reportable in SFT</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/570-job-openings-at-indian-oil-corporation-for-freshers-who-havent-graduated-yet/articleshow/88948126.cms">There are 570 job openings at Indian Oil Corporation for freshers who haven’t graduated yet</a>

Budget 2022: Expectations for hike in tax deduction on home loans

Maharashtra Chief Minister
Uddhav Thackeray on Saturday alleged that the Union budget
gives "step-motherly" treatment to the state and does not do
justice to Mumbai.
 The budget presented by finance minister Nirmala
Sitharaman was far removed from reality, said Thackeray, a
former ally of the BJP.
 "It is deeply disappointing for Maharashtra. This
budget is unjust for Maharashtra and Mumbai which is the
country's growth engine," Thackeray said in a statement.
 It does not support development of basic amenities in
Mumbai and on-going metro projects in the megapolis, he said.
 "There is no mention of the suburban railway network
(in Mumbai) and development of proposed lines (on the Central
and Western Railway routes).
 "The budget gives no momentum to the development of
railway network in the state except for the mention of
projects announced earlier, such as the Mumbai-Ahmedabad
Bullet Train," Thackeray said.
 He also raised a question over the Centre not
considering any site from "culturally rich" Maharashtra for
development as "iconic site".
 Sitharaman announced in the budget that Rakhigarhi
(Haryana), Hastinapur (Uttar Pradesh), Shivsagar (Assam),
Dholavira (Gujarat) and Adichanallur (Tamil Nadu) will be
developed as "iconic sites".
 "The step-motherly treatment given to Maharashtra has
become evident in the budget. The International Finance Centre
in Gujarat has been strengthened, while Mumbai, which makes
the highest contribution to the country's growth, has been
deliberately ignored," Thackeray said.
 The decision to divest a stake in LIC and possible
privatisation of the railways show the precarious state of the
economy, the chief minister said.
 The growth rate for the current fiscal is 5 per cent,
while in the economic survey for 2020-21 it is estimated at 6
to 6.5 per cent, he said.
 "This growth doesn't not have the potential to achieve
Prime Minister Narendra Modi's dream of making India a USD 5
trillion economy nation," Thackeray said.
 He also dismissed the finance minister's claim that
the Goods and Services Tax gave a relief to the Small and
Medium Enterprises (SMEs).
 "The Small and Medium Enterprises have been bedevilled
by GST. People's purchasing power has decreased, impacting
small scale industries, which in turn has landed workers in
trouble.
 "There was a need to encourage employment-generating
industries. But no such steps were announced in the budget,"
Thackeray said.
 It made no substantial provisions for farmers, women
and children and disabled persons, he added.

Budget does injustice to Maharashtra, Mumbai: Uddhav Thackeray

The Goods and Services Tax (<keyword id="6354679" type="General" weightage="100" keywordseo="gst" source="Orion">GST</keyword>) Council held its 47th meeting last week and announced a slew of changes. It decided to bring more food items and services under its ambit, which might further strain already burdened <keyword id="1913721" type="General" weightage="20" keywordseo="family-budgets" source="Orion">family budgets</keyword>. <div type="image" title="GST changes might further strain already burdened family budgets" msid="92733185" hostid="261" caption="&amp;lt;p&amp;gt;GST changes might further strain already burdened family budgets&amp;lt;/p&amp;gt;"></div> What is GST? The Goods and Services Tax is a uniform indirect tax that replaced almost all central taxes. It came into effect in July 2017 and <a href="https://www.adityabirlacapital.com/abc-of-money/taxes-replaced-by-gst">subsumed </a>more than 13 central and state-level taxes. Why the revisions in GST? GST rates were being revised to rationalise tax on certain goods and services to correct an inverted duty structure, said Union Finance Minister Nirmala Sitharaman. Revised GST brings more food items under the tax slab Sitharaman chaired the meeting that included representatives of all states and UTs. A raft of decisions were taken at the meeting, including the withdrawal of the tax exemption on pre-packed and labelled retail items. Food items such as curd, lassi, puffed rice, buttermilk, meat (except frozen), fish, paneer, honey, dried leguminous vegetables, dried makhana, wheat and other cereals, wheat or meslin flour, jaggery, all goods and organic manure and coir pith compost will now attract a 5% tax from July 18. One of the reasons why unlabelled commodities were brought under the tax bracket was because some companies were seen to be misusing the provision of exempting unlabelled food items. The council also announced an 18% GST on fees charged by banks for the issue of cheques (loose or in book form). Maps and charts including atlases will attract a 12% levy. The council <a href="https://www.businessinsider.in/policy/news/gst-council-defers-tax-on-casinos-lottery/articleshow/92546658.cms">deferred </a>a decision on levying a 28% tax on casinos, online gaming, horse racing and lottery, pending more consultations with stakeholders. <div type="image" title="Revised GST brings more food items under the tax slab" msid="92733491" hostid="261" caption="&amp;lt;p&amp;gt;Revised GST brings more food items under the tax slab&amp;lt;/p&amp;gt;"></div> Adding to the family bills The new 5% tax on pre-packaged and unpacked essential food items like rice, wheat is expected to add to inflationary concerns, leading to price hikes. Non-ICU hospital rooms costing ₹5,000 a day will now attract 5% GST. Hotel rooms costing under ₹1,000 a day will be brought under the 12% tax slab. Kitchenware knives, blades, spoons, forks and ladles have also been moved to the 18% tax slab, up from 12% earlier. What will be cheaper? There are a few commodities and services that will get cheaper after the recent GST revision. Tax rates on transport of goods and passengers via ropeways; and orthopaedic appliances like splints and artificial body parts have been reduced to 5%. Here a short video- <div type="image" title="Simply put: How will the GST council’s tax changes affect family budgets?" msid="92734429" hostid="261" caption="&amp;lt;p&amp;gt;&amp;lt;b&amp;gt;Simply put: How will the GST council&amp;#8217;s tax changes affect family budgets?&amp;lt;/b&amp;gt;&amp;lt;/p&amp;gt;"></div>

SIMPLY PUT: How will the GST council’s tax changes affect family budgets?

The first fulltime Woman Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> is all set to announce the first annual budget of Modi government’s second tenure. Here we discuss why the salaried employees need more tax exemptions in the 2019 budget. Looking at the budget announcement eagerly, the salaried middle class looks for increase in basic exemption limits, increase in the deduction towards home loan interest payments, and an easy tax filing process. Any tax relief that the budget will contain will leave the salaried tax payers with more money after paying off the taxes. The interim budget of 2019 announced a tax rebate of Rs. 12,500 for the tax payers whose income was less than Rs. 5 lakh per annum. Nevertheless, the basic exemption limit was not changed. The middle class that was left out is expecting the Finance Minister to increase the basic exemption limit to 3 lakhs from the existing limit of 2.5 lakhs so that it will benefit even those taxpayers who are not eligible to claim the Rs. 12,500 tax rebate. Earlier, this limit found an increase from Rs.2 lakhs to Rs.2.5 lakhs only five years back in the 2014 budget. The deduction limit under Section 80C of the Income Tax Act 1961 remains unchanged over the last 5 years. While the government is now looking forward to increase financial savings among the people and boost up the investments in the tax saving instruments, increasing the deduction limit under section 80C to Rs 2 lakhs from Rs. 2.5 lakhs can encourage the salaried class. The healthcare expenses have grown alarmingly over the recent past. The medical expense reimbursement given to the middle class has also been included into standard deduction. Hence increasing the deduction under 80D from Rs. 25,000 to Rs. 50,000 can bring in some relief to the tax paying salaried class. Individuals saving for their retirement are eagerly seeking to increase the deduction for contribution to the National Pension Scheme (NPS) from Rs. 50,000 to Rs. 1,00,000. The salaried class is also expecting the deduction on housing loan to be increased from Rs.2 lakhs to Rs. 3 lakhs. The Government has already initiated the ‘Housing for all by 2022’ Scheme. Hence strong expectations are seen amidst the middle class that the <keyword id="6147670" type="UNKNOWN" weightage="20" keywordseo="budget-2019">budget 2019</keyword> might increase the deduction for home loan interests. The other expectations the salaried and the middle class have in the budget 2019 include digitalizing the processes of applying for Tax Residency Certificate, quicker processing of the applications for transfer of PAN from one to another jurisdiction, income tax returns and refunds. The big goals in front of the <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> government’s second term are enhancing the consumption, creating more employment opportunities and boosting up the economic growth. To achieve these ends, the government will have to bring in a considerable relief to the salaried middle class. Hence, expectations are on the rise to see that the budget 2019 contains aspects that will bring the much needed relief to the salaried tax payers.

You Searched For "budget 2022 exception in tax slabs" and got 8 results

FM Nirmala Sithraman keeps tax slabs unchanged

ANI

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

PTI

Simply put: These income tax changes can leave more money in your hands

Business Insider India

Widening tax base should be a focus area in the Union Budget, says Primus Research

IANS

Budget 2022: Expectations for hike in tax deduction on home loans

IANS

Budget does injustice to Maharashtra, Mumbai: Uddhav Thackeray

PTI

SIMPLY PUT: How will the GST council’s tax changes affect family budgets?

Why Salaried employee wants more tax exemptions?

BI India Bureau

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