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The government has officially announced October 1, 2024, as the starting date for <keyword id="23245808" type="General" weightage="100" keywordseo="Vivad-Se-Vishwas-2-0" source="keywords">Vivad Se Vishwas 2.0</keyword>, the direct tax dispute resolution scheme. If you're involved in a tax dispute, this scheme might be your chance to resolve it efficiently. Originally introduced during the 2024-25 Union Budget, the scheme is designed to handle <keyword id="22518437" type="General" weightage="20" keywordseo="income-tax-disputes" source="keywords">income tax disputes</keyword> that are currently tied up in appeals. Confirming the news, the <keyword id="19900485" type="General" weightage="20" keywordseo="Finance-Ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="Finance Ministry" meta.hostid="261" meta.entityid="Finance Ministry">finance ministry</keyword> said in its notification: "The central government hereby appoints the 1st day of October, 2024 as the date on which the Direct Tax Vivad Se Vishwas Scheme, 2024 shall come into force." <h2>The scope of the disputes</h2>To give you an idea of the scale, about 2.7 crore direct tax demands are currently being contested, amounting to a staggering Rs 35 lakh crore. These disputes are scattered across various legal forums, and Vivad Se Vishwas 2.0 aims to help clear this backlog. <div type="Article" hostid="261" msid="113444994" title="In the long run, rate cut by Fed will be favourable for most US banks: Moody&amp;#39;s" mstype="2" mssubtype="0"></div>In her Budget speech, <keyword id="19912360" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="keywords">Finance Minister Nirmala Sitharaman</keyword> highlighted the government’s dedication to simplifying taxes and minimising litigation. She said, "The government will continue its efforts to simplify taxes, improve <keyword id="20404572" type="General" weightage="20" keywordseo="taxpayer-services" source="keywords">taxpayer services</keyword>, provide tax certainty and reduce litigation while enhancing revenues." <h2>Who can avail the scheme?</h2>If you have any pending disputes or appeals, including writs and special leave petitions, whether filed by you or the tax authorities, as of July 22, 2024, you are eligible to take advantage of this scheme. The list of eligible cases includes those pending before the Supreme Court, high courts, Income Tax Appellate Tribunal, and Commissioner/Joint Commissioner (Appeals). It also covers cases before the Dispute Resolution Panel (DRP) and revision petitions awaiting a decision from the Commissioner of Income Tax. <div type="Article" hostid="261" msid="113417255" title="Individuals earning over Rs 10 cr rise by 63% in India; financial assets of high net worth individuals to nearly double by 2028" mstype="2" mssubtype="0"></div>However, the window to decide whether or not to participate in the scheme is limited. As Karishma R. Phatarphekar, Partner at <keyword id="20006170" type="General" weightage="20" keywordseo="Deloitte-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Deloitte India" meta.hostid="261" meta.entityid="Deloitte India">Deloitte India</keyword>, said: "Given the limited time window, an informed decision on opting for the scheme should be made promptly." The rules and forms for the scheme are expected to be published "imminently in the coming week." <h2>Success of the original Vivad Se Vishwas</h2>For those who are wondering about the potential impact, the first Vivad Se Vishwas scheme, introduced in 2020, resolved a significant number of cases. More than 1 lakh taxpayers participated, and the government collected about Rs 75,000 crore in taxes. With this track record, the expectations from Vivad Se Vishwas 2.0 are high. With October 1 just around the corner, now is the time to prepare if you are considering resolving your tax dispute through Vivad Se Vishwas 2.0. As the rules and forms are expected shortly, it’s wise to consult your <keyword id="23245810" type="General" weightage="20" keywordseo="tax-advisor" source="keywords">tax advisor</keyword> and make a decision soon. This scheme could provide the relief you’ve been waiting for while contributing to a more efficient tax system for all. (With inputs from PTI)

New Vivad Se Vishwas 2.0 tax resolution scheme to start on Oct 1 — what you need to know

Around 75 % of <keyword id="20593458" type="General" weightage="20" keywordseo="UPI-users" source="keywords">UPI users</keyword> will stop using it if any transaction charge is levied on the service, a survey by LocalCircles said today. The survey found that 38% of users make over 50% of their payment transactions via <keyword id="19900911" type="General" weightage="100" keywordseo="UPI" source="keywords">UPI</keyword> instead of debit, credit, or any other form of digital transaction. "Only 22 % UPI users surveyed are willing to bear a <keyword id="20813527" type="General" weightage="20" keywordseo="transaction-fee" source="keywords">transaction fee</keyword> on payments, 75% of respondents stated that they will stop using UPI if a transaction fee is introduced," the survey said. The survey comprising three broad areas, claims to have received 42,000 responses from 308 districts but the number of replies on each question varied. The questions regarding transaction fee on UPI received 15,598 responses. The <keyword id="19907219" type="General" weightage="20" keywordseo="National-Payments-Corporation-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="National Payments Corporation of India" meta.hostid="261" meta.entityid="National Payments Corporation of India">National Payments Corporation of India</keyword> (NPCI) posted a record 57% rise in the volume of transactions and 44% rise in value in the 2023-24 fiscal year, compared to the previous fiscal year. For the first time UPI transactions crossed 100 billion and closed at 131 billion in a financial year, compared to 84 billion in 2022-23. In value terms, it touched Rs 199.89 trillion, compared to Rs 139.1 trillion, the report said. The survey found 37 % of respondents shared UPI transaction accounts for more than 50 % of their total payment in value terms. "With UPI rapidly becoming an integral part of nearly 4 in 10 consumers, there is strong resistance to any kind of direct or indirect transaction charges being imposed. LocalCircles will escalate the findings of this survey with the <keyword id="19908390" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of Finance" meta.hostid="261" meta.entityid="Ministry of Finance">Ministry of Finance</keyword> and <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) so that the pulse of the UPI user is taken into account before any MDR charges are permitted," the survey report said. The survey was conducted online, between July 15 to September 20.

Majority of users say they will stop using UPI if transaction fee is levied, notes a LocalCircles survey

<keyword id="19951168" type="General" weightage="100" keywordseo="RBI-governor-Shaktikanta-Das" source="keywords">RBI governor Shaktikanta Das</keyword> was awarded an A+ grade, the highest of the lot, for the second time in a row by the <keyword id="22855254" type="General" weightage="20" keywordseo="Global-Finance-Magazine" source="keywords" meta.keywordsubtype="org" meta.entityname="Global Finance Magazine" meta.hostid="261" meta.entityid="Global Finance Magazine">Global Finance Magazine</keyword>'s <keyword id="22862849" type="General" weightage="20" keywordseo="Central-Banker-Report-Card-2024" source="keywords">Central Banker Report Card 2024</keyword>. While the full list will be available in October, Das was ranked the highest, along with Denmark's Christian Kettel Thomsen and Switzerland's Thomas Jordan. Fed chairman Jerome Powell scored an A- on the list. Before Das, former RBI governor Raghuram Rajan had also made to this list in 2015, securing A grade. Taking to X, PM <keyword id="19895781" type="General" weightage="20" keywordseo="Narendra-Modi" source="keywords">Narendra Modi</keyword> and <keyword id="19982618" type="General" weightage="20" keywordseo="Anand-Mahindra" source="keywords">Anand Mahindra</keyword>, who heads Mahindra and Mahindra, congratulated Das, with the billionaire calling him "a <keyword id="21663281" type="General" weightage="20" keywordseo="gold-medalist" source="keywords">gold medalist</keyword> in central bank Olympics". <div type="twitter" handle="narendramodi" handlename="narendramodi" favoritecount="0" retweetcount="0" id="1826100085672857771"></div> <div type="twitter" handle="anandmahindra" handlename="anandmahindra" favoritecount="0" retweetcount="0" id="1825919281957159052"></div> Brazil's Roberto Campos Neto, Chile's Rosanna Costa, Sri Lanka's Nandalal Weerasinghe and Vietnam's Nguyen Thi Hong received a A grade, while EU's Christine Lagarde, Cambodia's Chea Serey and Sweden's Erik Thedéen were amongst those receiving the A-grade. Since 1994, Global Finance has been grading the central bank governors of nearly 100 countries. They are rated at a scale of A+ (excellent) to F (failure) depending on their success across specific parameters such as inflation control, economic growth goals, currency stability and interest rate management. <h2>Who is Shaktikanta Das? </h2>With a seasoned bureaucratic legacy of 35 years, Das is an IAS officer from the 1980 Tamil Nadu cadre. He graduated from St. Stephens College, Delhi with a degree in history, and was appointed as the 25th governor of the apex bank five years ago, on December 12th, 2018. Prior to assuming this position, Das had also served as secretary in the Department of Revenue and also, Economic Affairs under the <keyword id="19908390" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of Finance" meta.hostid="261" meta.entityid="Ministry of Finance">Ministry of Finance</keyword>. He also served as the DM (district magistrate) for Dindigul and Kanchipuram. Having worked with 4 different finance ministers (Pranab Mukherjee, Arun Jaitley, P Chidambaram and Nirmala Sitharaman), Das had previously also been a member, 15th Finance Commission, along with being a G20 Sherpa in 2017. Das had been instrumental in preparation of India's last 8 union budgets, along with serving as India's alternate governor at various fora, like World Bank, Asian Development Bank, New Development Bank, Asian Infrastructure Investment Bank and more. Das has several economic laurels to his name. From drafting the Insolvency and Bankruptcy Code to executing tax devolution under GST for states and demonetisation, , Shaktikanta Das has played a crucial role in shaping India's overall economic health

Gold medalist in central bank Olympics-All you need to know about RBI governor Shaktikanta Das

Shares of fintech firm <keyword id="181441" type="General" weightage="20" keywordseo="One97-Communications" source="Orion">One97 Communications</keyword> -- the owner of <keyword id="19898109" type="General" weightage="100" keywordseo="Paytm" source="keywords">Paytm</keyword> brand -- jumped 5 per cent on Thursday morning after the company received the government's approval for downstream investment in wholly-owned subsidiary <keyword id="22960487" type="General" weightage="20" keywordseo="Paytm-Payments-Services-Ltd-" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm Payments Services Ltd." meta.hostid="261" meta.entityid="Paytm Payments Services Ltd.">Paytm Payments Services Ltd.</keyword> The stock climbed 5 per cent to Rs 565 on the BSE. At the NSE, it surged 4.98 per cent to Rs 564.80. The company will reapply for a <keyword id="6640986" type="General" weightage="20" keywordseo="payment-aggregator" source="Orion">payment aggregator</keyword> (PA) licence, a regulatory filing said on Wednesday. "We would like to inform you that <keyword id="20410230" type="General" weightage="20" keywordseo="PPSL" source="keywords">PPSL</keyword> has received approval from the government of India, <keyword id="156153" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="Orion">Ministry of Finance</keyword>, Department of Financial Services, vide its letter dated August 27, 2024, for downstream investment from the company into PPSL. "With this approval in place, PPSL will proceed to resubmit its PA application. In the meantime, PPSL will continue to provide online payment aggregation services to existing partners," Paytm filing said. The Reserve Bank of India (RBI) had rejected Paytm's PA licence permit application in November 2022 and instructed the company to reapply with Press Note 3 compliance under the foreign direct investment norms. As per Press Note 3, the government had made its prior approval mandatory for investments from nations that share land borders with India.

Paytm shares jump 5% on receiving government's nod for investment in Paytm Payments Services

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> and the United States have agreed to extend the 2 per cent <keyword id="21019311" type="General" weightage="20" keywordseo="equalisation-levy" source="keywords">equalisation levy</keyword> or <keyword id="22218152" type="General" weightage="20" keywordseo="digital-tax" source="keywords">digital tax</keyword> on <keyword id="19990771" type="General" weightage="100" keywordseo="e-commerce" source="keywords">e-commerce</keyword> supplies until June 30. On Oct 8, 2021, both countries joined 134 other members of the <keyword id="22218153" type="General" weightage="20" keywordseo="OECD/G20-Inclusive-Framework" source="keywords" meta.keywordsubtype="org" meta.entityname="OECD/G20 Inclusive Framework" meta.hostid="153" meta.entityid="OECD/G20 Inclusive Framework">OECD/G20 Inclusive Framework</keyword> (including Austria, France, Italy, Spain, and the United Kingdom) in reaching agreement on the Statement on a Two-Pillar Solution of OECD/G20, to Address the Tax Challenges Arising from the Digitalization of the Economy. On November 24, 2021, India and the United States agreed that the same terms that apply under the October 21 Joint Statement shall apply between India and the United States with respect to India's charge of 2% equalisation levy on e-commerce supply of services and the United States trade action with respect to the said Equalisation Levy. The validity of this agreement was from 1st April 2022 till the implementation of Pillar One or 31st March 2024, whichever is earlier. This was stated in public statements made by both sides on November 24 Statements. On February 15, 2024, the United States AND Austria, France, Italy, Spain, and the United Kingdom decided to extend the political compromise set forth in the October 21 Joint Statement until June 30, 2024. "In light of the above developments, India and the United States have decided to extend the validity of the agreement reflected in November 24 Statements until June 30, 2024. All other terms of the transitional approach remain the same," the <keyword id="19900485" type="General" weightage="20" keywordseo="finance-ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="finance ministry" meta.hostid="153" meta.entityid="finance ministry">finance ministry</keyword>'s release said The OECD/G20 two-pillar solution addresses the tax challenges arising from the digitalization of the economy and aims to modernize the international tax framework. This pillar introduces a global minimum corporate tax rate to prevent tax base erosion and profit shifting (BEPS). The minimum tax rate ensures that MNEs pay at least a minimum level of tax regardless of where they are headquartered or where they operate. It also mandates to implementation of Global Anti-Base Erosion (GloBE) rules to ensure that foreign income is taxed to restore a level playing field and eliminate the need for countries to offer very low tax rates in order to compete for inbound investment. The Finance Ministry further added in the statement that both countries will remain in close contact to ensure that there is a common understanding of the respective commitment and endeavour to resolve all issues on this matter through constructive dialogue.

India-US agrees to extend 2% digital tax on e-commerce supplies until June 30

Ahead of the union <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">budget</keyword> 2024, which is set to be presented on the 22nd July, finance minister Nirmala Sitharaman kicked off pre-budget consultations on 19th June. In their pre-budget memorandum to the <keyword id="19900485" type="General" weightage="20" keywordseo="finance-ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="finance ministry" meta.hostid="261" meta.entityid="finance ministry">finance ministry</keyword>, the <keyword id="20366533" type="General" weightage="20" keywordseo="PHD-Chamber-of-Commerce-and-Industry" source="keywords" meta.keywordsubtype="org" meta.entityname="PHD Chamber of Commerce and Industry" meta.hostid="261" meta.entityid="PHD Chamber of Commerce and Industry">PHD Chamber of Commerce and Industry</keyword> proposed 10 reforms it deemed essential for <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>’s journey towards <keyword id="19916816" type="General" weightage="20" keywordseo="Viksit-Bharat" source="keywords" meta.keywordsubtype="org" meta.entityname="Viksit Bharat" meta.hostid="261" meta.entityid="Viksit Bharat">Viksit Bharat</keyword>. Amongst the proposals submitted were introducing reforms to enhance the share of the manufacturing sector in India’s <keyword id="19904293" type="General" weightage="20" keywordseo="GDP" source="keywords">GDP</keyword> to 25% by 2030, and the expansion of the <keyword id="19981334" type="General" weightage="20" keywordseo="PLI-scheme" source="keywords">PLI scheme</keyword> beyond its existing scope of 14 sectors. In addition to this, <keyword id="20366532" type="General" weightage="100" keywordseo="PHDCCI" source="keywords" meta.keywordsubtype="org" meta.entityname="PHDCCI" meta.hostid="261" meta.entityid="PHDCCI">PHDCCI</keyword> also emphasised on rationalising direct taxes for the middle class, infrastructure enhancement and smart village development, with special focus on tier-2 and 3 cities. As per Sanjeev Agrawal, President, PHDCCI, “In order to strengthen the share of the manufacturing sector in the country's GDP, we recommend the status quo on the corporate tax rate at 22% for existing companies and 15% for new manufacturing companies incorporated after October 1, 2019. The middle class must be spared from the 30% tax rate and this rate must be applicable only to those with taxable income above Rs. 40 lakh, this will support consumption demand in this country”. In addition to this, PHDCCI also emphasised on strengthening linkages between universities and industries for bettering research and development activities in the country, and also appealed for reducing cost of doing business. Here’s a snapshot of some prominent demands placed forth by the PHDCCI ahead of the budget : <ol><li>Change in NPA classification limit from the present 90 days to 180 days</li><li>Fostering AI education, skill development and competitiveness in the service sector</li><li>Increase agricultural exports to US$100 billion in the next 3 years via increased public investments in infrastructure,</li><li>Ensure the presence of schools within a radius of 1 km, colleges within a 10 km radius and universities within a 25 km radius in the next five years.</li><li>Make health centres available within the radius of 1 km and hospitals within the radius of 10 km.</li><li>Propose a Voluntary Disclosure Scheme (VDS) for legal cases older than 10 years, offering settlement opportunities at a nominal 15% penalty. </li></ol>

Bolster manufacturing sector, consumption this budget: PHDCCI to FinMin

With Indians rushing to file their ITRs ahead of the July 31st deadline that's coming up tomorrow, did you know that residents of just one Indian state are exempt from filing <keyword id="19901478" type="General" weightage="20" keywordseo="income-tax" source="keywords">income tax</keyword> returns, or paying taxes at all? Yes, <keyword id="19903425" type="General" weightage="20" keywordseo="Sikkim" source="keywords">Sikkim</keyword> is the only state in the country where the residents do not have to pay income tax. But why is that the case? Let's delve into it. An erstwhile princely kingdom for almost 333 years prior to its amalgamation, Sikkim merged into independent India in 1975, thereby becoming the country's 22nd state. But this happened on one condition- that it will be allowed to continue with its old <keyword id="21152786" type="General" weightage="20" keywordseo="tax-laws" source="keywords">tax laws</keyword> post the merger. Sikkim has its own income tax manual, which stipulated that no resident of Sikkim was to pay taxes to the center. Hence, honoring the merger agreement, the Indian government granted a special tax exemption to Sikkimese residents from Indian income tax regulations. This changed in 2008, when the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union budget</keyword> repealed the state's tax laws. However, to maintain the exemption status enjoyed by the state's residents, it inserted section 10 (26AAA). Under this section, any income generated by a Sikkimese, be it from a source within the state, or by way of dividend or interest on securities, would be tax-exempt. At present, any individual who has been domiciled (noted as having fixed, principal and permanent residence) in Sikkim as of April 26, 1975 would be considered a Sikkimese, and hence, exempt from paying income tax. As per data from PRS Legislative Research, the state's estimated own tax revenue for 2023-24 stood at Rs 1,727 crore. However, if a Sikkimese has rental income from properties situated outside of the state, or has an income from source that is not located in Sikkim, it will be subject to relevant taxes. Nevertheless, the provisions of tax exemptions would not apply to any Sikkimese woman, who marries a non-Sikkimese or an outsider, on or after April 1, 2008. Market regulator SEBI has also exempted residents of Sikkim from mandatorily having a PAN card for investing in Indian stock markets, equities, cash market and even mutual funds. <h2>Decoding Section 10 (26) of the IT Act</h2>All these income-tax exemptions also extend to a few other regions in the country, but only if you are a member of the scheduled tribes. Section 10(26) of the Income Tax Act applies to Ladakh, Arunachal Pradesh, Manipur, Mizoram, Nagaland and <keyword id="19919396" type="General" weightage="20" keywordseo="tripura" source="keywords">Tripura</keyword>, along with the North Cashar hills district, Karbi Anglang district, Chakma district, Mara district, and Lai District. Simply put, it stipulates that if you belong to the scheduled tribes and generate any income, the source of which lies in the above mentioned regions, or by way of dividend or interest on securities, your income would be tax-exempt. But any income generated outside of these regions would be taxable.

Did you know about the only Indian state exempt from paying any income tax? Know all about it here

New Delhi [India], February 1 (ANI): Ahead of the presentation of the interim budget 2024-2025, Union Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> arrived at the Ministry of Finance on Thursday. MoS finance Bhagwat Karad and Pankaj Chaudhary also accompanied her to the finance ministry. The Union Finance Minister will table the interim budget as the <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword> polls are due to be held this year. This will be her sixth Budget as the Finance Minister and last in the second term of the Modi government. The interim budget will take care of the financial needs of the intervening period until a government is formed after the Lok Sabha polls. A full budget will be presented by the new government. The Budget Session of Parliament commenced on Wednesday with President Droupadi Murmu addressing a joint sitting of Lok Sabha and <keyword id="19895369" type="General" weightage="20" keywordseo="rajya-sabha" source="keywords">Rajya Sabha</keyword>. <keyword id="19916494" type="General" weightage="20" keywordseo="sitharaman" source="keywords">Sitharaman</keyword> equaled the record of former Prime Minister Morarji Desai, who as finance minister, presented five annual budgets and one interim budget between 1959 and 1964. In her address, the President said 2023 was a historic year for the country and among other steps, the country kept up the momentum of being the fastest-growing major economy. "The year 2023 was a historic year for <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> when it grew the fastest among major economies despite the global crisis. India grew about 7.5 per cent for two consecutive quarters," she said. The last session before Lok Sabha polls, expected to be held in April-May this year, will have a total of eight sittings spread over 10 days. A day before the session was set to start, Parliamentary Affairs Minister Pralhad Joshi, at an all-party meeting, said the budget session would mainly be devoted to the financial business relating to the interim union budget for 2024-25 and discussion on the Motion of Thanks on the President's Address. However, essential legislative and other business may also be taken up during this session. The all-party meeting was attended by 45 leaders from 30 political parties. In addition, he also informed that Supplementary Demands for Grants for 2023-24 in respect of the Union Government will be discussed. The presentation and discussion on the Interim Budget of the Union Territory of Jammu and Kashmir for 2024-25 along with Supplementary Demands for Grants of Union Territory of Jammu and Kashmir for the financial year 2023-24 will also be taken up and voted. The Indian economy is projected to grow close to 7 per cent 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 per cent in 2022-23 and 8.7 per cent in 2021-22. The Indian economy is expected to grow 7.3 per cent in the current financial year 2023-24, remaining the fastest-growing major economy. The last full Budget of Modi government 2.0 had proposed to increase capital expenditure outlay by 33 per cent to Rs 10 lakh crore in 2023-24, which would be 3.3 percent of the GDP. It was almost three times the outlay in 2019-20. (ANI)

Nirmala Sitharaman arrives at Finance Ministry ahead of Budget 2024

After social media outrage over a Budget proposal making it mandatory to get <keyword id="22574399" type="General" weightage="100" keywordseo="tax-clearance-certificate" source="keywords">tax clearance certificate</keyword>s for going abroad, the government on Sunday clarified that the proposed amendment is not for all, and only those accused of financial irregularities or having substantial tax arrears need such clearance. The <keyword id="19955404" type="General" weightage="20" keywordseo="finance" source="keywords">finance</keyword> ministry, in the Finance Bill, 2024, has proposed to add the reference of the <keyword id="20961832" type="General" weightage="20" keywordseo="Black-Money-Act" source="keywords">Black Money Act</keyword>, 2015, to the list of Acts, under which any person should clear his liabilities to obtain the tax clearance certificate. "The proposed amendment does not require all the residents to obtain the tax clearance certificate," the ministry said in a statement. As per section 230 of the Income-tax Act, 1961, every person is not required to obtain a tax clearance certificate. Only in the case of certain persons, in respect of whom circumstances exist, which make it necessary to obtain a tax clearance certificate will be required to obtain such a certificate. The ministry said that the Income Tax department through a 2004 notification has specified that the tax clearance certificate may be required to be obtained by persons domiciled in India only in certain circumstances. These include - where the person is involved in <keyword id="22576180" type="General" weightage="20" keywordseo="serious-financial-irregularities" source="keywords">serious financial irregularities</keyword> and his presence is necessary in the investigation of cases under the Income-tax Act or the Wealth-tax Act and it is likely that a tax demand will be raised against him, or where the person has direct tax arrears exceeding Rs 10 lakh outstanding against him, which have not been stayed by any authority. The I-T department said that a person can be asked to obtain a tax clearance certificate only after recording the reasons for the same and after taking approval from the Principal Chief Commissioner of Income-tax or Chief Commissioner of Income-tax. Such a certificate is required to be issued by the income-tax authority, stating that such person has no liabilities under the Income-tax Act, or the Wealth-tax Act, 1957, or the Gift-tax Act, 1958, or the Expenditure-tax Act, 1987, it added.

After outrage, Govt clarifies: tax clearance certificate only for people with tax dues, high-value defaulters

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword> [India], January 29 (<keyword id="19904948" type="General" weightage="20" keywordseo="ani" source="keywords">ANI</keyword>): The Indian economy is projected to grow close to 7 per cent in the financial year 2024-25 that starts this April, said the <keyword id="19908390" type="General" weightage="20" keywordseo="ministry-of-finance" source="keywords">Ministry of Finance</keyword> in its monthly review report. The strength of domestic demand has driven the economy to a 7 per cent plus growth rate in the last three years. <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22. The Indian economy is expected to grow 7.3 per cent in the current financial year 2023-24, remaining the fastest-growing major economy. The robustness seen in domestic demand -- private consumption and investment -- traces its origin to the reforms and measures implemented by the government over the last 10 years, said the report issued by <keyword id="19912839" type="General" weightage="20" keywordseo="department-of-economic-affairs" source="keywords">Department of Economic Affairs</keyword>. "The supply side has also been strengthened with investment in infrastructure - physical and digital - and measures that aim to boost manufacturing. These have combined to provide an impetus to economic activity in the country," the review report noted. "Accordingly, in FY25, real GDP growth will likely be closer to 7 per cent." There is, however, considerable scope for the growth rate to rise well above 7 per cent by 2030, the report added. "The rapidly expanding digital infrastructure is continuously improving institutional efficiency. Technological progress is picking up pace with rising collaboration with foreign partners in the production of goods and services. Decisive steps have been taken to speed up human capital formation. Finally, the overall investment climate is increasingly becoming more favourable with sustained enhancement in the ease of doing business." In the next three years, India is expected to become the third-largest economy in the world, with a GDP of USD 5 trillion, it asserted. India can aspire to become a USD 7 trillion economy in the next six to seven years (by 2030), it said. "This will be a significant milestone in the journey to delivering a quality of life and standard of living that match and exceed the aspirations of the Indian people." Firm GDP growth forecasts, inflation at manageable levels, political stability at the central government level and signs that the central bank is done tightening its monetary policy have all contributed to painting a bright picture for the Indian economy. (ANI)

Indian economy likely to grow 7% next financial year: Ministry of Finance

<keyword id="20305504" type="General" weightage="20" keywordseo="Khelo-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Khelo India" meta.hostid="261" meta.entityid="Khelo India">Khelo India</keyword>, which is the government's flagship project to promote sports at the grassroots level, was once again the biggest beneficiary in the union <keyword id="19936553" type="General" weightage="100" keywordseo="budget" source="keywords">budget</keyword> for the <keyword id="19896478" type="General" weightage="20" keywordseo="sports-ministry" source="keywords">sports ministry</keyword> as it was assigned Rs 900 crore from the overall allocation of Rs 3,442.32 crore on Tuesday. Kehlo <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s share, announced in the budget presented by finance minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> here, is Rs 20 crore more than the revised allocation of Rs 880 crore during the previous financial year. With the <keyword id="19986816" type="General" weightage="20" keywordseo="Olympic" source="keywords">Olympic</keyword> cycle set to come to an end in Paris in August this year, and the <keyword id="19895708" type="General" weightage="20" keywordseo="Commonwealth-Games" source="keywords">Commonwealth Games</keyword> and <keyword id="20007738" type="General" weightage="20" keywordseo="Asian-Games" source="keywords">Asian Games</keyword> still two years away, the budget for the Sports Ministry has seen only a marginal increase of Rs 45.36 crore from the previous cycle. The budget for the previous cycle was Rs 3,396.96 crore for the previous financial year. The government has invested heavily in Khelo India over the years as the programme continues to unearth talent from all parts of the country. While Khelo India's actual allocation in 2022-23 stood at Rs 596.39 crore, it was increased by more than Rs 400 crore, to Rs 1,000 crores, in the 2023-24 budget, before being revised to Rs 880 crore. The government has continued to add programmes ever since the inaugural Khelo India Youth Games (KIYG) were held in 2018. The ministry added Khelo India University Games in 2020, before also launching the Khelo India Winter Games the same year and the Khelo India Para Games in 2023. Hundreds of Khelo India State Centres of Excellence (KISCE) have been set up across the country, which aim to provide facilities for athletes with potential. Several Khelo India athletes are currently in India's Olympic-bound contingent. The government's assistance to <keyword id="20418970" type="General" weightage="20" keywordseo="National-Sports-Federations" source="keywords" meta.keywordsubtype="org" meta.entityname="National Sports Federations" meta.hostid="261" meta.entityid="National Sports Federations">National Sports Federations</keyword> (NSFs) has also seen an increase of Rs 15 crore -- from Rs 325 crore in 2023-24 to Rs 340 crore in the latest budget. The budget for Sports Authority of India, which apart from maintaining its stadia across the country also manages the Target Olympic Podium Scheme (TOPS) to prepare athletes for the global sporting extravaganzas, has also been enhanced from Rs 795.77 crore to Rs 822.60 crore, which is a jump of Rs 26.83 crore. The <keyword id="20524251" type="General" weightage="20" keywordseo="National-Anti-Doping-Agency" source="keywords" meta.keywordsubtype="org" meta.entityname="National Anti-Doping Agency" meta.hostid="261" meta.entityid="National Anti-Doping Agency">National Anti-Doping Agency</keyword> (NADA) and the National Dope Testing Laboratory (NDTL), which does all the testing, have received marginal increase in their budgets. While NADA's budget has gone up from Rs 21.73 crore last year to Rs 22.30 crore, NDTL has got Rs 22 crore, up from Rs 19.50 last year.

Khelo India once again gets lion's share in Union Budget for sports

India is poised to remain the fastest-growing major economy in 2024-25, Chief Economic Adviser V Anantha Nageswaran said in a press conference after the tabling of the <keyword id="20613906" type="General" weightage="20" keywordseo="economic-survey" source="keywords">Economic Survey</keyword> in the Parliament on Monday. The Economic Survey tabled today projected India to grow at 6.5-7.0 per cent in 2024-25. Global institutions, including <keyword id="19896779" type="General" weightage="20" keywordseo="IMF" source="keywords" meta.keywordsubtype="org" meta.entityname="IMF" meta.hostid="261" meta.entityid="IMF">IMF</keyword>, OECD, World Bank, S&amp;P, ADB, and Fitch, have projected India to grow in a range of 6.6-7.2 per cent. The International Monetary Fund (IMF), in its latest outlook, has raised India's growth projections for 2024 from 6.8 per cent earlier to 7 per cent, with the country maintaining the fastest-growing status in emerging markets and developing economies. According to official data of the Indian government, the country's GDP grew at an impressive 8.2 per cent during the financial year 2023-24. India's economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22 respectively. Further, the CEA in his press conference projected that India's <keyword id="20089672" type="General" weightage="20" keywordseo="per-capita-income" source="keywords">per capita income</keyword> is expected to increase from around Rs 2 lakh in 2022-23 to Rs 14.9 lakh in 2046-47. Further, CEA said <keyword id="20751315" type="General" weightage="20" keywordseo="household-savings" source="keywords">household savings</keyword> of Indians in physical assets have been increasing over the past three financial years through 2023-24. The CEA, addressing the press conference, said household savings in physical assets rose from 8 per cent in 2020-21 to 12.9 per cent in 2022-23. "Households are not in distress, they are investing in <keyword id="20792385" type="General" weightage="20" keywordseo="financial-assets" source="keywords">financial assets</keyword> that have done very well. Financial assets of households are not marked to market so households are doing quite well in the aggregate," he said. India needs both banks and capital markets to provide the required finances sourced from a sustained high level of household savings, according to the Survey. <keyword id="20385790" type="General" weightage="20" keywordseo="Union-Finance-Minister" source="keywords">Union Finance Minister</keyword> Nirmala Sitharaman on Monday tabled the economic survey in Parliament, a day ahead of the full Budget presentation for 2024-25. The Economic Survey document, prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and formulated under the supervision of the chief economic adviser, gives insights into the state of the economy and various indicators of 2023-24 (April-March) and some outlook for the current year. The Economy Survey document also gave some idea about the tone and texture of the actual Budget for 2024-25, to be presented on Tuesday. (ANI)

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