When you sell your old piece of jewellery to buy a new one, you are meant to pay capital gains tax on the sale. It is vital to note that the sale of gold, even for the purpose of buying a new ornament, is seen as the sale of an old asset. In Budget 2024, … Read more
Finance minister Nirmala Sitharaman on Wednesday launched NPS Vatsalya Yojana to give an early head-start to children to save for retirement. Parents can open an account for their child from birth to up to 17 years of age. When the child turns 18, the Vatsalya account will convert into a regular NPS account, allowing employer … Read more
Land and building owners now have a reason to cheer. The government has proposed an amendment to the Finance Bill 2024 regarding long-term capital gains (LTCG) tax, thereby relieving property owners of the extra tax burden that would have arisen on account of the latest changes announced by Finance Minister Nirmala Sitharaman on July 23 … Read more
As promised in the Interim Budget 2024-2025 by finance minister Nirmala Sitharaman, it was heartening to see the detailed and comprehensive road map for Viksit Bharat in the full budget. Overall, the Budget 2024 has been an inclusive one, listing out nine priority areas. In fact, inspired by Prime Minister Narendra Modi’s vision, FICCI’s four … Read more
Budget 2024: Presenting her seventh Union Budget in Lok Sabha, Finance Minister Nirmala Sitharaman on Tuesday announced the scrapping of angel tax for all investors. Venture investors hailed the proposed abolition of the decade-old tax regime as “a huge reform.” Harsh Bhuta, Partner, Bhuta Shah, and Co LLP said that removing Angel Tax marks a … Read more
Individual taxpayers eagerly awaited the Union Budget 2024, anticipating significant tax relief from the Modi 3.0 government. Many expected enhanced deductions or revised tax slabs that would lower overall tax rates. The Reserve Bank of India’s optimistic economic outlook and repeated affirmations of India as the fastest-growing major economy fuelled these expectations. Additionally, the government’s … Read more
First things first. Keywords and slogans, like defence and railways, that dominated the previous budgets were missing this time. This was a Budget for coalition partners, towards which Nirmala Sitharaman has loosened the purse strings. A special financial support of ₹15,000 crore will be extended to Andhra Pradesh via multilateral agencies for development. New airports, … Read more
Offering a sense of relief to taxpayers, Union Finance and Corporate Affairs Minister Nirmala Sitharaman in Budget 2024 announced a number of key changes with regards to reopening and reassessment of old income tax returns (ITR) filed by taxpayers. In Budget 2024, Finance Minister Nirmala Sitharaman proposed that reopening and reassessment of income tax returns will be allowed in … Read more
And while the economy is galloping, there are pain points that are beginning to hurt. India has emerged as the fastest growing large economy with an enviable gross domestic product (GDP) growth of over 8%. However, the economic expansion has been uneven. The rural economy, particularly, has been sluggish and there simply aren’t enough jobs … Read more
The Union budget for 2024-25 is surprisingly silent on health, said Prof K Srinath Reddy, a leading public health expert and former president of the Public Health Foundation of India (PHFI) on Wednesday. While infrastructure and employment are undoubtedly vital for India’s development, he said, it was as if the budget wished to erase any … Read more