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Tag: Nirmala Sitharaman

  • Chandrababu Naidu in Delhi to push for early work on budget promises

    New Delhi: Within a week of the Union Budget being passed in Parliament, Andhra Pradesh chief minister N Chandrababu Naidu is on a twoday visit to Delhi to push for early implementation of the promises made to his state in the Budget.

    Naidu met Prime Minister Narendra Modi, home minister Amit Shah and finance minister Nirmala Sitharaman on Saturday. Naidu, whose Telugu Desam Party (TDP) provides the vital numerical support of 16 MPs to National Democratic Alliance (NDA), is expected to raise the issue of Central support for Polavaram irrigation project and development of Amravati as state capital.

    Naidu met Jal Shakti minister CR Patil on Saturday to discuss Polavaram project. Naidu also visited the civil aviation ministry to take stock of the various airports under developments and improvement of air connectivity in Andhra Pradesh. Cabinet minister Ram Mohan Naidu posted on microblogging site The Ministry of Civil Aviation is committed to supporting and cooperating in Andhra Pradesh’s growth story. Special thanks to @ncbn garu for his presence at the ministry and for his valuable administrative inputs on how to make full use of air connectivity in the state. potential of Civil Aviation for the growth of our country.”

  • Sitharaman, Kharge spar over ‘injustice’ to oppnruled states

    Leader of Opposition in Rajya Sabha Mallikarjun Kharge on Wednesday sparred with finance minister Nirmala Sitharaman in the House over the budget, with the former alleging that Oppositionruled states have not received any funds, a charge Sitharaman dismissed. She said while allocations have been made, it is not possible to name each state in a speech. Soon after the Upper House met, Chairman Jagdeep Dhankhar called upon Kharge to speak. “There is nothing in the budget for states and their plates are empty. The plates of two states have pakoras and jalebis but the other states have nothing. There is nothing for Tamil Nadu, Kerala, Karnataka, Maharashtra, Punjab, Haryana, Rajasthan, “Chhattisgarh or Delhi or even Odisha. All funds have been given to keep some people happy and to save their seat (power),” he said. balance, how will development take place? All Opposition parties condemn this,” Kharge said. But when Sitharaman, who was present in the House, the Opposition walked out. At this, Dhankhar lamented that the LoP has “under a ploy and strategy” misused the opportunity given to him by the chair and caused this disruption “as a weapon”. However, Sitharaman continued with her response and maintained that in a budget speech one does not get an opportunity to name every state. “This is a deliberate attempt by Congress to give an impression to the people that nothing has been given to our state… I challenge the Congress party that for all the budget speeches that they have delivered, in each of those speeches they have named all the states? This is an outrageous allegation,” she said.The FM said between the Vote on Account presented in February and the budget, Maharashtra had not been named but the Union cabinet had approved a ₹76,000 crore project for building a port at Vadhavan (in Palghar district). When Trinamool MPs joined the Opposition protest and shouted that “injustice” has been done to West Bengal in the budget, Sitharaman said the state government has not implemented several central schemes and cited the example of Ayushman Bharat.

  • GST Council Meeting: FM Sitharaman Announces Nationwide Biometric Authentication- Key Highlights | Economy News

    New Delhi: Finance Minister Nirmala Sitharaman in the 53rd GST Council Meeting announced that biometric authentication will be implemented nationwide in phases to curb fake invoicing. For efficient GST registration the council recommended making Aadhaar biometric authentication mandatory for all new registrations across the country.

    “There is going to be a rolling out of biometric-based Aadhaar authentication on an all-India basis. This will help us to combat fraudulent input tax credit claims made through fake invoices in the cases,” the minister announced during the briefing following the 53rd GST Council meeting.

    Here are the key announcements made by the Finance Minister after the GST Council meeting:

    – The GST Council has recommended waiving interest penalties on demand notices issued under Section 73 of the GST Act for the fiscal years 2017-18, 2018-19, and 2019-20. This waiver applies to cases that do not involve fraud, suppression, or misstatement. Taxpayers who settle the full tax amount demanded in the notice by March 31, 2025, will be eligible for this benefit.

    – For returns submitted by November 30, 2021, the deadline for Input Tax Credit (ITC) claims for the fiscal years 2017-18, 2018-19, 2019-20, and 2020-21 is considered to be November 30, 2021.

    – To curb government litigation, the Council suggested establishing monetary thresholds for filing appeals by departments: Rs 20 lakh for the GST appellate tribunal, Rs 1 crore for high courts, and Rs 2 crore for the Supreme Court.

    – The Council extended the deadline for submitting returns from April 30 to June 30 for the fiscal year 2024-25 and onwards.

    – The Council clarified that all types of sprinklers, including those for fire and water, will now have a uniform GST rate of 12 per cent.

    – In addition, accommodation services valued at up to Rs 20,000 per person per month which are provided continuously for at least 90 days will also be exempt from GST.

    – The Council proposed a uniform GST rate of 12 per cent on all milk cans, regardless of the material they are made from (steel, iron, aluminium), aiming to resolve disputes.

    -The Council also proposed a 12 per cent GST rate for all types of carton boxes and cases made from both corrugated and non-corrugated paper or paperboard. This change is expected to especially benefit apple growers in Himachal Pradesh and Jammu & Kashmir.

    The Finance Minister announced that the next meeting of the Goods and Services Tax (GST) Council is tentatively scheduled for sometime in mid to late August. She pointed out that the groundwork for this inclusion was laid during the initial implementation of GST and stressed that the final decision now rests with the state governments.

  • ‘UPA Made Economy Non-Performing In 10 Years:’ FM Sitharaman Tables White Paper In Lok Sabha

    Sitharaman shared the White Paper in both English and Hindi.

  • Interim Budget 2024: Key Takeaways From Nirmala Sitharaman’s Budget Speech | Economy News

    New Delhi: Finance Minister Nirmala Sitharaman on Thursday unveiled her sixth budget in Parliament, marking it as an interim budget ahead of the Lok Sabha Elections. It’s noteworthy that the upcoming full-fledged budget will be presented by the new government after the Lok Sabha elections. The government’s primary focus lies on improving conditions for marginalized groups such as the poor, women, youth, and farmers, among other sectors.

    Let’s have a quick look on the key takeaways from Nirmala Sitharaman’s Budget 2024

    -In a span of 10 years, the government successfully lifted 250 million people out of poverty.

    -The government is set to introduce a new initiative aimed at enhancing deep tech capabilities for defense applications.

    -In her interim Budget 2024 speech, Finance Minister Nirmala Sitharaman announced a substantial government investment in the country’s tourism sector.

    -Over the next five years, the government plans to construct an additional 20 million affordable houses, supplementing the existing 30 million homes already built. (Also Read: Defense Gets Rs 6.21 Lakh Crore In Interim Budget 2024-25)

    -The extension of tax benefits for startups and the inclusion of investments from sovereign wealth and pension funds will now be applicable until March 2025.

    -The government announced that the success of self-help groups has enabled one crore women to attain the title of “Lakhpati didis.”

    -The government announced that there are no changes in taxation – both direct and indirect.

    -The fiscal deficit for FY24 is anticipated to be below the target at 5.8% of GDP. It is projected to further decrease to 5.1% in FY25, with the objective of reducing it to 4.5% by FY26. (Also Read: Health Ministry Allocated Over Rs 90,658 Crore In interim Budget)

    -The Railways gets an allocation of Rs 2.4 lakh crore. Three major economic railway corridors under the PM Gati Shakti to improve logistics efficiency and reduce cost.

  • Decoding Budget Terms: What Is Halwa Ceremony? Check All About The Event | Economy News

    New Delhi: In a longstanding tradition, India kickstarts the budget-making process with the annual “Halwa Ceremony.” This unique event, held in the basement of the North Block of the Finance Ministry in Central Delhi, involves the Finance Minister leading the preparation of halwa, a beloved Indian dessert, to formally initiate the printing process for budget-related documents.

    Dating back to 1950, this ceremony plays a crucial role in maintaining secrecy and preventing leaks surrounding the budget. During the Halwa Ceremony, the Finance Minister takes center stage, actively participating by stirring the large wok (kadhai) used to make halwa. (Also Read: Lord Ram’s Photo On Rs 500? Here’s The Truth Behind Viral Pics)

    The sweet dish is then served to officials and staff involved in the budget-making process. This unique and symbolic act marks the beginning of the extensive budget-making process that spans several months. (Also Read: From Tata To Birla: Check List Of Prominent Industrialists Invited For Ram Temple Consecration)

    The North Block basement undergoes a transformation into a highly secure area resembling a fortress during the ceremony. Approximately 100 officials and staff directly involved in the budget-making or printing process are isolated to ensure confidentiality.

    Stringent measures, including round-the-clock surveillance, restricted communication, and electronic jammers, are implemented to prevent leaks or unauthorized information disclosure.

    The tradition of the Halwa Ceremony has evolved over the years to enhance security and confidentiality. Originally held at Rashtrapati Bhavan, the printing press was relocated to Minto Road and, eventually, to the North Block basement in 1980.

    These measures were implemented in response to a budget leak in 1950, emphasizing the government’s commitment to maintaining the sanctity of the budget-making process.

    To guarantee utmost confidentiality, officials in the North Block basement experience strict measures, including restricted contact with the outside world, supervised phone calls, continuous surveillance by the Intelligence Bureau, and stringent cybersecurity protocols.

    These precautions aim to prevent any leaks related to the budget before its official presentation.

  • How India created wealth within the final 4 monetary years, Sitharaman explains

    Global Fintech Fest 2023: Union Finance Minister Nirmala Sitharaman stated on Tuesday that India’s monetary ecosystem has made a large stride. Delivering the inaugural deal with of Global Fintech Fest 2023 in Mumbai, FM stated, “There was a time when standard monetary actions have been the spine of the monetary ecosystem however at this time Fintech has grow to be a extra sturdy and dynamic monetary inclusion device.” 

    FM Nirmala Sitharam defined how India created wealth within the final 4 monetary years.

    FM Sitharaman on demat accounts

    The variety of demat accounts elevated by 2.5 occasions from 4.1 crore in 2019-20 to 10 crore in 2022-23, Sitharaman stated.

    FM Sitharaman on Mutual Funds, SIPs

    “A document variety of mutual funds and SIPs are being registered which helps in producing wealth,” she said.

    “Top 30 cities of India are usually expected to be ahead in formal savings. However, in the last four years, the share of cities beyond the top 30, in total mutual fund assets has grown from 15 per cent to 26 per cent. So it’s beyond 30 cities that are contributing to India’s financial ecosystem.”

    “Instruments like SIPs are solely democratising this wealth-creation alternative,” Sitharman added.

    Finance Minister Nirmala Sitharaman reiterated India’s stance that it seeks global cooperation and a framework are essential to counter threats emanating from areas such as cryptocurrencies. “Unless you go for a global cooperation, you are not going to get a responsible financial ecosystem which can it regulate it as well,” she stated. Crypto belongings are at present unregulated in India.

    Union Finance Minister Nirmala Sitharaman on Tuesday requested banks and monetary establishments to make sure that their clients nominate heirs, which will help cut back the quantum of unclaimed cash.

    “I want the banking system, the financial ecosystem (including) the mutual funds, stock markets… everybody to keep in mind that when someone deals with his (customer’s) money, the organisations will have to think about the future and ensure that they (customers) nominate their heir, give the name and address,” Sitharaman stated on the Global Fintech Fest (GFF) right here.

    Sitharaman emphasised the significance of not too long ago launched Income Tax Return (ITR) knowledge for August and highlighted that Tax submitting has surged throughout all earnings brackets. All tax slabs have seen a minimal thrice improve in tax submitting, with some experiencing a fourfold surge, the Finance Minister added.

    -With company inputs

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    Updated: 05 Sep 2023, 02:34 PM IST

  • New tax regime more likely to have attracted 5.5 crore taxpayers in FY24: Report

    New Tax Regime Vs Old Tax Regime For FY24: Around 5.5 crore taxpayers could have switched to the brand new tax regime within the present fiscal yr, as the brand new revenue tax system has change into extra interesting for the monetary yr 2023–24 with a rebate on revenue as much as ₹7 lakh, mentioned Business Standard in its report citing a senior authorities official.

    The majority of those taxpayers, it was said, have taxable incomes of as much as ₹7 lakh.

    “We don’t see any purpose why 55 million gained’t shift to the brand new tax regime. Most younger taxpayers, incomes round ₹7.5-8 lakh, and even as much as ₹10 lakh choose revenue tax submitting to be versatile but simple,” said Business Standard (BS) in its report quoting the official.

    Financial Minister Nirmala Sitharaman brought about income tax relief for individual taxpayers, particularly those on salaries, in the Budget 2023–24. While the previous income tax system remained unaltered, the new income tax regime increased the rebate to ₹7 lakh from ₹5 lakh. That indicates there is no tax to be paid by individuals making up to ₹7 lakh. With margin relief applied, there is no tax due for individuals making up to ₹7.27 lakh crore.

    According to the Business Standard report, under the new tax regime, an annual income up to ₹7 lakh is tax-free, however the Finance Act, 2023 grants a ₹25,000 rebate, providing a marginal reduction of up to ₹27,000. For tax reasons, income up to ₹7.27 lakh would be treated as equal to ₹7 lakh, meaning it will be tax-free.

    In order to ascertain whether the new tax system was advantageous to them, many taxpayers were also eager to try new things. The official said the taxpayers can go back to the old tax regime in case they find it more beneficial, according to the Business Standard report.

    Only in the following assessment year (2024–2025), when the earnings and tax liabilities for the current fiscal year are displayed, will it be evident how many people have chosen the new tax regime, said Business Standard report.

    “The revenue tax division’s FY23 knowledge reveals that 4.84 crore taxpayers had a taxable revenue of as much as ₹5 lakh. More than 1.12 crore individuals had a taxable revenue between ₹5 lakh and ₹10 lakh, whereas the variety of taxpayers with taxable revenue between ₹10 lakh and ₹20 lakh stood at 47 lakh, in line with the report,” talked about Business Standard.

    Twenty lakh taxpayers have been within the ₹20 lakh– ₹50 lakh tax bracket, and three.8 lakh taxpayers had taxable revenue between ₹50 lakh and ₹1 crore. Similarly, 2.6 lakh taxpayers had taxable revenue of greater than ₹1 crore, as per the BS report.

    Also Read: Budget 2023: How Nirmala Sitharaman tried to simplify tax expertise

     

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    Updated: 22 Aug 2023, 03:18 PM IST

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  • Over 6 crore ITRs filed until 6.30 pm right now: Income tax division

    Income tax division on Sunday saidmore than 6 croreincome tax returns (ITRs) have been filed for fiscal 12 months 2022-23 thus far, of which about 27 lakh ITRs had been filed onJuly 30.

    “More than 6 crore ITRs have been filed thus far (thirtieth July), out of which about 26.76 lakh ITRs have been filed right now until 6.30 pm!” the I-T division tweeted.

    The variety of ITRs filed has exceeded the variety of returns filed final 12 months until July 31.

    The division additionally stated greater than 1.30 crore profitable logins had been there on the e-filing portal until 6.30 pm, Sunday.

    “To help taxpayers for ITR submitting, tax fee and different associated providers, our helpdesk is performing on 24×7 foundation, and we’re offering assist by calls, dwell chats, WebEx periods & social media,” the division tweeted.

    Till 1 pm on Sunday,as many as 5.83 crore ITRs had been filed for fiscal 12 months 2022-23,the division stated earlier.Over 46 lakh profitable logins on the e-filing portal had been seen until 1 pm on Sunday.

    The final date for submitting revenue tax returns for the earlier 12 months by salaried class and those that wouldn’t have to get their accounts audited is July 31.

     

     

    On July 24, CBDT chairperson Nitin Gupta stated over 4 crore ITRs for the 2022-23 monetary 12 months had been filed and about 7% of those are new or first-time filers.

    More than half of those ITRs have been processed resulting in 80 lakh refunds until then, he had stated.

    The “scarcity of manpower at each stage was impeding our efforts to provide even higher outcomes,” Gupta had said, and urged Union finance minister Nirmala Sitharaman for a “quick approval” of the division’s cadre restructuring proposal.

    On July 27, a parliamentary panel requested the finance ministry to expeditiously come out with a typical ITR kind to ease I-T return submitting for people and non-business taxpayers.

    The ministry had in November final 12 months proposed to come back out with a user-friendly widespread revenue tax return kind for all taxpayers, besides trusts and non-profit organisations.

    The Standing Committee on Finance, chaired by BJP MP Jayant Sinha, had earlier flagged difficulties being confronted by folks in submitting revenue tax returns and urged the tax division to make the method less complicated and extra taxpayer pleasant.

     

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    Updated: 30 Jul 2023, 09:39 PM IST

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  • Issue of tax notices has develop into predictable: Nirmala Sitharaman

    New Delhi: Finance minister Nirmala Sitharaman mentioned on Monday that challenge of tax notices and re-opening of previous assessments within the case of excessive revenue earners the place the division has details about their non-compliance, has develop into predictable and that there isn’t a fishing expedition.  

    Speaking at an occasion held to mark the 164th Income Tax day within the capital, the minister mentioned that the Modi administration has introduced extra certainty to tax payers. The minister cited the instance of rationalising the interval throughout which a re-assessment could be executed in sure instances the place the division has details about understatement of revenue.  

    The minister additionally mentioned that now tax payers needn’t fear about sustaining his information for ten lengthy years as earlier. 

     “Now no tax assessee goes to face the scenario of reopening his evaluation after six years. And even within the fourth, fifth and sixth years, they reopen instances solely beneath sure circumstances,” the minister said. 

    That covers cases where the person has income more than ₹five million and the tax department has evidence of understatement of income, the minister explained. 

    Sitharaman also said that such reopening will be done only with the permission of a high ranking official. 

    The minister explained that based on the applicable parameters, notices have been issued to assessees, where the department has reasons to believe income has been understated, or where return filing obligation has not been met.  

    Sitharaman said that if she remembered correctly, around 100,000 notices were sent. However, it is possible that, based on the responses filed by those who have received notices, the number of cases may already have fallen below 100,000, given that the process is dynamic.

     “I want to convey this. These (notices) are not being sent thoughtlessly. I have been assured by the Chairman Central Board of Direct Taxes that by March 2024, these entire one lakh (notices) will be cleared. This way or that way,” the minister mentioned. These are instances the place individuals have revenue greater than ₹5 million.  

    Sitharaman appreciated the efforts of the division in enhancing the tempo of processing tax returns, challenge of refunds and resolving grievances. 

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    Updated: 25 Jul 2023, 01:20 AM IST