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Excluding Nifty IT and Nifty FMCG which were up 0.1 percent and 2 percent, the remaining 11 sectoral indices were under selling pressure. Nifty Realty was the worst-hit index as it fell over 3 percent.
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Outlay for the scheme receives another boost, as government extends more benefits to senior citizens
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Now, tax-payers with foreign movable assets valued at up to Rs 20 lakh will not have to pay any penalty under the Black Money Act.
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Budget 2024: FM Nirmala Sitharaman on July 23 announced the abolishment of angel tax for all investor classes
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Compounding of non-payment of TDS by corporates to be rationalised
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Private sector and PSU employees opting for corporate NPS - where employer contributes to employees' NPS - will be eligible for deduction of up to 14 percent of their basic salary (and dearness allowance, if any) under the new tax regime.
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The move is expected to help sellers on e-commerce platforms like Flipkart, Amazon, Swiggy and Zomato with their working capital requirements
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Steeper 20 percent TCS paid on foreign tours and foreign investments needn’t wait for advance tax only
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Finance Minister, in her 2024 Budget speech, outlined that Urban 2.0 will address the housing needs of 1 crore urban poor and middle-class families with an investment of Rs 10 lakh crore
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Finance Minister Nirmala Sitharaman kept tax deduction unchanged under Sections 80TTA and 80TTB in Union Budget 2024 announcement.
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Reduced from 10 years to 5 plus one additional year
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India Cellular and Electronics Association (ICEA), which represents Apple, Foxconn, Dixon, Xiaomi, Oppo and Vivo, among others, said that the industry's proposal for tariff slab rationalisation has also been acknowledged and has announced that it will be taken up in the next six month would further embolden the industry and its competitiveness.
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The exemption limit for long-term capital gains tax has been increased to Rs 1.25 lakh from Rs 1 lakh. The budget also announced that listed financial assets held for more than a year will be classified as long-term.
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Currently, Indian rupee is trading at 83.6313 against the US dollar.
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Account to facilitate contributions from parents and guardians
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According to industry experts, in such hubs, export clearances can be facilitated. Besides, it can also have warehousing facilities, customs clearance, returns processing, labelling, testing and repackaging.
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Additionally, the government will also facilitate the implementation of the Digital Public Infrastructure (DPI) for the agriculture sector.
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Budget 2024: Focus on nine priority areas, special wage scheme targets for first-time formal workers
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E-vouchers for loans up to Rs 10 lakh for higher education announced in Union Budget 2024
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Mistry also added that markets appreciate stability over random tinkering. If a scenario is presented where specific events are eliminated and a comprehensive package is created, markets would rise.
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With the presentation of the union budget on July 23, Finance Minister Nirmala Sitharaman will surpass the records of her predecessor and former Prime Minister Morarji Desai who had presented the budget six times.
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Budget 2024 Schemes:Agriculture output was a tepid 1.4 percent in FY24 compared with 4.7 percent in the previous year, even as the economy roared with 8.2 percent growth
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Finance Minister Nirmala Sitharaman has announced major tax measures in Budget 2024, including rejigging of income tax slabs and hike in standard deduction limit under the new tax regime.
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A smaller fiscal deficit can allow Centre to keep its borrowing target unchanged at Rs 14 lakh crore this fiscal year.
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Modi’s government is expected to reduce its deficit target slightly from the 5.1% of gross domestic product projected before the elections, according to economists in a Bloomberg survey.
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The budget is expected to focus on employment generation, and rationalise tax rates by increasing limits for basic tax exemption, standard deductions, and medical expenses, among others.
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If returns aren’t verified within 30 days, then starting AY 2024-25, not only is the return considered invalid, but a penal interest is also levied. Additionally, all the consequences of a belated return would be applicable.
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The deduction against home loan interest has remained unchanged at Rs 2 lakh for several years, while property prices and the average home loan amount have increased significantly.
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Budget 2024:Private space companies have asked the Indian government to impose reasonable Spectrum Usage Charges as a percentage of Adjusted Gross Revenue.The Indian Space Association has also proposed allowing a 25 percent depreciation on the one-time license fee for satellite operators.
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In addition, they are hoping for an increase in health insurance premium deduction under the old tax regime's section 80D. Rising healthcare inflation, particularly post COVID-19, has rendered Rs 50,000 deduction on health insurance premiums for senior citizens inadequate. Union Budget 2024 should also announce tax relief on medical expenses that they incur, feel tax experts.
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Budget 2024-25: Currently, equity shares or units of equity funds held for more than a year are subject to capital gains tax at 10 percent if LTCG exceeds Rs 1 lakh in a financial year. Exemption from capital tax after three years holding period can encourage long-term investments in equities.
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Budget 2022-23 had brought in regulations mandating that gains arising from virtual digital assets (VDAs) or crypto assets be taxed at a flat rate of 30 percent irrespective of the individual’s income tax slab rate. In addition, a 1 percent TDS was introduced on every transfer of such assets.
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For capital gains tax, the holding period may differ from 12 months to 36 months, while the tax rate may range from 10 percent to a nominal tax rate.
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Tax experts say Finance Minister Nirmala Sitharaman should also look at introducing a new income slab – Rs 15-20 lakh – that attracts a tax rate of 25 percent under the new tax regime. On the other hand, individuals engaged in F&O activities could be in for an unpleasant surprise if the government decides to revert to its pre-2006 classification as 'speculative business'.
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Union Budget 2024 expectations: Under current rules, investing up to Rs 50,000 in their NPS Tier I accounts gives taxpayers another head under which to decrease their liability. But financial planners believe that this amount is too low to contribute significantly to a retirement corpus, and want the limit on this deductible component raised to incentivise savings.
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Union Budget 2024: The standard deduction of Rs 50,000 is a flat deduction available under both the old and new tax regimes, to individuals earning salary and pension.
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The deduction under Section 80D for health insurance was last increased from Rs 15,000 to Rs 25,000 in Budget 2015. Over the past nine years, there has been no further change in this limit, even as health insurance premiums have risen significantly during this period.
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Most experts believe 24,000 is likely to be a critical support level, and 24,850 is expected to be a key hurdle on the higher side in the coming session.
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It could hit emerging equity culture, hurt foreign inflows. The government should hold its hand at this stage of the development of Indian stock markets and economy
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Product mis-selling cannot be dismissed as an aberration of a few overenthusiastic sales personnel, Economic Survey 2024 has said.
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The tourism sector in India is rapidly expanding, with India being ranked 39th in the World Economic Forum's Travel and Tourism Development Index 2024
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With the chemical industry still sitting on the cusp of a rebound in the sector, experts are anticipating continued support from the government through its PLI scheme to ensure a revival comes back later this fiscal.
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According to a Deloitte Survey, many industry leaders anticipate a stable and simplified tax law to enhance the ease of doing business and support India’s growth trajectory. A stable tax policy is crucial for sustainable business expansion and increased foreign investments
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While the 2019 corporate tax cuts did make India’s effective tax rate more competitive, there are still countries with much lower tax rates
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Aiming to reduce import dependence, the government seeks $100 billion in E&P sector investments by 2030, particularly in offshore areas like the Andaman Sea.
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With India’s aim of achieving 50 percent cumulative installed power generation capacity from non-fossil fuel sources by 2030, the government has been inclined towards increased spending in the renewables sector.
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As the Indian economy grows globally, it has added to the complexity of computing capital gains. It has in turn led to disparity on account of rate of tax, benefits of indexation or foreign currency fluctuation among other issues. Hoping Budget 2024 provides solutions to this
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Budget 2024-25 could focus on measures that boost demand to help support the capex cycle. A relief on personal income taxes would boost consumption, especially for the low- and middle-income households who have been hit with high food inflation
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India needs to present itself as the next big manufacturing hub and to that effect its essential that the tax structure should be stable and simpler
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Finance Minister should also consider introducing a new income slab – Rs 15-20 lakh – that attracts a tax rate of 25 percent under the new tax regime, say experts.
