In a blog post dated April 14, Garg deconstructs the budgeted government expenditure for the current financial year in the backdrop of the April 8 order by the Centre directing all government ministries and departments to curb spending.
Employees will have to choose a regime in April for making investment declarations, but can change the choice while filing tax returns.
Until March 27, the government has mopped up Rs 9.85 lakh crore in direct tax collections. This is well short of the Rs 11.70 lakh crore projected by the government in Budget 2020
"Railways is a services sector. BJP is unaware of reasons for establishment of railways. Railway is not an engine to be auctioned off to the highest bidder, it is for poor man's service," M K Raghavan said.
The main opposition party said the budget, the first by the Shiv Sena-led government, does not have provisions to make farmers debt-free as promised by the Maha Vikas Aghadi (MVA) when it took office in November last year.
Ajit Pawar, who also holds the finance portfolio, said an amount of Rs 2 lakh will be deposited in bank accounts of farmers whose dues were more than Rs 2 lakh till September 30, 2019.
She said the government has taken measures to reduce litigation and a similar scheme was announced for indirect tax disputes.
Dividends will be taxed in the hands of investors based on their income-tax bracket
In this MC special, Nishant Shah from Economics Laws Practice decodes the pros and cons of the goods and services tax.
Speaking to reporters here, BJP national general secretary Arun Singh said, "This (drive) will create awareness about the various provisions of the Budget among the people in the state, and also help the the party."
Sakshi Batra in conversation with Amit Singhania, Partner at Shardul Amarchand Mangaldas to find out more about the clarifications made by government on the new tax regime.
The demand for mid and small caps is likely to improve on the back of improved corporate earnings, cheap valuations and the large inflows seen from domestic investors.
This year's budgeted expense of the ministry makes up about 5 percent of the total expenditure budget of the government for 2020-21.
Imports of parts from China would certainly be affected for a while due to the Coronavirus outbreak. But, at the same time, there is an opportunity for Indian companies to fill in the gap left by Chinese manufacturers.
A drastic course correction in land-use policies is called for that focuses less on restrictions and more on performance.
SWFs hold $29 billion of Assets Under Custody (AUC) as of December 2019
Despite the massive need for housing in India, unsold inventory levels in just the 8 cities of Mumbai, Bengaluru, NCR, Pune, Hyderabad, Chennai, Kolkata and Ahmedabad stand at a substantial 0.5 mn units.
The proposals in the Budget is likely to be positive for sectors like Agriculture, infrastructure, renewable energy, finance, aviation, consumption as well as travel and tourism,
The government, in the Budget, announced a new levy of 1 per cent TDS (tax deducted at source) on e-commerce transactions, which is to be collected from the sellers by the e-commerce companies.
According to the Finance Bill 2020, Indian citizens not paying tax in other countries will be taxed on their overseas income and assets.
Ulips cannot be considered superior to mutual funds purely on the basis of taxation
Climate finance is a key pillar in enabling climate actions in India. In coming decade, India needs to make more budgetary allocations and push the transition towards low-carbon development and build resilience among communities that largely face the brunt of climate change in the country.
Legislative action, combined with the alignment of major schemes of the Union Budget with the goals 1, 2 and 5, is indicative of the intentionality and responsiveness of India’s policy towards Sustainable Development Goals.
"The outlays of these programmes have not seen any nominal growth in 2020-21 (in real terms, these would be 8-10 per cent lower)," the former finance secretary said.
Sakshi Batra gets in conversation with Preeti Khurana, Chief Editor at Cleartax to find out the tax changes will impact your investments.