Union Finance Minister Nirmala Sitharaman, in the wake of queries regarding the inclusion of petroleum products under GST, evoked the foresight of her predecessor, Arun Jaitley. “Today’s GST Council meeting has seen significant strides in trade facilitation, the reduction of compliance burdens, and delivering tangible relief to taxpayers,” she asserted. When probed about the potential … Continue reading Finance Minister Nirmala Sitharaman Reflects on Arun Jaitley’s Legacy Amidst GST Council Decisions
Navigating Section 87A—Maximizing Tax Rebates under Indian Tax Law
Despite surpassing the basic exemption threshold, you might still evade paying any income tax, courtesy of Section 87A of the Income-tax Act, 1961. This provision grants Indian residents a tax rebate under both the old and new tax regimes, contingent upon their total income remaining within the prescribed limits. For the fiscal year 2023-24 (assessment … Continue reading Navigating Section 87A—Maximizing Tax Rebates under Indian Tax Law
Mandatory Income Tax Return Filing— FY 2023-2024
The imperative of filing an Income Tax Return (ITR) extends beyond the threshold of taxable income exceeding the basic exemption limit. Intricacies within the income tax laws necessitate mandatory ITR submission under specific conditions, irrespective of whether the taxable income falls below this exemption limit. Suresh Surana, an esteemed chartered accountant, elucidates, “Section 139 enforces … Continue reading Mandatory Income Tax Return Filing— FY 2023-2024
Nirmala Sitharaman Leads Crucial Pre-Budget Dialogue with State Finance Ministers
The Union Finance Ministry has recently initiated its comprehensive consultations for the upcoming Union Budget, engaging with diverse economic stakeholders to shape the fiscal landscape of the nation. On a pivotal Saturday morning, Union Finance Minister Nirmala Sitharaman chaired a significant pre-budget meeting, convening Finance Ministers from all States and Union Territories. This high-level assembly, … Continue reading Nirmala Sitharaman Leads Crucial Pre-Budget Dialogue with State Finance Ministers
GST Council Implements Compliance Easing Measures, Omits Online Gaming Tax Review
GST Council Announces Compliance Relief for Students and Professionals Union Finance Minister Nirmala Sitharaman held a press conference following the 53rd GST Council Meeting in New Delhi, highlighting the Council’s latest recommendations. While the agenda did not include discussions on online gaming taxation, significant measures were introduced to ease GST compliance for assessees. The Council’s … Continue reading GST Council Implements Compliance Easing Measures, Omits Online Gaming Tax Review
States Press for Increased Funding Amidst Federal Financial Backing
In a notable assertion of federal solidarity, Union Finance Minister Nirmala Sitharaman underscored the Centre’s steadfast support to States through timely tax devolution and the clearance of GST compensation arrears, aimed at stimulating economic growth. This was prominently highlighted during the 53rd GST Council meeting held in New Delhi on June 22, 2024. During this … Continue reading States Press for Increased Funding Amidst Federal Financial Backing
8th Pay Commission—Immediate Action Needed to Boost Central Government Employees’ Salaries
The proposal to establish the 8th Pay Commission aims to enhance the basic salary and dearness allowance (DA) for central government employees. The 8th Pay Commission’s due date is highly anticipated, marking a significant milestone in the financial betterment of government staff. West Bengal: A Powerhouse of MSME Innovation and Employment West Bengal, a thriving … Continue reading 8th Pay Commission—Immediate Action Needed to Boost Central Government Employees’ Salaries
Unraveling India’s Food Inflation—An Expert Analysis
Despite early monsoon rains and forecasts of above-normal precipitation, India’s food prices, which constitute nearly half of the consumer price basket, continue to soar, keeping headline inflation above the Reserve Bank of India’s 4% target. This persistent inflationary pressure has stymied the potential for interest rate cuts. The delayed summer crop planting, attributed to a … Continue reading Unraveling India’s Food Inflation—An Expert Analysis
Government Enforces Stock Limits on Tur and Chana Until September 30
In a decisive move, the central government has imposed stock limits on tur and chana, effective immediately and lasting until September 30. This measure, targeting wholesalers, retailers, big chain retailers, millers, and importers, aims to curb hoarding and speculative practices, thereby enhancing the affordability of these essential pulses for consumers. The Consumer Affairs Ministry, through … Continue reading Government Enforces Stock Limits on Tur and Chana Until September 30
India Inc’s Justifications for Slow Capex Losing Credibility
As demand resurges and growth prospects brighten, the onus now falls on the industry to ramp up investments. India’s private sector can no longer rely on the government to shoulder the burden of capital expenditure indefinitely. Industry associations, predictably, have begun circulating their standard wish-lists in anticipation of the 2024-25 Budget. These proposals include calls … Continue reading India Inc’s Justifications for Slow Capex Losing Credibility