Financial Express (India)’s Post

#UnionBudget2024 | When and where to watch live Finance Minister #NirmalaSitharaman is all set to present the #UnionBudget2024 today in the #LokSabha. #UnionBudget #BudgetwithDH

#UnionBudget #FM #Incometax #fiscaldeficit #NSitharaman #economy Article on Union Budget 24-25 published in TaxSutra enclosed, Editorial summary as follows : - In an analytical write-up, Mr. Vipin Agarwal (Chartered Accountant) touches upon some of the budget announcements which deserve attention, appreciation and acknowledgement of everyone. Sharing his view on the changes in buyback tax, he remarks “The proposal to treat the buyback of Shares as Deemed Income is absolutely absurd and very much against the principles of maximum governance and minimum government. What prompts the Government to tinker with the definition of “income” by arbitrarily terming capital gain as dividend income.” In conclusion, urging the Finance Minister is earnestly to review the arbitrary proposals on direct taxes which in essence are not even needed given the fiscal position of our country, the author observes “…our intrinsic worth is not reflected from the Budget Numbers and even a small attempt to review this size of capital expenditure to fund the mammoth infrastructure endeavors, the era of fiscal deficit is virtually over and we are effectively in a situation of fiscal surplus.” Click here to read the article, “Union Budget - Finance Minister Oblivious of the Acres of Diamond Free” Best Regards, Team Taxsutra

#BUDGET- KEY HIGHLIGHTS 2024: 1. On Financial assets sale - Short Term Capital gain increased from 15% to 20%. 2. On Financial assets sale - Long Term Capital gain increased from 10% to 12.5%. 3. On Financial assets sale - Long Term Capital gain basic exemption limit shall be increased from 1 lacs to 1.25 lacs. 4. Standard Deduction on new scheme salaried employee from 50 k to 75k. 5.New scheme slab rate is as under: 0-3L Zero 3-7L 5% 7-10L 10% 10-12L 15% 12-15L 20% 15 & above, 30% Salaried #employee in new tax regime will save up to Rs 17,500 in income tax. 6. #TDS on repurchase by MF or UTI withdrawn 7. increase in the Securities Transaction Tax (STT) on Futures and Options. The STT on futures will rise from 0.0125% to 0.02%, while the STT on options will increase from 0.0625% to 0.10%. 8. STT on F&Os proposed to be increased to 0.02% and 0.1% respectively. 9. Default in TDS arrest has been withdrawn. 10. Angle Tax abolished 11. Re-opening of Assessment reduced from 10 years to 5 years. 12. Reintroduction of Block Assessment in case of search & seizure. Note: Details of the schemes are subject to modification during the process of appraisal and approval. Source: https://lnkd.in/fWQrAwa

In the course of explaining the withdrawal of Equalization Levy, the Indian Finance Minister in a press conference also gave indications of India's intention to implement both Pillar One and Pillar 2. She also indicated that the said implementation was only stuck in negotiations, primarily on Pillar One, considering the desire for a fair solution. The relevant transcript as reframed for readability is below: Question: I just wanted to understand that, budget proposes withdrawal of Equalization Levy (EL). So if you could just give some explanation of what led to that? What is the intention behind that keeping in mind the pact between India and US which has ended on June 30th (viz. the extension of the transitional approach agreement to EL which was recently extended to 30 June 2024)? Finance Minister: No. As the Pillar One - Pillar Two negotiations have been going on since 2022. Since then, one of the things which was becoming more than obvious was that if at all we are going through this Pillar One and Pillar Two (which we intend to) the negotiators and the OECD backed by the US Administration have all been pushing for this (withdrawal of Equalisation Levy). We wanted a fair solution - so negotiations have been going on. But the point of contention since then has always been - should we collect an Equalization Levy if at all we are getting into this global understanding through the Pillar One and Pillar Two. In any case, in the Indian context, Equalization Levy for foreigners meant that the Indian Government was holding it but eventually it is going to only adjust it somewhere (under the transitional approach against Pillar One taxes). So in the interest of moving towards Pillar One and Pillar Two solution [which the negotiations are still ongoing on one aspect of it (Pillar One); on the other in all probability we are close to a conclusion (Pillar Two)] it was necessary for us, through the parliament, to take steps to ensure that we are entering into that scheme of things without this Equalization Levy hanging on us. This was because under a global system this cannot continue and therefore in line with a positive approach towards the pillar one and pillar two we've moved forward to inform the Parliament that we would like to close this. Government Official: I may clarify that that it is only the 2% Levy which has been withdrawn the 6% Levy which was earlier imposed continues. Question: What will happen to the tax that all companies paid that has already been collected? Government Official: We’ll See. I mean, this withdrawal is only prospective. Source: https://lnkd.in/gPTSSX3N

📊 Budget Report 2024 📊 I am excited to share the key insights from our latest Budget Report 2024. This summary provides valuable financial projections and strategic planning insights for the upcoming year. Where Does the Rupee Come From? 💵 19% Income Tax 🏭 05% Union Excise Duties 🛒 18% GST & Other Taxes 🏢 17% Corporation Tax 🚢 04% Customs 💼 01% Non-Debt Capital Receipts 💸 09% Non-Tax Receipts 🏦 27% Borrowing and Other Liabilities 💯 100% Where Does the Rupee Go? 💼 04% Pension 🏦 09% Other Expenditure 🌍 08% Centrally Sponsored Scheme 🏛️ 09% Finance Commission and Other Transfers 🏘️ 21% States' Share of Taxes and Duties 🛡️ 08% Defence 🛒 06% Subsidies 🏗️ 16% Central Sector Scheme (excluding capital outlay on Defence and Subsidy) 💰 19% Interest Payment 💯 100% Major Expenditure Items: 🛡️ Defence – ₹4,54,773 cr. 🌾 Rural Development – ₹2,65,808 cr. 🚜 Agriculture and Allied Activities – ₹1,51,851 cr. 🚓 Home Affairs – ₹1,50,983 cr. 🎓 Education – ₹1,25,638 cr. 💻 IT and Telecom – ₹1,16,342 cr. 🏥 Health – ₹89,287 cr. ⚡ Energy – ₹68,769 cr. 🛡️ Social Welfare – ₹56,501 cr. 🏭 Commerce and Industry – ₹47,559 cr. A big thank you to Siddharrth Mehta Sir for his invaluable guidance and support throughout this project😊 If you find this useful, please 👍 like, share, and follow for more updates! #budget2024 #finance #investmentbanking #financialInsights #businessStrategy

Budget 2024: ASSOCHAM suggests key structural reforms to Finance Minister for growth https://lnkd.in/g7d-iyYp #India #ASSOCHAM #Budget #growth #reforms #structuralreforms

Live Webinar - Postmortem of Union Budget 2024 Finance Minister will present the Union Budget 2024 on July 23, bringing new policies, tax proposals, and reforms that will reshape India's economic landscape. As businesses, investors, and citizens digest these changes, understanding the details and implications is crucial. This exclusive webinar will provide a thorough analysis of the budget, highlighting its impact on various sectors, businesses, and the broader economy. Register now at https://lnkd.in/guGMwze7 #Live #Webinar #Union #Budget2024 #Budget #tax #proposals

Live Webinar - Postmortem of Union Budget 2024 Finance Minister will present the Union Budget 2024 on July 23, bringing new policies, tax proposals, and reforms that will reshape India's economic landscape. As businesses, investors, and citizens digest these changes, understanding the details and implications is crucial. This exclusive webinar will provide a thorough analysis of the budget, highlighting its impact on various sectors, businesses, and the broader economy. Register now at https://lnkd.in/guGMwze7 #Live #Webinar #Union #Budget2024 #Budget #tax #proposals

Live Webinar - Postmortem of Union Budget 2024 Finance Minister will present the Union Budget 2024 on July 23, bringing new policies, tax proposals, and reforms that will reshape India's economic landscape. As businesses, investors, and citizens digest these changes, understanding the details and implications is crucial. This exclusive webinar will provide a thorough analysis of the budget, highlighting its impact on various sectors, businesses, and the broader economy. Register now at https://lnkd.in/guGMwze7 #Live #Webinar #Union #Budget2024 #Budget #tax #proposals