Finance minister Nirmala Sitharaman said the limit for micro units development and refinancing agency (Mudra) loans will be doubled to Rs 20 lakh for entrepreneurs who have successfully repaid their previous ‘Tarun’ loans. Under the Mudra scheme, Tarun loans are offered in the range of Rs 5 to Rs 10 lakh per applicant.
The Indian rupee slipped to record lows on Tuesday as the government raising tax rates for capital gains from equity investments and on equity derivative trades hurt market sentiment.
The increase in the exemption limit for Long Term Capital Gains tax from Rs 1 lakh to Rs 1.25 lakhs has been well-received. Although changes in rates for LTCG and STCG were unexpected, it is believed that the markets will adjust accordingly. Additionally, there is satisfaction that AMFI's request to change the definition of ‘Specified Mutual Funds’ under Section 50AA has been granted, leading to a more rationalized taxation for the affected funds.
The Budget 2024, presented today by Finance Minister Nirmala Sitharaman, will impact personal finance and individual income taxation in various ways. Here's a round-up.
Budget announcements for women: Nirmala Sitharaman presents Budget, gives priority to women
Fitch Ratings acknowledges India's achievable fiscal deficit targets, noting ongoing financial weaknesses. The government's commitment to deficit reduction is evident through the lowered target. Significant investments announced for job creation and rural development. Aiming for economic growth and stability.
On July 19, MV Maersk Frankfurt, carrying dangerous cargo from Mundra to Colombo, caught fire off the Karwar coast and is now 13 nautical miles from New Mangalore. One crew member died. ICGS Samudra Prahari and Sachet, along with an initial team, are managing minor fires and keeping the vessel in deeper waters.
The Indian government has reinstated interest subsidy under the Pradhan Mantri Awas Yojana (Urban) 2.0 and allocated Rs 4,000 crore for the Credit Linked Subsidy Scheme (CLSS). The scheme, which provides subsidized home loans based on income, is being implemented through three verticals: Beneficiary Led Construction/Enhancement, Affordable Housing in Partnership, and In-situ Slum Redevelopment.
Delhi education minister Atishi Marlena has been granted bail in a defamation case filed against her by a BJP spokesperson by a court in the city. The judge granted the relief to the senior AAP leader on a bail bond of Rs 20,000 and one surety of the like amount. Atishi was reported to have claimed 21 AAP MLAs were contacted by the BJP, which offered Rs 25 lakh to each of them, to switch over to the saffron camp.
This addresses a long-standing demand of the venture investor community to tax gains from the sale of unlisted companies at par with listed securities. This assumes significance given the increase in exits by early-stage investors in startups through secondary stake sales – a growing trend when primary capital funding is still constrained.
Aimed at the trinity of fiscal prudence, investment, and growth momentum, the Union Budget saw the introduction of employment incentives and a simplified income tax regime, which should boost consumption.
Union minister Dharmendra Pradhan said that he is confident that in times ahead, eastern India, especially his home state of Odisha will become the epicentre of prosperity and a key driver of India's future economic growth. Presenting the Union Budget for 2024-25, Finance Minister Nirmala Sitharaman, announced that the government will formulate a plan for the all-round development of Bihar, Jharkhand, West Bengal, Odisha and Andhra Pradesh.
The Reserve Bank of India (RBI) dividend has been used to manage the fiscal deficit and developmental projects in India. The dividend created fiscal space of 0.4% of GDP, which was increased by 0.2% of GDP to support agriculture, employment creation, and state governments. The remaining fiscal space was used to reduce the fiscal deficit by 0.2% of GDP to 4.9% of GDP.
A WWE-style fight near Noida's Amity University involving two women went viral, ending with one woman pushed onto a table amid cheers. The crowd's failure to intervene sparked criticism. Another recent viral video featured a violent brawl among coaching institute students, including one armed with a stick. Mixed reactions flooded social media platforms.
Blood sugar level lowering drinks for a healthy diet
The Department of Water Resources budget has increased by 55% to Rs 30,233.83 crore for 2024-25. Finance Minister Sitharaman announced Rs 11,500 crore for flood control and irrigation projects. Major projects like Farakka Barrage and Namami Gange Mission-II see significant boosts in allocation. States like Bihar and Assam to receive assistance for flood management.
Budget 2024 has proposed to discontinue the provisions allowing quoting of Aadhaar Enrolment ID in place of Aadhaar number, Aadhaar in ITR, PAN application from this date to plug PAN misuse, duplication.
The UPSC last week took a series of actions, including registration of a police case, against Puja Khedkar for fraudulently availing attempts in the civil services examination by faking her identity. The commission has also issued a show cause notice for cancellation of her candidature of the civil services examination-2022 and debarment from future examinations and selections. Her probation period was put on hold and she was recalled to Lal Bahadur Shastri National Academy of Administration in Uttarakhand's Mussoorie.
The government has announced a significant increase in capital investments by eight state-owned power companies for the upcoming fiscal year. Various companies like Power Grid Corporation, NTPC Ltd, and NHPC Ltd are set to boost their investments compared to previous years.
Finance Minister Nirmala Sitharaman on Tuesday said buyback of shares will be taxed in the hands of shareholders similar to dividend from October 1, a move that will increase the tax burden on investors.
Navy chief Admiral Dinesh Tripathi reviewed INS Brahmaputra damage and discussed repair at Mumbai naval dockyard on Tuesday after a fire on July 21. The ship, in refit, rests on its port side. Controlled by July 22, follow-on actions were taken. A junior sailor is missing and the search is ongoing. An official inquiry is ordered.
The proposed changes in capital gains tax rates in the Budget are estimated to garner an additional Rs 15,000 crore to the exchequer, Revenue Secretary Sanjay Malhotra said on Tuesday.
Spotify posted a record quarterly profit slightly ahead of analyst expectations on Tuesday, pushing its shares up more than 14% in premarket trading.
Finance Minister Nirmala Sitharaman cancelled a Rs 30,000 crore equity infusion for Indian Oil, Bharat Petroleum, and Hindustan Petroleum due to record FY24 profits. Interim support was Rs 15,000 crore. Prices remained low April-September 2022, with provided LPG subsidies and resisted daily revisions. ONGC, GAIL aim for net-zero emissions. FY23 losses were driven by the oil crisis.
