BUDGET TAX ANNOUNCEMENTS

Budget 2024: What will happen to Income Tax in this Budget, will it be cut?

Finance Minister Nirmala Sitharaman is gearing up to present the Union Budget 2024 in late July, her seventh budgetary address. Following the interim budget in February, expectations are high regarding potential income tax rate cuts to stimulate consumption and address economic priorities. Industry bodies like FICCI and CII have advocated for tax relief, while the Ministry of Finance explores measures targeting higher-spending individuals, potentially introducing a new tax bracket.

Budget 2024: What is Dividend Distribution Tax? Know How it will abolition impact the Indian economy?

In 2020-21, India's government abolished the Dividend Distribution Tax (DDT), shifting the tax burden on dividends from companies to shareholders directly. The move aimed to simplify taxation, enhance market appeal for Indian equities, stimulate domestic investment, and potentially attract more Foreign Direct Investment (FDI) into the country's economy.

GST Council Meeting: Sin goods windfall, tax relief talks, and more ahead of budget buzz

GST Council Meeting: The upcoming 53rd meeting of GST Council is poised to discuss several key measures that could pave the way for significant tax reforms ahead of the government's first full budget. Among the agenda items are -- the use of approximately Rs 70,000 crore collected from GST compensation cess on products like pan masala and cigarettes. Discussions may also cover the potential waiver of interest or penalties on tax notices issued between 2017 and 2020, excluding cases of deliberate default.

RAI's Budget wishlist: Lower taxes for individuals, benefits on land rates, electricity

BUDGET EXPECTATIONS: The Retailers Association of India (RAI) has urged the Union Budget FY25 to focus on lowering individual taxes to boost demand and consumption. RAI's pre-Budget recommendations include low-cost financing, subsidies on land and electricity, and the adoption of supportive policies to strengthen the retail sector, which contributes 10% to India's GDP

Union Budget: India mulls income tax cuts in Budget as part of $6 billion consumer boost

India Budget Tax Expectations: India's government under Prime Minister Narendra Modi is considering measures worth over 500 billion rupees to boost consumption in the upcoming budget. This includes tax cuts for lower income individuals for the first time in seven years. The plan aims to target consumers with high propensity to spend amidst economic challenges.

Hike capex by 25%, reduce GST slabs to maximum of 3 in Union Budget: FICCI tells Nirmala Sitharaman

Budget 2024: Industry lobby group FICCI in pre-budget consultation with Finance Minister Nirmala Sitharaman in Delhi emphasized the need to support growth momentum, infrastructure development, rein in food inflation, support MSMEs, and prioritize innovation and research & development for accelerated growth.

Focus on agriculture sector in Budget 2024 as it can generate employment: PHDCCI

Budget expectations: In its pre-Budget recommendations to the Finance Ministry, PHD Chamber of Commerce and Industry (PHDCCI) emphasized focusing on the agriculture sector as a vital employment generator. With a significant portion of India's workforce in agriculture, PHDCCI advocates for boosting rural infrastructure, increasing public and private investments, and reducing post-harvest losses.

Waiver, other tax reforms top GST Council's docket

The GST Council is set to discuss various measures at its upcoming meeting on June 22 to pave the way for broader tax reforms in the new government's first full budget. These measures include considering a conditional waiver of interest or penalty on tax notices issued between 2017 and 2020, with exceptions for wilful defaulters. The budget announcement is expected in July.

Budget 2024: Give the middle-class tax benefits & cut fuel excise, India Inc tells Finance Ministry

Budget Expectations: FICCI has proposed simplifying the capital gains tax system by categorizing assets into equity instruments, debt, and other assets with specific rates for long-term and short-term gains. They have also advocated for uniform tax rates for residents and non-residents.

View: FAME III, tax rationalization, PLI tweak & more - What the Indian EV sector needs from Budget 2024-25

India, as per IBEF, is the world’s third-largest automobile market and supports the EV 30@30 Campaign. The Finance Minister, Smt. Nirmala Sitharaman, will table the Union Budget 2024-25 next month.

Budget 2024: Fin Min considering income tax rate cuts to boost consumption

BUDGET expectations: The Indian government is exploring personal tax cuts for individuals earning over ₹1.5 million annually to boost consumption and savings. This move, considered for the July budget after the BJP’s electoral setback, aims to address inflation and unemployment concerns. These adjustments may modify the existing 2020 tax scheme, potentially lowering the 30% top tax rate.

Nirmala Sitharaman to hold pre-budget meeting with industry chambers on June 20

Finance Minister Nirmala Sitharaman to hold pre-budget consultations with industry chambers on June 20 for the 2024-25 fiscal budget presentation in July.

GST council may cut upfront payment for tax appeal to 7%

The council could also consider an amnesty scheme for disputes of the pre-GST regime and a proposal to make biometric-based Aadhaar authentication mandatory for suspicious persons seeking GST registration.

Sitharaman's budget next month to lay out economic roadmap of Modi 3.0

The economic agenda would include steps to fast-rack reforms to make India a USD 5-trillion economy in near future and turn the country into a 'Viksit Bharat' by 2047.

Modi 3.0: Growth sequel starring jobs, investment

The full budget, likely to be presented early in July, will detail specific measures toward this end. "The focus would be to promote labour-intensive growth that will create jobs, with continued emphasis on macroeconomic stability," a top government official aware of the details told ET. A host of measures on startups and taxation - including inverted duty structure correction, along with GST rate rationalisation - is under discussion, said the person cited above.

What to expect from NDA 3.0's budget #1

The new NDA government's budget aims for faster fiscal correction with higher growth and central bank profits to lower interest rates.

Commerce Ministry may seek more funds for startups in forthcoming Budget

The Commerce and Industry Ministry plans to request additional funds for startups in the upcoming Budget to boost innovation. A new scheme may replace the current seed fund program, set to conclude in 2025. The government aims to support early-stage entrepreneurs and promote deep tech startups to address societal challenges.

Real estate sector pushes for tax rationalisation and reduced approval cost as Modi 3.0 set to take oath

With Narendra Modi set to take oath as Prime Minister for the third time, the real estate industry has high expectations from Modi 3.0. The interim budget announced a boost for affordable housing by adding 2 crore more houses to the PMAY-U scheme. Experts emphasize the need for policy reorientation, cost reductions, and tax rationalization to accelerate growth. Industry leaders stress the need for government intervention to drive further growth, including reforms in GST and revisiting affordable housing definitions.

Budget at a Glance: From tax to capex, here's your 2-minute guide to become a Budget Pro

Budget at a Glance 2024: India's FM presented the Interim Budget for the next fiscal year. Tax slabs remain unchanged, no commitment to revdis. New housing scheme for the middle class. Capex target raised by 11.1%. Defense budget increased by 4%. Ayushman Bharat healthcare extended to workers. Hospitals to be set up in all districts. Vaccination for cervical cancer.

India has bigger strategies for aam aadmi beyond Budget's income tax slab disappointment

The common man awaits to hear in the Budget if the govt will ease tax rates, impacting cash in hand. While the interim Budget didn't change income tax slabs, it did address the headache of fiscal deficit, which impacts a country's wallet. Fiscal prudence was prioritised, and the government aims to narrow the budget gap. A higher fiscal deficit leads to higher government debt and higher interest payments. The government stuck to fiscal prudence despite elections, and reduced borrowing may lead to lower interest rates.

Budget 2024: FM Nirmala Sitharaman's full speech

Union BudgET 2024: Post-budget press conference by FM Nirmala Sitharaman and team | Live

Budget announcements in recent years: What has been Modi govt's stance on income tax?

Union Budget 2024: The spotlight on income tax changes commands attention in the upcoming interim budget. Indians await exemptions while the government pivots to an exemption-less tax system. With a 20.66% rise in direct tax collections this fiscal year, hitting over Rs 13.70 lakh crore, income tax announcements in the interim budget gain significance.