Author: Economy

The insurance industry is seeking tax incentives from the government in Budget 2021 to make products more attractive for customers. Union Budget 2021 will be presented on February 1 by Finance Minister Nirmala Sitharaman. Insurers want higher tax exemptions under Section 80C to be set aside for insurance products so that more customers buy products […]

Finance Minister Nirmala Sitharaman will present the Union Budget 2021-22 in the Lok Sabha on February 1. On February 1, Finance Minister Nirmala Sitharaman will rise up in the Lok Sabha to present the Union Budget 2021-22. All nations have their budgets, but perhaps nowhere it is such a national occasion with set traditions and […]

The Income Tax Act 1961 is the charging statute of Income Tax in India. It provides for levy, administration, collection and recovery of Income Tax. The government of India had brought a draft statute called the “Direct Taxes Code” intended to replace the Income Tax Act,1961 and the Wealth Tax Act, 1957. However, the bill was later […]

The finance ministry on Monday released the 13th instalment of Rs 6,000 crore to the states to meet GST compensation shortfall, taking the total amount of fund released to Rs 78,000 crore. Till now, 70 per cent of the total estimated GST compensation shortfall has been released to the states and union territories (UTs) with […]

They said that while import duties could be hiked on over 20 products such as cut and polished diamonds, rubber goods, leather garments, telecom equipment and carpet, the customs duties could be removed on select raw materials (like wood in rough, swan wood and hard board) used for furniture manufacturing and copper concentrate. PTI January […]

India’s commercial capital Mumbai tops the list for the COVID-19 hotspot. The city contributes 18.10 percent cases in India and 54.73% in the state of Maharashtra. The wealth gap between India’s richest and its poorest widened during the COVID-19 pandemic, especially due to the nationwide lockdown in April-June 2020, which rendered millions of migrants and […]

Representative image The central government has termed the reports, saying the circulation of old currency notes of Rs 100, Rs 10 and Rs 5 would stop permanently by March-April, as “fake”. Recently, speculations began after some reports claimed that the Reserve Bank of India (RBI) is planning to withdraw the old series of currency notes […]

The 15th Finance Commission had recommended that India’s combined public health expenditure be raised to 2.5 percent of the GDP by 2023-24. The upcoming Budget may include a plan to create a fund under the “Pradhan Mantri” umbrella, amid a need to increase allocation to the healthcare sector. Both the Centre and states will contribute […]

A new trade agreement between the allies is a higher priority for UK PM Boris Johnson than it is for US President Joe Biden. The UK regained control over its national trade policy at the start of the month following the end of a post-Brexit transition period. Associated Press January 24, 2021 / 07:39 AM […]

A permanent account number (PAN) is a 10-character alphanumeric identifier, issued in the form of a laminated “PAN card”, by the Indian Income Tax Department. It serves as an important proof of identification. PAN is also necessary for filing income tax returns and doing financial transactions. The main objective of PAN card to use a universal […]

To contain the spread of COVID-19, this will be the first time since Independence that the Budget documents have not been printed. (Image: Twitter @FinMinIndia) Finance Minister Nirmala Sitharaman, Minister of State for Finance Anurag Thakur and senior finance ministry officials on January 23 participated in the halwa ceremony to kick-start the compilation of the […]

Some entities are not notified for donation purpose by the income tax department, so, be careful about which entity you donate to. Using the deductions available under Section 80G, taxpayers can save tax while doing some good work. Section 80G of the I-T Act allows donations made to specified relief funds and charitable institutions as a […]

Union Finance Minister Nirmala Sitharaman will present the Budget for 2021-22 on February 1. January 23, 2021 / 09:40 AM IST The government may announce creation of a database of informal workers and migrants in the Union Budget 2021 to roll out benefits through welfare schemes. The registry will contain information on up to 250 […]

The inter-ministerial group discussing the policy consisted of the Agriculture Ministry, Corporate Affairs Ministry, Electronics and IT Ministry and the Finance Ministry. India may scrap its e-commerce policy after questions over its rationale were raised by “certain sections within the government” due to lack of unanimity. The policy aims to provide the regulator guidelines on […]

Representative Image The Employees’ Provident Fund Organisation (EPFO) under the guidance of the Central Board of Trustees (CBT) manages the Provident Fund (PF) corpus of all employees who are contributing towards EPF in India. As per the PF scheme, the government is empowered to notify the investment pattern for PF contributions. The CBT also issues […]

The COVID-19 pandemic has reshaped consumer spending behaviour “at all levels,” as per the State Bank of India (SBI) Ecowrap report. SBI Group Chief Economic Advisor Dr Soumya Kanti Ghosh expects Budget 2021 to encompass these behavioural changes of the Indians. What were the changes? The most important findings based on SBI Card spends were […]

A taxpayer earning Rs 15 lakh will save Rs 78,000 in tax under the new regime, FM said in Budget 2020 speech. FM Nirmala Sitharaman Finance Minister Nirmala Sitharaman, in Budget 2020, added three income tax slabs in the tax structure. In Budget 2020, FM Sitharaman tried to put more money in the hands of […]

The budget must redirect the government focus in resolving demand-side issues by moving away from fixing supply side problem which has been the focus since March when the pandemic began to pummel the economy, says a report. The pandemic induced lockdowns resulted in the economy tanking 23.9 per cent in the June quarter but made […]

Representative image (Source: Reuters) Petrol price on Friday crossed Rs 92 a litre mark in Mumbai, while diesel touched an all-time high after rates were raised for the third time this week. Petrol and diesel prices were hiked by 25 paise per litre each, according to a price notification from oil marketing companies. This took […]

As Finance Minister Nirmala Sitharaman is set to present Budget 2021 in the backdrop of COVID-19 pandemic, India’s combined public health expenditure would be increased to 2.5 percent of gross domestic product (GDP) by 2023-24 while the health outlay is set to see a considerable increase for FY22. The 15th Finance Commission has recommended that […]