Sometimes the most helpful of things can have an unintentional fallout. Take the 45-day payment rule for MSMEs for instance. With preparation underway for the Union Budget 2024-25, finance ministry officials are trying to understand the unintended impact of the new provision under the Income Tax Act that mandates payments to micro, small and medium … Read more
Budget 2024: Finance Minister Nirmala Sitharaman will be presenting the Union Budget for 2024-25 later this month. Since the beginning of this year, taxpayers have been expecting some relief and concession on the tax front. But were disappointed in the Interim Budget as the finance minister proposed to retain the same tax rates for both … Read more
Full Budget 2024: The full Budget 2024 will be tabled next month. On Wednesday, Union Minister for Finance & Corporate Affairs Nirmala Sitharaman chaired the first Pre-Budget consultation meeting with leading economists. The meeting was attended by MoS for Finance Pankaj Chaudhary, the Finance Secretary, and the Secretaries of the Departments of Economic Affairs, Revenue, … Read more
With the General Elections over, subscribers to the Employees Provident Fund can look forward to the credit of interest on their retirement savings for 2023-24. While the EPFO’s apex decision-making body, the Central Board of Trustees, had in February approved an interest rate of 8.25% for the FY24, the formal notification is still awaited by … Read more
The Union Finance Ministry has recently notified the wage revision of LIC employees, which will benefit over 1.1 lakh employees in the state-run insurance company. The revision, which is about 17 per cent annual increase in the wages, with be applicable from August 1, 2022. The wage revision would see an annual implication of around … Read more
New Delhi: The government is likely to stay on the fiscal course-correction glide path in the interim budget for FY25, shunning populist spending or incentives ahead of the summer general election, said people aware of deliberations on the subject. The post-Covid-19 fiscal consolidation roadmap proposed by the government estimates the fiscal deficit at 4.5% of … Read more
New Delhi: GST officers have been given more time to issue demand notices for discrepancies in annual returns for 2018-19 and 2019-20 financial years. On Thursday, the government extended the deadline in this regard for 2018-19 fiscal to April 30, 2024 and for 2019-20 fiscal to August 31, 2024. A notification has been issued by … Read more
LIC shares on Friday rallied 7.2% to hit a fresh 52-week high of Rs 820 on BSE after the Finance Ministry granted an extension to the PSU insurer for complying with 25% minimum public shareholding (MPS) norms till 2032. Sebi rules mandate all listed companies to maintain 25% public float but newly-listed companies are granted … Read more
Vivek Joshi, Secretary, Department of Financial Services, in New Delhi. | Photo Credit: KAMAL NARANG The roadmap for 2047, includes an average growth of 7% to 7.5%; rise of domestic savings to 31% of GDP; rise in credit-to-GDP ratio to 130% among others, said Vivek Joshi, Secretary, Department of Financial Services, Ministry of Finance on … Read more
New Delhi: The rural development ministry has sought ₹1.1 lakh crore for the rural employment guarantee scheme for the next fiscal, almost double the ₹60,000 crore budgeted for the current financial year, a person aware of the details told ET. Relatively strong work demand, wage hikes and inflation could push up expenditure under the Mahatma … Read more