The Ministry of Finance is currently evaluating several options regarding the newly announced revised Long Term Capital Gains (LTCG) regime, which aims to eliminate indexation benefits for property, gold, and other unlisted assets. The tweaks to the Finance Bill may be undertaken in the run-up to the passage of the Finance Bill 2024-25 in Parliament. … Read more
West Bengal Chief Minister Mamata Banerjee on Thursday demanded that the Centre should roll back the goods and services tax (GST) on life and medical insurance premiums. Calling the tax on insurance premiums “bad”, she said that it adversely affects the people’s ability to take care of their basic needs. “Our demand to Government of India … Read more
On July 31, 2024, the rate for 24-carat gold in India was recorded at ₹68,820 per 10 grams, translating to ₹6,882 per gram. Meanwhile, the price for 22-carat gold stood at ₹63,085 for the same weight. Since the last week, the price of 24-carat gold has seen a decline of 0.4%, while over the last … Read more
Union Minister of Road Transport and Highways Nitin Gadkari urged Union Finance Minister Nirmala Sitharaman to consider withdrawing 18 per cent goods and services tax (GST) on life and medical insurance premiums. In his letter to Sitharaman, Gadkari said that Nagpur Divisional Life Insurance Corporation Employees Union submitted a memorandum to him on these issues. … Read more
Former Infosys CFO TV Mohandas Pai has questioned the income tax department’s assumptions about property price growth in India. “Can @IncomeTaxIndia please explain how they assumed property prices go up 12-16% per year? RBI says NO, citizens need this answer,” he wrote on X. Pai pointed to a significant disconnect between the tax department’s projections and … Read more
Facing criticism over the tax snub to India’s middle class in her Budget, Finance Minister Nirmala Sitharaman addressed the concerns head-on at Business Today’s Budget 2024 roundtable on Saturday. Her response was clear: the government’s approach aims at simplification and rationalization, not just for the middle class but for all taxpayers. How much tax do … Read more
The Central Board of Direct Taxes (CBDT) has issued a clarification regarding Section 230 of the Income Tax Act, 1961 over reports that claimed a mandatory tax clearance was needed before leaving the country. Responding to the reports, which created a significant stir, the CBDT said Section 230 does not mandate every individual domiciled in … Read more
Union Finance Minister Nirmala Sitharaman hits out at Congress leader Jairam Ramesh, who said that NITI Aayog’s “treatment of the West Bengal CM today, although typical of the NITI Aayog, is unacceptable” and said that Mamata Banerjee’s claim is “baseless”, adding that she is making an effort to keep the leaders of the INDIA bloc … Read more
Kotak Mahindra AMC’s MD and CEO, Nilesh Shah, has warned Finance Minister Nirmala Sitharaman of a potential surge in India’s gold import bill after the customs duty cut and rising international prices. “”One early warning signal Madam, we (India) are importing about 700 tonnes of gold, which is (worth) about $35-40 billion. With the reduction … Read more
The Opposition isn’t too happy with the Budget. They called it an exercise in political jugglery and it did little to address issues that affect the common man. They also said that States ruled by non-NDA parties were ignored. MPs of the INDIA bloc, the main Opposition bloc, are planning to stage a protest against … Read more