INCOMING GOVERNMENT
What is the interest on income tax refund?
Income tax refund: After submitting your tax return, if you meet the requirements for a tax refund, you should receive the refund plus interest at a specific rate in the event of a delay. Nonetheless, this is not always the case.
India’s big bond funds argue that long-term rates are going down
India's major bond fund managers foresee a prolonged decline in interest rates, driven by improved economic indicators and fiscal discipline. They are heavily investing in 30-year bonds, benefiting from increased foreign demand. Despite optimism, some experts remain cautious about the pace of rate cuts.
Proposed change in income tax may hit homestay owners
The move is aimed at plugging the loophole that house owners used to lower their tax liability. "The amendment will take effect from the 1st day of April, 2025 and will, accordingly, apply in relation to assessment year 2025-26 and subsequent assessment years," as per the Memorandum to Union Budget 2024.
Budget 2024 income tax highlights: Changes to taxation of capital gains, STT, income tax slabs, new tax regime, standard deduction, TCS rates
Budget 2024 Income Tax Updates: The Finance Minister, Nirmala Sitharaman, presented the Union Budget for the fiscal year 2024-25 today. The FM introduced several changes relating to income tax. These changes include adjustments to the income tax slabs under the new tax regime, capital gains taxation, an increase in standard deduction, and revisions to the rates of TDS and TCS, among other things.
Now you can’t declare house rental income as business income to save tax: Budget 2024 plugs tax avoidance loophole
Union Budget 2024 House Rental Income: Now you can't save tax from rental income of residential house property. You have to mandatorily declare it under the house property heads of income. The loophole to save income tax from rental income of house property has been plugged in by the government in Budget 2024.
Old income tax regime to be discontinued? What Nirmala Sitharaman has to say
Finance Minister Nirmala Sitharaman, after presenting Budget 2024, stated that no final decision has been made on discontinuing the old income tax regime. She emphasized the goal of simplifying the tax system but noted that any changes will follow a comprehensive review. Over two-thirds of taxpayers have adopted the new regime, which offers lower rates but fewer exemptions.
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Budget 2024: Sitharaman announces plan for Viksit Bharat; a look at key numbers
Union Budget 2024 Key Numbers: Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 in Parliament today, marking her seventh consecutive budget, surpassing the late Morarji Desai's record of six. This budget focuses on changes in the income tax structure and enhancing the ease of doing business in India.
India Budget: Modi govt gives income tax relief to some to stimulate spending
Budget Tax Measures: India on Tuesday announced income tax rate cuts to boost consumption amid economic struggles. The revised system now taxes annual income between 0.3-0.7 million rupees at 5%, expanding the lower end and increasing the standard deduction for salaried employees. The changes aim to provide relief and encourage spending, with some revenue sacrifices and additional mobilization anticipated.
Income tax changes in Budget 2024: New tax slabs, standard deduction limit hike, other key announcements in new tax regime
Latest income tax slabs: In today's Budget 2024, the finance minister Nirmala Sitharaman has made changes in the income tax slabs and rates for the current financial year in the new tax regime. Know all the changes announced in the new tax regime from income tax slabs to standard deduction limit in Budget 2024.
UP Kanwar Yatra order: Both Muslim and Hindu owners ask staff to quit, small dhabas fear hit to income
A new Uttar Pradesh government order requiring eateries to display owner names is affecting small vendors and daily wagers, especially Muslim-owned businesses. The move has sparked controversy, with opposition and civil society criticizing it as divisive. Business owners fear decreased earnings and difficulty hiring staff amid these regulations.
MSME Act proposed to be amended to ensure expeditious payments
The Indian government plans to amend the MSME Development Act, 2006, to expedite payments to MSMEs with a more effective 45-day rule and online dispute resolution for overdue payments. Buyers will owe interest at three times the RBI's rate if they miss the payment window. Additionally, the amendments will incorporate energy efficiency, decarbonisation, and updated income tax provisions. Centres of excellence will be established to enhance MSME exports by addressing information gaps and promoting best practices through collaboration with the Department of Science & Technology and the Council of Scientific and Industrial Research.
Budget 2024: Higher income tax on F&O trading income and a TDS on trading will necessitate taxpayers to revisit their tax plan
Budget 2024: Under the current Income-tax Act, 1961, F&O trading has been specifically excluded from the definition of "speculative transaction". Hence, if F&O trading by individuals is categorized as 'speculative business income'.
Modi government to focus on jobs, incomes in first budget after election setback
Indian Prime Minister Narendra Modi aims to mend voter relations in the upcoming federal budget, focusing on job and income boosts amid uneven economic growth and rising food prices. Finance Minister Nirmala Sitharaman will present the budget on July 23, balancing economic and political priorities, with expected increased spending on infrastructure, manufacturing, and potential personal income tax cuts to address middle-class concerns.
Bank of Maharashtra to raise Rs 5,000 crore in equity to pare govt stake
State-owned Bank of Maharashtra is planning to raise Rs 5,000 crore in equity this year as part of a two-year strategy to pare the government stake to 75% to conform to the market regulation.
Foreign banks are snapping up short-term Indian bonds, Bank of America says
Foreign banks bought 600 billion rupees in Indian bonds, focusing on shorter maturities due to improved liquidity and limited treasury bills supply. Bank of America's Vikas Jain noted influences like JP Morgan's index inclusion. Key factors include 6.95% yields, fiscal deficit, lower overnight rates, and the Reserve Bank of India possibly reducing the repurchase rate to 5.5% by March 2026.
Direct tax mopup 20% bigger in FY25 on income tax boost
Direct tax collections have seen a significant increase of nearly 20% to ₹5.74 lakh crore in FY25 so far, with personal income tax flows driving the surge. The government may have more fiscal flexibility in the upcoming budget presentation. Corporate profits are also on the rise, reflected in the advance tax collections. These positive trends could impact the fiscal deficit in the budget for this fiscal year.
Maharashtra: Senior citizens with annual income up to Rs 2.5L can make pilgrimage at govt expense
The Maharashtra cabinet approved 'Mukhyamantri Teerth Darshan Yojana,' offering Rs 30,000 for senior citizens over 60 with income below Rs 2.5 lakh.
Jobs, inflation data may break the US Treasury market out of narrow range
Bond market trends are closely tied to Powell's testimony, economic indicators, and Treasury yield movements. Factors like the recent Australia inflation rebound, central bank actions, and insights from Macquarie Group are key considerations for investors navigating market uncertainties.
India a very attractive destination for fixed income investors: Vikas Goel
So, obviously, we are still underrepresented. So, compared to, say, a similar economy like Indonesia, etc., we will go from 2.5% to about 4% I think after the inclusion which is fairly-fairly insignificant even if we compare it to our equity markets where foreign investment is much-much higher as a proportion of total investment.
MP ministers to now pay Income Tax as cabinet revokes 52-year-old rule
The Madhya Pradesh cabinet, led by Chief Minister Mohan Yadav, announced on Tuesday that state ministers will now be responsible for paying their own Income Tax, overturning a rule from 1972 where the state government covered this expense. Minister Kailash Vijayvargiya mentioned that Chief Minister Yadav proposed the idea during the cabinet meeting, which was subsequently agreed upon, leading to the decision for ministers to handle their own Income Tax payments.
Government focus on agriculture, rural income to sustain tractor demand: Swaraj Engines
The government's agricultural focus in India, along with initiatives to boost rural incomes, is expected to sustain tractor demand despite a 7 per cent industry sales decline reported by Swaraj Engines Ltd. The company's annual report highlights opportunities in the horticultural segment and factors like increased affordability, demand for farm mechanisation, and government efforts to improve agriculture. Swaraj Engines foresees its engine business aligning with the industry's growth trajectory.
Politically correct stocks: Government push on increasing rural income may act as tailwind for these 4 stocks
While the government’s decision to push for policies which help in increasing rural incomes has been in place for some time. But given the fact that any change in the rural income matrix is a time consuming process, there can be a mismatch of expectations and times. There is a high probability that in the coming years there could be more policy push to increase rural incomes. Yes, the reason could be that the government wants to get its political capital back. Whatever might be the reason, the stakeholders of the systems are likely to be benefited. Now traditionally we think it is agriculture which will be the focus, but there is more to the rural economy, beside agriculture. We take a look at 4 companies where fortunes are tied to agriculture and other parts of the rural income.
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.
Markets should double in next four-five years: Milind Karmarkar
Maybe we will look at it at that point in time, but right now we miss getting into it early, but as of now we do not want to buy it.
No single theme to drive market; volatility to continue: Milind Karmarkar
So, my belief is that whenever a coalition is at the centre, then you see a decent growth. The clear focus is economics. The clear focus is to do better for the masses and that is what drives the markets, that is what drives the economy as well.
Foreigners boost India corporate debt buying before govt bond index inclusion
Foreign investors show increasing interest in Indian rupee-denominated corporate debt ahead of the inclusion of Indian government securities in a global bond index, expecting passive inflows of around $25 billion. Recent data highlights purchases in corporate bonds, interest in launching ETFs, and robust demand for dollar bonds.
Modi govt is architect of destabilizing democratic state governments: Mallikarjun Kharge
In a fierce attack on Prime Minister Narendra Modi, Congress president Mallikarjun Kharge accused the central government of misusing its power to destabilize democratically elected state governments through agencies like the ED, CBI, and Income Tax Department. Speaking in Shimla, Kharge cited PM Modi's veiled threats at rallies in Nahan and Mandi, claiming the BJP aims to intimidate the Himachal Pradesh government. He assured that the INDIA Alliance would form the next central government, committed to protecting the Constitution and addressing real issues like employment and development.
No vote-bank threat, less capital-flight risk from wealth tax: Nitin Kumar Bharti
Nitin Kumar Bharti, lead author of a recent World Inequality Lab report, suggests imposing a wealth tax in India to address inequalities, stating it would not affect 99.96% of the population.
RBI dividend will have economic dividends
RBI came into this windfall because of high interest rates in advanced economies, which may persist before an eventual cyclical inversion. The strength of India's recovery from the pandemic also contributed to the RBI surplus, and monetary policy would be inclined to pursue this course by easing interest rates ahead of the pack. Inflation is offering comfort on the demand side for an interest rate downcycle. Food inflation, less amenable to demand management, remains a concern.
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