BUSINESS
Mixed response to Budget 2023-24 at the bourses
This even though the economists and majority of the industry captains gave a thumbs-up for the budget proposals. The Sensex of the BSE opened at 60,001.17 points, after closing at 59,549.90 points on Tuesday. Itx touched a high of 60,773.44 points and a low of 58,816.84 points.
Life insurance stocks fall up to 10% after Budget pushes for new tax regime
On BSE, LIC was down more than 8 per cent, HDFC Life was down more than 10 per cent, Max Financial was down more than 9 per cent, SBI Life Insurance was down more than 9 per cent while ICICI Prudential Life Insurance was down more than 10 per cent. Vinod Nair, Head of Research at Geojit Financial Services said life insurance players witnessed heavy selling as the Budget pushed for the new tax regime, making insurance products less appealing as a tax-saving tool.
'Budget has provided much-needed oxygen to MSME sector'
Vadodara Chambers of Commerce and Industries president Himanshu Patel, welcoming the Budget, said: "The much needed booster dose has been given by the Finance Minister for the MSME, the tax slab will definitely keep the sector floating. It suffered a major setback in 2020."
Centre to clarify taxation on online gaming, proposes removal of minimum TDS
Currently, 18 per cent tax is being levied on the commission collected by online gaming companies for games not involving betting or gambling. Among the Union Budget 2023-24 proposals were "removing the minimum threshold of Rs 10,000 for TDS and clarifying taxability relating to online gaming".
Budget 2023-24: 'A growth budget focussed on good harvest'
"The Budget has proven to showcase that the future of the agriculture sector in the country is bright, with its well-researched, and nuanced focus towards the sector," said Karthik Jayaraman, Co-Founder and Managing Director, WayCool Foods and Products Ltd, a food and agri-tech platform.
Large potential to be tapped in tourism: Finance Minister in budget speech
To enhance the tourist experience, an application will be launched where all relevant aspects of the tourist destination would be provided in addition to aspects such as physical and virtual connectivity, tourist guides, high standards for food streets, and tourists' security.
EVs to get cheaper, Centre proposes customs duty exemption on batteries
Finance Minister Nirmala Sitharaman in her Union Budget 2023-24 speech said that the subsidies on EV batteries will be extended for one more year, hence making EVs cheaper in the country. In May 2021, the government unveiled the Production-Linked Incentive (PLI) scheme for manufacturing batteries.
Union Budget deals a blow to market linked debentures used for tax evasion
Sandeep Bagla, CEO, Trust AMC said, "Another positive aspect of the Budget was to deal a body blow to so-called Market Linked Debentures (MLDs), which had degenerated to instruments of blatant tax evasion, by taxing the capital gains generated at the rate of Short Term capital gains."
Centre extends tax holiday for homegrown startups till March 31, 2024
The tax holiday scheme was earlier available for startups incorporated till March 31, 2023. "We propose to extend the date of incorporation for income tax benefits startups from 31.3.2023 to 31.3.2024. I further propose to provide the benefit of carry forward of losses on change of shareholding of startups
Budget balanced, likely to boost demand in housing sector: Realty industry
The enhanced allocation for the Pradhan Mantri Awas Yojana by 66 per cent to over Rs 79,000 crore is certainly a boost for affordable housing, which was flagging due to increased input costs and also because the buyers in this segment, mostly from the unorganized sector, were still reeling under the impact of the Covid pandemic, said Anuj Puri, chairman of the ANAROCK Group.
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