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New Income Tax rules will come into effect from 1 April 2022: Here're details
The new provisions related to Income Tax (IT) in the Union Budget 2022 will be in effect from the new financial year 2022-23 which begins on 1st April. These include several changes in the IT rules vis-à-vis crypto assets, EPF interests, tax relief for cooperatives and startups as well as for COVID19 treatment which will be effective from Friday. Here are the key changes in the Income Tax effective from the FY 2022-23.
Sitharaman to present Budget for J&K in Parliament
Union Finance Minister Nirmala Sitharaman will present the Budget of Union Territory of Jammu and Kashmir in Parliament on Monday. The Centre is likely to table 'The Constitution (Scheduled Castes and Scheduled Tribes) Orders (Amendment) Bill, 2022' in the Rajya Sabha. The Rajya Sabha is also likely to discuss the working of the ministry of development of the North-eastern region.
Budget focused on growth revival: Sitharaman to industry
The revival of economic growth was the foremost priority of the Union Budget FY23, said Finance Minister Nirmala Sitharaman on Monday. The Budget FY23 has raised capital expenditure by 35.4 per cent Rs 7.5 lakh crore in a bid to continue the public infrastructure plan which in turn will create fresh jobs in the economy besides crowd-in private participation through investments."
'This Budget forward looking, has vision for India at 100': Nirmala Sitharaman
Replying to the general discussion on the General Budget 2022-23, she said that stable and sustainable recovery was one of the motives for this Budget and highlighted the importance of emphasizing digital technology in governance that will help in transparency in governance beyond easing the process for the common man.
Newsmen Explainer | What is a Digital Currency and how will it revolutionise India’s FinTech sector?
Finance Minister Nirmala Sitharaman announced in the Budget 2022-23 that the Reserve Bank of India will issue Central Bank Digital Currency (CBDC) by in FY23. She said that this move “will give a big boost to digital economy (and this) currency will also lead to a more efficient and cheaper currency management system.” Hence, it is important to know what is this CBDC, why is this being hailed as a move towards fintech revolution and how is this different from private currencies such as cryptocurrencies. Here’s an explainer.
We have to work on two-track path despite pandemic: Finance Minister
Addressing a post-budget session 'Implications of Union Budget 2022-23', organised by PHDCCI here, she, about the multimodal approach, said that it needs to be ensured to have a synergy with every mode of transport and linkages with logistics to ensure that products reach their destination on time inside or outside the country. The Finance Minister said the emphasis has been put on public investment and infrastructure in budget
India's FY23 budget points to slower fiscal deficit reduction: Fitch
The Central government plans to reduce the fiscal deficit to 4.5 per cent of the GDP by FY26.In the Union Budget, the Centre has revised the fiscal deficit to 6.9 per cent of the GDP for FY22. The deficit target for FY23 has been kept at 6.4 per cent of the GDP. "The higher deficits and continued lack of clarity on medium-term consolidation plans in India's latest budget add risks to Fitch Ratings' projection of a downward trajectory in government debt/GDP," Fitch Ratings said.
FY23 divestment target more realistic, not underestimation: Sitharaman
She was speaking at an event here organised by Federation of Indian Chambers of Commerce and Industry (FICCI). Lastly, she reiterated that the government will continue on the disinvestment front. The Centre, in its Budget document for FY23, has drastically lowered the divestment target to Rs 65,000 crore. According to the Budget document, the current fiscal FY22's divestment target was revised to Rs 78,000 crore from the Budget estimates of Rs 1.75 lakh crore.
JM Financial gives 'buy' call for ITC, GAIL, M&M Financial, 6 others
For ITC stocks, the brokerage has set a target price at Rs 295, as against the current price of Rs Rs 233.6. For GAIL and Mahindra & Mahindra Financial, the target is set at Rs 185 and Rs 200, respectively. On Friday, these two shares settled at Rs 146.65 and Rs 154.15, respectively, data showed.
Union Budget FY23's Capex push to boost cement demand
India's Budget 2022-23 has earmarked a massive budgetary outlay of Rs 7.50 lakh crore for Capex. In her Budget speech to Parliament on Tuesday, Finance Minister Nirmala Sitharaman proposed to increase the capital budget outlay by over 35 per cent. Besides, the cascading impact it has on the employment generation will aid in demand creation.
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