Union Budget
Government Slashes Customs Duty on Mobile Phones and Components to 15%, Boosts Industry Morale
Presenting the Union Budget 2024-2025, the Finance Minister, while announcing the consumer benefits in the House, said, "In the interest of consumers, I now propose to reduce the BCD on mobile phones, mobile PCBA, and mobile chargers to 15 percent." The electronics sector in India has witnessed rapid expansion, scaled to the $155-billion mark in FY23, and doubled the production from a mere $48 billion in FY17 to $101 billion in FY23. Mobile phones now alone constitute 43 percent of total electronics production.
Enhanced Benefits for Salaried Workers: Standard Deduction Increased by 50% to Rs 75,000
Besides, Sitharaman brought in changes in the tax slabs in the new income tax regime, which would come into force from April 1, 2024, that is, Assessment Year 2025-26. This restructuring of the regime shall lead to a further rise in disposable income and is likely to save salaried employees up to Rs 17,500 annually in income tax.
FM Sitharaman to Unveil Union Budget on July 23
In a statement, the Minister of Parliamentary Affairs confirmed that "Hon'ble President of India, on the recommendation of the Government of India, has approved the proposal for summoning of both the Houses of Parliament for the Budget Session, 2024 from 22nd July 2024 to 12 August 2024 (Subject to exigencies of Parliamentary Business). Union Budget, 2024-25 will be presented in Lok Sabha on 23 July 2024."
FM Sitharaman to Unveil Union Budget on July 23
In a statement, the Minister of Parliamentary Affairs confirmed that "Hon'ble President of India, on the recommendation of the Government of India, has approved the proposal for summoning of both the Houses of Parliament for the Budget Session, 2024 from 22nd July 2024 to 12 August 2024 (Subject to exigencies of Parliamentary Business). Union Budget, 2024-25 will be presented in Lok Sabha on 23 July 2024."
Government has tried to simplify taxation regime in budget: Revenue secretary
Addressing a post-budget discussion organised by industry body FICCI, Malhotra further said that the government's thrust is on improving trust, having tax rates without increasing the tax cuts and on certainty and stability. Central Board for Direct Taxes (CBDT) chairperson Nitin Gupta, who was also present on the occasion, said that the government has tried to prevent leakage of revenue through appropriate changes.
Budget Effect: About 15% premium impact on some private life insurers
In a research report, Emkay Global's insurance sector analysts Avinash Singh and Mahek Shah said the Rs 5 lakh cap is likely to affect growth of about 10 per cent premium base for HDFC Life Insurance and Max Life and about 5 per cent premium base for SBI Life Insurance and ICICI Prudential Life Insurance.
Union budget: Government aims to tax high premium policies
"It has been observed that several high-net-worth individuals are misusing the exemption provided under Section 10(10D) of Income Tax Act by investing in policies having large premium contributions (as it is acting as an investment policy) and claiming exemption on the sum received under such life insurance policies," the explanatory memorandum on Finance Bill's provisions, said.
No news on capital gains tax is good news for markets
The corporate tax regime is already very attractive with effective tax rates of 25.17 per cent, and even a lower tax rate of 17.16 per cent for new manufacturing companies. The possible areas for further improvement are the extension of period for commencement of manufacture for availing the lower tax rate and reduction of tax on dividends to a maximum of 20 per cent, Surana said
From 'Bahubali' Budget to 'disappointing' one - here's how industry reacted to Budget 23-24
This is a 'Bahubali' Budget. With one arrow, multiple targets have been shot. Fiscal prudence is achieved with lower deficit and the path has been set till FY26. Consumption is supported through tax cuts. Investment outlay is enhanced.
Rail Budget 2023-24: Focus on incomplete projects, big push for Make in India
In the Union Budget 2023-24, the entire emphasis of the Modi government will be on infrastructure development, especially projects related to Railways and getting high-speed trains becoming operational as soon as possible. The Modi government is working on increasing the railway budget by 20-25 per cent to strengthen the infrastructure of the entire railway system.
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