Budget 2024

Better compliance, progressive income tax rates key reasons for personal income tax mop-up exceeding corporate tax collections, says Revenue Secretary

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Better compliance, progressive income tax rates key reasons for personal income tax mop-up exceeding corporate tax collections, says Revenue Secretary

Revenue Secretary Sanjay Malhotra attributed improved compliance as well as the progressive income tax rates as the two main reasons why personal income tax collections have exceeded those of corporate income tax in recent years.While there are four reasons as such for this trend, the two major reasons are improving compliance and the progressive rates … Read more

Budget 2024: Modi 3.0’s first Budget slashes corporate tax rates for foreign firms to deal another blow to China

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Budget 2024: Modi 3.0's first Budget slashes corporate tax rates for foreign firms to deal another blow to China

Modi 3.0’s first Budget proposed to slash tax rates for foreign companies investing in India, a move seen as providing more fillip to inviting more overseas players as the Narendra Modi government seeks to grab the supply chain shift from China.The Budget was expected to be a transformative step towards achieving the government’s goal of … Read more

Budget 2024-25: Income Tax Contributes More to Govt Revenue Than Corporations

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Budget 2024-25: Income Tax Contributes More to Govt Revenue Than Corporations

New Delhi: The Budget at a glance establishes that the share of government revenue from income tax (tax on individuals) at 19% is more than what corporates have contributed (17%). Advertisement <!– This follows from taxes foregone five years ago, when corporates were given a tax break. <!– The corporate tax-rate cut was meant to be … Read more

Budget 2024: All eyes are now on the Finance Minister. From IT changes to corporate tax tweak, here are key things | Mint

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Budget 2024: All eyes are now on the Finance Minister. From IT changes to corporate tax tweak, here are key things | Mint

Finance Minister Nirmala Sitharaman will unveil the Union Budget for the financial year 2024-25 at 11 a.m. on Tuesday. This critical document will outline the government’s revenue and expenditure plans, influencing economic growth and stability across the nation. Understanding the budget’s implications for individuals and businesses alike is essential for informed financial decision-making.Also Read | … Read more

How middle class pays more taxes than corporates, and gets ignored too

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How middle class pays more taxes than corporates, and gets ignored too

Read Full Budget 2024 CoverageThe middle class, the tax-paying population of India, stares at the face of the government every time the Budget day approaches. It is that neglected segment that pays both income tax for earnings, and GST for spending. It is this 2% of the entire population of India that is contributing massively … Read more

Income Tax Slabs Budget 2024: No Income Tax up to ₹3 Lakh under revised personal income tax rate – Full Details | Mint

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Income Tax Slabs Budget 2024: No Income Tax up to ₹3 Lakh under revised personal income tax rate – Full Details | Mint

Budget 2024: Tabling the Union Budget 2024-25 in Parliament, Union Finance and Corporate Affairs Minister Nirmala Sitharaman announced significant changes in personal income tax rates for the fiscal year 2024-25 to reduce the tax outgo of the masses. The Finance Minister has provided relief to taxpayers by revising the income tax slabs for the current fiscal … Read more

Budget 2024: Sitharaman says 58% tax came from simplified corporate tax regime | Mint

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Budget 2024: Sitharaman says 58% tax came from simplified corporate tax regime | Mint

Budget 2024: Union Finance Minister Nirmala Sitharaman on Tuesday said 58 per cent tax came from simplified corporate tax regime in the financial year 2024.More than two-thirds of individuals availed the new income tax regime, Sitharaman said in the Lok Sabha while presenting the Union Budget for fiscal year 2024-25.She also announced that the government … Read more

Budget 2024 Capital Gains taxation: Corporate tax for foreign companies slashed to 35%, charities, cruise operations taxation revised

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Budget 2024 Capital Gains taxation: Corporate tax for foreign companies slashed to 35%, charities, cruise operations taxation revised

Simplifying the tax regime for corporate industries, Union Finance Nirmala Sitharaman on Tuesday, proposed new tax structures for charities, foreign shipping companies, rationalisation of capital gains in her 2024 Budget speech. She also reduced corporate tax on foreign companies from 40 to 35%. Ms. Sitharaman’s speech lasted just shy of ninety minutes Also read: Budget … Read more

PwC seeks extension of 15% corporate tax for new units

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PwC seeks extension of 15% corporate tax for new units

PwC India has recommended the government extend the concessional corporate tax rate of 15% (ended in FY24) for new manufacturing units for a period of at least five years, to boost domestic manufacturing, and foster import substitution. This is a key ask of industry which the Centre should consider for the full Budget, PwC partners … Read more

Budget 2024 Expectations Live: Low interest rates and liquidity support on MSMEs’ wish list for Sitharaman – The Economic Times

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Budget 2024 Expectations Live: Low interest rates and liquidity support on MSMEs' wish list for Sitharaman - The Economic Times

Union Budget 2024 Live Updates: As Finance Minister Nirmala Sitharaman prepares for the upcoming Union Budget, the micro, small, and medium enterprises (MSMEs) are hopeful that the government will prioritise and promote their sector.The Finance Minister will present the Union Budget for 2024-25 on July 23, in her third straight term this year.The MSME industry … Read more