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
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
Indian Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP) won 240 seats in the general election, falling 32 seats short of an outright majority. The weakened majority could pose challenges for the government’s reform agenda, but policy continuity is expected to persist. Modi’s alliance won 293 seats, enough to form a government, but he may have to depend on regional parties for support. Despite a reduced victory margin for Modi in his own seat, necessary reforms are still feasible. The opposition INDIA alliance, led by Rahul Gandhi’s Congress party, won 230 seats and is expected to discuss a future course of action.
Indian Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP)-led alliance is ahead in more than 300 seats in the lower house of parliament, with BJP alone leading in 255 seats.
India voted in the fourth phase of a seven-week general election, with Prime Minister Narendra Modi seeking a third term. The BJP is facing an alliance of opposition parties, including Congress. Voting took place in 10 states, including Srinagar where BJP did not contest. Modi has shifted focus to accusing Congress of favoring Muslims over Hindus. The Supreme Court granted temporary bail to opposition leader Arvind Kejriwal. High temperatures are a challenge for voters, but are expected to be normal during the vote.
Prime Minister Narendra Modi voted early in India’s general election, seeking a third straight term. The election began on April 19 and will be held in seven phases, with nearly one billion people eligible to vote. Modi urged citizens to participate in the “festival of democracy” while taking care of their health due to rising summer temperatures.
– During the election campaign, the Congress emphasized social justice and welfare in its manifesto.
– Prime Minister Narendra Modi accused the Congress of having communal intentions with its plans for a caste census and distribution of surplus government land.
– The Congress defended its manifesto, stating that rising wealth inequality in the country needs to be addressed.
– The Finance Ministry released data showing an increase in net tax collections, driven by personal income tax and securities transaction tax.
– The share of corporate tax has been decreasing while personal income tax has been increasing.
– Direct taxes have been decreasing while indirect taxes have been increasing.
– A bulk of those who file personal income tax earn an annual income of ₹1 lakh-₹5 lakh.
– The effective personal income tax rate in India is among the highest compared to other BRICS countries.
– Poorer citizens and the middle-class are shouldering a higher share of the tax burden due to the rising share of personal income tax and indirect taxes.
Tesla has reduced prices on its models in China by nearly ,000 as it faces declining sales and increased competition in the electric vehicle market. The starting price of the Model 3 in China has been cut by 14,000 yuan to 231,900 yuan. Similar price cuts have been made to other models like Model Y, Model S, and Model X. In the United States, Tesla also lowered prices on some of its vehicles and its Full Self-Driving software. The company reported a decrease in global vehicle deliveries in the first quarter for the first time in almost four years. Musk postponed a trip to India where he was expected to announce plans for Tesla to enter the South Asian market. Tesla also announced layoffs as it anticipates a drop in deliveries, following reports that it abandoned plans for an affordable EV in favor of robotaxis. Tesla shares have fallen by 40.8% so far this year, as the company engages in a price war to increase sales volume.
Elon Musk postponed his planned trip to India to meet Prime Minister Narendra Modi due to obligations at Tesla, aiming to reschedule later in the year.
Elon Musk postponed his planned trip to India to meet Prime Minister Narendra Modi due to heavy obligations at Tesla. The visit was to include the announcement of Tesla’s entry into the Indian market. Musk is facing tough questions from analysts about falling sales and the fate of key Tesla products. Musk was expected to announce a -3 billion investment in building a factory in India.