Nirmala Sitharaman News

Public and privately held Indian firms can now list their shares on the International Financial Services Center at Gujarat International Fin-Tec City, Finance Minister Nirmala Sitharaman announced at a briefing Friday. “It will facilitate access to global capital and result in better valuations for Indian companies,” she said.

Bitcoin and crypto assets have been around for more than a decade, but there have been increasing efforts recently in terms of regulation and legalization. This is because the spectacular pace of adoption and the rise in market capitalisation of Bitcoin and crypto assets have resulted in them moving from a niche product used by cypherpunks to having a more mainstream presence as instruments for savings and investments. It can often be quite challenging to apply existing regulatory frameworks to crypto assets or developing new ones. For a start, the crypto ecosystem is evolving rapidly and monitoring it can get quite tricky in a global environment with a large number of players Let’s look at some of the legal and regulatory issues that need to be considered: 1. Legal characterization of crypto & taxation Legal characterization of Bitcoin and crypto assets plays a key role in determining how they are likely to be taxed. The main distinction is whether these assets should be defined as a commodity (in which case capital gains rules apply), a currency or given a whole new different category.

Nirmala Sitharaman Thursday said the government is considering a production-linked incentive (PLI) scheme for the chemicals and petrochemicals sector to promote manufacturing and to reduce import dependency. “We are in favour of having India becoming a manufacturing hub and therefore of course we will consider the PLI also for the chemicals and petrochemicals,” Sitharaman said at the 'Global Chemicals and Petrochemicals Manufacturing Hubs in India' summit, organised by Federation of Indian Chambers of Commerce & Industry's (Ficci). She said global manufacturers in the chemical industry are looking to diversify their production capabilities and India stands out as an alternative destination for manufacturing. The minister said the government is focussed on green growth and industry should keep in view energy efficiency and renewable energy commitments of India and the Hydrogen Mission. “We should remember that India has set its sights on becoming energy independent by 2047 and achieving net zero by 2070. So net zero cannot be achieved unless each industry and each sector contributes to it. “We are very focused on green growth. Carbon intensity has to be reduced and therefore each one of the sectors will have to contribute to this,” she said. The government has approved a Rs 19,744-crore incentive plan to promote the manufacturing of green hydrogen in the country in a bid to cut emissions. The National Green Hydrogen Mission seeks to promote development of green hydrogen production capacity of at least 5 million metric tonnes per annum and renewable energy capacity addition of about 125 GW in the country by 2030.

NEW DELHI : The government will consider a production-linked incentive (PLI) scheme for the chemicals and petrochemicals sector as it strives to emerge as a manufacturing hub, Union finance minister Nirmala Sitharaman said on Thursday. “We are in favour of making India a manufacturing hub," Sitharaman said at the third edition of the Global Chemicals and Petrochemicals Manufacturing Hubs in India Summit organized by the Federation of Indian Chambers of Commerce and Industry (Ficci) in association with the ministry of chemicals and fertilizers . “We will be considering PLI for chemicals and petrochemicals," said the finance minister.

New Delhi: The Indian government will consider Production Linked Incentive (PLI) scheme for the chemicals and petrochemicals industry as it pushes to become a manufacturing hub, finance minister Nirmala Sitharaman said on Thursday. "We are in favour of making India a manufacturing hub," Sitharaman said at Ficci’s Global Chemicals & Petrochemicals Manufacturing Hubs in India Summit. “We will consider PLI for chemicals and petrochemicals.".

PLI) scheme for chemicals and petrochemical sector, said union finance minister Nirmala Sitharaman on Thursday. Sitharaman also said that the country has set its sight on becoming energy independent by 2047 and achieving net zero by 2070. «Net Zero can’t be achieved unless each industry and sector contribute to it.

ITR filing 2023: The number of ITRs filed has increased year-on-year since FY 2019-20. According to data shared by Finance Minister Nirmala Sitharaman in the Lok Sabha on Monday (July 24), the number of ITRs filed in FY 2019-20 was around 6.48 crore, which increase to 6.72 crore in FY 2020-21. In FY 2021-22, more than 6.94 crore returns were filed by taxpayers. However, in FY 2022-23, all previous records were broken as more than 7.4 crore returns were filed.

Income Tax Return Due Date AY 2023-24 Latest News: With just 6 days left before the July 31 deadline for filing Income Tax Return (ITR) for Assessment Year 2023-24, ‘IncomeTaxReturn’ topic has started trending on social media.

Finance Commission, Chief Minister Arvind Kejriwal has written to Union Finance Minister Nirmala Sitharaman, pointing to Delhi's «frozen» share in central pool of taxes even as he demanded that Delhi be treated as a «unique case». Alleging «stepmotherly and unfair» treatment by the Centre, Kejriwal said Delhi's share in central pool of taxes was «frozen at astonishingly low» amount of Rs 350 crore for the last 23 years.

New Delhi: Finance minister Nirmala Sitharaman said on Monday that issue of tax notices and re-opening of past assessments in the case of high income earners where the department has information about their non-compliance, has become predictable and that there is no fishing expedition.   Speaking at an event held to mark the 164th Income Tax day in the capital, the minister said that the Modi administration has brought more certainty to tax payers. The minister cited the example of rationalising the period during which a re-assessment can be done in certain cases where the department has information about understatement of income.   The minister also said that now tax payers need not worry about maintaining his records for ten long years as earlier.   “Now no tax assessee is going to face the situation of reopening his assessment after six years.

New Delhi: Union finance minister Nirmala Sitharaman on Monday said that the government has advised banks across the public and private sectors not to resort to harsh actions in cases of loan repayment. Speaking in the Lok Sabha during the question hour, Sitharaman said that banks have been told to deal with such cases with sensitivity and through a humane approach.

rural job guarantee scheme, with 58% of the budgeted Rs 60,000 crore for 2023-24 used up in the first quarter itself, an official indicated. Almost steady work demand and up to 10.4% hike in wage rates under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) have kept expenditure under the programme elevated, the official told ET on condition of anonymity. Person-day work generation in the crucial June quarter eased marginally to 1.11 billion from 1.14 billion a year before, but its impact was more than offset by the wage increase, he said.

Finance Minister Nirmala Sitharaman on Monday said efficiency in income tax administration has helped increase revenues and check evasion, as she called upon tax officers to introspect on people's perception about them. Addressing the 164th income tax day here, Sitharaman said the department has taken steps to make administration taxpayer-friendly, and that has brought more people into the tax net and nudging and campaigns will help further increase the taxpayer base.

NEW DELHI : Public Sector Banks (PSBs) lent ₹4.12 trillion to state-backed corporations and public sector undertakings during 2022-23, down from ₹4.93 trillion during the previous year, finance minister Nirmala Sitharaman informed Parliament in a written response on Monday. Responding to questions by member of parliament, Velusamy P, Sitharaman informed the Lok Sabha that Canara Bank led the lending during 2022-23 to government backed entities at ₹187,813 crore during the recently concluded fiscal year, followed by Punjab National Bank ( ₹70,142.5 crore), State Bank of India ( ₹66,523.2 crore), Bank of India ( ₹25,147 crore), Bank of Baroda ( ₹15,706.8 crore), Union Bank of India ( ₹12,584.8 crore), Bank of Maharashtra ( ₹10,822.7 crore), Indian Bank ( ₹9,021 crore), Indian Overseas Bank ( ₹7,490 crore), Central Bank of India ( ₹3,949 crore), UCO Bank ( ₹2,939.4 crore), Punjab and Sind Bank ( ₹87.7 crore).

₹50 lakh and they are expected to be cleared by the end of this fiscal. While addressing the 164th Income Tax Day the chairperson of the Central Board of Direct Taxes (CBDT) Nitin Gupta said that for the fiscal year 2022-23 more than 4 crore income tax returns (ITR) have been filed so far and the government has processed more than half of such ITRs, resulting in ₹80 lakh refunds. Nitin Gupta mentioned that the shortage of manpower in the income tax department is impeding the efforts to achieve better results.

₹4,12,227.1 crore to state-backed corporations and public sector undertakings during 2022-23, down from ₹4,93,379.2 crore in the previous year, finance minister Nirmala Sitharaman informed the Parliament in a written response on Monday. Responding to questions by member of parliament, Velusamy P, Sitharaman informed the Lok Sabha that Canara Bank led the lending during 2022-23 to government backed entities at ₹1,87,813 crore during the recently concluded fiscal year, followed by Punjab National Bank ( ₹70,142.5 crore), State Bank of India ( ₹66,523.2 crore), Bank of India ( ₹25,147 crore), Bank of Baroda ( ₹15,706.8 crore), Union Bank of India ( ₹12,584.8 crore), Bank of Maharashtra ( ₹10,822.7 crore), Indian Bank ( ₹9,021 crore), Indian Overseas Bank ( ₹7,490 crore), Central Bank of India ( ₹3,949 crore), UCO Bank ( ₹2,939.4 crore), and Punjab and Sind Bank ( ₹87.7 crore).

Today, the matter of coercive loan recoveries was ... moreToday, the matter of coercive loan recoveries was raised in parliament.

New Delhi: Around 70% of people who filed income tax returns in FY23 reported no tax liability, data presented to the Parliament by finance minister Nirmala Sitharaman in a written response to a question showed. In FY23, 74 million persons filed income tax returns but 51.6 million reported zero tax liability, showed the data.

Nirmala Sitharaman will join the celebration at Plenary Hall, Vigyan Bhawan, New Delhi on Monday. The programme will begin at 6:00 pm today.

Guwahati: The Union Minister of Finance and Corporate Affairs,Nirmala Sitharaman said that North East is the biggest beneficiary of GST as this tax regime is destination / consumption based. North East has witnessed GST Revenue growth of 27.5% and the taxpayer base has increased significantly from 1 lakh to 3.45 lakh in the region. Sitharaman was in Guwahati on Friday to attend the Investiture Ceremony for conferment of Presidential Award of Appreciation Certificates and Medals for — ‘Specially Distinguished Record of Service’ to the officers and staff of Central Board of Indirect Taxes & Customs was held at Guwahati.

RBI report on state finances, the eight NE states have registered a compounded annual GST hike of 27.5 per cent, the finance minister said. Her comments came at the Investiture Ceremony for conferring the Presidential Award for ‘Specially Distinguished Record of Service’ to officers and staff of the Central Board of Indirect Taxes and Customs (CBIC). The finance minister said, “The GST's principal largely is on the basis of tax & consumption not just tax on the basis of where it is produced.