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fiscal prudence and whether the budget would indicate a populist turn by the government. However, the message is that of continuity. Apart from the increased allocation of resources to the states of the two coalition partners, there does not seem to be any meaningful difference between the earlier budgets and the current one. The government continues to be on the path of fiscal prudence and consolidation. There is an emphasis on employment, skilling, and the social sector, and rightly so. There has been some worry about economic growth not fully translating into employment growth. Given the increasing number of young Indians joining the workforce, it was important to address the skilling needs of the people and incentivise the companies to hire more freshers. Encouragement for domestic manufacturing and services continues and the measures announced were on expected lines.

₹9,941 crore (budget estimate or BE). This is only a marginal increase from the ₹9,877 crore spent during 2023-24 (revised estimates or RE). The budget for apex research institutions which include the Indian Council for Agricultural Research (ICAR), central agricultural universities and the National Academy for Agricultural Sciences (NAAS) is ₹7,103 crore for 2024-25, lower than the ₹7,248 crore spent last year.

private sector's contribution to the 'toxic mix of habits' like social media, screen time and unhealthy food that can undermine public health, productivity and diminish India's economic potential is substantial, the Economic Survey said on Monday. The survey, tabled by Finance Minister Nirmala Sitharaman in Parliament, also pointed out that 'privileging capital over labour is inimical to long-term corporate growth prospects', referring to reluctance shown by businesses to make investments citing lack of demand visibility.

Drilled down to its basics, a budget, whether of the government or a household, is essentially the same. It must balance expenditure on one hand with receipts or income on the other. But there is one key difference.

economy in the world. And if it has to retain this status, two elements are critical – first, capital flows from domestic corporates, multinationals as well as financial sponsors must continue to be robust, and second, mergers and acquisitions and other value creation activities need a steroidal push. This Budget, the first one in the third term of the government, thus carries great expectations from investors and India Inc. Here are seven predictions on what one could potentially see in the current Budget, from an M&A standpoint. First, listed company transactions in India today face a peculiar and unique problem. Valuation rules enshrined in the anti-abuse provision contained in section 56 of the Income tax Act, can be misinterpreted, to throw open these transactions to an unintended consequence – that even bona fide trades between unrelated parties at prices discovered transparently and commercially negotiated, could still be subject to artificial pricing norms, and expose the transaction to ordinary income taxes, in the hands of the buyer. Clearly, in the current markets, one would expect a host of listed company transactions – exposing these transactions to a tax on a provision that was never intended to tax such trades, would be something that the government would want to resolve.

₹5 lakh do not have to pay any income tax in both old and new tax regimes. She proposed increasing the rebate limit in the new tax regime, under which persons with income up to ₹7 lakh will not have to pay any tax. The updates to Section 87A of the Income Tax Act aimed to make taxpayers with a total taxable income of up to ₹7 lakh eligible for a rebate equivalent to their tax liability, capped at ₹25,000.

Currently, income above Rs 15 lakh attracts a tax rate of 30% under both regimes. This, coupled with the removal of most exemptions and deductions in the new regime, results in a higher effective tax burden for this segment of taxpayers. As such, there is a growing consensus among taxpayers in this bracket that the current tax rates do not adequately reflect the complexities and expenses associated with inflation and higher incomes. Consequently, taxpayers have the following expectations from the coming budget 2024 on July 23, 2024.

Sensex on Thrsday jumped over 600 points and crossed the 81,000 mark for the first time, while Nifty inched closer to Mt 25K by crossing the hurdle at 24,800. As the buying momentum was led by heavyweight bluechips, small and midcap indices fell around 1% each. The combined market capitalization of all listed stocks on BSE, consequently, fell around Rs 80,000 crore to Rs 454.43 lakh crore.

NEW DELHI : The full Union Budget 2024-25 is to be presented by the re-elected government on 23 July. The taxpayers’ expectations from the Union finance minister Nirmala Sitharaman are well known. The overarching expectation is that the government will announce measures to increase personal disposable income.

Tata Steel protect local jobs at its Port Talbot plant, before it approves the 500-million ($635 million) lifeline offered by the previous administration for building a low-carbon facility. «Decarbonisation does not mean deindustrialisation,» new UK business secretary Jonathan Reynolds told ET in a response to email queries. «I will be working to safeguard jobs as part of negotiations, securing the future of steel-making communities for generations to come.» In September 2023, Tata Steel announced plans for a new low-carbon electric arc furnace (EAF) at its Wales factory, to be commissioned in 2027. The project entails investment of 1.25 billion jointly with the UK government, and thus hinges upon final approval of the grant.

National Company Law Tribunal (NCLT) admitted an insolvency petition filed by the Board of Control for Cricket in India (BCCI) against Think & Learn Pvt Ltd, the parent company of Byju’s, for allegedly defaulting on dues worth ₹158 crore. This is the latest in a series of setbacks for the online tutoring platform. While Byju’s has previously navigated similar challenges, such as the out-of-court settlement with Surfer Technologies, this latest development could have a more severe impact.

income tax returns (ITR) for FY 2023-24. This article aims to guide taxpayers through the intricacies of the process, highlighting crucial deadlines, potential penalties, and other pertinent considerations based on information from the official Income Tax Department regulations.

NCLT) has dismissed the resolution plan submitted for realty developer Rajesh Lifespaces' hotel business, Rajesh Business & Leisure Hotels, citing non-conformity with statutory requirements and procedural irregularities. The corporate insolvency resolution process (CIRP) of Rajesh Business & Leisure Hotels, managed by the resolution professional (RP), had witnessed competing proposals from consortiums led by Sankalp Consortium and Rare ARC-Shree Naman Developers. Initially, the resolution plan offered by Rare ARC and Shree Naman Developers was chosen by the committee of creditors (CoC) but has now been dismissed due to procedural lapses and non-compliance with statutory norms.

climate change is leading to more thunderstorm activity and consequently, more lightning strikes worldwide, senior scientists said on Saturday. At least 43 people were killed due to lightning strikes in Uttar Pradesh on Thursday and 21 in Bihar on Friday. Most of the people killed were either transplanting paddy in fields, grazing cattle or taking shelter under trees to protect themselves from the rain. Former Secretary in the Union Ministry of Earth Sciences, Madhavan Nair Rajeevan, said climate change is increasing the formation of convective or thunderstorm clouds.

Parliamentary Activity (PA) — much like the Paranormal Activity series of supernatural horror movies created by Oren Peli — is bona fide creepy. Which, as far as its schlock value goes, means that PA has become downright entertaining.

The ballooning debt in East Africa’s economic hub of Kenya is expected to grow even more after deadly protests forced the rejection of a finance bill that President William Ruto said was needed to raise revenue

«The EBITDA margins have been historically around 9%. It came down consequent to COVID to around 7% and after that the increase in the material cost especially glass bottles and ENA,» says Ramakrishnan Ramaswamy, CFO, Allied Blenders & Distillers. Yes, we have seen the good listing coming in. Growth outlook for the industry is strong. So, what kind of revenue are you expecting as well as the EBITDA growth that you are pencilling in over the next two to three years? Ramakrishnan Ramaswamy: The growth expectation of the industry is around 9% and we would be in line with that, especially on the mass premium and on the other segment. So, we would be mid-teens on the premium segment and low-teens on the mass premium segment.

Boeing agreed to plead guilty to misleading air-safety regulators in the run-up to two deadly 737 MAX crashes, a stunning concession that would brand the world’s biggest aerospace company a felon. Boeing will formally acknowledge guilt and accept fresh punishment over its dealings with the Federal Aviation Administration before two 737 MAX crashes that killed 346 people, according to a late Sunday court filing. As part of a plea to one count of conspiracy to defraud the U.S., prosecutors have asked the company to pay a second $244 million criminal fine and spend $455 million over the next three years to improve its compliance and safety programs.

Tariff hikes by the top three telcos will help increase the average revenue per user by 15 per cent, and expand the operating profit by over 20 per cent in FY25, a domestic rating agency said on Monday. The 20 per cent hikes by the telcos after a two and half year hiatus can expand telcos' profit before interest lease depreciation and tax (PBILDT) by 20-22 per cent in FY25, Care Ratings said in a report. It termed the same as a «structural positive» for the telecom sector struggling on the Return on Capital Employed (ROCE) front because of the huge investments in 5G rollout, including spectrum purchases, it said. An analysis by the rating agency revealed that the hikes will improve the telcos' blended average revenue per user (ARPU) by about 15 per cent to Rs 220 in FY25 from around Rs 191 in FY24.

income tax return (ITR) within 30 days of filing it, or all the time and resources you invested in filing it will be wasted. Verification of the ITR is the last step of the tax return filing process and is a mandatory requirement for processing of the filed ITR. The filed ITR will not even be considered for processing by the tax department unless you verify it using the prescribed methods. «If you do not verify in time, your return is treated as not filed and it will attract all the consequences of not filing ITR under the Income Tax Act, 1961,» said the tax department on its website. Needless to say, if your filed ITR is not processed, you will not get income tax refund (if any) and it will be assumed that you have not filed your ITR. The deadline to file ITR for those not liable for an income tax audit is July 31, 2024, for FY 2023-24 (AY 2024-25).