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Union Finance Minister Nirmala Sitharaman today presented the fiscal budget for the year 2024-25, marking her seventh consecutive budget under PM Narendra Modi-led NDA Government. The budget proposes significant changes in the tax structure, capital gains, customs duties, and allocations for various states and sectors.
Here are the key highlights from her speech:
Tax Structure Revamp:
The revised tax structure promises significant savings for taxpayers, with a total reduction of Rs 17,500.
Additionally, the standard deduction under the new tax regime has been increased from Rs 30,000 to Rs 75,000, providing further relief to taxpayers.
- Short-term gains on specified financial assets will now be taxed at 20%, up from 15%, while other assets remain unaffected.
- Long-term gains tax has been raised to 12.5% from 10%.
- The exemption limit on capital gains for certain listed financial assets is increased to Rs 1.25 lakh annually.
- Long-term classification for listed financial assets is set at over one year; for unlisted and non-financial assets, it’s over two years.
- Unlisted bonds, debentures, debt mutual funds, and market-linked debentures will be taxed regardless of the holding period.
In a bid to bolster start-ups and innovation, the budget proposes the abolition of the ‘angel tax’ across all investor classes, aiming to support burgeoning enterprises and technological advancements.
- Duties on gold and silver are reduced to 6%
- Duties on Platinum to 6.4%
- Lithium, copper, and cobalt are exempt from customs duties.
- The basic customs duty on spandex yarn is cut from 7.5% to 5%.
- Customs duties on medicines, particularly three additional cancer drugs (Trastuzumab Deruxtecan, Osimertinib, and Durvalumab), are fully exempted.
- Duty on mobile devices and accessories is reduced to 15%, while duties on plastic products are increased.
- Andhra Pradesh receives funds for social and infrastructure projects, including a backward region grant for three districts and a Rs 15,000 crore package for Amaravati’s development.
- Bihar has allocated Rs 26,000 crore for roads and expressways, along with funds for temple development.
- A significant investment in the Vizag-Chennai Industrial Corridor is also announced.
- India Post Payments Bank will see the establishment of 100 new branches in the North East.
- Twelve new industrial parks will be created.
- Rs 10 trillion is allocated to provide 1 crore houses to the urban poor and middle class.
- A critical mineral mission and auction of the first offshore mining blocks are introduced.
- The Mudra loan limit is doubled to Rs 20 lakh for those who have successfully repaid under the TARUN category.
- Three new employment-linked schemes are proposed with a Rs 2 trillion allocation, aimed at job creation for 20 lakh youth and increasing women’s participation in the workforce.
- Rs 1.52 trillion is allocated to agriculture and allied sectors, with new high-yielding and climate-resilient crop varieties to be released.
- Rs 3 trillion is earmarked for women-centric schemes.
Speaking at the Conservative Political Action Conference (CPAC) conference, former United Kingdom's Prime Minister Liz Truss said, "We need Republicans in the white house."
"It isn't just America that needs it desperately, we need it desperately right across the free world, because you are the leaders of the free world, like it or not," she further added.
liztruss #republican #cpac #uk #usa #breakingnews #news #biden #trump #democrats #uselection #britain #unitedkingdom #breakingnews
Former U.S. President Donald Trump addressed its supporters after defeating Nikki Haley in South Carolina's Republican contest.
trump #nikkihaley #haley #donaldtrump #news #gop #election2024 #uselection #election #breakingnews #republican #republicanprimary #primary #us #usnews #biden #joebiden #southcarolina
During the fifth day of the hearing, the representatives from the Russian Federation, France, The #Gambia, #Guyana, and #Hungary vouched for their statements in the international courts on Israel’s occupation of Palestinian territories.#icj #russia #france #israel #palestine #gaza #worldcourt #internationalcourt #news #live #breakingnews #hamas #israelhamasconflict #israelpalestineconflict #breakingnews #newstoday
The Palestinian envoy to the United Nations Riyad Mansour has condemned the United States vetoing the Security Council push for a ceasefire by stating it "absolutely reckless and dangerous." Further speaking on this, Mansour said, "It is not Israel that should be protected by the veto. It is Palestinian children, women, and men, who must be protected by this Council acting now."#UnitedStates #UN #SecurityCouncil #ceasefire #Gaza #JoeBiden #Israel #News #USNews #palestine #Shorts #ytshort #ytshorts #short #topnews #topstories #breakingnews #unitednations
The United States has vetoed the resolution proposed by the United Nations (UN) Security Council for an immediate ceasefire in Gaza.#UnitedStates #UN #SecurityCouncil #ceasefire #Gaza #JoeBiden #Israel #News #USNews
US News: Republican Presidential candidate Nikki Haley holds a “State of the Race” speech in Greenville, South Carolina.
Live #NikkiHaley #GreenVille #Republican #DonaldTrump #News #Trump #Republicans #Biden #NewsNow #Haley #Nikki #Carolina #GreenVille
After the civil fraud trial ruling, Former U.S. President Donald Trump said, “A crooked New York state judge just ruled that I have to pay a fine of $355 million for having built the perfect company.
“This is Russia, this is China, this all comes from the DOJ, it all comes out of Biden. It’s a witch hunt against his political opponent the likes of which our country has never seen before," he further added.
Read more news: https://techgraph.co
newyork #trump #donaldtrump #short #shorts #news #latestnews #newslive #live #biden #judge #us #unitedstates #worldnews #trumplatestnews #ytshorts #ytshort
"The United Nations (UN) Secretary-General Antonio Guterres is shocked by the reported death of Russia's opposition leader Alexei Navalny, and has called for a full, credible, and transparent investigation," says UN spokesperson Stephane Dujarri.
Read more news: techgraph.co
un #alexei #alexeinavalny #russia #unitednations #news #newsfeed #latestnews #newstoday #putin #shorts #short #techgraph #tgnews #tgshorts
U.S. President Joe Biden addressed the press conference on Russia's opposition leader Alexei Navalny's death.#biden #russia #alexeinavalny #alexei #putin #joebiden #politics #live #techgraph #tgnews #livenews #unitedstates #alexeinavalnydeath
A triple whammy of encouraging economic news this week has fuelled optimism in UK leadership circles - but Prime Minister Rishi Sunak and Chancellor Jeremy Hunt remain guarded, aware risks still lurk.
The upbeat data started Wednesday as inflation declined 6.7%, welcomed by Sunak as proof his strategy was reducing price growth. However, anticipating a rate rise from the Bank of England, ministers were surprised when the Monetary Policy Committee held at 5.25% instead.
Completing the trifecta, public borrowing figures for August came in £1 billion lower than forecast.
While hinting the interest rate peak may be reached, the decisions carry economic and political significance for Sunak. Yet challenges loom despite the triple boost.
One concern is a mortgage “time bomb” as 800,000 households exit teaser rates in late 2023, with 1.6 million more refinancing in the expected election year of 2024.
With Sunak targeting halved inflation by end-2023, a December drop to around 5.3% is required. But he and Hunt say the battle isn’t won. “The fight against inflation never happens in a straight line,” Hunt cautioned.
Hunt is resisting 2022 tax cut calls to avoid complicating inflation efforts. Sunak eyes the Spring Budget for pre-election giveaways after declaring victory over inflation.
The opposition expects 2024 polls amid improving but still pressured living costs. Tories hope voters see brighter horizons. Ex-PM Tony Blair noted he won power in 1997 amid recovery.
However, despite upbeat data, Sunak knows risks remain until inflation is decisively tamed. He won’t take stability for granted before then.
news #uk #uknews #techgraph #techgraphbriefings #worldnews
The Bank of England decided to keep interest rates at 5.25 percent after they went up for nearly two years. This might make mortgage rates in the UK go down even more.
The government's controversial plan to weaken river pollution safeguards and accelerate housebuilding met an unceremonious demise this week, as the House of Lords inflicted a brutal defeat on ministers.
HouseOfLords #UnitedKingdom #UK #News #UKNews #Britain #WorldAffairs #CurrentAffairs
UK Labour leader Sir Keir Starmer has proposed a plan to improve cooperation with the European Union to address the issue of migrants crossing the English Channel in small boats and trucks. However, his plan has faced criticism even before being formally presented, highlighting the ongoing debate over immigration.#uk #europe #news #currentaffairs #europeanunion #unitedkingdom #rishisunak #britain
The Chinese commerce ministry pledged to "fight to the end" after Brussels targeted homegrown champions like BYD and Geely. The high-stakes standoff seems poised to escalate even as China tries to portray itself as the wronged party.
china #news #eu #europeanunion #chinanews #auto #ev #electricvehicle #newsnow
iMerit, an artificial intelligence-based data solution provider has announced the launch of Ango Hub, a technology-based platform for delivering data annotation tools for AI teams.
According to a press release, iMerit’s Ango Hub is expected to combine automation, annotation tools, and analytics into a single platform that can allow developers to build data pipelines for scaling AI into production.
Speaking at the launch, Gökhan Urul, co-founder and CEO, Ango said, “We look forward to developing the next generation of AI tools and technologies, but it is equally important to enable training ethical AI applications by leveraging the knowledge and insight of human intelligence through experts-in-the-loop.”
Apart from this, iMerit’s Ango Hub plans to roll out applications based on a generative AI framework. These applications will cater to various key industries, including medical AI, autonomous mobility, and precision agriculture, among others, the release added.
Further commenting on the launch, Radha Basu, founder, and CEO of iMerit said, “With this new platform, iMerit is uniquely positioned to meet can be able to meet the complex data needs of today’s most demanding AI projects.”
startup #news #startupnews #ai #technology #technews
During a media briefing in Perry, Florida, Gov. Ron DeSantis said, "I'd also just remind potential looters that you never know what you're walking into. People have a right to defend their property. In this part of Florida, you got a lot of advocates and proponents of the Second Amendment. I've seen signs in different people's yards in the past after these disasters, and I would say it's probably here, ‘You loot, we shoot.'"
Republican's long-time senator, Mitch McConnell, froze for over 30 seconds during a press conference in Covington, Kentucky on Wednesday.
McConnell, 81, initially struggled to speak and hear after a reporter asked him if he would run in the upcoming 2026 after an event with the Northern Kentucky Chamber of Commerce.
mcconnell #news #ustoday #techgraph #usnews #senator #america
The Pentagon on Thursday said, "The United States will begin training Ukrainian F-16 pilots in the U.S. from September."
Briefing the press, the Pentagon's spokesperson said, "This pilot will be attending English language training at Lackland Air Force Base in San Antonio, Texas in September before attending F-16 flying training in Arizona in October this year."
russia #ukriane #f16 #unitedstates #news #us #RussiaUkraineWar #newslive
HeyoPhone, a Noida-based social networking app for the SMB community has secured $500K in angel round funding led by Akash Chaudhry (Co-founder of Aakash Educational Services), in participation with Amit Chaudhary (Co-founder of LensKart) and Dinesh Gupta (Co-founder of Busy Accounting).
https://techgraph.co/startup/heyophone-secures-500k-in-an-angel-round/
startup #startupnews #nodia #business #businessnews #funding #startupfunding #news #indianews #techgraph #smb #sme #social
Foxconn's former chairman and Taiwanese billionaire Terry Gou on Monday announced his intention to run in the upcoming presidential election as an independent candidate.
Addressing the public gathering at TAIPEI, Terry Gou said, "I, Terry Gou, would like to update everyone that I have decided to enter the race for the 2024 presidential election."
Gou will need to collect 29,000 signatures to register as a candidate.
taiwan #terrygou #apple #taipei #president #election #china #news #worldnews #foxconn #chinanews
Florida governor Ron DeSantis has said that Idalia could make landfall as a category two hurricane in the state by late Tuesday afternoon.
Hurricane Idalia is forecast to sustain winds of 96 to 110 mph when it makes landfall in northern Florida's Big Bend area on Wednesday.
Florida #Hurricane #US #USNews #News #Idalia #RonDeSantis #Climate #UnitedStates
13SQFT, a Gurugram, Harayana-based leading B2B warehousing and logistics platform has raised $1 million in a pre-series round led by India-based venture capital firm Inflection Point Ventures.
Read the complete news: https://techgraph.co/startup/13sqft-snaps-1-mn-in-funding-from-inflection-point-ventures/
startupnews #startups #startup #news #funding #business #businessnews #gurugram #india #haryana #warehouse #logistics
BlackSoil, an India-based leading alternative credit provider has said, "It has invested over $30 million (Approx Rs 250 crore) in 17 deals in Q1FY24."
Read news in detail: https://techgraph.co/startup/q1fy24-blacksoil-invests-rs-250-crore-in-17-deals/
startup #news #newstoday #startupnews #funding #businessnews #business #india #indianews
U.S. President Joe Biden warned Iran of a forceful strike in response to Iranian-backed militant groups' attack on American personnel in Syria.
"To make no mistake, the United States does not emphasize seeking conflict with Iran but being prepared for a military strike to protect our people," Biden said.
biden #syria #iran #news #politics #breakingnews #joebiden #newslive #topstories #short #shorts #shortnews #techgraph #techgraphtv #tg
Karan Desai, Founder of Interface Ventures said, "The collapse of Silicon Valley Bank (SVB), highlights the importance of why startups need to diversify liquidity and Treasury management."#startup #siliconvalleybank #svb #startupnews #startups #businessnews #investment #investor #finance #news #topnews #breakingnews #india
Welcoming the Swiss authorities' decision over Credit Suisse's takeover bid rival UBS, European Central Bank's (ECB) President, Christine Lagarde on Tuesday told the EU Parliament Committee that, The euro area banks were "resilient, with strong capital and liquidity positions." "But, if needed the Central Bank remains ready to support euro-zone banks with loans," She added.
"Our policy toolkit is fully prepared to provide liquidity support to the euro area financial system, and to sustain smooth transmission of monetary policy," Lagarde further stated.
europeancentralbank #ecb #banking #finance #eu #europeancommission #lagarde #christinelagarde #bank #economy #financenews #news #breakingnews #topstories #topnews #newslive #techgraph
Read the latest news: https://techgraph.co
Speaking about the merger of UBS and Credit Suisse, Switzerland Finance Minister Karin Keller-Sutter said, "The UBS Bank and Credit Suisse's takeover is a commercial solution and not a bailout."
"The merger was prompted by concerns over Credit Suisse's liquidity, which could have caused collateral damage on the Swiss financial market and posed a risk of contagion for UBS and other banks," the statement said.
Commenting on the question asked by the reporter about the too-big-to-fail framework, the Finance Minister said, "The too-big-to-fail framework, which is typically applied to banks that cannot meet their liabilities, could not have been applied in this situation due to the unique nature of the problem."
"The bankruptcy of Credit Suisse would have had significant economic costs and the PLB, a guarantee to the central bank, was a well-known solution in other jurisdictions," Karin added.
Keller-Sutter further said that this solution is not a classic too-big-to-fail scenario, but a confidence crisis. Instead, the decision to merge UBS and Credit Suisse has been deemed the best solution, even though it resulted in an even bigger bank.
creditsuisse #businessnews #banking #business #switzerland #news #topstories #latestnews #newslive #breakingnews #economy #finance
Addressing the press during the United Kingdom (U.K) and France Summit, Rishi Sunak, Prime Minister of the UK said, "We have agreed to train Ukrainian Marines to help them win the war against Russia."
ukraine #russia #uk #france #rishisunak #emmanuel #unitedkingdom #news #breakingnews #russiaukrainewar #politics #ukrainewar #war
Speaking on the Silicon Valley Bank (SVB) Failure, Cecilia Rouse, who chairs the Council of Economic Adviser on Friday said, "We have every faith in our regulators."
The Statement from Rouse came while she was addressing the press conference at the White House, where she said, "Secretary of the Treasury, Secretary Yellen, is closely tracking the developments on the Silicon Valley Bank (SVB), and is in conversation with regulators, including the Federal Reserve and the Office of the Comptroller."
She further stressed that the current banking system is fundamentally strong since after the 2008 global financial crisis.
siliconvalleybank #bank #startup #startupnews #economy #svb #business #businessnews
UK-France Summit: France President Macron and British PM Rishi Sunak Holds Join Press Meet
The Department of Justice (DOJ) of the United States has reportedly filed an antitrust lawsuit against JetBlue in the District of Massachusetts to block Spirit Airlines' $3.8 billion takeover bid.
Briefing the media on the development, Attorney General, Merrick Garland said, "The DOJ says in its complaint that, "the merger of JetBlue and Spirit would result in higher fares and fewer choices for tens of millions of travelers, with the greatest impact felt by those who rely on ultra-low-cost carriers to fly."
"The proposed transaction will increase fares and reduce choice on routes across the country, raising costs for the flying public and harming cost-conscious fliers most acutely," he added.
Further talking about the merger, Associate Attorney General Vanita Gupta said, "JetBlue's acquisition of Spirit would hurt cost-conscious travelers, and ultra-low-cost carriers enable more Americans to travel, so they can enjoy a family vacation, celebrate, or mourn together. We allege that the proposed merger would result in fewer seats and higher prices for travelers."
Read the latest news at: https://techgraph.co/
News #spiritairlines #jetblue #aviation #airtravel #news #doj #antitrust
UN Secretary-General Antonio Guterres meets Ukrainian President Volodymyr Zelensky in Kyiv, Ukraine on Tuesday.
UN #ukraine #russia #antonioguterres #zelensky #putin #kyiv #news #unitednations #breakingnews
Federal Reserve chairman Jerome Powell told U.S. lawmakers that, "The Fed will likely need to raise interest rates more than expected."
fed #jeromepowell #federalreserve #bank #banking #finance #businessnews #news #interestrates #investment #federal
During the House of Select Coronavirus Pandemic Subcommittee hearing on Wednesday, Dr. Robert Redfield, former director of the CDC told the Senate that, "the Coronavirus was more likely a result of an accidental lab leak than a result of a natural spillover event."
Quoting his initial findings, Redfield said, "This finding is based primarily on the biology of the virus itself, including its high infectivity for human-to-human transmission and the rapid evolution of new variants, as well as on the "unusual actions" that occurred in or around Wuhan in 2019."
covid19 #news #cdc #covid #disease #senate #lab #breakingnews #coronavirus #corona #pandemic #wuhan #us #china
NATO Secretary General Jens Stoltenberg on Wednesday warned that Bakhmut could fall in the coming days. However, he stressed that this did not necessarily signal a turning point in the conflict.
"Russia is deploying more troops and forces to Ukraine and trying to compensate for its lack of quality with quantity," he said.
"However, we must not underestimate Russia, and we must continue to support Ukraine," he continued.
Read latest news on: https://techgraph.co
nato #russia #ukriane #news #worldnews #bakhmut #politics #breakingnews #politics
The UK's Home Secretary, Suella Braverman, on Tuesday proposed an illegal migration bill before the House of Commons in London.
Speaking about the proposed bill, Suella said, "This bill aims at detaining and swiftly removing illegal migrants who enter the country by crossing the channels by small boats."
"We've seen a 500% increase in small boat crossings in the last two years," she added.
unitedkingdom #london #immigration #suellabraverman #rishisunak #britain #illegalmigration #houseofcommons #parliament #news #breakingnews
Marianne Williamson, who ran unsuccessfully for the Democratic nomination in 2020, has today announced her bid for the 2024 presidential election.
Read more news: https://techgraph.co
news #mariannewilliamson #democratic #presidentialelection #uselection #election #us #usnews #unitedstates #topnews #breakingnews
In a recent demonstration in Oslo, Norwegian police briefly detained environmental activist Greta Thunberg alongside other campaigners who were demanding the removal of wind turbines from reindeer pastures.
The demonstration, which saw indigenous campaigners and other activists blocking access to several government buildings, was met with police intervention.
Thunberg and her fellow demonstrators were blocking one of the doors to the Norwegian finance ministry when they were lifted up by police officers and carried away from the area while other protesters chanted slogans. The demonstration was organized in response to Norway's supreme court ruling in 2021 that two wind farms built at Fosen in central Norway violated Sami rights under international conventions, yet the turbines remain in operation more than 16 months later.
Read more news: https://techgraph.co
norway #oslo #gretathunberg #news #breakingnews #dailynews #livetoday #norwaypolice #climatechange
The UK's domestic intelligence agency MI5's Director General has issued a profound apology for failing to prevent the 2017's deadly suicide bombing at an Ariana Grande concert in Manchester.
Speaking on behalf of MI5, Ken McCallum expressed deep regret and acknowledged that gathering covert intelligence is challenging. However, he emphasized that MI5 had missed a "significant" opportunity to prevent the attack and that the agency should have done more to obtain the necessary intelligence.
"Those impacted might not have experienced such appalling loss and trauma. I am profoundly sorry that MI5 did not prevent the attack," McCallum said.
The apology follows an inquiry by John Saunders which found that MI5 made several errors in handling Abedi's intelligence. The inquiry also concluded that MI5 had failed to assess Abedi as a threat and missed opportunities to prevent the attack.
Read more news at: https://techgraph.co
Manchester #UK #MI5 #breakingnews #news #kenmccallum #spy #agency #britain #arianagrande #worldnews #newslive #unitedkingdom
President Joe Biden announced his plans to increase taxes on billionaires in the United States.
Speaking at a public gathering on Tuesday, the President made it clear that he intends to raise taxes on the wealthiest Americans, stating that they will no longer be able to pay as little as 3% in taxes.
Highlighting the fact that the number of billionaires in the country has increased from 600 to over 1,000 in recent years. President Biden said that it was unfair for billionaires to pay a lower tax rate than essential workers such as police officers, school teachers, and nurses.
The President's proposal includes increasing the top tax rate for those earning over $400,000 a year, as well as increasing the capital gains tax for those earning over $1 million annually.
biden #business #joebiden #news #taxrates #wealthtax #taxtherich #economy #unitedstates #tax #billionaire #billionairetax #businessnews #trump
In a recent speech, UK Prime Minister Rishi Sunak addressed the post-Brexit deal with the EU regarding Northern Ireland. He stated that Northern Ireland is in an "unbelievably special" and "unique" position in the world, with privileged access to both the UK home market and the European Union single market. Speaking to the locals, PM Sunak said that no other region in the world has such access, making Northern Ireland an extremely attractive location for businesses to invest in. He added that during his travels around the world, he has found that businesses are eager to invest in Northern Ireland if the region's unique economic position is maintained. Further adding to the statement, PM Sunak said, "The immense opportunity that lies ahead for Northern Ireland as a result of this privileged access, with the potential to become the "world's most exciting economic zone." Sunak's speech comes at a crucial time for Northern Ireland, as the region continues to navigate the complexities of the post-Brexit landscape.
rishisunak #uk #britain #economy #northernireland #news #breakingnews
Oral arguments of Biden v. Nebraska: Justice Amy Coney Barrett asks unexpected questions in the hearing of President Biden's student loan forgiveness plan.
amyconeybarrett #supremecourt #biden #studentdebt #news #newslive #usnews #unitedstates #senate #studenloanforgivenessplan #studentdebtrelief #studentdebtreliefplan #breakingnews
Speaking on the Union Budget 2023, which was presented by the Union Finance Minister Nirmala Sitharaman on February 01, 2023, Ratish Pandey, Business Coach at Ethique Advisory said, "Everyone was hoping for the next step in the credit guarantee scheme. And it is encouraging to see that the Honorable Finance Minister lived up to that promise as a keen proponent of education."
"The focus on skill development proposed in the budget and opening up access to entrepreneurship schemes is a positive step towards empowering the youth and encouraging entrepreneurship," Pandey continued.
Further adding to the statement, Pandey said, "I believe the focus on bringing artisans into a formal business space under the PM Vikas Scheme and encouraging women entrepreneurs is a positive step for the economy at large."
news #msme #businessnews #business #unionbudget #budget2023
The Finance Minister, Nirmala Sitharaman, has announced the Union Budget 2023 with a focus on infrastructure and investment as the third priority. The budget aims to boost growth and employment after the pandemic by ramping up the cycle of investment and job creation. The capital investment outlay has been increased by 33% to 10 lakh crores, which is 3.3% of GDP, marking a substantial increase in recent years. The government is committed to enhancing growth prevention and job creation, attracting private investment, and providing a cushion against global headwinds. The center's direct capital investment is being complemented by the provision made for the creation of capital assets through grants and aids. The effective capital expenditure of the center is budgeted at 13.7 lakh crore rupees, which is 4.5% of GDP, with support from the states. The increase in infrastructure and investment is crucial for the country's economic recovery and growth. #budget2023 #budget #infrastructure #unionbudget #unionbudget2023 #gdp #realestate #nirmalasitharaman #economy #business #news #businessnews
In a major announcement on income tax changes, the government has revealed five significant changes to the personal income tax regime, aimed at benefiting the hard-working middle class.
In detail:
- Increase in rebate limit from 5 lakhs to 7 lakhs.
- Reduction in the number of slabs from 6 to 5 with an increased tax exemption limit to 3 lakhs.
- Tax rate structure: 0-3 lakhs – Nil, 3-6 lakhs – 5%, 6-9 lakhs – 10%, 9-12 lakhs – 15%, 12-15 lakhs – 20%, above 15 lakhs – 30% Standard deduction benefits for the salaried class and pensioners.
- Reduction in the maximum surcharge rate from 37% to 25%.
- Increase in tax exemption on leave and cash payment for non-government salaried employees from 3 lakhs to 25 lakhs.
- New tax regime to become default, but option to opt for old tax regime.
- Resulting in a revenue loss of 35,000 crores with 37,000 crores in direct taxes and 1000 crores in indirect taxes being foregone, and 3000 crores mobilized.
budget2023 #incometax #tax #news #notax #unionbudget #budgetsession #taxbenefits
Addressing the parliament on the ongoing union budget session, Finance Minister Nirmala Sitharaman announced a sustained focus on the development of Jammu Kashmir, Ladakh, and the Northeast in her recent budget statement. The government has plans to build digital public infrastructure for agriculture as an open-source, interoperable public good. This will help farmers access relevant information and market intelligence, and support the growth of the agritech industry.
A cluster-based and value-chain approach will be adopted through public-private partnerships and a comprehensive Atmanirbhar Clean Plant program will be launched to boost the availability of disease-free planting material for high-value horticultural crops. The government also plans to make India a global hub for millet, which is a source of nutrition and food security for farmers.
An agricultural credit target of Rs 20 lakh crore will be increased with a focus on animal husbandry, dairy, and fisheries. A new sub-scheme for offshore fishing will be launched with a targeted investment of Rs 6000 crore. The government is promoting a cooperative-based economic development model and will set up massive decentralized storage capacity and multipurpose cooperative societies in uncovered panchayats and villages.
The government further announced its plan to establish 157 brand-new nursing colleges, launch a mission to eliminate sickle cell anemia and encourage investment in research and development in pharmaceuticals and medical devices. Teachers' training will be re-envisioned through innovative methods and the District Institute of Education and Training will be developed as a vibrant institute of excellence.
budget2023 #jammu #jammukashmir #unionbudget #budget #nirmalasitharaman #news #breakingnews #newsupdate
Briefing the ongoing parliament on the developments of the central government-run scheme, Minister of Finance Nirmala Sitharaman stated, “The focus on the universal isolation of targeted benefits has resulted in significant achievements." Developments: 11.7 crore household toilets were constructed under the Swatch Bharat Mission. 9.6 crore LPG connections under the Pradhan Mantri Ujjwala Yojana. The government has also provided COVID vaccination for 102 crore people. 47.8 crore bank account opened under PM Jan Dhan Yojana. Insured 44.6% of the population under the Pradhan Mantri Jan Dhan Yojana and the Pradhan Mantri Jeevan Jyoti Yojana. Transferred 2.2 lakh crores of rupees to over 11.4 crore farmers under the PM-Kisan scheme.
Addressing the ongoing parliament on the Union Budget 2023-24, Finance Minister Nirmala Sitharaman has announced an estimated fiscal deficit of 5.9% of GDP.
This reiterated the government's plan to continue on the path of fiscal consolidation and reach a fiscal deficit of below 4.5% by 2025.
The finance minister stated that "The government has adhered to the plan and remains committed to bringing the fiscal deficit below 4.5 of GDP by 2025-26."
"To finance the fiscal deficit in 2023, net market borrowings from dated securities are estimated at 11.8 lakh crores, with the balance financing expected to come from small savings and other sources. The gross borrowings for the year are estimated at 15.43 lakh crores of rupees," Finance Minister added.
Further adding to the announcement, Minister said, "the government's commitment to the path of fiscal consolidation and reassured citizens that the government remains focused on reducing the fiscal deficit and maintaining the stability of the economy."
Addressing the ongoing parliament on the Union Budget 2023-24, the Finance Minister of India, Nirmala SItahraman has announced the launch of a women-specific small savings scheme named "Mahila Samman Savings Patra" or Saving Certificate.
Briefing the parliament on the scheme, Nirmala Sitharaman said, "The Mahila Samman Savings Certificate will be offered for two years, ending in March 2025, with a deposit facility of up to two lakhs in the name of a woman or girl. The scheme will offer a fixed interest rate of 7.5% with a partially withdrawn option."
Adding to the small saving scheme for women, the Finance minister further proposed the maximum deposit limit for the senior citizen's savings scheme has been increased from 15 lakhs to 30 lakhs. The monthly income account scheme has seen an increase from 4.5 lakhs to 9 lakhs for a single account and from 9 lakhs to 15 lakhs for a joint statement.
Budget2023: We take a closer look at the expectations of the Business Process Outsourcing (BPO) industry ahead of the union budget. Animesh Jain, the Chief Delivery Officer of [24]7.ai, shares his thoughts on the need for the government to support the growth of the BPO industry in Tier two and Tier three cities in India. As a major contributor to both employment and GDP, the BPO industry plays a crucial role in the Indian economy. However, the growth of the sector has been largely concentrated in Tier one cities, leaving behind the potential talent pool in smaller cities untapped. Jain highlights the importance of the government investing in infrastructure development in Tier two and Tier three cities to attract and retain talent in these areas. He believes that this will not only help the BPO industry grow but also create new job opportunities and boost economic development in these regions.
Sanjay Sharma, MD and CEO of Aye Finance, shared his expectations for the upcoming budget and the role it could play in propelling India toward rapid growth and inclusion.
In the lead-up to the upcoming Budget 2023, Puja Issar, the Managing Director of AnitaB India, has shared her expectations on addressing the critical issues facing the country, with a particular focus on gender equality and women empowerment.
Issar highlighted the need for an increase in the gender budget, pointing out that this would be a crucial step in addressing the gender pay gap and improving the status of women in the country. She also emphasized the importance of generating employment for women in the technology industry, especially in Tier two and Tier three cities, and called for government investments to support this cause.
The Managing Director of AnitaB India emphasized the need for a comprehensive approach to gender equality, stating that it should not be limited to addressing the gender pay gap, but should also focus on the education, training, and mentorship of women in the technology industry. She also stressed the importance of creating a supportive environment for women and encouraged businesses to be more flexible in terms of work arrangements.
"It's time for us to come together and work towards a gender-equal future, where women have equal opportunities and equal representation in all industries," said Puja Issar. "The upcoming Budget 2023 is an opportunity for the government to show its commitment to this cause and to take concrete steps towards creating a brighter future for women in India."
The pre-Budget expectation by Puja Issar highlights the urgent need for action to address the critical issues facing the country and to empower women in the technology industry. With her leadership and advocacy, we hope that the Budget 2023 will indeed take the necessary steps to promote gender equality and women empowerment in India.
budget2023 #unionbudget #budgetnews #womenintech #women
As the Indian government prepares to announce its annual budget, the startup community is eagerly waiting for the government's stance on Employee Stock Option Plans (ESOPs). Shivam Singla, the founder of Leegality, a legal technology startup, has expressed his views on the pre-budget expectation and is urging the government to reform the taxation system on ESOPs. Speaking on the budget 2023 expectation, Singla stated, "ESOPs are a crucial tool for startups to attract and retain top talent.
The current taxation system, however, makes it difficult for startups to provide ESOPs to their employees." Singla went on to explain that the current taxation system levies tax on the exercise of ESOPs, which means employees are taxed at the time of exercising their options. This, in turn, reduces the value of the ESOPs and makes them unattractive to employees.
Singla suggests that the government should consider changing the taxation system to tax ESOPs only at the time of sale instead of exercising them. He says, "This will make ESOPs a more attractive option for employees and will encourage startups to provide more ESOPs to their employees."
"The Indian startup community is hopeful that the government will listen to their request and reform the taxation system on ESOPs in the upcoming budget. The reform would not only make ESOPs a more attractive option for employees but also help startups in attracting and retaining top talent," he further added.
startups #esops #business #businessnews #investment #unionbudget #budget2023 #budgetlive
The software-as-a-service (SaaS) industry in India has seen tremendous growth in recent years, with the sector expanding by over three times. This is according to Ravi Pratap Maddimsetty, Co-founder of Beaconstac, who believes the Indian SaaS ecosystem is ready to compete on a global level.
In a recent statement, Maddimsetty stated that the upcoming budget is an opportunity for the Indian SaaS industry to receive support from the government to help it compete on a global scale. He added that the industry needs easier access to capital and talent in order to be able to compete with the global market outside of India.
The Indian SaaS industry has been growing rapidly, with many startups and established companies offering innovative solutions to businesses across the country. The industry is expected to continue its growth trajectory in the coming years, and with the right support from the government, it could become a leading player on the global stage.
As the country prepares for the upcoming budget, many in the SaaS industry are hopeful that the government will recognize the potential of the sector and provide the necessary support to help it reach its full potential. Whether it's through tax breaks, easier access to funding, or other incentives, the Indian SaaS industry is ready to take on the world and make a lasting impact.
saas #budget2023 #unionbudget #technews #budgetexpectations #newshighlights #livenews #news #business #businessnews
With the 2023 budget just around the corner, expectations are high for India's economic growth. Jaya Vaidhyanathan, CEO of BCT Digital, sees a unique opportunity for India to leapfrog in the global economy despite the global slowdown and potential resurgence of COVID-19. With strong domestic growth, India is poised to take a leading position in the global economy. Watch this video to find out more about Jaya's pre-budget expectations and how the 2023 budget could shape India's future.
news #budget2023 #businessnews #nirmalasitharaman #economy #newsupdates
Speaking on the Union Budget 2023 expectations, Karan Desai, Founder of Interface Ventures has emphasized the need to have a special focus on the MSME sector.
Desai suggests that the government should push for the implementation of the PLI scheme and enhance the scope of earlier schemes like the ECLGS and the CGTMSE, and should also consider a tax break for MSMEs and reinstate the 2% interest subvention scheme for GST-registered MSMEs.
Further adding to the expectations, Desai cites the automotive sector as a successful example. He suggests that the government should encourage other sectors to provide similar levels of support to small MSME suppliers in their supply chain ecosystems.
Twitter has permanently suspended the personal account of the US Congresswoman Marjorie Taylor Greene for repeated violations of its policies on coronavirus misinformation.
The action against Representative Greene came under Twitter's strike system, which identifies posts about the virus on the platform.
Speaking on the account suspension, Rep Greene said this proves that Twitter is an enemy to America and can’t handle the truth.
"I’ll show America we don’t need them and it’s time to defeat our enemies. They can’t successfully complete a Communist revolution when people tell the truth," Greene further added.
news #twitter #socialmedia
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HDFC Life Insurance completes acquisition of Exide Life Insurance company.
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It's Sunday, October 10, and this is a news briefings from Tech Graph.
News in Brief: Bengaluru based treasury, risk and trade finance management solution provider, IBSFINtech has secured $1 million in pre-Series A round funding led by HNI professionals and family offices.The round saw participation from Prem Rajani (Managing Partner, Rajani Associates), N Jayakumar and Akshay Gupta (Management Team of Prime Securities).
Gujarat-based multi-interest business group, PAN Group has invested Rs 75 crores to launch an online furniture platform InnoDesigns.
Ahmedabad-based robotic startup, Ishitva has raised $1 million in pre-Series A round funding led by Inflection Point Ventures.
The startup plans to use fresh funding for growing sales and for expanding its Research and Development team.
That's it from today's news briefings. To read more interesting news and interviews log on to techgraph.co #News #startup #funding
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Headlines: Power Gummies raises 1 million dollars from 9Unicorns, Droom crosses Rs. 1000 crores in GMV in March’21, Alteria Capital leads Rs 35 Crore debt round for Jumbotail
Now News in Brief: Jana Small Finance Bank Ltd has extended its Overdraft facility Against Fixed Deposit at a nominal interest rate to all its customers across India. The interest rate on this facility is 0.25 percentage points over and above the FD rate with a utilization of 50% or more.
Under this facility, up to 90 percent of the FD value can be availed as OD. The special pricing will be available to its existing customers till 31st December 2021 and the customers are requested to apply before 30th June 2021 for the same.
Jumbotail, A New retail platform and B2B marketplace for food and grocery products has raised Rs 35 Crore from Alteria Capital.
This venture debt round comes after a 25 million dollars equity round concluded in January 2021.
Skillsoft Corp, a global leader in corporate digital learning, announced that its common stock will commence trading on the New York Stock Exchange (NYSE) under the ticker symbol “SKIL”.
This follows the completion of Software Luxembourg Holding S.A.’s merger with Churchill Capital Corp II and combination with Global Knowledge Training LLC (“Global Knowledge”) on June 11, 2021, with the combined company now operating as Skillsoft.
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The Market Cap: Global crypto market capital tank at $1.57 trillion, down to 2.78 percent in the last 24 hours.
Crypto prices: Bitcoin plunged to over 4 percent to settle over $35,200, while Ethereum slipped by 6.56 percent to trade at $2,291.
Dogecoin settled down by 5.64 percent to trade at $0.30.
Other cryptocurrencies like Ripple, Cardano, Stellar, and Litecoin also plunged by 10 percent respectively.
Now News in Brief: This week, "Chinese authorities in the northwestern province of Qinghai and a district in Xinjiang has banned the financial institutions and payment companies from providing services related to crypto transactions.
The Enforcement Directorate on June 11, issued a show-cause notice to India-based cryptocurrency exchange WazirX and its directors Nischal Shetty and Sameer Mhatre for allegedly violating guidelines in connection with a transaction worth Rs 2,790.74 crore.
The President of El Salvador has announced bitcoin as a legal tender.
The use of bitcoin as a legal tender will begin in 90 days, with the bitcoin-dollar exchange rate set by the market.
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Edtech platform AdmitKard has announced its plan to future increase its plans to increase its talent pool by 100 percent.
Leading Direct to Consumer home appliance brand Candes has raised $3Million from various marquee family offices of Delhi. This includes the investment from Anuraag and Ruchirans Jaipuria along with Lotus group Joint MD, Nitin Passi, and Redcliffe’s Dheeraj Jain.
Kale Logistics has raised $ 5Million in series A round funding led by Inflexor Ventures in participation from its existing investors
Eyewear retailer ClearDekho has announced its plan to open more than 200 stores and expand across 100+ cities by the end of this fiscal.
Blue Ashva Capital has invested $ 4.5 Million in Greenjoules a Pune-based green energy technology through its Blue Ashva Sampada Fund.
Urban Company announced the appointment of Amit Das as Vice President of Design & Research, and Rishabhdhwaj Singh as Vice President of Engineering respectively.
Dhurina Ventures Private Limited, an e-Learning platform for state and regional competitive exams announced their expansion in Jammu & Kashmir.
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It's Wednesday, June 9th, and this is a morning update from TechGraph.
Capital Float has raised Rs 50 crore in debt for a period of 3 years from Triodos Microfinance Fund , and Triodos Fair Share Fund, financial inclusion funds managed by Triodos Investment Management.
Stride Ventures has led a debt round of Rs 25 crore in India’s leading digital healthcare platform MeddiBuddy.
Urban Company, has today announced to onboard more than 100 engineers in FY2022.
Fullerton India Credit Company Limited has today announced the appointment of Deepak Patkar as its Chief Risk Officer, where he will head the Risk, Collections, Information Security, Legal, and Analytics function.
India Mortgage Guarantee Corporation has announced the appointment of Mr. Sumit Chadha as Chief Information Officer.
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