JSW Steel rises 2% on gas supply worries HSBC raises Tata Steel target to ₹250 British Steel to supply 120,000 mt billet to Nigeria ₹3,200 crore Tata Steel EAF starts in Ludhiana
A senior official from the finance ministry has indicated that the imminent Union Budget, set for release on February 1, is unlikely to incorporate any surge in tax rebates under the new direct tax structure.
Speculations were rife regarding a potential elevation of the personal income tax rebate from Rs 7 lakh to ₹ 7.5 lakh, yet the anonymous official dismissed such proposals, affirming, "There is no such proposal."
This announcement comes ahead of the vote-on-account budget, scheduled due to the impending general elections in April-May 2024. The upcoming budget is primarily designed to secure short-term funding until the subsequent comprehensive budget receives endorsement.
However, amidst anticipation of limited tax-related revelations in this interim budget, there are hints of a probable exemption in Tax Collected at Source (TCS) on overseas individual card transactions, potentially up to ₹ 7 lakh annually.
The focus remains on fiscal prudence, with expectations tempered as the government navigates the fine line between addressing economic concerns and avoiding populist measures in this interim budget.
Also Read : Parliament panel recommends govt to seek 3-year deferment on EU carbon tax for MSMEs GST department doubles down efforts to reach FY24 targets
Govt finalising response after Supreme Court cancels JSW-Bhushan deal. MCA, IBBI, and legal experts...
Announcement 05-May-2025
Major investments planned in coking coal and steel projects in Dhanbad-Bokaro. Focus on resource se...
Business 28-Apr-2025
✅ US tariff policies may redirect surplus steel to India, posing import risks.✅ SAIL Chairman urge...
Business 03-Apr-2025
The government is actively pursuing initiatives to bolster the labelling and branding of steel secto...
Press Releases 07-Feb-2024
The Union Minister for Power and New and Renewable Energy, Shri R. K. Singh, recently led a meeting...
Press Releases 25-Jan-2024
Indian Government run miner MOIL limited achieved manganese ore production of...
Announcement 03-Jan-2024