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Want To Know Some Facts About Income Tax ?-Read On!

Pooja YadavFebruary 5, 20220

The government collects tax for meeting its different expenses. The government uses these tax collections for meeting different expenses like expenses on the infrastructure, defense, welfare schemes, education, and health. The taxes are collected by the government through a system. Many times government covers these expenses takes the loan and raises money from other means too. Income tax is a very important means of collecting revenue among the other sources. According to the report of Times of India,28 percent of the government s revenue was contributed by the taxpayers in 2020-21. This figure becomes more interesting when we get to know that out of this only 1 percent of the people give income tax. In the budget, Nirmala Sitaraman our finance minister recognize the efforts of t...

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Centre To Sell IDBI Bank, Will Keep Some Stake: Sources

Snehashish RoyFebruary 4, 20220

Centre is planning on selling IDBI Bank by the end of March, however, will keep a part of its stake to itself, the secretary of the department of investment and public asset management (DIPAM) Tuhin Kanta Pandey told The Indian Express. The sale will be made through an expression of interest (EOI). The process of sale will include the Centre filing the Draft Red Herring Prospectus (DRHP) of the Life Insurance Corporation (LIC). It will be made by the next week with the market regulator. The primary prospectus is expected to be listed on stock exchanges by the end of this financial year. LIC holds the management stake in IDBI Bank with a 49.24% share. Whereas, the Government of India holds a 45.48% stake in the bank. Pandey said the detailed consultations have been made with the ...

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Reduce Income Tax Or Not: The Conundrum Explained

Pooja YadavFebruary 3, 20220

BJP leader Subramanian Swamy has recently talked about abolishing the income tax. He shared his opinion during an interview with India Today. Also, Union finance minister Nirmala Sitharaman from the podium of parliament recognised the efforts of middle-class salaried people and their constant efforts. Through this article let's have a look into this crucial topic, should income tax be abolished and also discuss those countries where either income tax is abolished or have a minimum slab rate. Income Tax Payers Despite actively participating in India's GDP, the current Union budget has disappointed the taxpayers. However, if we go by the percentage, only 1-2% are covered by income tax. It suggests how important taxpayers are to the government's treasury. Many economists consid...

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FinancePolitics

Focuses On Middle Class, Poor; A Step Toward Modern India: PM Modi Lauds Union Budget 2022

Snehashish RoyFebruary 3, 20220

Prime Minister Narendra Modi lauded the Union budget 2022-23 and mentioned it as a step towards self-reliant and modern India. He said the budget provides basic amenities to the middle class, poor, and youth of the country. PM Modi was attending the 'Aatmanirbhar Arthvyavastha' event, where he addressed the BJP workers. He said the initial indicators of a new world in a post-pandemic era are already visible. “People, globally, want to see an empowered and strong India. It is imperative for us that we take our country forward at a rapid pace and strengthen it across several sectors,” he said. The Prime Minister compared the current budget with that of the UPA regime and said it has the provision to make a four-fold increase in public investment. He added that this will avail...

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BusinessFinancePolitics

Union Budget 2022: Opposition Terms It As ‘Unrealistic’; Provides No Relief For Poor, Middle Class

Snehashish RoyFebruary 2, 20220

Finance minister Nirmala Sitharaman gave the budgetary speech on February 1. She presented a Rs 39.45 lakh crore budget, in which, the major part was allocated to the highways and affordable housing section. However, the Congress party termed the budget as "uninspiring" and "insipid." The Opposition said the Union budget does not propose to provide relief and consumption boost among the salaried class, poor, farmers, and middle class. The communication head of the Congress party Randeep Surjewala said the ones who suffered pay cuts during the pandemic were hoping for relief in this budget. “The Finance Minister and the Prime Minister have again deeply disappointed them with indirect tax measures. This is a betrayal of India’s salaried class and the middle class,” he said. He fu...

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Crypto Tax First Step To Legalize Digital Currency In India: Details Inside

Sonia SolankiFebruary 2, 20220

Crypto tax or digital assets will be taxed at 30%, as announced by Union finance minister Nirmala Sitharaman. This will be the highest tax band in the country. "I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30%. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except the cost of acquisition," Sitharaman said. She also said that currency lies with RBI only, other than that is a crypto asset and will see 30% tax. Cryptocurrencies will be treated as digital assets. U-turn On Banning Cryptocurrency At the end of last year, there were strong rumours that the Indian government is planning to ban all cryptocurrencies. But presenting a digital asset tax of 30% s...

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BusinessFinance

Union Budget 2022: FM Sitharaman Announces Digital Rupee; Know More About Virtual Currency

Snehashish RoyFebruary 1, 20220

The Union finance minister Nirmala Sitharaman has launched the Digital Rupee in her budgetary speech in the Parliament on February 1. This rupee, the Central Bank Digital Currency (CBDC) will be used from 2022-22 onwards. During her fourth budgetary speech, Sitharaman said the use of digital currency will give a boost to the country's economy. The currency will be introduced by the Reserve Bank of India (RBI). This move will give a further push to the Centre's Digital India initiative. "The introduction of central bank digital currency will give a big boost to the digital economy. Digital currency will also be a cheaper and more efficient currency management system...It is therefore proposed to introduce digital rupee - using blockchain and other technologies - to be issued by ...

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Unemployment At Its Peak, Youngsters Between 20-29 Years Worst Hit: CMIE Data

Sonia SolankiFebruary 1, 20220

Unemployment is the harsh reality that we are facing in today’s time. Reports by the Centre for Monitoring Indian Economy (CMIE) stated that the unemployment rate in December 2021 was 7.9%. But that doesn’t mean the rest of 92.1% of people in the working-age group are employed. In fact, the employment rate is the better Indicator of the success and economy of a country. India’s success rate is low with only 43% in 2020, as per a data study by the World Bank. India lags behind Pakistan (48%) and Bangladesh (53%) in these numbers. In 2018-19, the unemployment rate was 6.3% and 4.7% in the year 2017-18. Challenges India Faces To Provide Employment Employment is a necessity and when the working population is not getting proper opportunities, it’s a difficult situation for the...

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BusinessFinanceIndiaLatest NewsScience & TechTrending

India’s Largest Electric Vehicle Charging Station With 100 Points Opens In Gurugram

Sonia SolankiJanuary 31, 20220

India has launched the biggest and largest Electric Vehicle (EV) charging station in Gurugram, Haryana. This electric charging station boasts 100 electric charging points for four-wheelers. The station is located on the Delhi-Jaipur National Highway in Gurugram. The tech piloting firm called Alektrify Private Limited is behind the development of this station. During the opening ceremony programme, various government representatives had a guided tour of the station. India gets largest EV charging station in Gurugram Abhijeet Sinha, the national programme director of the Ease of Doing Business programme and project director of National Highway for Electric Vehicle in additional charge said, "India is on the verge of making an investment in E-mobility charging infra setup highly c...

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BJP Among Richest National Political Parties In 2019-2020, SP Richest Regional Party: ADR Report

Sonia SolankiJanuary 29, 20220

The Association for Democratic Reforms (ADR) report reveals that the richest political party in India for the year 2019-2020 is BJP. What is more interesting is that the second position is taken by the BSP, followed by Congress. The worth of the BJP as per the ADR report is Rs 4,847.78 crore. The value of BSP is estimated at Rs 698.33 crore, followed by Congress at Rs 588.16 crore. The assets calculated by ADR include the seven national parties and 44 regional parties all over the country. The Seven National parties include the BJP, the BSP, the Congress, the Communist Party of India Marxist (CPIM), the All India Trinamool Congress (AITC), the Communist Party of India (CPI) and the Nationalist Congress Party (NCP) as per their worth. ADR Report Details The report by ADR...

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“Your Arrival Was Much Awaited”: Air India Comes Back To Tata Group After 69 Years

Sonia SolankiJanuary 29, 20220

Air India comes back to the Tata Group, after a long gap of 69 years. Now, the Tata Group has three airlines under the brand, which includes Air India, AirAsia India and Vistara. The organisation is overwhelmed with the association and soon after the formal handover it tweeted "Your arrival was much-awaited." In 1932, the Tata group launched Tata Airlines, which was renamed Air India in 1946. The Indian Government took over Air India in 1953, whereas Jamshed Ratan Tata continued as the chairman of the airline till 1977. Air India Merging With Tata Group Deal N Chandrasekaran, chairman of the Tata Group said, "We are excited to have Air India back in the Tata Group and are committed to making this a world-class airline. I warmly welcome all the employees of Air India t...

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BusinessFinanceIndiaInternationalTRENDING

Davos Agenda 2022: PM Modi Introduces ‘P3 Movement’ For Climate Change Commitments

Sonia SolankiJanuary 19, 20220

Prime Minister Narendra Modi has underlined India's climate change commitments while addressing the Davos agenda 2022. He introduced the P3 movement which refers to Pro-Planet People. During the address, PM Modi focused on the present culture of 'make-use-throw' which deepens the climate problems globally. "'Throw away' culture and consumerism have deepened the climate challenge. It is imperative to rapidly move from today's 'take-make-use-dispose' economy to a circular economy", he said. PM Modi also pointed the new policies which India is building upon is for the next 25 years with respect to the environment. "In this period, India has set the goals of high growth, a saturation of welfare and wellness. This period of growth will also be green, it will also be clean, it wi...

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