New Delhi: Industry has praised Union Finance Minister Nirmala Sitharaman for the General Budget 2021-22 presented in Parliament on Monday, saying it is an extraordinary, clear and holistic document. FICCI said exceptionalPresident of the Indian Federation of Commerce and Industry (FICCI), Uday Shankar said that the Union Budget for FY...
Time limit for reopening of I-T assessment halved to 3 Yrs
Chennai: Sitharaman also announced that senior citizens above 75 years of age having only pension and interest income would not be required to file income tax returns. Finance Minister Nirmala Sitharaman on Monday reduced the time limit for reopening of income tax assessment cases to three years from six years,...
Union Budget: Modi government will sell stake in these 12 companies
New Delhi: The first general budget of this decade was presented in the House by Finance Minister Nirmala Sitharaman on 1 February. The Finance Minister made several big announcements while presenting the Budget 2020-21. On one hand, the government announced Rs 64,180 crore to promote health infrastructure. At the same...
Budget effect: Sensex zooms 2314.84 pts
Mumbai: The BSE Sensex on Monday posted massive gains of 2314.84 pts to end strong at 48,600.61 pts as investors gave thumbs up to the Union Budget presented in Parliament by the Union Finance Minister Nirmala Sitharaman. The Nifty too rallied by 646.60 pts to 14,281.20. The day opened on...
Union Budget: Fiscal deficit for FY22 at 6.8% of GDP
New Delhi: Finance Minister Nirmala Sitharaman has targetted the fiscal deficit at 6.8 per cent of the gross domestic product (GDP) in the next financial year beginning April 1, 2021. Interestingly, the fiscal deficit in 2020-21 is estimated to reach as much as 9.5 per cent, thanks to a bloated...
Union Budget: FDI limit in the life insurance business hiked
New Delhi: The hiking of the FDI limit in the life insurance business from 49 per cent to 74 per cent is a bold move. Mr. Niraj Kumar, Chief Investment Officer, Future Generali India Life Insurance Company says: "The imperativeness of the Life Insurance sector in the economy has gained...
Union Budget: FM lowers customs tariffs on imports of Steel goods to 7.5%
New Delhi: On imports of semi-, flat and long materials of non-alloy, alloy and stainless steel, the government has decided to cut customs duty to 7.5 percent, Finance Minister Nirmala Sitharaman stated in her Budget 2021 statement on February 1. Until March 2022, the government removed duty on steel scrap....
Union Budget: MSME sector gets Rs 15,700 crores boost
New Delhi: Finance Minister Nirmala Sitharaman has made a provision of Rs 15,700 crore for the Ministry of Micro, Small and Medium Enterprises (MSME) sector in the Union Budget 2021-22. "We have taken a number of steps to support the MSME sector in this budget. I have provided Rs 15,700...
This is the budget to highlight the confidence of the new India: PM
New Delhi: Finance Minister Nirmala Sitharaman presented the budget in the Lok Sabha on Monday. After which Prime Minister Narendra Modi gave his response on the general budget. PM Modi said that this budget is a budget to highlight the confidence of the new India. The budget will bring changes...
General Budget: Petrol and diesel put on agricultural cess
New Delhi: Agricultural cess has been imposed on petrol and diesel. Agricultural cess of Rs 2.50 per liter on petrol and Rs 4 per liter on diesel has been imposed. However, this will not affect the customers. It is believed that the government is trying to extract the profits made...