HindustanTimes Fri,26 Dec 2014


Wake up and steer growth

India's economy is on track on to record its worst growth in a decade, and that should serve as a wake-up call to revive reforms and remove obstacles to growth, the Economic Survey for the current fiscal year tabled in Parliament said on Wednesday. HT reports.

Pre-poll budget may put more cash in your hand

Around noon today, you could get some good news from finance minister P Chidambaram, who is expected to raise the income tax exemption limit from the current level of Rs. 2 lakh. Gaurav Choudhury reports.

Reformist finance minister faces budget moment of truth

Finance minister P Chidambaram will present one of the most highly anticipated budgets of recent years on Thursday, a blueprint for austerity that forms the centrepiece of India's efforts to stave off a damaging credit ratings downgrade.

10% surcharge to be levied on Rs. 1-cr-plus incomes for 1 year

The finance minister slapped a tax on the super-rich, a worldwide theme this year, though he did not call it as such. He proposed a 10% surcharge on persons with a taxable income exceeding Rs. 1 crore per year in the budget for 2013-14 and would run for only one year.

Low incomes get tax credit

The budget has left personal income tax slabs unchanged, but finance minister P Chidambaram announced a minor relief for those at the lower end of the taxable bracket — a tax credit of Rs. 2,000 for those with annual incomes of up to Rs. 500,000.

Unsporting gesture? SUVs get a tax sock on the bonnet

If you are in the market for a sports utility vehicle, get ready to dig deep into your pockets. The government on Thursday increased the excise duty on sports utility vehicles from 27% to 30%, which will mean a price rise ranging from Rs. 15,000 for a no-frills Mahindra Bolero, to up to Rs. 75,000 for a Toyota Fortuner. HT reports.

Despite funds crunch, budget boost for research and innovation

India will set up a new fund to support organizations that bring key innovations from the lab to the market, the first such initiative aimed at bridging a major gap that has long limited the Indian research's potential to earn revenue.

Welfare on a slowdown

With one eye on election and other on fiscal management finance minister P Chidambaram struck a delicate balance between "pragmatism" and "populism" in his meager increase in allocations for the social sector for financial year 2013-14 without compromising on priority areas for the UPA government -- inclusive growth. Chetan Chauhan reports.

Corporates hail budget focus on growth, fiscal consolidation

India Inc broadly welcomed the absence of any harsh moves in the budget presented by finance minister P Chidambaram today and termed it as "balanced" and "purposeful" but maintained a lot more could have been done.

Budget 2013: finance minister offers growth tablet

Finance minister P Chidambaram delivered a carefully crafted budget yesterday that sought growth and resisted the temptation to be populist ahead of looming state and LS elections. Gaurav Choudhury reports. What's in it for you | The billionaires' club: ups and downs | Lifestyle inflation | The A, B, C of India's growth journey | UPA's economic story unplugged

Government pacifies investors on tax residency jitters

Moving to assure foreign investors over a budget proposal, the finance ministry said on Friday that it was not targetting investment vehicles based in tax havens by questioning the validity of their tax residency certificates. HT reports. Soothing music on FM channel

Amid budget cuts, India's schools to stay afloat

India's 3.5 crore taxpayers will keep the country's massive schooling system afloat this year despite unprecedented education budget cuts, because of increased collections through the dedicated education cess levied on their income tax.

Less funds may derail govt plans

The Union finance minister, in his budget speech on Thursday, said "health for all and education for all remain our priorities", but when it comes to providing for the various programmes in these sectors, he fell woefully short.

Chidambaram warns tax dodgers, rules out amnesty

In warning to tax dodgers, finance minister P Chidambaram on Sunday said that a huge amount of data is being mined to go after them and ruled out any amnesty scheme for defaulters.
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