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Budget 2024-25: FM Nirmala Sitharaman Abolishes Angel Tax
Inc42
·
1y ago
Medial
The Indian government has announced the abolition of the angel tax, providing relief to the startup ecosystem and investors. In a budget speech, Union finance minister Nirmala Sitharaman stated that the move aims to support innovation, boost the entrepreneurial spirit, and strengthen the Indian startup ecosystem. The decision to scrap the angel tax is expected to provide a favorable environment for startups and encourage more investments in the country.
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Budget 2024: TDS Rate For Ecommerce Operators Cut To 0.1% From 1%
Inc42
·
1y ago
Medial
Finance minister Nirmala Sitharaman has announced in her Budget 2024-25 speech a reduction in tax deducted at source (TDS) for ecommerce operators from 1% to 0.1%. Furthermore, she proposed to decriminalize the delay in payment of TDS until the due date of filing statements.
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Union Budget 2024 Live Updates: Will FM Sitharaman's 7th Budget address the decline in affordable housing?
Money Control
·
1y ago
Medial
Finance Minister Nirmala Sitharaman will present the Union Budget 2024 in Parliament on July 23. The budget will address the needs of various stakeholders, including taxpayers, investors, industries, farmers, women, and major sectors like FMCG, real estate, and technology. Moneycontrol.com will provide live coverage, offering updates and expert insights on what different sectors are expecting from the budget. Topics such as tax relief, economic growth, rural development, and women's empowerment will be covered, shaping India's future economy. Stay tuned for real-time information and analysis.
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Centre asks tax dept to drop tax appeals below new thresholds in 3 months
Livemint
·
1m ago
Medial
Finance Minister Nirmala Sitharaman has instructed the income tax department to withdraw all appeals with monetary claims below new thresholds within three months. The 2024-25 budget raised these thresholds: from ₹50 lakh to ₹60 lakh for the Income Tax Appellate Tribunal, from ₹1 crore to ₹2 crore for high courts, and from ₹2 crore to ₹5 crore for the Supreme Court. This move aims to reduce litigation and streamline tax dispute resolutions.
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Great news for startups as India moves to abolish angel tax
Entrackr
·
1y ago
Medial
Presenting the Union Budget 2024-25, Finance Minister Nirmala Sitharaman on Tuesday proposed to abolish the angel tax, meeting one of the longstanding demands of Indian startups. The angel tax, widely considered detrimental to the startup ecosystem, mandated around a 30% tax on investments from external investors, also known as angel investors. Through its budget for 2023-24, the government had proposed to include foreign investment under the ambit of the angel tax. The government had said the excess premium would be considered as “income from sources” and face taxes up to over 30%. Though it had exempted Startups registered with the Department of Promotion of Industry and Internal Trade (DPIIT). “To bolster the India startup ecosystem, to boost entrepreneurial spirit and support innovation I propose abolishing angel tax for all classes of investors,” Sitharaman said while presenting the Budget 2024-25. Earlier this month, the buzz around the angel tax picked up momentum with the Commerce Ministry recommending the abolishment of the 12-year-old law. Unsurprisingly, the startup community, including entrepreneurs, investors, and VCs, have welcomed the proposal to abolish the tax. “Finally, it’s Good to see #angeltax abolished .#BudgetSession . Long overdue. So much harassment, headache , unwanted anguish for startup founders , angel investors. Very welcome . One less Tax terrorism avenue,” said K Ganesh, a serial entrepreneur who promoted and invested in several unicorns and startups via growthStory. India implemented angel tax in 2012 to help tackle unaccounted money raised through capital received from resident investors in a closely held company in an excess of the fair market value. Besides providing huge relief to investors, the move is likely to get interest from new investors as the taxation has now been eased out. “This will give a fillip to early-stage startup investment in the country. With removal of angel tax, entrepreneurs will be able to attract money from new asset classes, majorly residing in smaller cities,” said one of the prolific angel investors who also runs a micro-VC firm. Titan Capital co-founder and angel investor Kunal Bahl, All In Capital founder Kushal Bhagia, Capital Mind founder Deepak Shenoy and former Finance Minister P Chidambaram also took to X to express support for the removal of angel tax.
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FM Nirmala Sitharaman calls for friendly tax compliance processes
Economic Times
·
1m ago
Medial
Finance Minister Nirmala Sitharaman urged tax officials to simplify tax compliance, focusing on transparency and taxpayer-friendliness. She emphasized quick resolution of pending tax disputes, targeting over 225,000 appeals this fiscal year. Sitharaman highlighted recent reforms like faceless assessments, and announced a forthcoming Income Tax Bill to ease tax laws. She stressed the importance of structured compliance processes for better voluntary compliance and noted increased tax refunds of Rs 86,000 crore this year.
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Nirmala Sitharaman to address RBI board on budget 2025-26, fiscal roadmap
YourStory
·
6m ago
Medial
Finance Minister Nirmala Sitharaman will address the Reserve Bank of India's central board on February 8, discussing the Budget FY26, which includes income tax relief to boost demand. The post-budget meeting occurs after the RBI's Monetary Policy Committee meeting, potentially leading to a rate cut. Sitharaman aims to maintain fiscal deficit reduction and government debt on a declining GDP ratio path. The Budget introduces significant tax cuts for the middle class and proposes revised income tax slabs.
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Need a sense of caution against speculative activities: FM Sitharaman on equity market
Money Control
·
10m ago
Medial
Indian Finance Minister Nirmala Sitharaman has warned against excessive speculation in the equity markets, stating the need for caution. She mentioned the concerns expressed by market regulator Sebi and RBI regarding increased speculative activities. Sitharaman emphasized the importance of encouraging robust markets while ensuring that individuals do not invest their life savings in high-risk ventures. She also highlighted the government's efforts to simplify direct taxation and reassured that no direct tax rates have been increased in the Union Budget. Furthermore, Sitharaman acknowledged ongoing work to simplify GST rates. The warnings about the growing enthusiasm in the Futures & Options (F&O) segment were reiterated by SEBI Chief Madhabi Puri Buch.
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Conspiracy To End India’s Entrepreneurship Culture: FM
Inc42
·
1y ago
Medial
Finance Minister Nirmala Sitharaman addressed the FY25 Budget discussion in Lok Sabha, stating that entrepreneurship was being portrayed negatively as part of a conspiracy. Sitharaman did not name any specific entities but mentioned forces working to highlight India's instability strategically, politically, and economically. She expressed concern over rumors being spread about India's inability to provide security to foreign investments, emphasizing the need to address this situation.
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Budget 2024 personal taxation and capital gains proposals decoded
Money Control
·
1y ago
Medial
Finance Minister Nirmala Sitharaman presented the Union Budget 2024, introducing changes to personal taxation. Under the new tax regime, tax rates have been revised and the standard deduction for salaried employees has increased. The Budget also provides a boost to the National Pension System (NPS), allowing all employees a deduction for NPS expenditure. Changes have been proposed in capital gains taxation and an ease in claiming credit for tax collected or deducted by salaried employees. Additionally, the Budget lowers penalties under the Black Money Act for failure to disclose foreign assets worth up to Rs 20 lakh in the income tax return.
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FM announces ₹2-cr loan scheme for first-time women, SC & ST entrepreneurs
Inshorts
·
6m ago
Medial
Presenting Budget 2025-26, Finance Minister Nirmala Sitharaman said the government will launch a new scheme for five lakh women, SC & ST first-time entrepreneurs. Under the scheme, the government will provide term loans of up to ₹2 crore to them during the next five years. Sitharaman said the scheme would provide them with financial resources to pursue their business ideas.
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