Budget 2015 News

Finance Minister Arun Jaitley on Feb 28 proposed no changes in personal income-tax rates for 2015-16.

The rupee gained back 5 paise from initial losses against the American currency, quoting 63.87, on fresh selling of dollars by banks and exporters following a strong opening in the equity market.

Those that would also turn cheaper include leather footwear, locally made mobiles, computer tablets, microwave ovens, peanut butter, packaged fruits, ambulance service and agarbattis.

Fixed pension for the subscribers ranging between Rs 1000 to Rs 5000, if he joins and contributes between the age of 18 years and 40 years.

Those that would turn cheaper include leather footwear, locally made mobiles, computer tablets, microwave ovens, peanut butter, packaged fruits, ambulance service and agarbattis.

The Budget proposal to include non- banking finance companies (NBFCs) under the Sarfaesi Act is credit positive for lenders of loans against property, a leading rating agency said Monday.

After a brief recovery, rupee fell back sharply to end at 62.16 against the American currency - a fall of 33 paise during the holiday shortened week on the back of good dollar demand from banks and importers.

A new bank announced in the annual budget last week could boost loans and cut borrowing costs for the country`s cash-starved small businesses - tailors, mechanics and phone booth operators who account for around a fifth of the economy.

Enthused over the allocation of Rs 1,300 crore in the Union Budget, Export-Import Bank of India is now planning to raise an additional Rs 13,000 crore in the next fiscal, a top official said today.

The disinvestment department is working out modalities for strategic sale of PSUs which will see management control passing on to the private sector, a top government official said today.

Welcoming RBI's decision to cut policy rate by 0.25 percent, the Finance Ministry's top functionaries on Wednesday said it will bring down EMIs, increase demand and boost economic growth.

Surprised over the timing of RBI's rate cut, former central bank governor C Rangarajan on Wednesday said the Union Budget was not a good enough trigger for easing of rates and he had expected RBI to wait till next month.

Soon after RBI announcing a much- awaited rate cut, Chief Economic Advisor Arvind Subramanian on Wednesday said that the global rating agencies should look at upgrading their stance on India's credit outlook.

Personal income tax rates will not be changed in the near term even as peak corporate tax rate will be cut by 5 percent over a four year period beginning 2016-17, a top finance ministry official said.

The government will give a one-time 'short window' to holders of black money abroad to declare their wealth, pay taxes and penalty and escape prosecution under the proposed stringent law to deal with the menace.

Dismissing criticism that proposals in the Budget for 2015-16 are pro-corporate, Revenue Secretary Shaktikanta Das on Tuesday said reduction in corporate tax rate will make India more competitive, and enable companies to invest more and create more jobs.

The benchmark Sensex on Tuesday rose for the fourth straight session and the Nifty index hit new peak of 9,000.50 as investors cheered growth-oriented proposals in the Union Budget.

The mutual fund industry may witness several mergers of schemes in coming weeks after the Budget proposed an exemption from capital gains tax in case of amalgamation of funds with similar features.

Parthasarathi Shome, the Chairman of Tax Administration Reforms Commission, constituted by the Finance Ministry, Monday hailed the decision to defer General Anti-Avoidance Rules (GAAR) as announced in the Budget.