Preparations for Budget kick-off with new finance minister
PrintListen to this Article
With top functionaries of the finance ministry on Tuesday making presentations for new finance minister Arun Jaitley and minister of state for finance Nirmala Sitharaman, exercise for Budget 2014-15 kicked off formally. Secretaries of the ministry of finance made PowerPoint presentations to the two ministers about the state of economy and the pertinent issues like the need to do away with diesel subsidy and lift gold curbs, which, sources said, was a prelude to the Budget.
“This meeting and the presentations was essentially to familiarise them with the important and immediate issues like need to boost manufacturing and infrastructure growth including energy, power and transport. A broad outline of the economy was presented and budget timeline was also discussed,” the official source said. The source added that the “Budget is likely to be presented in the first week of July, definitely by the end of first week of July”.
The presentations lasted for a little more than an hour with the meeting being attended by all secretaries, economic advisors, and joint secretaries. After the meeting, Sitharam told reporters, “We met all officials at finance ministry to understand the pressing issues. This is preparation to the budget as well”.
The official said that the Central Board of Direct Taxes (CBDT) and Central Board of Excise and Customs (CBEC) will make presentation to Jaitley on Wednesday and discuss about the Budget preparations.
As such, meetings with the stakeholders is already in process and schedule for meeting of the finance minister and secretaries is being prepared and will be finalised by the end of this week. After the 2009 general elections as well, the Budget was presented in the first week of July under the then finance minister Pranab Mukherjee. The government is required to get the Budget passed by July 31, the date when the vote on account approved by Parliament expires. (Indian Express)
Category : Income Tax | Comments : 0 | Hits : 532
If you earn income other than salary or have multiple income streams, the advance tax deadline falling today—Monday, December 15, 2025—should not be overlooked. Failure to pay advance tax on time, or paying less than the required amount, may attract interest charges that continue to accumulate. As the Income Tax Act operates on a “pay as you earn” basis, being aware of advance tax provisions and the financial impact of delays can help you avoid unnecessary costs and last-...
If you earn income other than salary or have multiple income streams, the advance tax deadline falling today—Monday, December 15, 2025—should not be overlooked. Failure to pay advance tax on time, or paying less than the required amount, may attract interest charges that continue to accumulate. As the Income Tax Act operates on a “pay as you earn” basis, being aware of advance tax provisions and the financial impact of delays can help you avoid unnecessary costs and last-...
As many as 5,44,205 appeals were pending resolution with the Income Tax (IT) Department at commissioner (appeals) level as of January 31 this year, and 63,246 at various Income Tax Appellate Tribunals (ITATs), High Courts, and the Supreme Court, FE has learnt. To be precise, the cases pending in ITATs were 20,266 High Courts, 37,436; and Supreme Court 5,544. The large pendency is even as the Central Board of Direct Taxes (CBDT) has laid emphasis on disposing of income tax appeals in its 10...
The Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards. The ITR functionalities i.e. ITR-1, ITR-2 and ITR-4, commonly used by taxpayers are available on the e-filing portal from 1st April, 2024 onwards for taxpayers to file their Returns. Companies will also be able to file their ITRs through ITR-6 from April 1 onwards. As ...
It has come to notice that misleading information related to new tax regime is being spread on some social media platforms. It is therefore clarified that the new regime under section 115BAC(1A) was introduced in the Finance Act 2023 which was as under as compared to the existing old regime (without exemptions): New Regime 115BAC (1A) introduced for FY 2023-24 Existing old Regime 0-3 lacs 0% 0-2.5 lacs 0% ...
Comments