Economy | The Asian Age

The NPS is a voluntary, defined contribution retirement savings scheme for government employees as well as for those working in the private sector.

Budget 2019: Govt proposes to separate NPS Trust from PFRDA

The proposal to separate the two job roles was under consideration for last few years.

05 Jul 2019 4:49 PM

The expenditure budget of Rs 1,159.05 crore in the 2019-20, includes Rs 1,097 crore on central sector schemes/projects and Rs 23.15 crore on Coal Mines Pension Scheme. (Representational Image)

Budget 2019: Coal Ministry sees 48 pc jump in allocation to Rs 1,160 cr for 2019-20

The bulk of increase in the Budget allocation for 2019-20 is towards central sector schemes.

05 Jul 2019 4:46 PM

Chief Economic Adviser K V Subramanian had also on Thursday said that cost of capital internationally is low while liquidity is very high there.

Govt to start raising part of its gross borrowings from external markets: FM

The government would start raising a part of its gross borrowing programme in external markets, said Nirmala Sitharaman.

05 Jul 2019 3:49 PM

The collection from the sector in the last fiscal fell short of Rs 9,416.42 crore at Rs 39,245 crore from the budgeted provision of Rs 48,661.42 crore.

Budget 2019: Govt enhances revenue collection from telecom sector to Rs 50,519 cr

Receipts from the telecom sector mainly relate to the licence fees from operators and spectrum usage charges.

05 Jul 2019 3:43 PM

According to the Budget documents, the proposed scheme covers past disputes of taxes which have got subsumed in GST.

Budget 2019: Amnesty scheme for excise, service tax cases to unlock Rs 3.75 lakh crore

The relief proposed under scheme varies from 40 pc to 70 pc of the tax dues for cases other than voluntary disclosure cases.

05 Jul 2019 3:26 PM

Govt will provide a one-time partial credit guarantee to PSBs to buy high-rated pooled assets of financially sound NBFCs.

Budget 2019: Govt to provide credit guarantee to PSBs to buy NBFC assets

The NBFC sector is currently undergoing a liquidity hurdle with a spate of defaults of companies.

05 Jul 2019 3:06 PM

Direct tax revenue has significantly increased by over 78 per cent from Rs 6.38 lakh crore in the financial year 2013-14 to around Rs 11.37 lakh crore in the financial year 2018-19.

Budget 2019: High-end income group people need to pay 3 pc to 7 pc more annually

Budget 2019 proposes to make return filing compulsory for persons, who have deposited more than Rs 1 cr in a current account in a year.

05 Jul 2019 2:57 PM

According to the Budget for 2019-20 presented in Parliament by Finance Minister Nirmala Sitharaman, Goods and Services Tax collections will contribute 19 paise in every rupee revenue.

Budget 2019: For every rupee in govt kitty, 68 paise come from taxes

Corporation tax is the single largest source of income, contributing 21 paise to each rupee earned.

05 Jul 2019 2:57 PM

Sitharaman said surcharges on individuals having taxable income of Rs 2 crore to Rs 5 crore; and Rs 5 crore and more have been raised.

Budget 2019: Cess on petrol, diesel hiked by Re 1 per litre

Finance minister also announced TDS of 2 per cent on cash withdrawal of more than Rs 1 crore from a bank account.

05 Jul 2019 2:26 PM

Prime Minister Narendra Modi on March 7 had unveiled new series of coins of one rupee, two rupees, five rupees, ten rupees and twenty rupees, easily identifiable to the visually impaired. (Photo: Representational | PTI)

Budget 2019: Govt to soon put in circulation new series coins of up to Rs 20

These new coins will be made available for public use shortly, said Finance Minister Nirmala Sitharaman.

05 Jul 2019 2:20 PM

While presenting interim Budget 2019-20 in February, the government had pegged fiscal deficit target at 3.4 per cent.

Budget 2019: Govt lower fiscal deficit target to 3.3 per cent for FY20

The fiscal deficit this year is 3.3 per cent brought down from 3.4 per cent.

05 Jul 2019 2:12 PM

Union Minister also said that faceless and anonymous assessment system for income tax will be rolled out in phases this year.

Budget 2019-20: Those without PAN can now file returns using Aadhaar

On Thursday, the Lok Sabha passed by voice vote the Aadhaar and Other Laws (Amendment) Bill, 2019.

05 Jul 2019 2:02 PM

The government is proposing additional tax deduction of Rs 1.50 lakh on interest paid on home loans taken up to March 2020, said Finance Minister Nirmala Sitharaman. (Representational image)

Additional tax deduction of Rs 1.50 lakh on interest on home loans proposed

Government will also provide income tax deduction of Rs 1.5 lakh on interest paid on loans for purchase of electric vehicles.

05 Jul 2019 1:38 PM

The corporate tax rate is 30 per cent at the moment.

Budget 2019: Firms with turnover of Rs 400 cr to pay lower 25 pc corporate tax

Only 0.7 per cent of the companies will now remain outside the 25 per cent corporate tax bracket, says Sitharaman.

05 Jul 2019 1:26 PM

The Finance Minister also announced one-time six-month partial credit guarantee for the PSBs.

Budget2019: Sitharaman earmarks Rs 70,000 crore for public sector banks

Public sector banks will use technology for enabling the customer of one PSB to access service across all PSBs as well.

05 Jul 2019 1:12 PM

pension benefit will be extended to around three crore retail traders and shopkeepers with an annual turnover less than 1.5 crores.

Budget 2019: Pension benefit to be extended to around 3 cr retail traders

Rs 350 crore allocated for 2 per cent interest subvention for all GST-registered MSMEs on fresh or incremental loans.

05 Jul 2019 1:07 PM

In the past one year, NPAs worth Rs 1 lakh crore has been recovered, Sitharaman said.

Budget 2019: NPAs worth Rs 4 lakh crore recovered in past four years

Government-owned and private banks besides non-banking financial companies have been saddled with huge NPAs.

05 Jul 2019 12:59 PM

Finance Minister also announced that pension benefits will be offered to three crore shop owners with annual turnovers less than Rs 1.5 crore.

Budget 2019: FM announces 2 pc interest subvention for GST-registered MSMEs

Sitharaman proposed the setting up of a payments platform for MSMEs for payment of bills.

05 Jul 2019 12:53 PM

Government will invest widely in agriculture infrastructure and support private entrepreneurship for value addition in farm sector, said Finance Minister Nirmala Sitharaman.

Budget 2019: Government will invest widely in agri infrastructure: Sitharaman

Every rural family, except those unwilling to take connection, will have electricity and LPG connection by 2022, said Sitharaman.

05 Jul 2019 12:52 PM

BharatNet is targeting internet connectivity in local bodies in every panchayat in the country.

Budget 2019: Internet connectivity under BharatNet to be fast-tracked, says FM

The government aims to connect all 2.5 lakh village panchayats with high speed broadband by March 2020.

05 Jul 2019 12:47 PM

Economy Page-9