The Economic Times



The Budget Wish List: What does the common man want from the Budget 2020?

A series of prebudget polls by Local Circles show that respondents want the govt to raise the basic tax exemption limit and LTA benefits. Surprisingly, four in 10 people do not approve of subsidies to replace old cars.

Lower PF contribution may be allowed for select class of workers

A senior government official told ET that lower contribution rule under PF w...

GJEPC seeks reduction in import duty in Budget

The council has urged to reduce the import duty on gold, silver and platinum from 12.5 per cen...

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  • Banks, airlines, insurance companies, armed forces and telecom service providers are likely to be exempted from mandatory issuing of e-invoices under goods and services tax (GST), said people aware of the matter.

    Swanubhuti Jain, COO of JIIF, shared her Budget wishlist for this year.

    Some small and medium enterprises have dragged the government to court over levying cesses on firms exempted from customs duty even as the revenue department scrambles to boost tax collections.

    To reverse the ongoing economic slowdown, the immediate priority is to stimulate demand in the system.

    How much you withdraw and when you withdraw from the Employee’s Provident Fund determines how much TDS will be levied on the same. Here are five common scenarios and the tax implications on them.

    The government last year reduced corporate tax rates to 22 per cent, plus surcharge and cess. However, companies will not be allowed to avail any tax exemptions or incentives.

    Social media intermediaries — with more than 5 million registered users — have to trace the original sender of a message when asked by a government agency armed with an order from a judicial magistrate court or a higher court.

    No miracle man can revive the economy without revitalising the credit cycle.

    “We are in the final stages of designing an ambitious Industrial Promotion Policy 2020. This is being done in consultation with the central government and will be published in a few weeks," GC Murmu said at a pre-summit investors’ meet in New Delhi on Monday.

    The basic customs import duty on anthracite coal is 2.5 per cent. Since ferro alloy industry plays a vital role in steel manufacturing, it is necessary to make available these reductants at international competitive price to make Indian steel mills more competitive, it said while recommending that customs duty on anthracite coal be reduced to zero from 2.5 per cent.

    “A finance ministry notification, dated December 30, has assigned a new harmonised system (HS) code (No: 8517 62 90) for routers to continue their zero customs duty status,” said a senior executive with direct knowledge of the matter. ET has seen a copy of the notification issued by the revenue department.

    Different sections under the Income-Tax Act correspond to different savings or expenses, some of which are eligible for tax deductions and could be a great way to show that you are actually out of the taxable bracket. Here are 8 such deductions.

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