Budget / Taxes Current Affairs 2023 - Current Affairs Today

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Last Updated: September 10, 2019

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  • Mumbai ranks 5th and New Delhi 11th in the 2019 Knight Frank Co-Living Index

    1550 days ago
    Knight Frank India, the leading international property consultancy launched a report titled Insights on Co-living An Asia-Pacific Perspective. As per the report, China’s co-living sector is one of the most developed having started since the early 2010’s, Beijing is ranked 1st in the Co-living Index followed by Tokyo and Shanghai. Mumbai ....

    Union Budget Highlights 2019 - 2020

    1614 days ago
    Finance Minister Nirmala Sitharaman presented a union budget for the financial year 2019 - 2020. The main aim is to boost investment at a time when the economy shows signs of a slowdown. It is the Bharatiya Janata Party, which is led by Prime Minister Narendra Modi. The key highlights of union Budget 2019 are given below : A 10-point Vision ....

    Govt plans to raise income tax limit to Rs 3 lakh, hike 80C deduction limit

    1630 days ago
    Union Finance Minister Nirmala Sitharaman may increase the personal income tax exemption limit to Rs 3 lakh of the annual income from the existing Rs 2.5 lakh for salaried class in the upcoming Budget 2019-20. At present, income up to Rs 2.5 lakh is exempt from personal income tax. However, income between Rs 2.5 to 5 lakh attracts 5 per cent tax plus ....

    Government doubled income tax exemption limit for gratuity to Rs 20 Lakh

    1735 days ago
    The government has doubled the income tax exemption limit for gratuity to Rs 20 lakh from the existing Rs 10 lakh. Gratuity law applies to all employees who work in an organization where there are 10 or more employees in a year. It will be implemented from March 29, 2018. This will increase the burden of paperwork for those who retired on March 31, 2018.

    GST collection for February slips to Rs 97,247 crore

    1739 days ago
    The Goods and Services Tax (GST) collection dropped to ₹97,247 crore in February, slipping below the ₹1 lakh crore mark crossed in January. The decline came amidst the reduction in tax rates on 23 goods and services. The total number of GSTR 3B returns filed for the month of January up to February 28, 2019 is 73.48 lakh. GST collection ....

    MCCs budget includes Mysuru Yogalakshmi scheme

    1744 days ago
    The Mysuru City Corporation (MCC) presented the budget with an outlay of Rs.775 crore for the year 2019-20. MCC introduced new schemes that included Rs.25,000 for each girl child born in government hospitals in the City, pink toilets for the benefit of women, besides placing dust bins in buses and autorickshaws. Chairperson of the Standing Committee ....

    GST on under construction flats cut from 12 percent to 5 percent

    1747 days ago
    Under construction properties priced over ₹45 lakh will attract 5% GST (Goods and Services Tax), instead of 12%. A residential property priced at ₹45 lakh or below will now be defined as "affordable" and taxed at 1%, from 8% earlier. The new rates will be effective from April 1, 2019.

    Telangana State Budget to cross Rs.2 lakh crore mark

    1748 days ago
    The Telangana State Cabinet chaired by Chief Minister K. Chandrasekhar Rao approved the Vote-on-Account budget for 2019-20 ahead of the budget session commencing from 22nd February 2019. This budget important to the Chief Minister because it will reflect the major electoral promises made by the ruling party such as doubling the Aasara pensions and ....

    India hiked the custom duty of Pakistan goods to 200 percent

    1754 days ago
    After the Pulwama terror strike, the Union government has hiked the basic customs duty on all goods imported from the neighbouring country to 200% with immediate effect. This comes after India revoked the 'Most Favoured Nation' (MFN) status to Pakistan on February 15 following the Pulwama terror strike, that killed 40 CRPF personnel. The two ....

    UP CM Yogi Adityanath presented Rs.4.79 lakh crore budget

    1764 days ago
    The Uttar Pradesh government allocated Rs.1,200 crore for a scheme for girls and Rs.612 crore for stray cattle and construction of cow shelters in its budget for 2019-20 financial year ahead of the Lok Sabha polls. The Yogi Adityanath government presented an Rs.4.79 lakh crore budget, which is 12% higher than Rs.4,28,384.52 crore earmarked for the ....

    Income tax rebate of Rs.12,500 for those who earn up to Rs.5 lakh

    1769 days ago
    The interim Budget 2019 contains several proposals aimed at reducing the tax burden on the salaried class and homeowners, increasing the tax rebate limit and amount for small taxpayers and exempting certain forms of rental income from tax. Finance Minister Piyush Goyal proposed amending Section 87A of the Income Tax Act to increase the rebate for ....

    South Central Railway gets Rs.5,924 crore

    1769 days ago
    South Central Railway (SCR) got Rs.5,924 crore for 2019-20 from the year 2019 budget as against last year’s outlay of Rs.5,752 crore with the highest allotment made for doubling works of Rs. 1,905 crore. Additional General Manager John Thomas said that the New lines got Rs.834 crore, passenger amenities Rs.229 crore and traffic facilities got Rs.138 crore.

    Interim Budget session likely from January 31 to February 13

    1793 days ago
    It is expected to be the last session of the current Lok Sabha as general elections are due in April-May 2019. Finance Minister Arun Jaitley will present the interim budget for 2019-20 fiscal on February 1, as decided in the meeting by the Cabinet Committee on Parliamentary Affairs. This will be the sixth consecutive budget to be presented by Jaitley.

    India cuts tax on palm oil imports from ASEAN countries

    1801 days ago
    The duty on crude palm oil from Malaysia, Indonesia and other members of the Association of South East Asian Nations (ASEAN) was cut to 40% from 44%, while the tax on refined palm oil was cut to 45% from 54% if imported from Malaysia and to 50%, if purchased from Indonesia or other member-nations of Asean. In March 2018, India had raised import tax ....

    India delays imposition of retaliatory tariffs on US goods till December 17

    1862 days ago
    India has postponed imposing higher duties worth $235 million on 29 American goods to December 17. The retaliatory tariffs were scheduled to come into effect November 2 and have been postponed for the third time. With the new tariffs, the import duty on walnut would be hiked to 120% from 30% while that on chickpeas, Bengal gram (chana) and masur dal ....

    GST Council cut tax rates on 88 items

    1964 days ago
    The sanitary napkins (12% tax at present) and fortified milk (which was taxed at 18%) have been exempted from the levy. Certain items from 28% tax slab are shifted to the lower 18% slab including washing machines, refrigerators, up to 25-inch televisions, vacuum cleaners, perfumes, food grinders, mixers, water cooler, Lithium iron batteries, and paints. Common-use ....

    States have collected taxes worth 10,000 crore rupees since the rollout of Transport Mission Mode Project

    1999 days ago
    States have collected taxes worth ₹10,000 crore online since the rollout of Transport Mission Mode Project (MMP) under the Centre's e-Governance initiative. Over 19 crore vehicles and 10 crore driving license records have come under the National Register. Two flagship applications under Transport MMP -- "Vahan" and "Sarathi" ....