Budget 2024 Updates

TPO gets powers to deal with domestic transactionsOne more Vivad Se Vishwas Scheme; Date to be notifiedNo deduction u/s 37 for settlement amount if paid for violation of any lawFM proposes to lessen tedium of TDS; reduces rates in many casesFM overhauls capital gains regime; to come into play from todayFM hikes exemption limit for long-term capital gain to Rs 1.25 lakh + hikes tax rate to 12.5% on specified financial assetsTourism: Temple corridors to be developed in BiharCGST - Finance Bill proposes to amend Sec 9 to take ENA out of purview of GST + inserts Sec 11A to regularise non-levy of tax on general practice in tradeCGST - Sub-sections to be inserted in Act to relax time-limit to avail ITC u/s 16(4) + New Sec 74A proposed to provide for common time limit for demand notices in fraud cases3.4% of GDP allocated as Capital expenditure to support infra sectorCGST - Proviso to be inserted in Sec 30(2) to provide for enabling conditions for revocation of registration + Amendment in Sec 39 to mandate return filing by TDS deductors even if there is no deduction in a particular monthIGST - Amendment proposed to prohibit refund of unutilised ITC on zero-rated supplyIncome tax - Finance bill revamps re-assessment regime againCustoms - Finance Bill proposes to amend Sec 28DA for acceptance of different types of proof of origin under FTAsFM hikes standard deduction to Rs 75K for new ITR regime + revises tax rates for all income slabs + Rs 7000 Cr revenue foregoneIncome tax - Search & Seizure cases - Block assessment is backBudget withdraws 2% equalisation levyFM reduces corporate tax rate for foreign companies to 35%FM proposes vivad se vishwas scheme + hikes monetary limits for filing appealsFM proposes 20% capital gains tax on short-term assets + listed financial assets held for more than one year to be classified as long-termGovt scraps TDS on Mutual Funds + decriminalises delay in depositing TDS + rationalisation of compounding of offences + revamps reassessment periodBudget proposes comprehensive review of I-T Act, 1961 + simplifies provisions for charities and TDSFM reduces customs duty on gold and silver to 6% + Nil BCD on nickel cathodeBudget proposes to reduce BCD on mobile phone and chargers to 15% + exempts 25 minerals from customs dutyFM exempts cancer medicines from Customs duty + amends BCD for various machinesFM proposes Rs 48 lakh expenditure outlay; 4.9% fiscal deficitFM announces Rs 1 lakh crore fund for developing space economyPromotion of Tourism - Vishnupad temple and Bodh Gaya temple corridors to be supportedFM announces over Rs 11 lakh crore capital expenditure in current fiscalGovt to invest in small Nuclear energy plants in partnership with private playersCentre to ask States to lower stamp duty for women purchasers of housesIBC - More Benches of NCLT to be set up to speed up recoveryFM spikes limit of Mudra loan to Rs 20 lakhsBudget offers financial aid to labour-intensive MSMEs in manufacturing sectorGovt announces 3 crore additional houses under PM SchemeGovt to secure Rs 15K loan for AP from multilateral agenciesGovt to frame new policy for all-round development of Bihar, Jharkhand and OdishaGovt to give one-month salary to all new recruits in formal sector through EPFOGovt to promote vegetable clusters closer to urban settlementsGovt to focus on productivity of agriculture with climate-resilient seedsFM allocates Rs 2 lakh outlay for PM's five schemes for job creation and farmersFM Nirmala Sitharaman presents 7th Union Budget in ParliamentBudget 2024: FM arrives at Parliament; Speech to begin at 11AMEconomic Survey 2023-24 - from GST PerspectiveUkrainian FM goes on tour to ChinaI-T- Additions framed u/s 69A are untenable where affidavits submitted by assessee's parents to explain source of cash deposits, were discarded by AO without consideration : ITATSurvey acknowledges productivity loss due to mental health disordersI-T- Short term capital gains returned by the assessee in terms of provisions of section 50 of the Act on assets held for a period of more than 36 months be treated as long term capital gains: ITATExpenditure on social services up from 6.7% to 7.8% of GDP: SurveyI-T-Additions framed u/s 68 are upheld where assessee is unable to prove genuineness of transaction involving purchase and sale of penny stock: ITATTrade deficit contracts to USD 78 bn from USD 126 bn in 2023I-T-Re-assessment is invalidated when there is no failure on part of assessee to make full and true disclosure of facts necessary for assessment: ITATCorporate profitability has peaked to 15-yr-old high between 2020-2023: SurveyI-T- When cash generated out of sales has been credited in the books of accounts, the provisions of Sec.69A could not be invoked: ITATBudget 2024: More relief for senior citizens & individual taxpayers on card; tweaking of capital gains tax likely; steady capital expenditure to stayI-T- If any amount invested is purely a strategic investment & for purpose of commercial expediency, then AO cannot hold such investments to be for non-business purpose: ITATGoogle backpedals on plan to scrap cookies from ChromeCus - For a HNWI individual, an expensive watch of 'Rolex' make would be his personal effect but same may not be the case if the person is of mere means - Pendant studded with diamonds not liable for confiscation: HCGovt amends Recruitment Rules for Debts Recovery TribunalGST - Even if no date, time or place of hearing is indicated in the notice issued, it was the duty of assessee to file his reply to SCN, which was admittedly received - Plea regarding violation of principles of natural justice cannot be countenanced: HCAbhinav Bindra conferred with Olympic OrderGST - Mismatch between value of e-way bills generated on portal and returns filed in Form GSTR-3B - Petitioner did not provide a comprehensive explanation - To remit sum of Rs.3.50 crores within six weeks - Matter remanded: HCHackers mercilessly hack Bangladesh PM’s website along with police portalsGST - Rule 30 of Rules, 2017 - Assessing officer ought to have issued summons and obtained clarification rather than estimating the outward supply value at 110% of purchase value - Order set aside and matter remanded subject to remit of 10% disputed tax demand: HCUS law-makers call for resignation of Secret Service chief in Trump assassination caseGST - Net ITC shown incorrectly - An inadvertent error was committed and such error was rectified, albeit irregularly, however, sum recovered from petitioner's bank account - Order set aside and matter remanded: HCKarnataka IT Industries piling pressure on govt to extend working hoursGST - Since notification is declared unconstitutional, Amount of IGST paid pursuant to Entry No. 10 of Notification No. 10 of 2017 is to be refunded along with statutory interest: HCStudy says earth’s water depleting fastFDI inflows slide to USD 26.5 bn in 2024 from USD 42 bn in 2023: Economic Survey
 
India eyes Rs 50,000 crore worth of defence equipment by 2028-2029: Raksha Mantri

By TIOL News Service

NEW DELHI, JUNE 13, 2024: RAJNATH Singh assumed charge as the Raksha Mantri for the second consecutive term on June 13, 2024. He was welcomed at South Block, New Delhi by Raksha Rajya Mantri Sanjay Seth, who was accompanied by Chief of Defence Staff General Anil Chauhan; Chief of the Army Staff General Manoj Pande; Chief of the Air Staff Air Chief Marshal VR Chaudhari; Chief of the Naval Staff Admiral Dinesh Tripathi; Defence Secretary Giridhar Aramane; Secretary (Ex-servicemen Welfare) Dr Niten Chandra; Secretary, Department of Defence R&D and Chairman DRDO Dr Samir V Kamat and other officials of Ministry of Defence (MoD).

Talking to reporters on the occasion, the Raksha Mantri outlined his vision for the next five years and stated that focus would be on carrying forward the priority areas with renewed thrust to establish a more secure, self-reliant and prosperous nation. "Under the leadership of Prime Minister Narendra Modi, our aim will be to further strengthen the security apparatus of the country, with focus on achieving self-reliance in defence manufacturing. Armed Forces modernisation and the welfare of the soldiers, both serving and retired, will continue to be our main focus," he said.

Rajnath Singh added that the objective will be to increase defence exports in the times to come. "Defence exports had touched a record Rs 21,083 crore in Financial Year 2023-24. It was historic. Our target will be to export over Rs 50,000 crore worth of defence equipment by 2028-2029," he said.

The Raksha Mantri asserted that the Armed Forces are being equipped with state-of-the-art weapons/platforms and they are ready to face every challenge. He commended the military personnel for protecting the unity, integrity and sovereignty of the nation with valour & commitment.

Immediately after assumption of charge, Rajnath Singh chaired a review meeting on the first 100 days' Action Plan of MoD under the new government led by Prime Minister Narendra Modi. The meeting focused on the welfare of veterans, wherein major issues pertaining to the Department of Ex-Servicemen Welfare were discussed. He instructed the officers to re-dedicate themselves to fulfill the agenda laid out in the 100 days' Action Plan.

With a view to enhance defence preparedness and continued thrust on Aatmanirbharta in Defence, the Raksha Mantri stated that he will be conducting regular review meetings to fast-track the progress of the flagship schemes and the initiatives of MoD. Emphasising the growing salience of the Indian Ocean Region in the defence calculus, the Raksha Mantri has decided on his first visit in this tenure to the Eastern Naval Command, Visakhapatnam, wherein he will be interacting with the officers and sailors.

After being elected to the Lok Sabha from Lucknow, Uttar Pradesh for the third consecutive time, Rajnath Singh took oath as a Union Cabinet Minister on June 09, 2024. He was allocated the portfolio of Ministry of Defence for the second consecutive term on the back of a successful tenure from 2019-2024. Under his leadership, the Ministry will march ahead with renewed vigour with the aim to realise the Prime Minister's vision of making the country 'Viksit Bharat' by 2047. The focus will be on attaining self-reliance in defence, further modernising the Armed Forces, innovation in cutting-edge technology, strengthening border infrastructure, and ensuring ex-servicemen welfare, among others.


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