Budget Management - Latest News Update, Information, Photos & Videos on Budget Management at Lokmat Times

Finance Minister Nirmala Sitharaman on Saturday said the government wants to simplify the income tax process, increase compliance and place money in the hands of people."We wanted to place money in the hands of the people, particularly the middle class and lower-middle classes. We also wanted to simplify the income tax process and increase compliance," Sitharaman said at a press conference here while speaking on the option of lower income tax rates.Elaborating on the budget, she said: "To improve consumption demand, private investment, and public spending and since revenue side could not be pressed further, without violating FRBM (Fiscal Responsibility and Budget Management), we had to relax fiscal deficit target by 0.5%.""Corporate tax cut and benefit derived by new compes, as well as improved GST collections will improve revenue generation and give the comfort to bring down fiscal deficit next year, with disinvestment too improving," the minister said.Speaking on the changes in the Income Tax Act, Revenue Secretary Ajay Bhushan Pandey said" "We have made changes in the Income Tax Act where if an Indian citizen stays out of the country for more than 182 days, he becomes a non-resident. So we have made some changes, now in order to become non-resident he has to stay out of the country for 240 days.""Some people are residents of no country. They may be staying in different countries for a certain number of days. So if any Indian citizen is not a resident of any country in the world, he'll be deemed to be a resident of India and his worldwide income will be taxed," he said.Earlier today, during her budget speech, Sitharaman had said, "Around 70 of more than 100 income tax deductions and exemptions have been removed, in order to simplify the tax system and lower tax rates." Substantial tax benefit will accrue to individual taxpayers under the new personal income tax regime, she added.( With inputs from ANI )

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Pahalgam Terror Attack

Tahawwur Rana

IPL 2025

CM Devendra Fadnavis

Mumbai Local

Weather Update

Budget ManagementFOLLOW

Budget management, Latest News

Politics :Telangana says Centre owes it over Rs 1 lakh crore

Hyderabad, Sep 13 Telangana Finance Minister T. Harish Rao on Tuesday claimed that the Union government owes over ... ...

International :Odisha's economy contracted by 5.3% due to slowdown: CM

Bhubaneswar, March 28 Odisha's economy contracted by 5.3 per cent compared to the 7.3 per cent contraction in ... ...

Politics :Despite high debts, Rajasthan hopes for silver lining soon

Jaipur, Feb 27 Rajasthan has joined the list of states whose debts are hovering around a precarious level ... ...

Politics :Borrowings by Assam much lower than other states, capacity to repay loans robust: Himanta Biswa Sarma

Comparing the borrowings of Assam with that of other states, Chief Minister Himanta Biswa Sarma on Wednesday said that the state's capacity to return loans is robust. ...

Business :Hike FRBM limit without preconditions, Telangana urges Centre

Telangana on Sunday urged the Centre to allow it to borrow at 5% of Fiscal Responsibility and Budget Management ... ...

National :Govt wants to place money in hands of people, simplify income tax process: Sitharaman

Finance Minister Nirmala Sitharaman on Saturday said the government wants to simplify the income tax process, increase compliance and place money in the hands of people. ...