BUSINESS
Concessional tax regime on foreign sourced dividends to be withdrawn
At present, a concessional tax regime on foreign sourced dividends exists in India. This regime will be withdrawn. "Clause 27 seeks to amend Section 115BBD of the Income-Tax Act relating to tax on certain dividends received from foreign companies," the Finance Bill 2022-23 read.
Not right to say govt has not done anything on job front: Sitharaman
"I would definitely like to speak on the job creation efforts by our government. Don't forget that because of the pandemic, situations globally were very turbulent. There were major job loss situations in so many countries, so the same happened here also, but through Atma Nirbhar Bharat, we had made so many development-related announcements that helped people during the pandemic.
Markets cheer higher capex outlay; Sensex rises over 800 pts
Initially, the market opened gap up, rose in the early part of the day's trade but fell sharply post the Budget speech. Nevertheless, it recovered to close to intra-day high. At the end of the day, Sensex settled at 58,862 points, up 1.5 per cent, whereas Nifty settled at 17,576 points, up 1.4 per cent, from their previous close.
Future Vs Amazon: Be cautious on matters impacting economy, SC urges courts
A bench headed by Chief Justice N.V. Ramana said: "It is well-known that natural justice is the sworn enemy of unfairness. It is expected of the Courts to be cautious and afford a reasonable opportunity to parties, especially in commercial matters having a serious impact on the economy and employment of thousands of people." The bench, also comprising Justices A.S. Bopanna and Hima Kohli, said the opportunity provided to the Future Group companies was insufficient, and cannot be upheld in the eyes of law.
Oil prices hold the key to Budget accounting
Somnath Mukherjee, Managing Partner & CIO, ASK Wealth Advisors, said that as a result, the positive surprise that was widely expected in the fiscal didn't materialise. Next year's numbers though have been pegged at a fairly modest level. Total budgeted expenditure is up less than 5 per cent (over Revised Estimates for FY22), total revenue receipts are also budgeted at a modest 6 per cent growth.
Extension of key dates under GST to help seasonal businesses
As per industry demands, the time limit for availment of input tax credit has been extended for a particular financial year from six months to nine months from the end of the financial year. The time limit for issuance of credit notes has also been extended to nine months, implying that credit notes for a particular financial year may be issued up to 30th November of the subsequent financial year instead of earlier limit of 30th September.
Budget sends important signal to markets, financial institutions'
Responding to the Union Budget presented by Finance Minister Nirmala Sitharaman, WRI India Director, Climate Programme, Ulka Kelkar, said: "By referring to climate action as a sunrise sector and employment generator, the budget has sent an important signal to markets, financial institutions and the workforce.
Massive capex push buoys infra, cement, steel stocks on B-Day
The shares of infrastructure company Larsen & Toubro rose over 4 per cent, whereas realty major DLF rose over 3 per cent. Steel maker JSW Steel rose nearly 4 per cent, whereas the Steel Authority of India rose 5 per cent. In the cement space, Shree Cement rose 5 per cent, ULtraTech Cement 4 per cent, Ambuja Cement 4 per cent, and The Ramco Cements over 3 per cent. The stocks of Housing finance company Aavas Financiers rose 6 per cent.
Indian space sector targets Rs 219 cr revenue from launch services
The space sector also targets a revenue of Rs 11 crore from sale of remote sensing data and data products. As per the budget papers presented to the Parliament on Tuesday by Finance Minister Nirmala Sitharaman, the DoS is targeting to complete two test rocket launches for the prestigious Rs 10,534.5 crore Gaganyaan, India's human space mission, during FY23.
'Zero Sum budget', Rahul Gandhi slams Modi govt
Rahul Gandhi tweeted, "M0di G0vernment's Zer0 Sum Budget!" In his tweet, Rahul Gandhi deliberately put the figure 'zero' instead of the letter 'O', criticising the Budget in totality. He further said, "Nothing for the Salaried class, Middle class, The poor & deprived, Youth, Farmers and MSMEs." Earlier, Congress Chief Spokesperson Randeep Singh Surjewala said, "India's salaried class & middle class were hoping for relief in times of pandemic.
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