The #IncomeTaxBill replaces the #IncomeTax Act, 1961. Key changes are: the inclusion of virtual digital assets in undisclosed income, accessing virtual digital spaces during search & seizure, empowering central govt. to notify schemes, and interpretation of tax treaties.
#Thread Undisclosed income for assessing search cases included money, bullion, jewellery, or other valuable articles. The Bill adds virtual digital assets— any code, number, or token generated cryptographically & provide a digital representation of value exchanged— to the definition.
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Our analysis of #Budget2024-25 is out! Govt aims to spend Rs 48.2 lakh crore, which is 8.5% higher than what it is expected to have spent the previous year. Interest payments account for 24% of total expenditure.
Read more at:
#thread on key trends
1/tinyurl.com/3dmvh227 The govt is estimated to earn (excluding borrowings) 32.07 lakh crore, an increase of 15% over the previous year. Its net tax revenue is estimated to grow by 11%. Of that: Corporation tax is estimated to grow by 12%, income tax by 13.6% and GST revenue by 11%.
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#ParliamentSpecialSession With the #WomensReservationBill being introduced today, here's a look at women's representation in numbers:

#Thread

1/ Currently, 15% of Lok Sabha MPs and 13% of Rajya Sabha MPs are women. Countries such as Sweden, Norway, & South Africa have more than 45% women representation. Japan at 10%, lags behind India. Under the Bill, 1/3rd seats in Parliament & Assemblies will be reserved for women.

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On this day in 1996: Prime Minister HD Deve Gowda introduced the Constitution (81st A) Bill in Parliament to reserve a third of the seats for women in the Lok Sabha and State Assemblies.

In 1996 (the 11th LS), there were 41 women in the House. Today, in the 17th LS, there are 79 Since then, the guarantee for greater representation of women in politics have featured in many Presidents’ speeches and in election manifestos of national and regional parties.

3 more attempts to provide such a constitutional mandate were made in 1998, 1999 and 2008.

#TNBudget2021: Tamil Nadu Finance Minister Dr. Palanivel Thiaga Rajan presented the budget for the state on Friday:

Here are some highlights from our analysis: 👇 #TNBudget2021: The Gross State Domestic Product (GSDP) in 2021-22 (at current prices) is projected to be Rs 21,36,351 crore, an annual increase of 8% over the GSDP in 2019-20.

In 2020-21, GSDP is estimated to increase by 5.3% over 2019-20 (budget estimate was 13%).
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#AssamBudget Finance Minister Ms. Ajanta Neog presented the 2021-22 Budget for the state on July 16. Here are some highlights from our analysis:

#assambudget2021 #assambudget2021 The Gross State Domestic Product (GSDP) of Assam for 2021-22 (at current prices) is projected to be Rs 3,77,102 crore. This is an annual increase of 4% over the GSDP of 2019-20. In 2020-21, the GSDP of Assam is estimated to grow by 6.4% over the previous year.

Currently in discussion in #LokSabha: The Institute of Teaching and Research in Ayurveda Bill, 2020.

#BudgetSession2020 The Bill seeks to merge three Ayurveda institutes into one- Institute of Teaching and Research in Ayurveda. The Bill also declares it as an institution of National Importance.

#BudgetSession2020

In #LokSabha, FM outlined a 13-point plan to improve public and private investments:

1. The amendment to IBC helped fast tracking the insolvency resolution process

2. Rs.103 lakh cr worth of projects have been announced in the National Infrastructure Pipeline

#BudgetSession 3. Reduced corporate tax rate for domestic companies to 22% without any exemptions; Minimum Alternative Tax removed

4. Infusion of Rs. 60,314 crore till November 2019 into public sector banks

#BudgetSession2020

(1/n) The 15th Finance Commission, chaired by NK Singh submitted its first report consisting of recommendations for the FY 2020-21.

tinyurl.com/15thFCReportSu…
Highlights from our summary: 👇 (2/n) The share of states in the Centre’s taxes is recommended to be decreased from 42% during the 2015-20 period to 41% for 2020-21. The 1% decrease is to provide for the newly formed union territories of Jammu and Kashmir, and Ladakh from the resources of the Central govt.

INTRODUCED in LOK SABHA: The Prohibition of Electronic Cigarettes (Production, Manufacture, Import, Export, Transport, Sale, Distribution, Storage and Advertisement) Bill, 2019 Following global concerns over their potential impact on individual and public health, India introduced the Bill today, replacing an Ordinance issued in September. India is among 30-odd countries to have banned e-cigarettes, including Brazil, Mexico and Thailand.