Pre-Budget 2024 Live Updates: When Finance Minister Nirmala Sitharaman announced the much-awaited Indian Budget 2024 on February 1, expectations rose across various sectors including crypto, finance, and technology. In a unique development, India's crypto community has recently been pushing for changes to crypto tax regulations on social media with the hashtag #ReduceCryptoTax.
Despite persistent appeals over the past two years, the government has yet to reconsider these laws, raising concerns that they could hinder the growth of cryptocurrencies and cause a talent exodus. The crypto sector has called on social media for a more flexible tax regime, a reduction in tax deducted at source (TDS) from 1% to 0.01% on each transaction, and allowance for carrying forward losses, mirroring stock market practices. There is. . All eyes are on the 2024 federal budget for potential changes to cryptocurrency taxation.
Pre-Budget 2024 Live Updates: When Finance Minister Nirmala Sitharaman announced the much-awaited Indian Budget 2024 on February 1, expectations rose across various sectors including crypto, finance, and technology. In a unique development, India's crypto community has recently been pushing for changes to crypto tax regulations on social media with the hashtag #ReduceCryptoTax.
Despite persistent appeals over the past two years, the government has yet to reconsider these laws, raising concerns that they could hinder the growth of cryptocurrencies and cause a talent exodus. The crypto sector has called on social media for a more flexible tax regime, a reduction in tax deducted at source (TDS) from 1% to 0.01% on each transaction, and allowance for carrying forward losses, mirroring stock market practices. There is. . All eyes are on the 2024 federal budget for potential changes to cryptocurrency taxation.
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06:52:23 PM IST, January 31, 2024
Pre-Budget 2024 Live: Real estate industry expects GST cut
Tapan Mohanty, managing director of Z Estates, recently said that the real estate sector in the country is expecting a reduction in GST taxes on construction materials. The current situation is very unstable, with GST rates reaching as high as 28%, which needs to be corrected immediately.
January 31, 2024 6:23:09 PM IST
Pre-Budget 2024 Live: Will the private sector benefit the most?
A recent speech by the Honorable President of India, Saint Drupadi Murmu, brought the country's private sector and its vast potential to the spotlight in the Indian Parliament ahead of the Interim Budget. The president drew national attention when he said the government “believes in the capabilities of India's private sector.” FICCI further emphasized the President's firm convictions and shared views reflecting the government's attitude towards the private sector. In line with this, the country is eyeing notable announcements for the private sector in the upcoming Union Budget.
FICCI welcomes India's President Drupadi Murmu's address to Parliament today in which he said that the Government of India “believes in the capabilities of India's private sector”. FICCI members value a suitable environment for large, medium and micro businesses to: pic.twitter.com/SRtLFPoIOo
— FICCI (@ficci_india) January 31, 2024
January 31, 2024 5:53:06 PM IST
Pre-Budget 2024 Live: Proposals to strengthen global trade
Today, CII made important recommendations to strengthen the country's global trade environment in the upcoming Union Budget. In this regard, the organization proposed rationalization of import duties on raw materials and intermediaries ahead of the interim budget. It also advocated the establishment of a trade promotion agency with an international office. On the other hand, large amounts of aid are expected to be provided to small and medium-sized enterprises in their export activities.
with #Interim Budget 2024 As we are a few hours away, CII shares recommendations for reinforcement #global trade.#CII recommended Rationalization of import duties on raw materials and intermediaries.#CII4 Interim Budget 2024 #budget2024 @nsitharamanoffc @nsitharaman @FinMindia pic.twitter.com/CCyAmlhQAI
— Confederation of Indian Industry (@FollowCII) January 31, 2024
January 31, 2024 5:26:21 PM IST
Pre-Budget 2024 Live: CII proposes aid to R&D and technology sector
The Confederation of Indian Industry (CII) recently recommended strengthening R&D partnerships between public institutions, academic institutions and industry across the country in the next interim budget.
in advance of #Interim Budget 2024CII shares the following recommendations: #technology and #the study & #development.#CII recommended Strengthen research and development partnerships between public institutions, academic institutions, and industry. #CII4 Interim Budget 2024 #budget2024 @nsitharamanoffc @nsitharaman… pic.twitter.com/L3ShSMc8NG
— Confederation of Indian Industry (@FollowCII) January 31, 2024
05:00:42 PM IST, January 31, 2024
Pre-Budget 2024 Live: Impact on Indian Municipal Bond Market?
As the Interim Budget 2024 approaches, bond market experts are looking forward to efforts to strengthen India's municipal bond market while encouraging more investor participation across the country.
January 31, 2024 4:35:10 PM IST
2024 Pre-Budget Live: NPS Jackup Expected
The Indian government may rule out a more attractive policy around the NPS (National Pension System), which would extend tax benefits on contributions and withdrawals for citizens aged 75 and above. Pension fund regulator PFRDA is eyeing “parity” with the Employees Provident Fund Office (EPFO) from the next interim budget.
January 31, 2024 3:59:26 PM IST
2024 Ahead Budget Live: CII releases key recommendations for manufacturing sector
As the Union Budget of India 2024 looms over the country's economic outlook, CII (Confederation of Indian Industry) has shared notable recommendations for the upcoming budget. The group is considering phasing out cross-subsidies for rail and electricity tariffs from the February 1 budget.
As a countdown to #Interim Budget 2024 begins, and CII shares the following recommendations: #manufacturing sector.#CII recommended Phase out cross-subsidization of railway fares and electricity tariffs.#CII4 Interim Budget 2024 #budget2024 @nsitharamanoffc @nsitharaman @FinMindia pic.twitter.com/a4wwQn61sE
— Confederation of Indian Industry (@FollowCII) January 31, 2024
January 31, 2024 3:38:26 PM IST
Pre-Budget 2024 Live: WazirX CEO highlights demands from India's crypto community
WazirX CEO Nischal Shetty recently shared his views on what the Indian crypto community wants from the upcoming Union Budget. Reduction in TDS to 0.01%, profits taxed under existing slabs, and allowance for set-off of losses are some of the biggest demands from the Indian cryptocurrency sector.
Day 729
The entire Indian cryptocurrency ecosystem has submitted demands such as:
1. Reduce TDS to 0.01%
2. Profits taxed under existing slabs
3. Allow loss set-offTaxation is one of the biggest limiting factors to the growth of an ecosystem, making it…
— Nischal (Chardeum) 🔼 (@NischalShetty) January 31, 2024
03:03:40 PM IST, January 31, 2024
Pre-Budget 2024 live: MPs question India's fast-growing economy status
In response to the prime minister's criticism of “subversive” MPs, NCP's Dr Fauzia Khan defended the opposition's actions and stressed the demand for a statement on security in Parliament. She takes note of the past protests carried out by the BJP when it was in opposition. Shifting his focus to the IMF's prediction that India will be the fastest growing major economy, Khan asked the government about the widening gap between the rich and the poor, asking, “What is the gap between the rich and the poor?” Asked.
January 31, 2024 1:53:15 PM IST
Pre-Budget 2024 Live: CoinDCX CEO enters the #ReduceCryptoTax frenzy
CoinDCX CEO and Co-Founder Sumit Gupta tackles X and reveals key measures for the Indian cryptocurrency industry. He proposed reducing the TDS tax rate from 1% to 0.01%, bringing the tax rate on cryptocurrencies in line with other assets at 30%. Additionally, Mr. Gupta emphasized the need for self-regulatory bodies, which he believes will be a catalyst for innovation and growth, which is essential for India's crypto industry to compete globally. He also called for responsible governance to create a stable environment for Web3 investors.
01:08:23 PM IST, January 31, 2024
Pre-Budget 2024 Live Update: Will the Government Provide Tax Reductions?
CA Chirag Chauhan recently took up X and stated that the Indian government should reduce the top income tax from the current 42% to 30%. Additionally, he claimed tax relief for annual incomes up to Rs 1 million.
Now is the right time to reduce the top personal income tax rate from 42% to 30%
No tax on income up to 100,000 rupees
Let's FM @nsitharaman Provide relief?
RT if you agree #budget2024 pic.twitter.com/kX3AZqvfLk
— CA Chirag Chauhan (@CAChirag) January 30, 2024
January 31, 2024 12:26:03 PM (IST)
Pre-Budget 2024 Live Update: Digital India reforms set for success
In her speech leader at the Interim Budget 2024 presentation, President Drupadi Murmu highlighted the success of Digital India reforms. She added that the move helped people's lifestyle and the economy as a whole. She further highlighted that India accounts for 46% of the world's real-time digital transactions. The President added that the country registered a record UPI transactions worth Rs 18 million last year.
January 31, 2024 12:03:54 PM (IST)
Pre-Budget 2024 Live Update: Drupadi praises government's efforts in controlling inflation and taxes
President Drupadi Murmu praised the government for deftly tackling inflation and avoiding undue burden on the common people during the global crisis. She revealed that a significant portion of past tax revenues had been utilized to empower youth, women, farmers and the poor. The President emphasized the government's commitment to social welfare during these difficult times.
10:50:31 AM IST, January 31, 2024
Pre-Budget 2024 live update: What does the steel industry expect?
Lalit Beriwala, director of Shyam Steel Industries, said he expected no major changes in the interim budget and appealed for a reduction in personal income tax for salaried workers. Beriwala has proposed doubling the income tax slab and extending corporate tax incentives for new investments. He emphasized on restarting Indian Railways' 'wagon investment plan' in line with the growth and production of the Indian steel industry.
