SIMPLIFY
"The way FM handled it is shameful": Tamil Nadu CM Stalin lashes out at Sitharaman after row over hotelier's GST quip
Tamil Nadu Chief Minister MK Stalin criticized Union Finance Minister Nirmala Sitharaman over a GST-related incident involving the owner of Sri Annapoorna restaurant in Coimbatore. The hotelier humorously pointed out the complexity of GST rates on food items, which led to his apology being posted online by BJP functionaries. The incident drew criticism from DMK and Congress leaders, who called for a simplified GST structure.
Government notifies foreign exchange rules 2024 to simplify investments and ease of doing business
The Ministry of Finance has notified new Foreign Exchange (Compounding Proceedings) Rules 2024 to simplify foreign investment regulations. The rules aim to streamline processes and facilitate ease of doing business. Digital payment options for fees and compounding amounts will be introduced, emphasizing the government's commitment to promoting investment and business ease.
DoT simplifies rules for experimental and demonstration licenses
The Department of Telecommunications (DoT) has streamlined the approval process for experimental and demonstration licenses, introducing fixed timelines. Companies can now get approvals for license-exempt wireless devices on a self-certification basis. These changes aim to reduce delays and simplify regulatory requirements in the telecom sector, enhancing ease of doing business.
India working on simplified rules for foreigners investing only in government bonds, official says
The Securities and Exchange Board of India is working on allowing simplified registration rules for foreigners investing only in government bonds, an official with the markets regulator said on Tuesday.
DGCA issues simplified norms for non-scheduled operators; seeks to reduce compliance burden
The DGCA has introduced new regulations to simplify airworthiness requirements for light aircraft and non-scheduled plane operators, effective January 1, 2025. The changes aim to reduce compliance burdens and align with European standards. Amendments have also been made to existing regulations CAR-M and CAR-145.
New simplified pension application form launched for central govt employees
Union minister Jitendra Singh has launched a new simplified pension application form for retiring central government employees, merging nine forms into one. Available from December 2024 onwards on Bhavishya/e-HRMS portals, the form aims to ensure ease of living and streamline the pension process, promoting paperless operations.
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New simplified pension application form for retiring employees: What is pension application Form 6-A?
Pension application Form 6-A: The government will unveil a simplified pension application form for its retiring employees on Friday. The Department of Pension & Pensioners' Welfare (DoPPW) has released a notification dated July 16, 2024, introducing the streamlined pension application "Form 6-A".
Centre to unveil new simplified pension application form for retiring employees
The Centre will launch a simplified pension application form for retiring employees on Friday, integrating it into Bhavishya/e-HRMS. The form will streamline the submission process with end-to-end digitisation, aimed at promoting paperless operations and ease for pensioners. Union Minister Jitendra Singh will officiate the launch.
ClearTax, Microsoft team up to simplify tax filing for gig workers
ClearTax has partnered with Microsoft to develop a simplified tax-filing solution for gig workers in India, which can be accessed via WhatsApp. This initiative has already benefited nearly 98,000 gig workers in just five weeks. The service will soon be extended to employers for assisting blue-collar employees with tax filing and TDS refunds.
Govt announces simplified norms for seaplane operations
The civil aviation ministry has simplified regulations for seaplane operations, easing the certificate process and allowing non-scheduled entities to operate such services. These changes aim to boost seaplane operations under the UDAN scheme, enhancing regional air connectivity and stimulating tourism. Fresh Commercial Pilot License holders can now directly obtain seaplane ratings.
FM Nirmala Sitharaman urges income tax department to simplify tax notices and avoid 'threatening tone'
During the 165th Income Tax day celebration, Finance Minister Nirmala Sitharaman encouraged the Income Tax department to foster a fair and friendly reputation among taxpayers. She highlighted the importance of simplifying the language used in tax notices to ensure they are easily understood by the public. Sitharaman also congratulated Indian taxpayers on their achievements.
Delhi govt to launch online platform to simplify business approvals and clearances
The Delhi government had created a new single-window portal to simplify the process for obtaining business approvals. This platform, expected to launch its beta version soon, aimed to integrate services from 12 departments, streamlining 54 different approvals. The initiative intended to reduce compliance burdens, enhance transparency, and facilitate ease of doing business.
Without drastically raising taxes, govt has simplified taxation, benefiting middle class: Nirmala Sitharaman in Finance Bill reply
Effective tax on annual income of Rs 15 lakh was reduced to 10% in 2023 and further reduced this year as well under new I-T regime, Sitharaman noted, adding that pending litigation and demands sorted under Vivad se Vishwas scheme helped middle class and small businesses.
Sebi unveils new system to streamline IPO approvals with simplified template
The Securities and Exchange Board of India (Sebi) plans to create a new system to speed up approvals for initial public offer(IPO). In this proposed system, the regulator plans to create a template where IPO-bound companies would need to just fill in the blanks to get the go-ahead for the issue.
About 6 crore ITRs filed for FY24; 70% under new tax regime
Currently, India has two p ersonal income tax regimes. In the old income tax regime, the tax rates are relatively high but taxpayers can claim several exemptions and deductions. However, in the new tax regime, tax rates are lower but fewer deductions. Addressing the post-budget session of PHD Chamber of Commerce and Industry, Malhotra said there were apprehensions as to whether people would shift to the simplified tax regime.
Key export scheme norms simplified for ease of business
As per a public notice issued by the Directorate General Of Foreign Trade (DGFT), exporters will now get additional time to submit installation certificates for imported capital goods, reducing pressure on businesses to meet timelines.
Simplified FDI, reduced corporate tax rates will greatly enhance capital inflows: Deloitte India
Deloitte India highlighted the positive impact of Budget announcements on capital inflows, emphasising simplified FDI regulations, reduced corporate tax rates, and the abolition of the Angel tax to boost investment in startups. Economist Rumki Majumdar stressed the importance of stable capital for investment, particularly through FDI to enhance private capex. The rationalisation of customs duties, including changes in BCD rates for various sectors, aims to support domestic manufacturing and export competitiveness.
Budget 2024: Easier norms for FDI, overseas investments proposed
Finance Minister Nirmala Sitharaman proposed easing norms for FDI and overseas investments, addressing a 3.49% decline in FDI to $44.42 billion in FY24 from countries like Mauritius and Singapore. The UNCTAD report shows India slipping to 15th in the World Investment Ranking. Measures include further liberalising FDI and allowing 100% FDI in the space sector.
Focus of Budget should be on equitable distribution of taxation burden: Nilesh Shah
The Budget will have to lay the foundation for sustainable growth over the next couple of years, says Kotak AMC MD Nilesh Shah. What policy reforms are adopted so that this growth can be sustained? For example, in the vote on account, there was a proposal to create a one lakh crore innovation fund. How is it getting implemented in this Budget?
Budget 2024: 56% of ET readers want income tax cuts to be a weakened BJP-govt's Budget task
Budget 2024: ET Online conducted a survey ahead of the Budget to gauge public expectations, receiving input from nearly 9,500 Economic Times readers. Results showed over 56% prioritize income tax reduction, reflecting concerns over economic stability following the BJP's diminished mandate. Addressing the job crisis was a priority for over 37%, while only 4% favored cash transfers to farmers and 2% suggested increased Railway funding.
What makes capital gains tax so complicated and how to simplify it
The current income tax rules on capital gains are intricate, with varying holding periods and tax rates for different asset classes. There is a proposal to standardize taxation by applying a single 10% tax rate on long-term capital gains for all financial assets.
Google to simplify disclosures for digitally altered content in election ads
The update to the disclosure requirements under the political content policy requires marketers to select a checkbox in the "altered or synthetic content" section of their campaign settings.
Simplify GST: Adopting the KISS principle for reform
Sin taxes contradict growth policies like 'Make In India'. 5-star hotels create jobs and attract investment, impacting FDI. Taxing luxury items hampers economic growth and consumer spending.
IBBI proposes compliance procedures for IPs, seeks stakeholder feedback
The Insolvency Bankruptcy Board of India (IBBI) has proposed changes to the corporate insolvency resolution process (CIRP) forms and compliance framework to reduce compliance burden on insolvency professionals. The changes aim to reduce the amount of information and data required, enhance efficiency, and reduce redundancy.
Simplifying personal finance: What is bond yield?
If you are confused or confounded by personal finance terms, jargon and calculations, here’s a new series to simplify and deconstruct these for you. In the second part of this series, Riju Mehta explains bond yield and how it is calculated.
Sebi launches beta version of settlement calculator
It also enables the applicant to select the appropriate options with respect to their past regulatory track record on the basis of actions of Sebi as well as the details of other ongoing proceedings, if any, as on date of filing the settlement application, the regulator said in a release.
Sebi launches beta version of calculator to arrive at settlement amount
Capital markets regulator Sebi on Thursday launched a beta version of the settlement calculator to simplify the process of arriving at the indicative settlement amount, and provide more transparency in the system.
Best Seeder Machines for Agriculture in India for Improved Seeding Process (2024)
Are you looking for ways to stop seeding manually? If so, then continue reading this article to learn about the best seeder machines for agriculture in India. These machines will help you eliminate manual seeding enhancing speed while eliminating excessive fatigue resulting in enhanced productivity. Check out the options, find the one that suits you and place your order using the buying link shared in the article below.
Best power sprayers for agriculture: Enhance your farming efficiencies
Explore the pinnacle of agricultural spraying technology with the best power sprayers for agriculture. Designed for optimal efficiency, these sprayers offer versatility, precision, and power to meet the diverse needs of modern farming. From compact options ideal for small-scale operations to robust industrial-grade models suited for large farms, this selection ensures maximum crop protection and enhanced yields. Discover the best power sprayers to revolutionize your agricultural practices and boost productivity.
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