Zero tax for annual income up to 7 lakhs under new scheme – Tax slab Subject :Economy Section :Fiscal Policy Concept : The central government made a much-awaited mega announcement on increasing the income level up to which no income tax is payable: ₹ 7 lakh a year from the 2023-24 financial year. […]
New policy of UPI for NRI Subject : Economy Section :Msc Concept : The National Payments Corporation of India (NPCI) paved the way for international (phone) numbers to be able to transact using UPI. The Union Cabinet also approved an incentive scheme with an outlay of ₹2,600 crores for the promotion of RuPay […]
Mahila Samman Saving Certificate Subject: Economy Section: Fiscal policy Concept: Finance Minister recently announced a new saving scheme ‘Mahila Samman Saving Certificate’ for women and girls in the Union Budget. Mahila Samman Saving Certificate Scheme: The scheme offers deposit facility up to Rs 2 lakh in the name of women or girls for […]
PAN to be used as common identifier for digital systems Subject : Economy Section : Fiscal Policy Concept : Finance Minister Nirmala Sitharaman on Wednesday, February 1 said Permanent Account Number (PAN) will be used as a common identifier for all digital systems of specified government agencie The move would help in further […]
Remittances high, low tax payment Subject :Economy Section: Fiscal Policy Section: Context: Finance Secretary said the measures have been taken based on information that people are making high-value remittances but their tax returns are not reflecting proportionate income tax payments. More on the News: To trace high-value spending and tax avoidance by high […]
Decentralised storage capacity Subject: Economy Section: Msc Context: India will have world’s largest decentralised storage capacity: Union Cooperation Minister. More on the News: With the Budget announcement to set up decentralised storage capacity, Union Cooperation Minister said India will have the world’s largest decentralised storage capacity by the cooperative sector which will help […]
Inclusive growth Subject :Economy Section: National income Context: Budget 202324 is a bold step towards envisioning a prosperous and inclusive India Inclusive growth means economic growth that creates employment opportunities and helps in reducing poverty. It means having access to essential services in health and education by the poor. It includes providing equality of opportunity, empowering people through education and skill development. It also […]
Capital expenditure Subject : Economy Section : Fiscal Policy Context : Continuing with the template of the last couple of years, the Budget is big on capital expenditure which is up by a whopping 37 per cent at ₹10lakh crore, accounting for 3.3 per cent of GDP Concept – The central theme of the Budget 2022-23 was investment in infrastructure, and development. Sitharaman announced capital expenditure at ₹7.5-lakh crore. That’s about 2.9 per cent of GDP. Together with grant-in-aid to States, the effective capital expenditure […]
Electronic Gold Receipts Subject :Economy Section: Fiscal Policy Context: No capital gains on conversions between physical gold and EGR: Budget 2023. More on the News Electronic Gold Receipts (EGRs) were launched by BSE last October. EGRs are digital receipts of gold issued against the amount of physical gold lying with vault providers. There […]