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Govt proposes Increase in Tax Deduction on Family Pension for Pensioners

India's Finance Minister Nirmala Sitharaman holds up a folder with the Government of India's logo as she leaves her office to present the union budget in the parliament in New Delhi, India, July 23, 2024. REUTERS/Altaf Hussain

A major step in this regard to help pensioners financially the Indian government has moved a proposal of raising the tax deduction of family pension from ₹15,000 to ₹25,000. Budget speech of the Finance Minister Nirmala Sitharaman for the Union Budget 2024-25 had this announcement. An Insight into Family Pension and Why it Matters Since family pensions created a life-time revenue for the families of the deceased government employees and pensioners, they are very important. These pensions are critical source of income for those who have none, namely widows and dependent of non-working civil servants. The current corridor for deductions

Highlights of India’s first budget after this year’s election

A man watches a screen displaying India's Fin Min. Nirmala Sitharaman's budget speech

New Delhi, July 23 (Reuters) – India’s finance minister unveiled $576 billion in spending plans in the current fiscal year on Tuesday,marginally higher than interim budget estimates, aiming to boost manufacturing and jobs in the world’s fastest growing major economy. The government will spend 2.66 trillion rupees ($32 billion) on rural development, Finance Minister Nirmala Sitharaman said, while unveiling new programmes in the annual budget for states led by two key allies who shore up Prime Minister Narendra Modi’s coalition government. The budget spending estimate of 48.21 trillion rupees is 1.2% higher than the 47.66 trillion rupees estimate in the

Special Category status for Bihar is not made out: MoS Finance Pankaj Chaudhary

New Delhi [India], July 22 (ANI): As the BJP’s key ally in the National Democratic Alliance (NDA), JD (U) demanded a special category status for Bihar, Minister of State for Finance Pankaj Chaudhary, in a written reply, said that special status cannot be granted to Bihar as per the Inter-Ministerial Group (IMG) report 2012. Chaudhary in a written reply to the question of JDU MP Ramprit Mandal informed Lok Sabha, “The Special Category Status for plan assistance was granted in the past by the National Development Council (NDC) to some States that were characterized by a number of features necessitating

Economy of India likely to grow 6.5%-7% y/y in 2024/25, government report says

NEW DELHI, July 22 (Reuters) – Economy of India will grow at 6.5% to 7% in the current financial year ending March 2025, a finance ministry report said on Monday, projecting growth at below 7.2% forecast by the country’s central bank. The growth projection in the annual Economic Survey, tabled in parliament by Finance Minister Nirmala Sitharaman ahead of the federal budget on Tuesday, is also lower compared to 8.2% growth in the previous year, and the upwardly revised estimates of 6.8% to 7.2% by private economists and rating agencies. The report on the state of economy, authored by Chief

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