Author: Aberame

Union Finance Minister Nirmala Sitharaman is about to present the Union Budget 2024–24 on February 1, 2024, while the Economic Survey report for the year 2022–23 will be unveiled on January 31. The greatest contributors to tax in India are the salaried individuals, who are looking forward to the upcoming budgetary year of the year 2024-24 and expect there will be some favorable changes made in Section 80C and Section 10(13A) of the Income Tax Act of India. Increase in Income tax exemption limit The current income tax exemption limit is Rs 2.5 lakh for assessees who do not have…

The National Financial Reporting Authority (NFRA) issued a draft format for the Annual Transparency Report (ATR), which needs to be submitted by auditors and audit firms at the end of every financial year. On March 31st, 2024, the implementation process should be gradually applied to the statutory auditors of the top 1,000 listed companies by market capitalization. NFRA is also about to seek public comments and suggestions on the contents of the ATR by February 16, 2024. Rule 8(2) of the NFRA Rules 2018 empowers the NFRA by managing the regulations periodically and the internal processes in a way to…

India’s MSMEs play an immense role in the terms of saving the environment from increasing carbon emissions by embedding environmental, social, and governance (ESG) measures into their business models. Industry experts shared views at an event discussing the role of grassroots entrepreneurs in sustainable development.  Mr. Seema Arora, Deputy Director-General of the Confederation of Indian Industry (CII), said there are two ways for MSMEs to incorporate ESG into their operations. “Businesses can execute the plan first then adopt ESG into their way of doing business for every operation to become green environment-friendly inclusive, and second involve in making products with…

To ascertain the supply of standardized unfeigned rice in domestic and export markets, the Food Safety and Standards Authority of India (FSSAI) for the first time specified the identity standards for basmati rice varieties which include brown, milled, parboiled, and milled parboiled. India has a share of nearly 80% global trade of Basmati rice. Officials stated the standards are to be executed with the quality parameters inscribed in the trade as “basmati rice is inclined to various types of adulteration for economic gains which may contain the undeclared blending of other non-basmati varieties of rice”. Basmati rice not only fetches…

The Payments and Settlements Systems Act, 2007 forbids banks and system providers from deducting amounts from a person’s account when a person makes or receives payments through RuPay Debit cards or BHIM-UPI transactions. The Finance Ministry stated the incentives paid by the government to banks for advancing RuPay debit cards and low-value BHIM-UPI transactions will not aid in increasing GST revenue collections. The Payments and Settlements Systems Act of 2007 disallows the process of charging an amount from a person’s account at the time of making or receiving payment through EuPay Debit cards or BHIM. Owing to the norms of…

India’s nascent private space sector has submitted a proposal for implying a production-linked scheme and tax incentives in the forthcoming Union Budget for the space industry, with the intent of boosting local manufacturing and stimulating research and development. As per the records, India’s space economy was pegged at $9.6 billion in 2020 and is forecast to touch $12.8 billion by 2025. “In the 2024-24 Union Budget for the space industry, we have decided to request a space-based production-linked incentive (PLI) scheme for space tech startups to bolster local manufacturing and encourage capability building within the country,” Awais Ahmed, the co-founder,…

Ease of Doing Business for MSMEs of Beekeeping The Central government of India has recently approved a new central sector scheme National Beekeeping and Honey Mission (NBHM) to advance scientific beekeeping. The Mission aims to ameliorate the quality of honey as well as other beehive products to stimulate the growth of the industry. Khadi and Village Industries Commission (KVIC) Chairman Manoj Kumar stated the industry has raised crop productivity by 30 percent that which, consecutively increased the farmers’ income. “Beekeeping is the medium of sweet revolution, paves the way to earn more income by joining this work”, said Kumar while addressing…

Every respective industry is on the way to submitting recommendations with the intent to seek benefits from the Union Budget 2024-24 now the gems and jewelry industry seeks some sort of relief on the gold import duty to level the playing field between the regular and gray markets thus would result in improving export demand of the jewelry segment. Finance Minister Nirmala Sitharaman will present the Union Budget on February 1st. “We assume the Union Budget 2024 will be a populist, people-friendly budget that would create proximity concerning the central elections next year. We don’t foresee extreme and radical changes…

The Reserve Bank of India (RBI) issued new regulations regarding the bank locker agreements, which banks implemented by January 1, 2024. Those already availing of the bank locker facilities or plan to make use of the option to store their valuables in a bank locker, then you should be aware of the new bank rules that were laid out by the Reserve Bank of India (RBI) have come into effect from January 1, 2002.  Safe deposit locker holders are asked to comply with the terms and conditions that are prescribed in the manual of the bank locker agreement, banks use…

The government is about to give a declaration on rolling out the four Labor Codes in the upcoming Union Budget 2024-24, which will lead to strengthening the labor productivity of the country. The four Labor codes initiated by the government will likely be arrayed at the beginning of the next financial year to allay trade unions’ and a few state governments’ concerns about the unresolved wariness of the reformist laws. Despite all four Labor codes being notified by the government on September 2020, but still disregarded by some fewer people from around the corner, however, the revised rules in the…