Union Finance Minister Nirmala Sitharaman, in her sixth consecutive budget presentation, delivered the Interim Budget 2024-25, making history as the shortest budget speech ever at 58 minutes. The Finance Minister refrained from major announcements, reserving comprehensive policy details for the full-fledged budget slated for July, following the General Elections.
In her address, FM Sitharaman highlighted the government’s commitment to “First Develop India” (FDI), and introduced a more holistic concept of GDP, denoting Governance, Development, and Performance. She expressed the government’s dedication to achieving high growth in Gross Domestic Product alongside enhanced governance, development, and performance metrics. “Aligning with the ‘Panchamrit’ goals, our Government will facilitate sustaining high and more resource-efficient economic growth. This will work towards energy security in terms of availability, accessibility and affordability,” the Minister said in her budget speech.
Sharing his insights on the Interim Budget, Ritesh Tiwari, President, Bombay Chamber & CFO, Hindustan Unilever Limited and Unilever South Asia, said, “The interim budget presented was in line with expectations. The budget’s focus on infrastructure spends, incentives for rural development and the welfare of the poor is in the right direction, propelling India faster towards the goal of “Viksit Bharat” by 2047.”
Commenting on the interim budget announced today, Sandeep Khosla, Director General, Bombay Chamber of Commerce & Industry, said, “Finance Minister Nirmala Sitharaman has presented a short and balanced budget. While no major announcements have been made, as was expected, the budget places much emphasis on the need to ‘First Develop India’ (FDI) and on prioritising the poor, women, youth, and farmers, charting a transformative course. Further, with a substantial outlay of ₹11.11 lakh crores in FY25, constituting 3.4% of GDP, the emphasis on infrastructure spending not only enhances the broader economy but also catalyses long-term investment activity. This strategic approach aligns with the aggressive fiscal consolidation targets and positions India on a trajectory towards a $5 trillion economy, fostering growth and ensuring inclusive development.”
Nilesh Shah, MD, Kotak Mahindra AMC and former President Bombay Chamber observed, “The Vote on account is Citizen’s pride and Peers envy. It has achieved the impossible trinity of inclusive growth (through support to agriculture, rural housing, fisheries and micro finance for SHGs), infrastructure investment (enhanced allocation) and fiscal prudence.”
Bombay Chamber of Commerce & Industry invited several industry leaders to watch and share insights on the Budget in its Conference Hall in Mumbai today.
Sudhir Kapadia, Partner, Tax and Regulatory Services, Ernst & Young, stated, “The Finance Minister gave a very clear and strong signal of continuing with the path of physical, digital and social infrastructure development in the next five years. Some interesting announcements include rooftop solarisation of one crore households, a special housing scheme for middle class households, a one lac crore fund for extending long term financing at concessional rates for innovation projects and long-term interest free loans to states for tourism development. At the same time, by making no changes whatsoever in both direct and indirect tax rates, stability and certainty of tax regime is sought to be maintained. The FM has also reiterated her resolve to adhere to the fiscal deficit glide path and has budgeted a lower fiscal deficit of 5.1% of GDP in FY 24-25. Also, by projecting lower amounts of market borrowings next year, larger availability of credit for private sector investments is sought to be facilitated.”
He however, pointed out that one major wrinkle in the announcements is the surprising omission of extension of concessional tax rate of 15% for new manufacturing units set up beyond March 31, 2024. “Given the continued focus on PLIs for various sectors in manufacturing industries as well as the challenge of adequate job creation, it would have been better if this concessional tax rate was extended at least for a further two years,” he said.
Kunal Reshamwala, Associate Vice President, Taxation, IHCL (Indian Hotels Company) opined, “There is no tinkering with the tax proposal, just an extension; ITR6 (TAX RETURNS for the corporates) will be benefited in the coming Union Budget. Also the tourism sector has got a great support after the pandemic as government is taking huge initiative towards developing infrastructure i.e Port, Railways, Parks, etc.”
Hemant Tawde, Co-founder, Revti Industries, commented, “The Interim Budget has consistency in the thought process about the promises it has given to the industry. We are an MSME working in the sector of Energy, so looking forward to the full-fledged and bigger budget. The path seems correct, with government’s strategies about solar and other renewable sources of energy, the positives will come as a result of it.”
Prashant Deshpande, Legal Advisor, India Law Alliance shared his views, “On the indirect taxes front, GST is handled by the GST council, so there were no major expectations about what will happen in GST, except some of the unfulfilled recommendations made by the GST council. However, on the Customs front, there were two expectations. Whenever you are speaking about ease of doing business, you must keep in mind ease of doing export and import. Curtailing the time for custom clearance done in the last few years, the expectations are how ease of doing business is going to be implemented. Maybe the fine print will reveal that. The most important part of the budget is that the rates have been left unchanged. Because of this, there is going to be stability in decision making and strategic decisions. But, because there is no reference to Make in India scheme, we have to see in the fine print, what exact changes have been proposed, hopefully that initiative will be seen in the full-fledged budget.
Manish Balwani, Founder & MD, Value Creation Catalyst Services commented, “As this is an interim budget, significant changes to business perks and tax rates are not to be expected; the budget did maintain its focus on prioritising social expenditures and took a positive step forward. The government’s announcement that PPP in the agriculture sector will be promoted and facilitated has helped MSMEs get the backing of the Center.” He also commended the government’s emphasis on renewable energy, such as wind energy, solar electricity on rooftops, biogas, and the “No to Plastics” initiative. Furthermore, he observed that FDI will undoubtedly pour into states that receive loans and funding to enhance tourism attractions.
Key Highlights of the Interim Budget 2024-25:
Sitharaman reiterated the government’s commitment to inclusive and balanced growth, farmer-centric policies, income support, and the promotion of technologies through start-ups. The full-fledged budget in July is anticipated to provide further details on the comprehensive development agenda outlined in the Interim Budget.
Union Minister of Agriculture & Farmers’ Welfare and Tribal Affairs, Shri Arjun Munda recently launched the Framework for Voluntary Carbon Market in Agriculture Sector and Accreditation Protocol of Agroforestry Nurseries in Delhi. Secretary Shri Manoj Ahuja, Secretary of DARE and Director General of Indian Council of Agricultural Research (ICAR) Dr. Himanshu Pathak, Senior officials of Central and State Ministries and Various Organisations related to agriculture were present on the occasion, while many stakeholders also joined the programme virtually.
In his address, Shri Munda said that the Ministry of Agriculture and Farmers’ Welfare prepared a framework to promote Voluntary Carbon Market (VCM) in the agricultural sector of the country with a view to encourage small and medium farmers to avail benefits of carbon credit. Introducing farmers to the carbon market will not only benefit them but also accelerate the adoption of environment-friendly agricultural practices. He requested full cooperation from the concerned ministries of the Centre and the States and other concerned organisations to promote the carbon market in the interest of farmers. He said that work should be done in this direction in collaboration with the farmers of the southern areas, in a manner convenient for them and along with the solution; there is a need to focus its benefits on our farmers. This is the first step in which we want to ensure everyone’s participation. Global challenges like global warming are in front of all of us; hence we have to move ahead with caution. He asked ICAR to play an active role in this direction and do good work in the right manner.
Shri Munda said that the agriculture sector in the country is making an important contribution to the economy and livelihood of crores of people. 54.6% of the country’s workforce is engaged in agriculture and allied sectors’ activities. The share of agriculture sector in GDP is 18.6%, while the sown area is 139.3 million hectares, out of the total geographical area of the country. Keeping this importance in view, the Ministry has taken several steps under the leadership of Prime Minister Shri Narendra Modi for sustainable development. Shri Munda said that the Accreditation Protocol of Agroforestry Nurseries will strengthen the institutional arrangements for production and certification of planting material on a large scale to promote agroforestry in the country. He asked all the stakeholders to adopt it so that quality planting material can provide assured returns and the objectives and goals of the National Agroforestry Policy can be achieved. He also urged for proper use of natural resources. Shri Munda said our Prime Minister Shri Modi is very sensitive towards the development of agricultural sector and climate change, and under his leadership we are fully committed to solve the problems.
The Central Board of Indirect Taxes and Customs (CBIC) recently celebrated the International Customs Day- 2024 in New Delhi. This year, the World Customs Organisation (WCO) has dedicated the International Customs Day to the theme of ‘Customs engaging traditional and new partners with purpose’.
Shri Sanjay Malhotra, Secretary, Department of Revenue, Ministry of Finance, presided over as the chief Guest and Shri Sanjay Agarwal, Chairman, CBIC, was the guest of honour. In tune with the theme, the celebration saw widespread participation of the officers of Customs from across the country, various partnering agencies, and dignitaries from other government departments.
In her message on the occasion, Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman stated, “This year’s theme of International Customs Day, with the theme of ‘Customs Engaging Traditional and New Partners with Purpose’, completely resonates with the Motto of ‘Sabka Saath Sabka Vikas’ given by Our Prime Minister. Every partner needs to collaborate to put India on course to becoming the third-largest economy by 2027-28, with a GDP surpassing $5 trillion.”
“With a common purpose of ease of doing business for nation building during India’s ‘Amrit Kaal’, all the stakeholders need to come together and contribute for benefits to citizen of India. Many initiatives taken by Customs such as Faceless Assessment, Direct Port Delivery, Single Window Clearance, AEO Scheme need to evolve with overall objective of growth of trade and business. Special focus on MSMEs, new start-ups and inclusivity will align with the vision of our PM,” Smt. Sitharaman added.
In his message on the occasion, Union Minister of State for Finance Shri Pankaj Chaudhary stated, “Customs plays important role of continuity amidst international political boundaries and said that to facilitate businesses from India, Customs must forge partnerships on the lines of initiatives like use of postal network through Dak Niryat Kendra and encouraging MSMEs to supply jewellery through e-commerce.
In his address on the occasion, Shri Malhotra praised the manner in which technology was increasingly being leveraged by the department and acknowledged the crucial role played by Customs and the partner agencies in the significant improvement in the dwell time of cargo across the ports and airports in the country.
In his address on the occasion, Shri Agarwal focused on reinvigorating Customs engagement strategies for successful collaborations, the need to forge new partnerships and improve ourselves constantly and strive to achieve global benchmarks, and to continually assess the impact of implemented strategies.
Shri Agarwal also made a call to action in reference to the clarion call made by Prime Minister Shri Narendra Modi to inculcate global best practices in Customs during the recent interaction with the Officer Trainees at NACIN Palasamudram.
In his welcome address, Shri Surjit Bhujabal, Member (Customs), CBIC, said, “This year’s theme ‘Customs Engaging Traditional and New Partners with Purpose’ comes at an apt time and resonates very much with our ambitions. It is obvious that, future of all international trade stakeholders is closely linked and depends very much on the ability to work together.”
During the celebration, a book and a compendium were released that highlighted various reform initiatives undertaken by Indian Customs towards trade facilitation.
One of the highlights of the evening was the award of the WCO Certificate of Merit to various officers and partner agencies for their exemplary service to the department and Nation.
Among the partner agencies, Food Safety and Standards Authority of India (FSSAI) and Central Drugs Standard Control Organisation (CDSCO) were awarded for their partnership and association with Customs department in significant improvement in cross-border cargo clearance time.
In his vote of thanks, Shri Samanjas Das, Chief Commissioner of Customs, Delhi, expressed gratitude to the officers and partner agencies for their continuous support that has helped in Indian Customs being at the forefront of the reforms and economic progress of the Country.
ACME Group, a leading renewable energy company in India, and IHI Corporation, a Japanese integrated heavy industry group, signed an offtake term sheet for supply of green ammonia from Odisha, India to Japan. The term sheet was signed by Founder and Chairman of Acme Group, Shri Manoj Upadhyay and President and CEO of IHI Corporation, Shri Hiroshi Ide, in the presence of Union Minister for Power and New & Renewable Energy Shri R. K. Singh; New & Renewable Energy Secretary Shri Bhupinder Singh Bhalla, Ambassador of Japan to India Mr. Hiroshi Suzuki and CMD SECI Shri R. P. Gupta. Under this agreement, ACME and IHI plan to compete with the relatively cheaper but less environment-friendly blue ammonia supply with the active support and incentives being offered by the Central Government of India under National Green Hydrogen Mission (NGHM) and State Government of Odisha.
The Green Ammonia will be produced at ACME’s 1.2 MMTPA Green Ammonia project being developed at Gopalpur in the state of Odisha. Total investment for 1.2 MMT per annum plant will be 5 billion USD. The term sheet between IHI and Acme covers the supply of 0.4 MMTPA (million metric tons per annum) of green ammonia from Phase-1 of Odisha project in Gopalpur on a long-term basis. Both companies wish to partner across the value chain, starting from production to logistics, supply to the Japanese customers and to create the market for green ammonia for use in a range of applications in power generation and various industrial uses in Japan to reduce the overall emissions.
This strategic offtake agreement and partnership represents the dedication of both companies to build upon the existing strong relationship between the two countries and contribute to both India’s National Green Hydrogen mission as well as Japan’s Net Zero commitment, with a shared vision of sustainability and innovation.
Speaking about the agreement, the Union Minister for Power and New & Renewable Energy Shri R. K. Singh said that this is one of the first and largest agreements in the world in the field of green hydrogen and green ammonia. “Japan has been a close friend and partner of India. This collaboration in renewable energy in going green will further strengthen our partnership. India’s cost of making green hydrogen and green ammonia is already among the most competitive in the world. We are going to emerge as one of the largest manufacturers of green hydrogen and green ammonia in the world.”
The Minister underlined the strategic importance of the partnership between India and Japan. “Our partnership with Japan is strategic; it will grow stronger. Japan and other developed countries have huge requirements for green hydrogen and green ammonia, which India shall be able to supply at most competitive rates.”
Shri Singh said that the agreement marks a landmark occasion, ushering in a new world. “This is a new world where we replace fossil fuels and carbon with green and renewable fuels such as green hydrogen and green ammonia. I congratulate both Acme and IHI for this partnership. May the partnership between Japan and India become bigger and stronger in the times to come.”
Speaking about the strategic partnership, Ambassador of Japan to India Mr. Hiroshi Suzuki said that the signing of the term sheet marks a major milestone. “The partnership between Acme and IHI will bring remarkable success, given the potential of globally competitive green hydrogen in India. I express the Government of Japan’s unwavering support in taking forward the collaboration between India and Japan in the energy sector”, he added.
The Ambassador said that India-Japan Clean Energy Partnership, established by Prime Minister Narendra Modi and Prime Minister Fumio Kishida, has been driving the cooperation between the two countries. “I express the Government of Japan’s unwavering support in taking forward the collaboration between India and Japan in the energy sector”, he added.
The Ambassador also requested the Union Power & NRE mimister for early signing of Green Hydrogen and Green Ammonia Joint Declaration of Intent (JDI) involving the Ministry of Economy, Trade and Industry, Government of Japan and Ministry of New & Renewable Energy (MNRE) Government of India.
Speaking on the occasion, President and Director, Acme Group, Shri Ashwani Dudeja said: “India is well positioned to develop the renewable resources and produce competitive green molecules for export as well as domestic consumption in applications which are otherwise difficult to decarbonise”. He also emphasised the need for support from the Government of India and Government of Odisha in developing the green ammonia project at Gopalpur.
Director and Managing Executive Officer, IHI Corporation, Shri Jun Kobayashi said: “This agreement builds upon our earlier MoU with ACME and represents the strong relationship and alignment between the two companies in developing the market for this new generation fuel”.
The senior management of both the companies earlier visited Bhubaneswar and called on Chief Minister of Odisha, Shri Naveen Patnaik and other officials of Government of Odisha. The green hydrogen and ammonia project at Gopalpur, Odisha is being developed by ACME with a planned capacity of 1.2 MMTPA to be developed in phases; and the first production is likely within 2027. Over its life cycle, the project will help reduce global GHG emissions by 54 million tons of CO2 equivalent.
About ACME
ACME Group is one of the largest renewable Independent Power Producer in India with a portfolio of more than 5 GW of renewable energy capacity under operation and various stages of implementation. In 2021, Acme built what is perhaps the world’s first Green Ammonia plant in Bikaner, Rajasthan. Drawing upon its experience and strengths, ACME aspires to become a leading green energy provider from electrons to molecules and is developing several green hydrogen and ammonia projects in India, Oman and USA with an aim to have a portfolio of c. 10 MMTPA of green ammonia or equivalent hydrogen/derivatives by 2032. In line with the Government of India’s mission to establish India as a hub for green fuels, Acme is working with many potential customers in India to supply green hydrogen and ammonia. Acme has a global footprint with offices and representatives in Japan, Middle East, Europe and USA for the marketing and supply of green hydrogen and its derivatives to the international markets. For more information, please visit http://www.acme.in.
About IHI
IHI is a preeminent Japanese integrated heavy industry group that originated in 1853 and leveraged its shipbuilding technology to expand into onshore machinery, bridge, plant, aero-engine, and other manufacturing fields. IHI has provided various solutions in the Resource, Energy and Environment; Social Infrastructure; Industrial Systems and General-Purpose Machinery; and Aero Engine, Space and Defence business segments. It is developing technology for ammonia firing and is constructing a carbon-free fuel ammonia supply chain to help decarbonise the economy. For more information about IHI, please visit: https://www.ihi.co.jp/en/
Indian Renewable Energy Development Agency Ltd. (IREDA) has signed a Memorandum of Understanding (MoU) with Indian Overseas Bank (IOB), setting the stage for collaborative efforts in co-lending and loan syndication for a diverse spectrum of Renewable Energy projects across the nation. Encompassing a range of services, the MoU includes provisions for co-lending and co-origination support for all Renewable Energy projects. The partnership aims to streamline loan syndication and underwriting processes, management of Trust and Retention Account (TRA) for IREDA borrowers, and work towards fixed interest rates over a 3–4-year period for IREDA borrowings.
The agreement was inked recently at IREDA’s Business Centre in New Delhi, by General Manager, IREDA, Dr. R. C. Sharma and Chief Regional Manager, IOB, Shri Anil Kumar in the presence of Chairman & Managing Director of IREDA, Shri Pradip Kumar Das; MD & CEO of IOB, Shri Ajay Kumar Srivastava; and Director (Finance), IREDA, Dr. Bijay Kumar Mohanty.
Speaking about the MoU, CMD, IREDA Shri Pradip Kumar Das stated: “This strategic partnership between IREDA and Indian Overseas Bank marks a significant step in our commitment to accelerate the growth of renewable energy in the country. By combining our strengths and resources, we aim to provide robust financial support to a diverse range of Renewable Energy projects, fostering sustainability and environmental awareness. Through the MoU and prior agreements with other leading financial institutions, IREDA is well-positioned to fund large-scale renewable energy projects, aligning with the Hon’ble Prime Minister’s COP26 announcement of achieving a 500 GW Non-Fossil-based electricity generation capacity by 2030.
This collaboration builds upon IREDA’s successful partnerships with other prominent financial institutions, including Bank of Baroda, Bank of India, Union Bank of India, India Infrastructure Finance Company Limited and Bank of Maharashtra. These MoUs similarly focus on co-lending and loan syndication for a wide range of Renewable Energy projects across the country.
“The nation’s resilience in the face of global supply disruptions reflects its growing importance in the global landscape” – Mr. Sandeep Khosla, Director General, Bombay Chamber
The Indian toy industry witnessed remarkable growth in FY 2022-23 in comparison to FY 2014-15, with the decline in imports by 52%, rise in exports by 239% and development of overall quality of the Toys available in the domestic market. These observations have been noted in a Case Study on “Success Story of Made in India Toys” conducted by the Indian Institute of Management (IIM) Lucknow at the behest of Department for Promotion of Industry and Internal Trade (DPIIT).
The report states that the efforts of the Government have enabled in creation of a more conducive manufacturing ecosystem for the Indian toy industry. It highlighted that in a span of 6 years, from 2014 to 2020, these dedicated efforts have led to the doubling of the number of manufacturing units, reduction in dependence on imported inputs from 33% to 12%, increase in gross sales value by a CAGR of 10%, and overall rise in labour productivity.
The report analysed that India is also emerging as a top exporting nation due to the country’s integration into the global toy value chain, along with zero-duty market access for domestically manufactured toys in countries including UAE and Australia. The report stated that in order to position India as a viable alternative to current toy hubs of the world, i.e., China and Vietnam, consistent collaborative efforts of the Toy industry and the Government are essential for advancements in technology, embracing e-commerce, encouraging partnerships and exports, investing in brand-building, engaging with educators and parents to communicate with children, valuing cultural diversity and collaborating with regional artisans, etc.
The report emphasised that to address these issues and foster growth in the Indian toy industry, a strategic plan of action was needed. The government has implemented several interventions and initiatives, including:
In line with the recommendations made in the report, the government has already initiated/ undertaken measures under the NAPT.
Prime Minister Shri Narendra Modi during his “Mann ki Baat” address in August 2020, expressed his desire to establish India as a global toy manufacturing hub. To fulfil the vision, the government has undertaken a series of initiatives including formulation of a comprehensive like the National Action Plan for Toys (NAPT) to promote designing of toys, using toys as a learning resource, monitoring quality of toys, promoting indigenous toy clusters, etc.
The policy initiatives of the government together with the endeavours of the domestic manufacturers have resulted in remarkable growth of the Indian toy industry.
To encourage Public Private Partnership for Build-Operate-Transfer (BOT) projects and foster ease of doing business, Ministry of Road Transport and Highways (MoRTH) organised a conference with industry stakeholders like Concessionaires/Contractors, Highway Operators, Investment Trusts, Bankers/ Financial Institutions, Technical & Financial Consultants from the road sector in New Delhi. The conference was inaugurated by Shri Nitin Gadkari, Union Minister for Road Transport and Highways. Shri Anurag Jain, Secretary, MoRTH, Sh. Santosh Kumar Yadav, Chairman NHAI and senior officials from Ministry of Road Transport & Highways, National Highways Authority of India, NHIDCL, NITI Aayog, Department of Economic Affairs, Department of Financial Services, Department of Legal Affairs were also present on the occasion.
Speaking on the occasion, Shri Nitin Gadkari said, “We are committed to revive BOT model and make it investment friendly and attractive for private partnerships. This will not only strengthen the road infrastructure but will have a ripple effect that will help to strengthen the economy, increase the employment potential and reduce the logistic cost.”
The conference saw presentations made by senior NHAI officials on the proposed modifications in the Model Concession Agreement (MCA) of BOT (Toll) to address concerns and remove roadblocks highlighted by the stakeholders. The proposed modifications include various provisions to eliminate discrepancies such as determination of termination payments, modifications in Concession Period based on actual traffic (PCU) Vs tolling groups of vehicles, actual traffic exceeding design capacity to be re visited, and compensation for delays on the part of Authority as well as force-majeure cause to be clearly defined termination payments before project completion with a new provision of Buy Back in case of Additional Tollway/Competing Road.
At present, projects are being awarded on Engineering Procurement Construction (EPC) or Hybrid Annuity Mode (HAM) due to various challenges in implementation of BOT Projects. Many initiatives have been taken for revival of BOT projects and various schemes like Harmonious Substitution, One Time Fund Infusion, Rationalised Compensation, Premium Deferment and allowing refinancing have been adopted in the past. Going forward, 53 BOT (Toll) Projects for a length of 5200 km worth Rs. 2.1 lakh crore have been identified and bids for 7 projects with a Length of 387 km worth Rs. 27,000 crore have been invited.
As per the Government of India’s ‘Vision 2047’ Plan, a large number of high-speed corridors are envisaged to be developed. Robust Public Private Partnership in development of road sector will play a pivotal role in realising this vision and will greatly contribute towards the development as well as Operation & Maintenance of a world class National Highway Network in the country.
The Income-tax Department has recorded a surge in filing of Income-tax Returns (ITRs), resulting in a new record of 8.18 crore ITRs for the A.Y. 2023-2024 filed upto 31.12.2023 as against 7.51 crore ITRs filed upto 31.12.2022. This is 9% more than the total ITRs filed for A.Y. 2022-23. The total number of audit reports and other forms filed during the period is 1.60 crore, as against 1.43 crore audit reports and forms filed in the corresponding period of preceding year.
It is also observed that a large number of taxpayers did their due diligence by comparing data of their financial transactions by viewing their Annual Information Statement (AIS) and Taxpayer Information Summary (TIS). A substantial portion of the data for all ITRs was prefilled with data pertaining to salary, interest, dividend, personal information, tax payment including TDS related information, brought forward losses, MAT credit, etc to further ease compliance by taxpayers. The facility was used extensively, resulting in smoother and faster filing of ITRs.
Further, during this F.Y. 2023-2024, a digital e-pay tax payment platform – TIN 2.0 was made fully functional on the e-filing portal, replacing the OLTAS payment system. This enabled user-friendly options for e-payment of taxes such as Internet Banking, NEFT/RTGS, OTC, Debit Card, payment gateway and UPI. TIN 2.0 platform has enabled real time credit of taxes to taxpayers which made ITR filing easier and faster.
To encourage taxpayers to file their ITRs and Forms early, over 103.5 crore outreaches were made through targeted e-mail, SMS and other creative campaigns. Such concerted efforts led to fruitful results with 9% more ITRs being filed for A.Y. 2023-24 till 31.12.2023. The e-filing Helpdesk team handled approximately 27.37 lakh queries from taxpayers during the year upto 31.12.2023, supporting the taxpayers proactively during the peak filing periods. Support from the helpdesk was provided to taxpayers through inbound calls, outbound calls, live chats, WebEx and co-browsing sessions. Helpdesk team also supported resolution of queries received on the X(Twitter) handle of the Department through Online Response Management (ORM), by proactively reaching out to the taxpayers/ stakeholders and assisting them for different issues on near real-time basis.
The IT Department further requests to the taxpayers to verify their unverified ITRs if any, within 30 days of filing the ITR to avoid any consequences.
The State of Karnataka has notified the Karnataka Compulsory Gratuity Insurance Rules, 2024.with effect from 10th January 2024.
A new employer has to obtain a valid insurance policy within 30 days. Existing employers shall obtain a valid insurance policy within sixty days from the date of commencement of these rules. Refer to the attached notification for details.
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