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Nirmala Sitharaman Announces No Changes in Income Tax Rates or Slabs for 2024

2024 Budget

Nirmala Sitharaman Announces No Changes in Income Tax Rates or Slabs for 2024

The finance minister, Nirmala Sitharaman, declared on Thursday that there will be no modifications to the current tax structure, either direct or indirect. The interim budget Nirmala Sitharaman announced before of the 2024 Lok Sabha election won’t help taxpayers because income tax rates and slabs remain unchanged. The finance minister declared, “I propose to retain the same tax rates for direct and indirect taxes, including import duties.”

The start-up tax incentive will last until March 31, 2025. This is an interim budget, as is customary in every election year, hence it refrained from making any significant adjustments.

What Sitharaman said on tax

“Direct tax receipts have more than tripled during the past 10 years, while the number of return filers has increased to 2.4 times. I want to reassure taxpayers that their money has been well-used for the wellbeing of the nation’s citizens and its progress. “Thank you to the taxpayers for your support,” Sitharaman remarked. “The government has rationalized and lowered tax rates.With the implementation of the new tax plan, taxpayers with incomes up to ₹ 7 lakh—up from ₹ 2.2 lakh in the 2013–14 fiscal year—no longer owe tax. The retail enterprises’ presumptive taxes threshold was raised from ₹ 2 crore to ₹ 3 crore. In a similar vein, ₹ 50 lakh to ₹ 75 lakh was the new threshold for professionals qualifying for presumed taxation. Additionally, Sitharaman noted that the corporation tax rate was lowered from 30% to 22% for domestic businesses already in operation and to 15% for some newly established industrial businesses.

“We have concentrated on enhancing tax payer services during the past five years. With the advent of Faceless evaluation and Appeal, the long-standing jurisdiction-based evaluation system underwent a transformation that brought about increased efficiency, transparency, and accountability. The filing of tax returns has been simpler and easier with the introduction of revised income tax returns, a new Form 26AS, and prefilling of tax forms. Refunds are being processed faster this year thanks to a reduction in the average return processing time from 93 days in 2013–14 to only 10 days,” she said.

Sitharaman’s tax proposals in interim Budget 2024

Nirmala Sitharaman

Regarding tax ideas, I offer to maintain the current tax rates for both direct and indirect taxes, including import duties, in accordance with the convention. I do not plan to make any changes to the current tax structure. Nonetheless, on March 31, 2024, some tax breaks for investments and start-ups established by sovereign wealth or pension funds, as well as a tax exemption on a portion of specific IFSC units’ income, would expire. The minister stated, “I propose to extend the date to 31.03.2025 to provide continuity in taxation.”

“Moreover, I would like to announce an improvement to taxpayer services in keeping with our government’s goal of making life easier and conducting business easier. Numerous small-scale, unverified, unreconciled, or contested direct tax claims, some of which date back to 1962, are still on file, worrying honest taxpayers and impeding their ability to receive their refunds in later years. I suggest waiving all unpaid direct tax requests up to twenty-five thousand rupees (₹25,000) for the 2009–10 fiscal year and up to ten thousand rupees (₹10,000) for the 2010–11 fiscal year through the 2014–15 fiscal year. About a crore tax payers are anticipated to gain from this, according to the minister.

Also Read: To lessen traffic, three significant economic railroad corridors will be established: Sitharaman

Final Thought

The statement made by Finance Minister Nirmala Sitharaman that the interim budget for 2024 will preserve the current tax structure without changing the rates of direct or indirect taxes is more indicative of continuity than change. The budget primarily focuses on extending current incentives, like the startup tax incentive, and addressing long-standing issues, like pending tax claims, while also highlighting the government’s commitment to taxpayer services and acknowledging the significant strides in tax administration efficiency.

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In order to promote stability and economic progress, tax reductions for investments and startups have been extended until March 2025. Furthermore, the plan to waive small-scale direct tax claims aims to allay taxpayer worries and expedite the refund procedure. Sitharaman’s fiscal strategy adheres to the custom of interim budgets during election years by placing an emphasis on stability and practical solutions rather than radical shifts.

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Unlocking the Revenue Streams: How IPL Franchises Earn Money and Sustain Financial Success

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Unlocking the Revenue Streams: How IPL Franchises Earn Money and Sustain Financial Success

India is a great fan of cricket, and the Indian Premier League, or IPL, is the biggest cricket event held here. In this league, teams from various cities play against one another. But managing these teams isn’t cheap; they require funding for numerous expenses. So let’s investigate the sources of funding for these teams.

The league is definitely entertaining, but it’s much more than just the action that happens on the field. The commercial concept of the IPL is one of its intriguing features. Its main goals are to sell the game, bring together gamers from other nations, draw in new followers, and increase advertising revenue.

Understanding IPL

Teams from Mumbai, Chennai, Bangalore, and different urban areas compete with each other in the yearly Indian Premeire League(IPL) cricket rivalry. Noticeable competitors from India and different countries partake in this league.The rivalry gives a unique stage on which cricket players’ outstanding ability and abilities are introduced in a connecting with way. The Indian Premeire League (IPL), which includes a diverse mix of local and foreign celebrities,, has become very famous on the grounds that to its energizing matches, diversion worth, and opportunity for exceptional ability to feature their abilities on an overall scale.

Business model of Indian Premeire League

The distinctive fusion of cricket, entertainment, and marketing tactics is the foundation of the IPL business model. The league uses a franchise format, with ten teams from various Indian cities playing against one another. The franchisees use a revenue-sharing concept and are privately held businesses. The league makes money from a number of sources, including player endorsements, auctions, sponsorship agreements, sales of products, and TV rights.

Revenue Streams for Franchises

1.  TV and Streaming Rights : TV networks and internet platforms provide a significant portion of the revenue for IPL teams. The IPL’s governing body receives large payments from these channels in exchange for the privilege to telecast the matches. The teams then split up this revenue. Hence, the teams make money each time you watch an IPL match on TV or online.

2.  Prize Money : Money is given to teams according on how well they do in the league. The more money they receive at the conclusion of the competition, the higher their rank. For instance, the IPL winning team receives a larger payout than the other teams.

3.  Ticket Sales : Matches are held in big stadiums, and fans buy tickets to watch these games live. This is another significant source of income. Teams earn quite a bit by selling these tickets, especially during high-profile matches.

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4.  Sponsorships : There’s a chance you’ve spotted player shirt logos. They are the sponsors. Businesses give teams large sums of money in exchange for having their logos placed on player apparel, the stadium, and occasionally even the club name. We refer to this as sponsorship. It resembles a commercial for the business.

5.  Merchandise Sales : In addition to tickets, supporters like purchasing team jerseys, hats, mugs, and other merchandise. The colors and logo of the team are on all of these things. The teams get an additional revenue stream when supporters purchase this merchandise.

6.Player Endorsements: Some of the most well-known athletes in India are those that compete in the IPL. Brands are very keen to work with them for endorsements. By arranging for their players to have endorsements, the teams can profit. The endorsement fee increases with the player’s popularity, which means the teams will profit more.

Also Read: IPL 2024 Tickets: Availability, Release Date, and All You Need to Know for Online Purchase

IPL teams can make money in a variety of ways. They receive revenue from the sale of team products to supporters, TV rights, ticket sales, company sponsorships, and awards for winning matches. With all of this money, they are able to maintain the team’s excellence and provide us with a thrilling IPL each year by covering the costs of players, coaches, and other expenses.

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IPL 2024 Tickets: Availability, Release Date, and All You Need to Know for Online Purchase

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IPL 2024 Tickets: Availability, Release Date, and All You Need to Know for Online Purchase

The most well known domestic cricket league in India is back for one more exciting year. The schedule for the seventeenth time of the Indian Premeire League, or IPL 2024, has been delivered by the BCCI. The Chennai Super Kingss (CSK), captained by the most created skipper in cricket history, Mahendra Singh Dhoni, brought back their fifth title win, covering off the 2023 association season with a bang. Accordingly, CSK and MI (Mumbai Indians) were equivalent for the most titles won.

Fans may anticipate amazing performances by their favorite teams and players as well as nail-biting battles. you guarantee your place at the stadium for this much awaited event, please sure you get your tickets online in advance.

TATA IPL 2024 Tickets

TheTata IPL 2024 ticket valuing range has not yet been declared. When we find any solid data, we’ll tell you. The expense regularly differs concurring on the area, ubiquity of the game, and seating classification, from a couple hundred to a few thousand rupees.

Walk is the point at which figured tickets for the 2024 Indian Premeire League will go on special. The BCCI generally dispatches ticket deals one month preceding the IPL to make a feeling of energy and assumption among fans.

Also Read: Top Indian IPL Players With the Most Instagram Followers in 2024

How to Book tickets online?

We can’t at present offer an intensive how-to direct for buying tickets in light of the fact that the ticket deals window has not yet started. Be that as it may, fans can save their seats by visiting the authority IPL site or approved tagging administrations, as BookMyShow or Paytm Insider, when the tickets go discounted. For a problem free reserving experience, it is encouraged to stay aware of true declarations and stick to the given measures. When we have data in regards to when the IPL ticket deals will start, we will refresh this page with a complete aide.

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PM Modi Unveils ₹41,000 Crore Investment in 2,000 Railway Projects

railway projects

PM Modi Unveils ₹41,000 Crore Investment in 2,000 Railway Projects

On Monday, over 2,000 railway infrastructure projects valued at around ₹41,000 crore were launched, the foundation stone was laid, and the projects were dedicated to the country by Prime Minister Narendra Modi. Speaking at the occasion, Modi described it as a representation of the “New India” work culture. The program for today represents the work ethic of New India. India is currently operating on an unparalleled scale and at an unprecedented speed. India has gone past having modest goals and toward dreaming big and achieving those goals as soon as possible, according to Modi. He continued, expressing confidence in his ability to serve a third term in office.

“Today marks the official opening and laying of the cornerstone for almost two thousand railway-related projects. As of this moment, this government’s third term will begin in June. Everyone is astonished by the scope and speed of the work that has begun,” he remarked.
Under the Amrit Bharat Station Scheme, Modi laid the groundwork for the reconstruction of 553 railway stations. In his video message, Modi noted that while his administration will start a third term in June, the scope and style of its work have taken many by surprise. He also mentioned the recent announcement of several development projects.

Modi highlighted the changes in the railroads, such as the introduction of Vande Bharat trains, an emphasis on cleanliness, and the electrification of tracks, saying that people had witnessed the construction of a new India over the past ten years. The prime minister took a jab at earlier administrations by claiming that under his watch, public funds were no longer plundered and that all profits were allocated to enhancing railway services. He claimed that although the Indian Railways was once a victim of politics, it is now the primary factor facilitating travel and has created a significant number of jobs.

Also Read: After Repeal of Assam Muslim Marriage and Divorce Registration Law, What Changes Can be Expected?

Modi issued a warning, stating that if money leaks as a result of fraud, the budget rise brought on by the nation’s expanding economy will have no effect locally. He said that local artists and culture are being promoted through the use of renovated train stops. The prime minister stated that although the national transporter is today a major driver of transformation, the financial losses of the railways were formerly a regular theme. “I want to convey to young people that my resolve is their dream. Viksit Bharat is guaranteed by your aspirations, your diligence, and my determination,” he declared. Joining the nationwide event were hundreds of MPs and MLAs, as well as several governors and chief ministers.

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