Union Budget 2008

  • Watch: Perk tax to hit employees' pockets December 23, 2009

    New Delhi: New Year may not be as cheerful as expected. The salary cheques will look slimmer after the deductions on all perks like – accommodation, furnishings, concessional fees for kids, company funded travel and even that chauffeur-driven car. ...
  • Get ready to pay for perks from your company December 21, 2009

    New Delhi: An announcement by the Finance Minister that the Fringe Benefit Tax would be abolished in the Budget was greeted with cheers in offices across the country. But the good news is short-lived. The Government is all set to impose a tax on perks, which replaces the earlier Fringe...
  • Govt hikes farm loan waiver to Rs 71,680 cr May 23, 2008

    New Delhi: The Government on Friday hiked the provisions for debt waiver for farmers by a hefty 20 per cent. The debt waiver amount has been raised from Rs 60,000 crore to Rs 71,680 crore in a move that would enlarge the scope for relief for peasants. The decision to increase...
  • Sonia hints at more concessions for farmers March 17, 2008

    Sangli/Osmanabad (Maharashtra): Prime Minister Manmohan Singh will consider the plight of farmers in Vidarbha and Marathwada regions of Maharashtra who have not benefited from the farm loans waiver, Congress President Sonia Gandhi said on Monday, indicating more concessions for small farmers. Sonia Gandhi asserted that the Congress was always concerned about...
  • For some farmers, loan waiver is a bittersweet deal March 16, 2008

    Jalgaon, Maharashtra: "All agricultural loans disbursed by scheduled commercial banks, regional rural banks and cooperative credit institutions up to March 31, 2007 and overdue as on December 31, 2007 will be waived off under a scheme of debt waiver and debt relief for farmers." These words of Union Finance Minister...
  • Rahul wants land limit raised for farm loan waiver March 13, 2008

    New Delhi: Rahul Gandhi made his presence felt in the Lok Sabha on Thursday with several suggestions to improve the lot of farmers. He said instead of one cutoff date of March 31, 2007 for farm loan waiver, there should be localised cutoff dates according to farming patterns. "A single...
  • Chidu pleased with himself over farmers loan waiver March 13, 2008

    Sivaganga: Finance Minister P Chidambaram is on a high after the farm loan write-off announced in the Budget. The enthusiasm among party workers in Thiruppuvanam, which has become part of the FM's Sivaganga Parliamentary constituency after the delimination exercise, is clearly visible. “There is great enthusiasm among party workers and I...
  • Chidu's waiver useless to Telangana farmers March 12, 2008

    Chinnarajam, Andhra Pradesh: Chidambaram's loan waivers have been met with a wave of disappointment in Andhra Pradesh. In Mahabubnagar, one of the worst hit areas, more small farmers have committed suicide – they could not pay back their dues, not to banks, but to local moneylenders. Ramulu is one...
  • Cut rates for small home loans, FM asks banks March 7, 2008

    New Delhi: If it was the turn of exporters on Wednesday, the FM singled out small home-loan borrowers for some favourable treatment on Thursday. The Finance Minister, who was under fire for having done little in the Budget for the needs of the middle-class, in particular, affordable housing, is now trying...
  • Chidambaram assures Indian Inc on ECB curbs March 5, 2008

    New Delhi: The pressure from the Commerce Ministry seems to be working. At an interaction with industry association FICCI, Finance Minister P Chidambaram has finally accepted that more relief needs to be doled out to exporters including revisiting External Commercial Borrowings (ECB) curbs. After a please-all budget, the worry of inflation...
  • Loan waiver will not be long drawn out affair: PM March 5, 2008

    New Delhi: Backing the farm loan waiver Prime Minister Manmohan Singh on Wednesday clarified that Government will be funding the scheme through tax and non-tax revenues and farmers will see the benefit immediately. Singh assured the Lok Sabha that the Rs 60,000 crore loan waiver scheme announced in the Budget for...
  • IBNLive Chat: Govt likely to issue bonds to fund Rs 60,000 cr waiver March 5, 2008

    Finance Minister P Chidambaram announced some changes in taxation policies this Budget. There were some benefits for senior citizens and working women. In order to get a clearer picture of the post-Budget scenario and how it affects the individual's taxation policies, IBNLive organised an online chat with Amitabh Singh,...
  • Chidambaram wants more loan rate cuts May 23, 2008

    New Delhi: Just days after a please-all Budget, Finance Minister P Chidambaram has said there is a scope for reducing bank interest rates. This comes after the tax concessions announced in this year's Budget. Chidambaram said this on Tuesday in his post-Budget interaction with industry chamber CII. But he added...
  • Farm sector hurting overall growth: Chidambaram March 5, 2008

    New Delhi: Finance Minister P Chidambaram on Wednesday said that an investment boom in India was continuing but a sluggish farm sector was hurting overall growth. The Indian economy, Asia's third largest, has grown at an average 8.8 per cent in the past four years and is estimated to grow...
  • Chat Now: With Amitabh Singh, Tax Expert, E&Y March 5, 2008

    Chat with Amitabh Singh, Tax Expert, E&Y ...
  • Consumer goods sector unhappy with Budget March 4, 2008

    New Delhi: This year's populist Budget has offered a two per cent cut on excise duty on the consumer durables industry. However, this may not be prove to be too beneficial. The Finance Minister has admitted to a slowdown in the consumer goods/durables sector. "I am forewarned there could be a slowing...
  • Farmers to sell village; PC's waiver no use to them March 6, 2008

    Dorli (Vidharba): The village of Dorli in Vidharba is up for sale. Out of the 63 families that call it home, only 13 qualify for the government's recently announced loan waiver. The rest have more than five acres of land and debt ranging from Rs 15,000-20,000. None of them have the...
  • Budget reax: India doesn't need a tax-and-spend Government March 4, 2008

    As the Finance Minister presents his Budget each year, we hear praises for the money he provides to this segment or that. We wait in anticipation, like a child waiting to see the gifts that Santa Claus will bring. There is a fundamentally wrong assumption here – that the money of...
  • Farmers give thumbs down to FM's loan waiver | QOTD March 4, 2008

    Bundelkhand: A four-year-long drought , more than 200 farmer deaths and 1 lakh other farmers battling the debt trap — one would have believed that the Finance Minister's Rs 60,000 crore bonanza would be a super hit in Bundelkhand, but the farmers there are untouched. A farmer, Gauri Shankar Bidua...
  • Budget on the roll, will Cong go for the polls? March 4, 2008

    Congress President Sonia Gandhi has begun meeting Congress MPs and state leaders to assess the mood within the party for possible General Elections in 2008. Sonia is also all set to hold a massive kisan rally in the Capital’s Ramlila Maidan on March 9. The Congress chief will then travel...
  • Vidarbha farmers not pleased with FM's budget March 3, 2008

    Mumbai: Over the last 10 years, Maharashtra has had over 30,000 farmer suicides — however real figure may actually be more, which is the most for any state in the country. Although the FM's farm loan waiver should have come as a welcome relief, but the farmers of Vidarbha —...
  • We're tired of waiting; go for polls, Bajaj tells PC March 3, 2008

    New Delhi: Amidst many views that Budget 2008- 09 signals earlier than scheduled General Elections, renowned industrialist and Rajya Sabha Member Rahul Bajaj on Monday asked the government to go in for early polls so that uncertainties could end and nation could move ahead with economic reforms. "We...
  • Personal Finance: Demystifying Budget 2008 March 3, 2008

    New Delhi: The show demystifies and unfolds the meaning of Budget 2008. Finance Minister P Chidambaram has put more money in the common man's pocket along with more tax benefits. He has nudged citizens to invest in equity for a long term, by hiking short term capital gain tax. ...
  • Maya slams Budget, says Govt trying to woo farmers March 3, 2008

    New Delhi: Uttar Pradesh Chief Minister Mayawati has criticised loan waiver announced for farmers in the Budget. She says the Congress-led UPA is trying to woo farmers with the upcoming Lok Sabha elections in mind. Mayawati's comments came while addressing a huge rally in Karnal .She even accused the Centre...
  • Disappointing Budget for telecom industry March 3, 2008

    The Union Budget presented by Finance Minister P Chidambaram is disappointing for the telecom sector. While we do thank the Finance Minister for removing the excise duty on wireless data cards and reducing customs duty on convergence equipment such as set-top boxes, there have been a few key disappointments: 1. While...
  • FM's green budget cheers enviornmentalists March 2, 2008

    New Delhi: Climate change has dominated headlines world over in the last one year, and the Finance Minister has taken note. In a please all budget, the FM also showered some green initiatives that has the environmentalists rejoicing. FM P Chidambaram said, "I'd announced that for the climate change issue the...
  • Customer's the king as small car prices fall March 2, 2008

    Mumbai: Even as the compounded benefits from the Union Budget are being analysed, car manufacturers have already announced a reduction in their small car prices. The reduction in the prices is a result of Finance Minister P Chidambaram's announcement of lowering the excise duty of small cars. A four per cent cut...
  • All political parties agree on farm debt waiver: PC March 2, 2008

    With a Rs 60,000-crore loan waiver for farmers, higher income tax slabs for the middle class and a big push to stimulate consumption in the economy; Finance Minister P Chidambaram delivered a stunner with sixth Union Budget, which was also the last full Budget of the UPA Government. Chidambaram explains...
  • We will find resources for waiver: Chidambaram March 1, 2008

    New Delhi: Finance Minister P Chidambaram on Friday announced a Rs 60,000-crore relief package for farmers, including complete waiver of loans given to small and marginal farmers. Presenting his last Budget before the General Elections, Chidambaram announced waiver of Rs 50,000 crore worth of loans to small and marginal farmers and...
  • Congress makes Budget its election agenda March 1, 2008

    New Delhi: A day after Finance Minister, P Chidambaram presented the Union Budget, it's political contours are now more or less clear. The Congress appears to be going into poll mode and the 'please all' Budget seems to be just the kind of medicine the party had been asking for after...