Friday, March 1

Tag: finance minister

News

Infosys Founder Son-in-Law Named New British Finance Minister

Indian-origin politician Rishi Sunak was appointed as the UK's new finance minister on Thursday by Prime Minister Boris Johnson in a Cabinet reshuffle. Sunak, the son-in-law of Infosys Co-founder Narayana Murthy, will join Home secretary Priti Patel on the top government bench as the Chancellor of the Exchequer. Earlier, Pakistani-origin Sajid Javid resigned as Chancellor in a shock move in one of the biggest shakeups since Johnson won a thumping majority in the December 2019 general election. He is replaced by Sunak, who was until now Javid's junior as the Chief Secretary to the Treasury and seen as a rising star within the Cabinet. The 39-year-old is set to move into No. 11 Downing Street, next door to the Prime Minister's Office as he takes charge of the second most importa...
Budget Extends Window For Startups to Avail Tax Benefits
INDIA

Budget Extends Window For Startups to Avail Tax Benefits

Finance Minister Arun Jaitley has proposed extending the window for startups to avail tax benefits to first seven years of existence, a move that will allow new ventures to extract full benefit of the permitted deductions. Earlier, startups were allowed to claim profit-linked deduction for three years out of the first five years of existence. "...the profit linked deduction available to the start-ups for three years out of five years is being changed to three years out of seven years," Jaitley said in his Budget Speech. Nasscom President R Chandrashekhar said, startups could not avail full benefits of the three-year clause as they typically tend to begin making profits only after a few years of operation. "By then, the window of benefit would end. Now even if the startup reports prof...
Govt to announce friendly tax regime for start-ups in Budget: Arun Jaitely
INDIA

Govt to announce friendly tax regime for start-ups in Budget: Arun Jaitely

“ Government in the Budget next month will announce a friendly tax regime that will encourage setting up of startups in the country ” Government in the Budget next month will announce a friendly tax regime that will encourage setting up of startups in the country, Finance Minister Arun Jaitley said today. "We have already worked upon an entrepreneur-friendly taxation regime. There are some steps, which can be taken up by notifications, which would be taken forthwith. Others require legislative provisions, which can only come as part of the Finance Bill when Budget is presented in order to create a friendly taxation regime for startups," he said at the Start Up India conference here. Recognising the need to encourage startups, a fund was suggested in the Budget last year, he...