Business News: Financial Challenges to Ministerial Appointments: Modi's Cabinet 3.0 Balances Continuity, Foreign Investments, and Infrastructure Overspends

TDS is the mechanism through which the government collects income tax at the source of income generation. It makes sure there is a continuous tax revenue inflow and prevents evasion. Form 26AS is a statement that consolidates TDS information with details of the amount on which tax has been deducted, TAN of the payer, and date of deposit. The discrepancy in the amount of TDS may happen when deductors have not complied with the correct details by reporting the same or use an incorrect PAN. Thereafter, it is the responsibility of the assessee to ensure that the correct reflection of TDS is made in Form 26AS with proper credit claims

The sum of net investments by FPIs was at a net outflow of Rs 25,586 crore for May because of uncertainties over elections, in April it was at Rs 8,700 crore due to concerns regarding the tax treaty, and also on the back of increasing US bond yields. Foreign investors have pulled out nearly Rs 14,800 crore from Indian stocks in the first week of June enthused by Lok Sabha election results and attractive valuations of Chinese stocks. In the month of March and February, FPIs have invested but created net investments, while the overall trend continued to show a big withdrawal spurred by swings in market sentiment and valuation concerns. Rs 4,000 crore was, however, invested in the debt market by FPIs in India propelled by the country's upcoming inclusion in global bond indices.

Infra projects worth over Rs 150 crore are facing a cost overrun of over Rs 5.55 lakh crore till April 2024, according to a report by the Ministry of Statistics and Programme Implementation. During April 2024, out of 1,838 monitored projects, a total of 448 projects are reporting cost overruns and 792 projects are reporting time escalation—that is, delay. Original cost of these projects was Rs 27,64,246.50 crore and the anticipated completion cost is now at Rs 33,19,601.84 crore. In fact, delay for these projects is literally as high as 35.4 months, mainly on account of land acquisition, forest clearances, and financial constraints

CONGRESS President Mallikarjun Kharge will go to Rashtrapati Bhavan on Sunday for attending Narendra Modi's oath-taking ceremony as the Leader of the Opposition in the Rajya Sabha, according to Congress sources. The decision came after consultations with INDIA bloc partners. And, BRS chief K Chandrashekar Rao decided to give it a miss. The Congress Working Committee (CWC) asked Rahul Gandhi "unanimously" to take over as the Leader of the Opposition in the Lok Sabha. Sonia Gandhi was unanimously re-elected as chairperson of the Congress Parliamentary Party, and the CWC decided to hold a review of performance in all states of the ruling BJP-led party base.

At least six MPs from Bihar will be inducted into the Union Cabinet when Prime Minister Narendra Modi takes oath for a third term today. Among the likely ministers are BJP's Giriraj Singh and Nityanand Rai, while the four others are from NDA alliance partners JD(U), LJP, and HAM. This represents Modi's strategic caste- balancing selection, important for a state critical in the Lok Sabha elections, where it won 30 seats. In a state where it won 30 seats in the Lok Sabha elections, the notable names include Rajiv Ranjan Singh (JD-U), Ram Nath Thakur, Chirag Paswan (LJP), and Jitin Ram Manjhi (HAM), all representing important caste groups

Ahead of Narendra Modi's swearing-in ceremony, the Bharatiya Janata Party (BJP) is going to carry forward the minimum continuity in important ministries like home, finance, defence, and external while also inducting fresh faces. The party is going to keep other critical portfolios like railways, road transport, law, information technology, and education with itself. More than 10 ministers from the last cabinet are being carried over in the new cabinet, including Amit Shah, Rajnath Singh, Nirmala Sitharaman, and a few others. The JD(U) and Telugu Desam Party (TDP) are hot to get cabinet berths as Ram Mohan Naidu Kinjarapu and Chandra Sekhar Pemmasani are representing TDP.