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Budget 2014 15 Banking and Financial Services sector Edelman
1. Banking and Financial Services
• Government will avoid retrospectively changing policies that will result in
the creation of fresh liabilities. All future cases of indirect transfers that fall
under the retrospective tax regime will be scrutinised by a high-level CBDT
committee
• Increase in the FDI cap to 49 per cent granted through the FIPB route with
full management and control for the insurance sector; FDI in e-commerce
allowed through automatic route
• To ensure conformity with Basel-III norms by 2018, PSU banks need equity
of Rs 2.40 lakh crore. For this, Government to dilute up to 51 per cent
share in banks but to continue to control majority stake. Bank capital
permitted to be raised through retail sale of shares
Union Budget 2014-15 focuses on driving investments and growing the
financial sector
2. Banking and Financial Services
• Proposed liberal tax regime for Foreign Portfolio Investors (FPI) willing to
shift their base to India. Income from FPI will be treated as capital gains
• Review under progress for transfer pricing regulations for residents and
non-residents; this is currently a major area for litigation
• Announcement pending towards clarification on tax treatment of foreign
funds
• Introduced new investment products like Real Estate Investment Trusts
(REITs) and Infrastructure Investment Trusts (InvITs)
Union Budget 2014-15 focuses on driving investments and growing the
financial sector