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Newsletter dated 3rd February , 2017
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THOUGHT OF THE DAY
THOUGHT OF THE DAY
“In order to carry a positive action we must develop a
positive vision.”
Law Updates:
Maximum amount political party can receive in cash donation will
be Rs 2000 from any one source: Union Budget 2017.
Fasal beema yojana coverage to be increased to 40 percent in 2017-
18 and 50 percent in 2018-19: Union Budget 2017.
Company providing Software development services to its associate
enterprises stand on a different footing from company engaged in
ITES services: Pune Tribunal.
Professional INPUTS
RBI vide Press Release 2016-2017/2072 dated 02nd
February 2017
releases revised draft directions on Commercial Papers (CPs) for
Public Comments.
RBI vide Notification No. RBI/2016-17/220 dated 02nd February
2017 has decided to delegate further powers to Regional Offices
under Foreign Exchange Management Act, 1999 (FEMA)
Foreign Exchange (Compounding Proceedings) Rules, 2000 (the
Rules) - Compounding of Contraventions under FEMA, 1999.
SEBI on 2nd
February 2017 has issued Consultation Paper on
Consolidation and re-issuance of debt securities issued under the
SEBI (Issue and Listing of Debt Securities) Regulations, 2008.
CBEC vide Notification No. 07/2017-Service Tax dated 2nd
February 2017 has Seeks to amend notification No. 25/2012-Service
Tax, dated 20th June 2012, so as to amend certain existing entries
granting exemption on specified services and inserting new entries
for granting exemption from service tax on specified services.
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Date: 3rd
February, 2017
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Analysis of Union Budget 2017:
Finance Minister Arun Jaitley laid down the Union budget 2017-2018 in Lok Sabha today, the fourth budget by
the Narendra Modi government. This year’s budget is followed by the demonetisation move by Prime Minister
Narendra Modi on November 8, 2016 which tendered invalid Rs 500 and Rs 1000 notes, in a surprise move.
There were key announcements in the budget, particularly in taxes, finance, political party funding, railways,
and housing. Here is how Budget 2017-18 will impact you:
Railways
Railways budget has announced a Rail Sanrakshan Kosh with a corpus of Rs.1 lakh crore. The government will
provide a seed fund and the remaing will be generated by the Railways.
In order to improve the security of Railways, unmanned level crossings are proposed to be eliminated by 2020.
Railways lines of 3500 km to be commissioned this year. Dedicated trains for religious tourism.
Railways will integrate end to end transport solutions for selected commodities through partnership. By 2019,
all coaches of Indian Railways will be fitted with bio-toilets.
Good news for all those who book tickets on IRCTC. You will no longer have to pay service charge.
Competitive booking prices will also be rolled out on IRCTC.
Taxes and finance
Government to widen tax net as income tax payers are mostly salaried employees. Government decided to
reduce burden on income tax payers.
Rate of income tax on income between Rs. 2.5 lakh and Rs. 5 lakh reduced to to 5 % from the current 10%.
Basic custom duty for LNG reduced from 2.5% from 5%.
Limit of cash donations by charitable trust brought down from Rs.10,000 to Rs 2,000.
Small companies that have a turnover above Rs.50 crore will now have to pay to pay 25% tax as against the
30% they have to pay now. Around 67 lakh companies fall within this category.
Government accepted recommendation of Black money special investigation team (SIT) to prohibit cash
transaction above Rs. 3 lakh.
One page tax filing form for taxable income under Rs.5 lakh.
10% Surcharge imposed for individuals with annual income between Rs 50 lakh and Rs. 1 crore.
Govt considering option to amend Negotiable Instruments Act to ensure that holders of dishonoured cheques
get payment.
Housing sector
Infrastructrure status granted to Housing sector after years of demands. Delayed residential projects to get
boost. Fillip to real estate sector.
1 crore houses under Housing for All this year. Pradhan Mantri Awas Yojana allocation up to Rs. 23,000 crore
for this fiscal