Successfully reported this slideshow.
Your SlideShare is downloading. ×

Budget Publication 2018

Ad
Ad
Ad
Ad
Ad
Ad
Ad
Ad
Ad
Ad
Upcoming SlideShare
Vikram budget 2018
Vikram budget 2018
Loading in …3
×

Check these out next

1 of 28 Ad
Advertisement

More Related Content

Slideshows for you (20)

Similar to Budget Publication 2018 (20)

Advertisement

More from Dhruv Seth (20)

Recently uploaded (20)

Advertisement

Budget Publication 2018

  1. 1. Budget 2018 www.sethspro.com The key takeaways SETH & ASSOCIATES CHARTERED ACCOUNTANTS
  2. 2. Budget at a glance ‘‘You merge yourselves in the void and disappear, and let new India arise in your place. Let her arise – out of the peasants’ cottage, grasping the plough; out of the huts of the fisherman. Let her spring from the grocer’s shop, from beside the oven of the fritter seller. Let her emanate from the factory, from marts, and from markets. Let her emerge from groves and forests, from hills and mountains’’. -Swami Vivekananda SETH & ASSOCIATES CHARTERED ACCOUNTANTS
  3. 3. Insight Economic Survey Indirect Taxes Social Welfare schemes Direct Tax Corporate Law SETH & ASSOCIATES CHARTERED ACCOUNTANTS
  4. 4. Seth Economic Indicators Annual percentage growth rate of GDP at market prices based on constant local currency. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. 2011 2012 2013 20182014 2015 2016 2017 7.75% 8.01% 6.72% India: Real gross domestic product (GDP) growth rate from 2012 to 2018 FISCAL DEFICIT 3.50% 3.20% FOREX RESERVES 409.40 Bn $ 370.00 Bn $ INFLATION 4.50% 3.30% 7.75% 7.10% 7.51% 6.39% 5.60% INDUSTRIAL GROWTH 4.60% 3.20% SETH & ASSOCIATES CHARTERED ACCOUNTANTS
  5. 5. 7.75% 4.4% INDIAN ECONOMY INDUSTRY AGRICULTURE SERVICES 2.1% 8.3% ECONOMIC GROWTH CHARTERED ACCOUNTANTS
  6. 6. Key Takeaways – Economic Survey ‘18 On the implementation of the Goods and Service Tax (GST), the survey said that there has been a 50% increase in number of indirect taxpayers The level of tax filers by November 2017 was 31% greater. The economic survey said that it translated roughly into about 1.8 million additional taxpayers due to demonetization-cum-GST, representing 3% of existing taxpayers. In the first three quarters of 2017-18, oil prices have been about 16 percent greater in dollar terms than in the previous year (Table 1). It is estimated that a $10 per barrel increase in the price of oil reduces growth by 0.2-0.3 percentage points, increases WPI inflation by about 1.7 percentage points and worsens the CAD by about $9-10 billion dollars The Survey observes that the economy has witnessed a gradual transition from a period of high and variable inflation to more stable prices in the last four years. Current account deficit expected to average 1.5-2% of the GDP this fiscal, while export growth is pegged at 12.1%. The survey said that India will need $4.5 trillion investment in infrastructure by 2040. The Agriculture growth in FY18 likely to be at 2.1%, while the Industry growth for FY18 likely to be 4.4%. Services growth for FY18 likely to be at 8.3% and the country’s economy should witness improvement in next fiscal year. SETH & ASSOCIATES CHARTERED ACCOUNTANTS
  7. 7. SWOT Analysis – Indian Economy W O S T Strength • Stable currency • Controlled Inflation • Strong foreign currency inflow • Robust services sector growth • Monsoon dependent • Tax Collection slowdown • Industrial slowdown • 16% jump in crude oil prices in recent months Weakness Opportunity Threat • Expectations of a stable oil • Slowdown in competing nations such as China and Brazil • Age dynamics in favor • Misadventure of government policies • Inadequate infra spending • Revival of Chinese economy • Populist government schemes SETH & ASSOCIATES CHARTERED ACCOUNTANTS
  8. 8. Direct Tax proposals SETH & ASSOCIATES CHARTERED ACCOUNTANTS
  9. 9. Direct Tax proposals Long Term Capital Gain LTCG on transfer of equity share or unit of equity oriented fund or unit of business trust, made on or after 1st April 2018 on which STT (both on acquisition and transfer of an equity share in a company; on transfer in case of unit of an equity oriented fund or a business trust) has been paid will not be exempt u/s 10(38). Shall be taxed @ 10% if exceeds Rs.1 Lac. Cost of acquisition of such long term capital asset acquired before 1st February 2018 shall be higher of : - Actual cost of acquisition; - Lower of- fair market value of such asset and full value of consideration received as a result of transfer of such capital asset. Any transfer of capital asset being - Bond or GDR u/s 115AC or - Rupee denominated bond of an Indian co. or - Derivative made by a non-resident on a recognized stock exchange in any International Financial Services Centre &; consideration is payable or paid in foreign currency will not be regarded as transfer of capital assets u/s 47. SETH & ASSOCIATES CHARTERED ACCOUNTANTS
  10. 10. Direct Tax proposals As per Section-49, in case capital gain arises from transfer of capital asset (being inventory converted into capital asset), cost of acquisition will be fair market value of such asset. Investment in any bond, - issued on or after 1 st April 2007 but before 1 st April 2018 (redeemable after 3 years) - issued on or after 1 st April 2018 (redeemable after 5 years) will be eligible for claiming exemption under Section 54EC. Sec 54EC can now be claimed in respect of gain arising from sale of land or building or both. Thus any other long term gain cannot avail exemption under Sec 54EC. As per the amended Sec 50C, where the difference between stamp duty value and the consideration received or accruing as a result of transfer does not exceed 5%, the consideration received or accruing shall be taken as the sale consideration. INCOME CHARGEABLE UNDER HEAD SALARY An amount of Rs. 40,000 or the amount of salary, whichever is less will be allowed as standard deduction u/s 16 and thus no exemption would be available in respect of transport allowance and reimbursement of medical expenses. It is proposed to extend the benefit of exemption for withdrawal up to 40% from National Pension System Trust to all subscribers and not only to employees. SETH & ASSOCIATES CHARTERED ACCOUNTANTS
  11. 11. Direct Tax proposals INCOME CHARGEABLE UNDER HEAD PROFIT & GAINS FROM BUSINESS & PROFESSION Any compensation or other payment received by any person on termination or modification in terms & conditions of any contract relating to business will be chargeable under this head. Conversion of stock-in-trade to capital asset to be treated as business income at the FMV on the date of conversion. Marked to Market Loss or other expected loss computed as per Income Computation & Disclosure Standards u/s 145(2) will be allowed as deduction u/s 36. Any gain or loss arising on account of any change in foreign exchange rates in respect of all foreign currency transactions shall be treated as income or loss under newly inserted Section 43AA & shall be computed as per Income Computation & Disclosure Standards u/s 145(2). If stamp duty value of any land or building or both does not exceed 105% of consideration received on transfer of such asset (other than capital asset), then, such consideration shall be deemed to be the full value of consideration u/s 43CA. As per sec 43CB, profits & gains arising from construction contract or contract for providing services shall be determined on the basis of percentage of completion method as per Income Computation & Disclosure Standards notified in Sec 145(2). Contract revenue would include retention money and contract costs shall not be reduced by interest, dividends or capital gains. Presumptive income u/s 44AE from:- ➢ Heavy goods vehicle (owned by assessee) shall be Rs.1000 per ton of gross vehicle weight or unladen weight p.m or part of the month or amount actually earned whichever is higher ➢ Other than heavy goods vehicle (owned by assessee) shall be Rs 7500 p.m or part of the month or amount actually earned whichever is higher. In respect of trading in agricultural commodity derivatives, commodity transaction tax shall not apply as per sec 43. SETH & ASSOCIATES CHARTERED ACCOUNTANTS
  12. 12. Direct Tax proposals INCOME FROM OTHER SOURCES CARRY FORWARD & SET-OFF OF LOSSES Where a person receives any immovable property for a consideration which is less than stamp duty value by an amount exceeding Rs. 50,000 or 5% of consideration (whichever is higher), stamp duty value as exceeds such consideration shall be taxable as income from other sources u/s 56. Any compensation received by any person in connection with termination of his employment or modification of terms & conditions will be taxable u/ 56. Even in cases where there is a change in the shareholding of a company due to resolution plan approved under Insolvency & Bankruptcy Code 2016, losses can be carried forward.
  13. 13. Direct Tax proposals DEDUCTIONS UNDER CHAPTER VI-A 1. Section-80D- Deduction of mediclaim for senior citizens increased from Rs.30,000/- to Rs.50,000/-. 2. Section 80DDB- Deduction in respect of medical treatment etc. have been increased from Rs 60,000/- to Rs 1,00,000/-. 3. Sec 80TTB has been introduced where senior citizens would be allowed a deduction of Rs.50000/- in respect of interest income earned from deposits. 4. Newly inserted Sec 80PA proposes to provide 100% deduction to a producer company having turnover not exceeding one hundred crore and includes profits derived from • the marketing of agricultural produce grown by its members, or • the purchase of agricultural implements, seeds, livestock or other articles intended for agriculture for the purpose of supplying them to its members, or • the processing of the agricultural produce of its members. The benefit shall be available from the financial year 2018-19. 5. In order to promote start-ups it is proposed to amend section 80- IAC, to make following changes:— • The benefit would also be available to start ups incorporated on or after April 1, 2019 but before the April 1, 2021; • The requirement of the turnover not exceeding Rs.25 Crore would apply to seven previous years commencing from the date of incorporation; • The definition of eligible business has been expanded to provide that the benefit would be available if it is engaged in innovation, development or improvement of products or processes or services, or a scalable business model with a high potential of employment generation or wealth creation. • The amendment will take effect from April 1, 2018 and will, accordingly, apply in relation to the assessment year 2018-19 and subsequent assessment years. 6. The benefit of Sec 80JJAA in respect of emoluments paid to eligible new employees has been extended to leather and footwear industry. Additional deduction of 30% of employee cost would be available where an employee is employed for minimum 150 days. In cases where a new employee is employed for less than the minimum period during the first year but continues to remain employed for the minimum period in subsequent year, the deduction would be available. This amendment will take effect, from April 1, 2019. SETH & ASSOCIATES CHARTERED ACCOUNTANTS
  14. 14. Other Direct Tax proposals • The limit for tax deduction for interest on securities u/s 194A has been increased from Rs.10,000/- to Rs.50,000/- for senior citizens (persons who are of the age of 60 or above at any time during the previous year). • In those cases, where return of income is filed after the due date specified u/s 139(1), the deduction under Chapter VIA-C pertaining to sections 80HH to Sec 80TT would not be available. • As per Sec 143, at the time of processing of return of income filed, no adjustment shall be made on account of addition of income appearing in Form 26AS or Form 16A or Form 16 which has not been included in computing the total income. • To reduce manual interface, the assessment proceedings are proposed to be conducted electronically. • Application to the Assessing Officer for allotment of PAN has to be made by a person who is not an individual, which enters into a financial transaction of an amount aggregating to Rs2.5Lacs or more in a financial year. Any person acting on behalf of the above person/entities shall also apply for PAN. • The corporate tax rate has been reduced from 30% to 25% in case of companies with a turnover upto Rs.250Lacs in the FY 2016-17. • It is proposed to provide that prosecution shall lie against companies for non-filing of return irrespective of the fact whether any tax is payable or not. • It is proposed to charge dividend distribution tax on deemed dividend u/s 2(22)(e) at the rate of 30%. SETH & ASSOCIATES CHARTERED ACCOUNTANTS
  15. 15. Other Direct Tax proposals • At present, there is no restriction on organizations engaged in religious or charitable activities relating to cash expenditure incurred or compliance of provisions of tax deducted at source. In order to ensure that the expenses claimed are genuine, it is proposed to insert a new explanation to Sec 11 to provide that for the purposes of determining the application of income under the provisions of sub-section (1) of the said section, the provisions of sub- clause (i a) of clause (a) of section 40, and of sub-sections (3) and (3A) of section 40A, shall, mutatis mutandis, apply as they apply in computing the income chargeable under the head “Profits and Gains of Business or Profession”. It is also proposed to insert a similar proviso in clause (23C) of section 10 so as to provide similar restriction on the entities exempt under sub clauses (iv), (v), (vi) or (via) of said clause in respect of application of income. Consequently expenses incurred in cash or without deduction of tax would not be eligible as application of income. Amendment to come into effect from AY 2019-20 onwards. SETH & ASSOCIATES CHARTERED ACCOUNTANTS
  16. 16. Indirect Tax Amendments SETH & ASSOCIATES CHARTERED ACCOUNTANTS
  17. 17. Recent Amendments in GST Sl. No. Description of Service Existing Rate New Rate 1. Sale of Old & Used Motor vehicles across all the category of vehicles 28% 18% 2. In case of manufacturers who have opted for composition scheme w.e.f. 01st January 2018 2% 1% 3. Composite supply of works contract relating to construction of civil structure or any other original works for EWS/LIG/MIG schemes under Housing for All (Urban) Mission/ Pradhan Mantri Awas Yojana (Urban). 18% 12% 4. Services by way of housekeeping, such as plumbing, carpentering, etc. where the person supplying such service through electronic commerce operator is not liable for registration 18% 5% 5. Job work involved in manufacturing of leather goods or footwear 18% 5% 6. Tailoring Services 18% 5% 7. Admission to amusement parks including theme parks, water parks, joy rides, merry-go rounds, go- carting and ballet 28% 18% 8. Composite supply of works contract provided by sub-contractor to main contractor who is providing services to government by way of construction of historical monuments, canal, dam, pipeline, civil structure to be used for education, commerce or industry 18% 12% 9. Composite supply of works contract provided by sub-contractor to main contractor who is providing services of earth work to government 18% 5% Reduction in rates of services w.e.f. 25th January 2018 SETH & ASSOCIATES CHARTERED ACCOUNTANTS
  18. 18. New Exemptions w.e.f. 25th January 2018 SETH & ASSOCIATES CHARTERED ACCOUNTANTS • Providing information under RTI Act, 2005 from GST. • Legal services provided to Government, Local Authority, Governmental Authority and Government Entity. • Transportation of goods from India to a place outside India by air or sea until 30th September 2018: • Life Insurance to personnel of Coast Guard (under the Group Insurance Scheme of the Central Government) by the Naval Insurance Group Fund, retrospectively w.e.f. 1.7.2017 • Dollar-denominated services provided by financial intermediaries located in IFSC SEZ, which have been deemed to be outside India under the various regulations by RBI, IRDAI, SEBI or any financial regulatory authority, to a person outside India • Pure services provided to Government entity by a Panchayat/ Municipality. Composite supply involving predominantly supply of services (i.e. up to 25% of the supply of goods) is also exempted. • Lease of land: ✓ By government or local authority to governmental authority or government entity ✓ Supply as a part of specified composite supply of construction of flats, etc • Admission to, or conduct of examination provided to all educational institutions including any service of conducting entrance examinations on collection of entrance fees • Reinsurance services in respect of following insurance schemes : ✓ General insurance business provided under schemes such as Pradhan Mantri Suraksha Bima Yojna and others listed in Notification 12/2017-CGST Rate ✓ Life insurance business provided under schemes such as Pradhan Mantri Jan Dhan Yojana and others listed in Notification 12/2017-CGST Rate
  19. 19. SETH & ASSOCIATES CHARTERED ACCOUNTANTS • Services by way of fumigation in a warehouse of agricultural produce • Services of admission to planetarium where consideration charged is below Rs.500 • Subscription of online educational journals/periodicals by educational institutions who provide degree recognized by any law • Renting of transport vehicles to a person providing services of transportation to an educational institution (students, faculty, and staff) providing education up to higher secondary or equivalent. • Services provided by and to Fédération Internationale de Football Association (FIFA) and its subsidiaries directly or indirectly related to any of the events under FIFA U-20 World Cup in case the said event is hosted by India. Changes in Exemption limits in the following cases: • The exemption limit of Rs 5,000 per month per member in respect of services provided by Resident Welfare Association (unincorporated or nonprofit entity) to its members against their individual contribution is enhanced to Rs 7500/-. • The exemption limit of the amount of cover of Rs. 50,000 enhanced to Rs. 2 lakhs in respect of services of life insurance business provided under life microinsurance product approved by IRDAI • The exemption limit of Rs.250 for services with respect to all the theatrical performances like Music, Dance, Drama, Orchestra, Folk or Classical Arts and all other such activities in any Indian language in theatre increased 500 per person New Exemptions w.e.f. 25th January 2018
  20. 20. Amendments in Law • In case of composition dealer other than manufacturer and restaurant service provider, turnover will not include exempt supplies and tax will be calculated only on Taxable supplies with effect from 01.01.2018. • At present in case of Joint Development Agreements taxability arises on the very first day of the contract between developer and Land Owner but now it will be taxable when the developer will transfer the possession or right in the constructed property to the person who owns the land. • Works Contract Services by Sub-contractor to the Main contractor under the following scenario: Where the main contractor provides WCS to Central Government, State Government, Union territory, a local authority, a Governmental Authority or a Government Entity at the rate of 12% Note: Similarly, GST Rate for Sub-contract services to the main contractor shall attract 5% where the Main contractor is providing services to Central Government, State Government, Union territory, a local authority, a Governmental Authority or a Government Entity at the rate of 5%. SETH & ASSOCIATES CHARTERED ACCOUNTANTS
  21. 21. RECENT AMENDMENTS in COMPANIES ACT, 2013 SETH & ASSOCIATES CHARTERED ACCOUNTANTS
  22. 22. Key Company Act amendments ✓This is the second round of amendments made to the Companies Act, 2013, with the First one being made in 2015. ✓Benefit of Corporate Tax Rate of 25% has been extended to companies, if the total Turnover or Gross Receipts of the Previous Year 2016-17 does not exceed 250 Crores. • For Incorporation, declaration will be required instead of Affidavits. • Name Reservation: New Company shall be valid for 20 Days from date of Approval. • Sweat Equity Shares can be issued at any time currently it can be issued after 1 Year from the Commencement of Business. • Annual General Meeting of UNLISTED Company can be held Anywhere in India. • Wholly Owned Subsidiary (WOS) of a company incorporated outside of India is now allowed to hold EGM outside India. • Any Company shall have Registered Office within 30 days of Incorporation. • In addition to Directors and KMP, any employee of the Company can also authenticate company documents as authorized. • No approval of Central Government is required for payment of remuneration in excess of 11% of Net Profit. • Requirement to file DIR-11(Filing of a copy of resignation to ROC by Director itself)made optional. • Requirement of Annual Ratification of Auditor appointment by the members is omitted. • Disclosure provided in the Financial Statement shall not be reproduced in the Board’s Report. • Disclosure by Promoter and top ten shareholders with respect to 2% change in Shareholding in a LISTED Company is omitted now. • In case of delay in filling documents to be submitted under section 92(Annual Return) or Section 137(Copy of Financial Statements), after expiry of prescribed period, a flat Additional Fee of ` 100per day shall be paid. • A company cannot extend any loan exceeding sixty percent of its paid-up share capital, free reserves and securities premium account or one hundred percent of its free reserves and securities premium account, whichever is more. The amendment seeks to remove employees from this restriction. • The companies are permitted to give loans to entities in which directors are interested after passing special resolution and adhering to disclosure requirements. • Incorporation of a Company with ZERO fee, with usage of no form and DSC. • RUN for Name Availability of a proposed company. • DIN is also not mandatory prior to filing of SPICE E-Form SETH & ASSOCIATES CHARTERED ACCOUNTANTS
  23. 23. Section 164(2) of Companies Act, 2013 The Directors of the Companies for which Annual Filing of Returns has not been done for more than 3 Financial Years were disqualified by MCA under section 164(2) of the Companies Act, 2013 and consequently the DIN of such directors were also abstained from filing any form. Subsequently, such Directors were unable to file any form in any other company too, where they were Directors. Condonation of delay scheme, 2018 (Form e-cods) In order to give a chance to such Directors a Delay Scheme for Condonation was introduced by MCA, effective from 1st January, 2018 to 31st March, 2018. During this period such DIN(s) were activated for such period as mentioned above and Forms only related to Annual Filing and Auditor Appointment could be filed through such DIN(s). Under this Scheme all the pending returns of the companies need to be mandatorily filed on or before 31st March 2018 to avoid any severe prosecution. ✓ For the Companies mentioned in the list released by MCA for such disqualification, apart from filing the Annual Returns and other related forms, along with the prescribed late fees, has to file the Condonation Form( E-cods) with a fees of ` 30,000. ✓ For other Companies, only the Annual Returns and other related forms, along with the prescribed late fees has to be filed. SETH & ASSOCIATES CHARTERED ACCOUNTANTS
  24. 24. SOCIAL WELFARE SCHEMES SETH & ASSOCIATES CHARTERED ACCOUNTANTS
  25. 25. Social Welfare proposals ➢ Agri-Market Infrastructure Fund with a corpus of `2000 crore will be set up for developing and upgrading agricultural marketing infrastructure in the 22000 Grameen Agricultural Markets (GrAMs) and 585 APMCs. ➢ Government will provide Rs. 1400 crore for establishment of specialized agro-processing financial institutions to boost investment in food processing. ➢ Government will support organized cultivation and associated industry. By allocating a sum of ` 200 crore for this purpose. ➢ Government proposes to launch an ‘‘Operation Greens’’ on the lines of ‘‘Operation Flood’’. ‘‘Operation Greens’’ shall promote Farmer Producers Organizations (FPOs), agri-logistics, processing facilities and professional management. A sum of ` 500 crore will be allocated for this purpose. ➢ Government will set up state-of the-art testing facilities in all the forty-two Mega Food Parks. ➢ Government will launch a Re-Structured National Bamboo Mission with an outlay of ` 290 crore to promote bamboo sector in a holistic manner. ➢ Government is implementing a comprehensive social security and protection programme to reach every household of old, widows, orphaned children, divyaang and deprived as per the Socio-Economic Caste Census. Allocation on National Social Assistance Programme this year has been kept at ` 9975 crore. ➢ Government to launch a major initiative named ‘‘Revitalizing Infrastructure and Systems in Education (RISE) by 2022’’ with a total investment of ` 1,00,000 crore in next four years. Higher Education Financing Agency (HEFA) would be suitably structured for funding this initiative. ➢ Government would launch the ‘‘Prime Minister’s Research Fellows (PMRF)’’ Scheme this year. Under this, 1,000 best B.Tech students would be identified each year from premier institutions and facilities will be provided to them to do Ph.D in IITs and IISc, with a handsome fellowship so that they voluntarily commit to teach few hours in higher educational institutions. SETH & ASSOCIATES CHARTERED ACCOUNTANTS
  26. 26. Social Welfare proposals ➢ ‘‘Ayushman Bharat’’ programme will be aimed at making path breaking interventions to address health holistically, in primary, secondary and tertiary care system covering both prevention and health promotion. ➢ The National Health Policy, 2017 has envisioned Health and Wellness Centers as the foundation of India’s health system, `1200 crore will be allocated for this flagship programme. ➢ Government will launch a flagship National Health Protection Scheme to cover over 10 crore poor and vulnerable families (approximately 50 crore beneficiaries) providing coverage upto 5 lakh rupees per family per year for secondary and tertiary care hospitalization. ➢ Government has decided to allocate additional ` 600 crore to provide nutritional support to all TB patients at the rate of ` 500 per month for the duration of their treatment. ➢ To further enhance accessibility of quality medical education and health care, government will be setting up 24 new Government Medical Colleges and Hospitals by upgrading existing district hospitals in the country. ➢ Government will launch a Scheme called Galvanizing Organic Bio-Agro Resources Dhan (GOBAR- DHAN) for management and conversion of cattle dung and solid waste in farms to compost, fertilizer, bio-gas and bio-CNG. ➢ The Government had approved a comprehensive textile sector package of `7148 crore to boost the apparel and made-up segments. ➢ The AMRUT programme focuses on providing water supply to all households in 500 cities. State level plans of `77,640 crore for 500 cities have been approved. Water supply contracts for 494 projects worth ` 19,428 crore and sewerage work contract for 272 projects costing `12,429 crore has been awarded. SETH & ASSOCIATES CHARTERED ACCOUNTANTS
  27. 27. 01 03 06 04 0205 “The Budget reaffirms strategic direction to reinvigorate economy with a thrust to core areas like agriculture, health sector and relief to Senior Citizens. This Budget is a boost to MSME and choosing to spur the economy while pursuing modest fiscal condition. Hope the budget meets its intentions.” - CS Anupam Srivastava “This budget is farmer centric and this will help agriculture industry to grow that will eventually help rural economy of the country. Also, a cut of 5% in corporate tax for small industry will benefit MSME in the Indian Economy. - Sarim Saleheen Lari (MBA) Our View “This budget is aimed more towards agriculture & health sector which can emerge as one of the key drivers of economic growth. This budget also focuses on strengthening the tourism and hospitality industry through setting up various airports and increasing the rail network. However, investor markets would be hurt with this budget as LTCG has been brought back after 14 years.” - CA Shashank Mittal “The Budget for the FY 2018-19 is primarily focused on MSME. While it is still hesitant to partake in the crypto-currency mania, plans for implementing the underlying blockchain technology on a national scale are in the works. Even introducing Universal Basic Income, is being considered. Lastly, the corporate industry is a bit disappointed as there are no sweeping changes to ease business activities.” - CS Mallika Tayal “Union Budget 2018-2019 has not been able to meet the expectations of all sectors. For the corporates with turnover upto Rs 250 crores, budget has brought good news with tax being reduced from 30% to 25%. On the contrary, nothing much has been proposed in personal taxation which was a disappointment. Overall, a more balanced & fiscally prudent budget was presented ensuing elections next year& the need to mobilize resources for the government.” - CA Apoorva Rastogi “This budget is aimed at providing help and support to rural population as the Govt has announced various welfare schemes. It is to be seen how effectively the said schemes are implemented. Although no benefits for younger generation yet the benefits granted to companies and senior citizens is a welcome move.” -CA Charu Malik
  28. 28. We endeavor and strive in value creation for our clients. Seth & Associates Chartered Accountants www.sethspro.com info@sethspro.com Offices New Delhi Lucknow – Head Office Lucknow – Corporate Office C-7, Sector A 90, Pirpur Square, Ground Floor, AI Apartments Vasant Kunj – 110070 Narahi - 226001 Jopling Road – 226001 Connect with us

×