Budget analysis on tax reforms of Union budget 2017
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The document discusses key aspects of the Indian budget and tax system. It outlines different tax brackets and rates for individual income levels, introduces a 10% surcharge for those earning between 50 lakh and 1 crore rupees and 15% surcharge for over 1 crore rupees. It also reduces the tax burden for small businesses with annual turnover less than 50 crore rupees, restricts cash transactions over 10,000 rupees, increases excise duty on tobacco, and extends tax rebates for new home buyers over the first 3 of 7 years.
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Budget 2017 on Taxation
This document summarizes key points from India's Union Budget for 2017-2018. It outlines changes to individual and corporate income tax rates, including tax rebates for middle-class individuals and a higher surcharge for high-income earners. It also discusses revisions to capital gains tax and services charges, as well as changes to excise duties on tobacco and cash transaction limits. The budget aims to boost small businesses and encourage tax compliance, while continuing to roll out the new Goods and Services Tax nationwide.
Presentation1
The document summarizes the key points of the Indian union budget for 2017-2018. The budget aims to transform, energize, and clean India through improving governance, empowering citizens, and reducing corruption. Major highlights include increasing the income tax exemption limit to Rs. 3 lakh and tax rates of 5-10% for incomes between Rs. 3-5 lakh. A surcharge of 10% will apply to incomes between Rs. 50 lakh and Rs. 1 crore, and 15% above Rs. 1 crore. The capital gains tax holding period was reduced from 3 to 2 years. Political donations will now require a digital or cheque payment and cash transactions over Rs. 3 lakh are banned.
Reform India's Oppressive Tax Regime
Reform India's Oppressive Tax System
The author argues that India's taxation system needs reform, as it is overly complex with many exemptions and deductions, and the overall tax burden on citizens is around 50-60% which is too high. The author proposes simplifying the personal income tax system with standard deductions and adjusting the GST tax rates and coverage. The author estimates that these reforms along with reducing government spending could generate an additional Rs. 2-2.5 lakh crore annually for the public exchequer. Overall tax rates should be reduced by 5% which could raise revenues by 15-20%, while cutting government employee salaries and establishment costs by 10% each could save Rs. 1.5-
Union budget 2017 18
The Union Budget for 2017-18 proposes several changes to income tax rates and slabs. For individual taxpayers, the rate for income between Rs. 2.5-5 lakhs has been reduced from 10% to 5%. This will eliminate tax liability for those earning up to Rs. 3 lakhs and only Rs. 2,500 for those earning between Rs. 3-3.5 lakhs. Small firms with up to Rs. 50 crores turnover will now pay 25% tax instead of 30%. The conclusion states that while the budget aims to mitigate economic damage from demonetization, it does not adequately allocate funds from new bank accounts or address job growth.
Union budget 2017-18
The budget has allocated Rs. 2,74,114 crore for defence which is a marginal increase of 5.4% over last year's revised estimates. This is expected to have a positive impact on defence companies like BEL, BEML, Bharat Dynamics, Hindustan Aeronautics etc. as it indicates continued government support and spending on modernizing the armed forces. The allocation is expected to translate into new orders and contracts for these companies involved in defence manufacturing. However, the increase is modest and some see it as insufficient given India's security challenges and ambitions of indigenization.
Implications of financial reforms suggested in union budget 2017 18 on person...
This document summarizes the implications of financial reforms suggested in the Indian Union Budget 2017-18 on personal finance. Key reforms included reducing the income tax rate for middle-income earners, introducing a 10% surcharge on income over 50 lakhs, and reducing the income tax rebate under section 87A. Implications were both positive and negative - lower-income individuals would have higher savings due to tax cuts, while high-income individuals would be adversely affected by the new surcharge. Overall, the reforms aimed to promote digitization, reduce cash transactions and black money, and support affordable housing to make real estate more affordable.
Budget 2017 18
The document summarizes key changes to India's income tax rates and policies introduced in the 2017 Union Budget. Some highlights include:
- Income tax slab rates were reduced for individual taxpayers with annual income up to Rs. 250,000 taxed at 5% instead of 10%.
- Corporate tax rates were lowered to 25% for domestic companies from 29% previously.
- Cash transaction limits for tax deductibility were set at Rs. 10,000 and tax rebates were increased for individual taxpayers.
- Presumptive income rates were reduced to 6% for small businesses with annual turnover up to Rs. 2 crore.
- Tax audit limits were increased to Rs. 2 crore annual turnover.
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Budget 2017 on Taxation
This document summarizes key points from India's Union Budget for 2017-2018. It outlines changes to individual and corporate income tax rates, including tax rebates for middle-class individuals and a higher surcharge for high-income earners. It also discusses revisions to capital gains tax and services charges, as well as changes to excise duties on tobacco and cash transaction limits. The budget aims to boost small businesses and encourage tax compliance, while continuing to roll out the new Goods and Services Tax nationwide.
Presentation1
The document summarizes the key points of the Indian union budget for 2017-2018. The budget aims to transform, energize, and clean India through improving governance, empowering citizens, and reducing corruption. Major highlights include increasing the income tax exemption limit to Rs. 3 lakh and tax rates of 5-10% for incomes between Rs. 3-5 lakh. A surcharge of 10% will apply to incomes between Rs. 50 lakh and Rs. 1 crore, and 15% above Rs. 1 crore. The capital gains tax holding period was reduced from 3 to 2 years. Political donations will now require a digital or cheque payment and cash transactions over Rs. 3 lakh are banned.
Reform India's Oppressive Tax Regime
Reform India's Oppressive Tax System
The author argues that India's taxation system needs reform, as it is overly complex with many exemptions and deductions, and the overall tax burden on citizens is around 50-60% which is too high. The author proposes simplifying the personal income tax system with standard deductions and adjusting the GST tax rates and coverage. The author estimates that these reforms along with reducing government spending could generate an additional Rs. 2-2.5 lakh crore annually for the public exchequer. Overall tax rates should be reduced by 5% which could raise revenues by 15-20%, while cutting government employee salaries and establishment costs by 10% each could save Rs. 1.5-
Union budget 2017 18
The Union Budget for 2017-18 proposes several changes to income tax rates and slabs. For individual taxpayers, the rate for income between Rs. 2.5-5 lakhs has been reduced from 10% to 5%. This will eliminate tax liability for those earning up to Rs. 3 lakhs and only Rs. 2,500 for those earning between Rs. 3-3.5 lakhs. Small firms with up to Rs. 50 crores turnover will now pay 25% tax instead of 30%. The conclusion states that while the budget aims to mitigate economic damage from demonetization, it does not adequately allocate funds from new bank accounts or address job growth.
Union budget 2017-18
The budget has allocated Rs. 2,74,114 crore for defence which is a marginal increase of 5.4% over last year's revised estimates. This is expected to have a positive impact on defence companies like BEL, BEML, Bharat Dynamics, Hindustan Aeronautics etc. as it indicates continued government support and spending on modernizing the armed forces. The allocation is expected to translate into new orders and contracts for these companies involved in defence manufacturing. However, the increase is modest and some see it as insufficient given India's security challenges and ambitions of indigenization.
Implications of financial reforms suggested in union budget 2017 18 on person...
This document summarizes the implications of financial reforms suggested in the Indian Union Budget 2017-18 on personal finance. Key reforms included reducing the income tax rate for middle-income earners, introducing a 10% surcharge on income over 50 lakhs, and reducing the income tax rebate under section 87A. Implications were both positive and negative - lower-income individuals would have higher savings due to tax cuts, while high-income individuals would be adversely affected by the new surcharge. Overall, the reforms aimed to promote digitization, reduce cash transactions and black money, and support affordable housing to make real estate more affordable.
Budget 2017 18
The document summarizes key changes to India's income tax rates and policies introduced in the 2017 Union Budget. Some highlights include:
- Income tax slab rates were reduced for individual taxpayers with annual income up to Rs. 250,000 taxed at 5% instead of 10%.
- Corporate tax rates were lowered to 25% for domestic companies from 29% previously.
- Cash transaction limits for tax deductibility were set at Rs. 10,000 and tax rebates were increased for individual taxpayers.
- Presumptive income rates were reduced to 6% for small businesses with annual turnover up to Rs. 2 crore.
- Tax audit limits were increased to Rs. 2 crore annual turnover.
What is GST?
This document discusses various taxes in India and provides an overview of the Goods and Services Tax (GST). It states that currently, excise duty is levied by the central government on manufacturing, service tax is levied by the central government on services, VAT is levied by state governments, and CST is levied by state governments for inter-state sales. It then explains that GST is a comprehensive tax levied on the production and trading of goods as well as the provision of services, with the goal of eliminating cascading taxes and reducing tax evasion. Finally, it briefly discusses the expected impact of GST on various sectors such as telecom, banking, automobiles, media, pharmaceuticals, and real
Closing in on GST rates - Dr Sanjiv Agarwal
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India Union budget challenges-f18
The document discusses several challenges facing the Indian economy, including uncertainties from developments in the US and Europe, rising commodity and oil prices, and short-term effects of demonetization. It analyzes pros and cons of cash vs. digital transactions and suggests the budget should aim for 8% GDP growth, lower taxes, increase infrastructure investment, reduce subsidies, and support SMEs and individuals affected by demonetization. It also proposes creating a Railway Infrastructure Development Fund through passenger fares to mobilize โน720,000 crore over 10 years for rail projects.
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Indi Union budget f18
The Union Budget for Fiscal Year 2018 aims to boost various sectors of the Indian economy through 10 themes including farmers, rural development, youth, infrastructure and financial sector reforms. It projects fiscal and revenue deficits lower than previous years and allocates increased funding for infrastructure, rural and agriculture development. Key proposals include expanding rural employment programs, increasing farm credit, developing affordable housing and listing more public sector companies to raise funds. The budget also focuses on increasing tax collections through measures like the proposed GST and data mining from demonetization.
Energy & Tax Reforms in Pakistan
This document summarizes the findings of a survey conducted in Pakistan to gauge public perceptions about key economic reforms, particularly in taxation and energy sectors. The survey found:
1) There is a lack of understanding among the public about the importance of taxes for funding infrastructure, social services, and addressing issues like energy shortages.
2) Most respondents viewed Pakistan's taxation system as unfair and non-transparent, and did not think their taxes were being effectively utilized.
3) Pakistan has one of the lowest tax-to-GDP ratios in the world, with a very narrow tax base that fails to tax many sectors of the economy including agriculture and some services.
4) Around 42% of respondents agreed
GOODS AND SERVICE TAX
The document provides information about goods and service tax (GST) in India. It states that GST will subsume several central and state taxes. It discusses the history of GST in India and proposals to introduce it. Some key benefits of GST are listed as one tax, reduced prices, more tax revenue, and uniformity in taxation. Potential disadvantages and exclusions from GST are also outlined. The current status of the GST bill in India's parliament is explained. Factors to consider before implementing GST are listed.
Tax reforms in pakistan 2010 011
The document discusses several issues related to tax reforms in Pakistan. It notes that the failure of previous tax reforms and flood relief expenditures have made Pakistan's fiscal imbalance unsustainable. It recommends eliminating tax exemptions for the rich to increase revenue, spending more on education and health, and conditioning donor funding on economic reforms to promote sustainable growth.
Snr budget 2018
The document summarizes key highlights from the Union Budget for 2018-19 presented by the Finance Minister in India. Some key points include:
- The budget continued fiscal discipline while targeting spending on rural development, education, healthcare, and MSME sector.
- GDP growth is projected to be 6.75% for 2017-18 and 7-7.5% for 2018-19.
- Changes were announced in direct taxes including income tax slabs and deductions. Capital gains tax was introduced for equity investments.
- Agriculture, rural development, and health sectors saw increased allocations for schemes.
- Corporate tax rate was reduced for small and medium enterprises.
Pakistan's Tax Reforms - A Critique
The document presents an analysis of Pakistan's tax reforms between 2019-2020. It provides background on Pakistan's need for tax reforms to reduce budget deficits. It summarizes the key tax policy changes introduced in 2019-2020, including increased taxes, reduced exemptions, and higher penalties for tax evasion. It then critiques the outcomes of the reforms, noting that while tax revenues increased, the reforms have contributed to higher inflation and a slowing economy. The document concludes by forecasting continued high inflation and budget deficits if spending is not curtailed, and provides recommendations to improve tax compliance and administration.
Taxation Reforms in Pakistan
The document summarizes issues with Pakistan's taxation system and proposals for reform. It finds that Pakistan collects only 13% of GDP in taxes, the lowest among emerging economies. This limits funding for health, education, and other services. Major problems include extensive tax exemptions estimated to lose 3-4% of GDP annually, weak tax administration vulnerable to corruption, and a narrow tax base with only 2% of the workforce paying income tax. The document recommends phasing out exemptions, increasing autonomy and accountability of revenue agencies, and broadening the tax base through better enforcement and reducing the tax compliance burden. Reforms aim to increase tax collection to 15% of GDP by 2018 to improve services and economic stability.
India Economic Survey 2017 by Edelman India
The Union Finance Minister Shri Arun Jaitley tabled the Economic Survey 2016-17 today, the first day of the Budget Session of the Parliament. The Economic Survey says that the adverse impact of demonetisation on GDP growth will be transitional and the economy will recover with remonetisation. The Survey states that once the cash supply is replenished, which is likely to be achieved by end of March 2017, the economy would revert to normal. The GDP growth in 2017-18, as per the survey, is projected to be in the range of 6ยพ-7ยฝ percent.
The Survey suggests a few measures to maximise long-term benefits and minimise short-term costs. One, fast remonetisation and early elimination of withdrawal limits. This would reduce GDP growth deceleration and cash hoarding. Two, continued impetus to digitalisation while ensuring that this transition is gradual and inclusive, and appropriately balances the costs and benefits of cash versus digitalisation. Three, following up demonetisation by bringing land and real estate into the GST. Four, reducing tax rates and stamp duties.
GST
GST is a comprehensive indirect tax that will be levied on the manufacture, sale, and consumption of goods and services in India. It aims to replace multiple taxes imposed by central and state governments with a single tax in order to create a unified national market. GST will be imposed as CGST by the central government, SGST by state governments, and IGST on inter-state transactions of goods and services. It is expected to simplify current tax processes and boost economic growth by reducing costs for businesses.
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Evaluation of Demonetisation (8 Nov 2016) in India to Curb Corruption and T...
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This document evaluates India's 2016 demonetization policy to curb corruption and terrorism. It provides background on India's previous demonetizations in 1946 and 1978. 86% of currency in circulation was demonetized, amounting to Rs. 15.44 lakh crore. Banks collected over Rs. 14.9 lakh crore in deposits. While demonetization aims to reduce black money, corruption, and terrorism, critics argue it does not address the root causes of money laundering and black money generation. The policy impacts cash-dependent sectors negatively in the short-run but may boost the formal economy long-term through increased transparency, tax collection, and digital payments. Overall, demonetization's complete benefits may onlyย
Demonetisation and Its Impacts.
Under the legal system, there is a division of legal tender which includes forms of currency. Demonetization plays a role here by removing a form of legal tender from circulation. Demonetizing high value banknotes aims to curb black money, corruption, counterfeiting, and terrorist activities that use unaccounted cash. While causing short term economic disruptions, demonetization may help boost the formal economy over the long run by reducing the shadow economy and increasing tax revenues. Both positive and negative impacts are discussed along with short term costs and long term benefits to the economy and fight against corruption.
Ppt on budget
The budget document provides details on key fiscal targets and highlights from the Indian budget. The fiscal deficit target for the current year is 4.6% of GDP, which is better than the previous target but may be aggressive given other factors. Revenue deficit is a continuing concern. Some key points include reduced corporate tax surcharges, increased exemption limits for individual taxpayers, and changes to indirect taxes that will make some consumer goods cheaper and some services more expensive. Infrastructure spending saw a large increase but financing remains a challenge. Allocations to social sectors also increased substantially.
Budgey 2011
The budget document provides details on key fiscal highlights including a GDP growth target of 9% and a fiscal deficit target of 4.6% of GDP. It outlines plans to lower the corporate tax surcharge and increase the MAT rate. Revenue deficits remain a concern. Spending on infrastructure will increase substantially while social sector spending will rise by 17%. Key reforms are planned for the insurance, pension, and banking sectors. However, concerns remain around achieving deficit targets given the underestimation of subsidies. Overall, the markets reacted modestly to the budget.
Gst Some Important Topic.
As Per My opinion This Is very Useful .
Most of the information Has Been Has Covered in this.
If Some thing left then You can send in comment box Also.
I Will see it and reply you.
Thanks For Your Support
GST in India - One year Opportunities and Challenges
The document provides an overview of the Goods and Services Tax (GST) in India, including its timeline, benefits, challenges, tax collection trends, and the way forward. Some key points include:
GST was introduced on July 1, 2017 to simplify and harmonize India's tax system. It has led to increased tax revenues but also implementation issues due to its complexity. While GST has boosted the economy by unified the national market, the government continues working to stabilize systems, rationalize rates, and increase compliance. Overall GST remains a work in progress but offers benefits for both businesses and government finances if its challenges can be adequately addressed.
Income tax proposals Union Budget 2017
This document summarizes key income tax proposals in the Union Budget 2017 relating to timely filing of returns, cash restrictions, tax rates and advance tax/refunds. Some key points include:
- Exemptions will be denied if returns are not filed by the due date for certain entities like charitable trusts and political parties.
- Cash transaction limits have been lowered to Rs. 10,000 per person per day for various deductions and exemptions.
- Surcharge of 10-15% will apply for individuals with income above Rs. 50 lakhs-1 crore. Rebate under section 87A has been reduced.
- Tax rate for small companies with turnover under Rs. 50 crores has been
Union budget 2017
The document summarizes key highlights from the Union Budget 2017 regarding direct taxes and measures to promote economic growth and a digital economy in India. Some of the key points include:
- Income tax rates were reduced for individuals with an annual income up to Rs. 500,000.
- The period for claiming tax deductions for startups was increased from 3 to 7 years.
- Measures were introduced to promote affordable housing and the real estate sector, such as relaxing conditions for tax exemptions.
- Cash transaction limits were set to discourage the use of cash and promote digital payments.
- Transparency in political party funding was increased by introducing electoral bonds and limiting cash donations.
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The document discusses several challenges facing the Indian economy, including uncertainties from developments in the US and Europe, rising commodity and oil prices, and short-term effects of demonetization. It analyzes pros and cons of cash vs. digital transactions and suggests the budget should aim for 8% GDP growth, lower taxes, increase infrastructure investment, reduce subsidies, and support SMEs and individuals affected by demonetization. It also proposes creating a Railway Infrastructure Development Fund through passenger fares to mobilize โน720,000 crore over 10 years for rail projects.
PMโs Speech at FICCI-AGM
PM delivered a speech at the 85th annual general meeting of FICCI outlining key themes. He acknowledged that while India experienced strong growth reaching nearly 9% annually from 2003-2008, the global economic downturn and domestic issues slowed growth to around 5.5-6%. However, the government is committed to accelerating inclusive growth through various economic reforms and social programs. Key reforms include direct cash transfers to beneficiaries using Aadhaar identification, increasing investment and savings, reducing subsidies, correcting energy pricing, and liberalizing FDI policies to address fiscal and current account deficits and revive the economy. The PM expressed confidence that these measures will help restore growth momentum and put India back on a path of 8-9% annual
Indi Union budget f18
The Union Budget for Fiscal Year 2018 aims to boost various sectors of the Indian economy through 10 themes including farmers, rural development, youth, infrastructure and financial sector reforms. It projects fiscal and revenue deficits lower than previous years and allocates increased funding for infrastructure, rural and agriculture development. Key proposals include expanding rural employment programs, increasing farm credit, developing affordable housing and listing more public sector companies to raise funds. The budget also focuses on increasing tax collections through measures like the proposed GST and data mining from demonetization.
Energy & Tax Reforms in Pakistan
This document summarizes the findings of a survey conducted in Pakistan to gauge public perceptions about key economic reforms, particularly in taxation and energy sectors. The survey found:
1) There is a lack of understanding among the public about the importance of taxes for funding infrastructure, social services, and addressing issues like energy shortages.
2) Most respondents viewed Pakistan's taxation system as unfair and non-transparent, and did not think their taxes were being effectively utilized.
3) Pakistan has one of the lowest tax-to-GDP ratios in the world, with a very narrow tax base that fails to tax many sectors of the economy including agriculture and some services.
4) Around 42% of respondents agreed
GOODS AND SERVICE TAX
The document provides information about goods and service tax (GST) in India. It states that GST will subsume several central and state taxes. It discusses the history of GST in India and proposals to introduce it. Some key benefits of GST are listed as one tax, reduced prices, more tax revenue, and uniformity in taxation. Potential disadvantages and exclusions from GST are also outlined. The current status of the GST bill in India's parliament is explained. Factors to consider before implementing GST are listed.
Tax reforms in pakistan 2010 011
The document discusses several issues related to tax reforms in Pakistan. It notes that the failure of previous tax reforms and flood relief expenditures have made Pakistan's fiscal imbalance unsustainable. It recommends eliminating tax exemptions for the rich to increase revenue, spending more on education and health, and conditioning donor funding on economic reforms to promote sustainable growth.
Snr budget 2018
The document summarizes key highlights from the Union Budget for 2018-19 presented by the Finance Minister in India. Some key points include:
- The budget continued fiscal discipline while targeting spending on rural development, education, healthcare, and MSME sector.
- GDP growth is projected to be 6.75% for 2017-18 and 7-7.5% for 2018-19.
- Changes were announced in direct taxes including income tax slabs and deductions. Capital gains tax was introduced for equity investments.
- Agriculture, rural development, and health sectors saw increased allocations for schemes.
- Corporate tax rate was reduced for small and medium enterprises.
Pakistan's Tax Reforms - A Critique
The document presents an analysis of Pakistan's tax reforms between 2019-2020. It provides background on Pakistan's need for tax reforms to reduce budget deficits. It summarizes the key tax policy changes introduced in 2019-2020, including increased taxes, reduced exemptions, and higher penalties for tax evasion. It then critiques the outcomes of the reforms, noting that while tax revenues increased, the reforms have contributed to higher inflation and a slowing economy. The document concludes by forecasting continued high inflation and budget deficits if spending is not curtailed, and provides recommendations to improve tax compliance and administration.
Taxation Reforms in Pakistan
The document summarizes issues with Pakistan's taxation system and proposals for reform. It finds that Pakistan collects only 13% of GDP in taxes, the lowest among emerging economies. This limits funding for health, education, and other services. Major problems include extensive tax exemptions estimated to lose 3-4% of GDP annually, weak tax administration vulnerable to corruption, and a narrow tax base with only 2% of the workforce paying income tax. The document recommends phasing out exemptions, increasing autonomy and accountability of revenue agencies, and broadening the tax base through better enforcement and reducing the tax compliance burden. Reforms aim to increase tax collection to 15% of GDP by 2018 to improve services and economic stability.
India Economic Survey 2017 by Edelman India
The Union Finance Minister Shri Arun Jaitley tabled the Economic Survey 2016-17 today, the first day of the Budget Session of the Parliament. The Economic Survey says that the adverse impact of demonetisation on GDP growth will be transitional and the economy will recover with remonetisation. The Survey states that once the cash supply is replenished, which is likely to be achieved by end of March 2017, the economy would revert to normal. The GDP growth in 2017-18, as per the survey, is projected to be in the range of 6ยพ-7ยฝ percent.
The Survey suggests a few measures to maximise long-term benefits and minimise short-term costs. One, fast remonetisation and early elimination of withdrawal limits. This would reduce GDP growth deceleration and cash hoarding. Two, continued impetus to digitalisation while ensuring that this transition is gradual and inclusive, and appropriately balances the costs and benefits of cash versus digitalisation. Three, following up demonetisation by bringing land and real estate into the GST. Four, reducing tax rates and stamp duties.
GST
GST is a comprehensive indirect tax that will be levied on the manufacture, sale, and consumption of goods and services in India. It aims to replace multiple taxes imposed by central and state governments with a single tax in order to create a unified national market. GST will be imposed as CGST by the central government, SGST by state governments, and IGST on inter-state transactions of goods and services. It is expected to simplify current tax processes and boost economic growth by reducing costs for businesses.
Analysis of Social Media Conversations around Union Budget 2017
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Evaluation of Demonetisation (8 Nov 2016) in India to Curb Corruption and T...
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This document evaluates India's 2016 demonetization policy to curb corruption and terrorism. It provides background on India's previous demonetizations in 1946 and 1978. 86% of currency in circulation was demonetized, amounting to Rs. 15.44 lakh crore. Banks collected over Rs. 14.9 lakh crore in deposits. While demonetization aims to reduce black money, corruption, and terrorism, critics argue it does not address the root causes of money laundering and black money generation. The policy impacts cash-dependent sectors negatively in the short-run but may boost the formal economy long-term through increased transparency, tax collection, and digital payments. Overall, demonetization's complete benefits may onlyย
Demonetisation and Its Impacts.
Under the legal system, there is a division of legal tender which includes forms of currency. Demonetization plays a role here by removing a form of legal tender from circulation. Demonetizing high value banknotes aims to curb black money, corruption, counterfeiting, and terrorist activities that use unaccounted cash. While causing short term economic disruptions, demonetization may help boost the formal economy over the long run by reducing the shadow economy and increasing tax revenues. Both positive and negative impacts are discussed along with short term costs and long term benefits to the economy and fight against corruption.
Ppt on budget
The budget document provides details on key fiscal targets and highlights from the Indian budget. The fiscal deficit target for the current year is 4.6% of GDP, which is better than the previous target but may be aggressive given other factors. Revenue deficit is a continuing concern. Some key points include reduced corporate tax surcharges, increased exemption limits for individual taxpayers, and changes to indirect taxes that will make some consumer goods cheaper and some services more expensive. Infrastructure spending saw a large increase but financing remains a challenge. Allocations to social sectors also increased substantially.
Budgey 2011
The budget document provides details on key fiscal highlights including a GDP growth target of 9% and a fiscal deficit target of 4.6% of GDP. It outlines plans to lower the corporate tax surcharge and increase the MAT rate. Revenue deficits remain a concern. Spending on infrastructure will increase substantially while social sector spending will rise by 17%. Key reforms are planned for the insurance, pension, and banking sectors. However, concerns remain around achieving deficit targets given the underestimation of subsidies. Overall, the markets reacted modestly to the budget.
Gst Some Important Topic.
As Per My opinion This Is very Useful .
Most of the information Has Been Has Covered in this.
If Some thing left then You can send in comment box Also.
I Will see it and reply you.
Thanks For Your Support
GST in India - One year Opportunities and Challenges
The document provides an overview of the Goods and Services Tax (GST) in India, including its timeline, benefits, challenges, tax collection trends, and the way forward. Some key points include:
GST was introduced on July 1, 2017 to simplify and harmonize India's tax system. It has led to increased tax revenues but also implementation issues due to its complexity. While GST has boosted the economy by unified the national market, the government continues working to stabilize systems, rationalize rates, and increase compliance. Overall GST remains a work in progress but offers benefits for both businesses and government finances if its challenges can be adequately addressed.
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Income tax proposals Union Budget 2017
This document summarizes key income tax proposals in the Union Budget 2017 relating to timely filing of returns, cash restrictions, tax rates and advance tax/refunds. Some key points include:
- Exemptions will be denied if returns are not filed by the due date for certain entities like charitable trusts and political parties.
- Cash transaction limits have been lowered to Rs. 10,000 per person per day for various deductions and exemptions.
- Surcharge of 10-15% will apply for individuals with income above Rs. 50 lakhs-1 crore. Rebate under section 87A has been reduced.
- Tax rate for small companies with turnover under Rs. 50 crores has been
Union budget 2017
The document summarizes key highlights from the Union Budget 2017 regarding direct taxes and measures to promote economic growth and a digital economy in India. Some of the key points include:
- Income tax rates were reduced for individuals with an annual income up to Rs. 500,000.
- The period for claiming tax deductions for startups was increased from 3 to 7 years.
- Measures were introduced to promote affordable housing and the real estate sector, such as relaxing conditions for tax exemptions.
- Cash transaction limits were set to discourage the use of cash and promote digital payments.
- Transparency in political party funding was increased by introducing electoral bonds and limiting cash donations.
Major iIncome Ttax proposals union budget 2017
For Presentation made on Major Income Tax Proposals- Union Budget 2017 at Nehru Place CPE Study Circle of NIRC of ICAI click at - http://lunawat.com/Uploaded_Files/Presentation/MajorIncomeTaxProposals-UnionBudget2017-NehruPlace.pdf
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Union budget 2017 impact analysis
The Union Budget 2017 document summarizes key changes announced in the Indian Union Budget of 2017 and their implications. Some of the major changes include reductions in income tax rates for individual income between 2.5 to 5 lakhs, a reduction in the income tax rebate amount, restrictions on cash transactions over 300,000 rupees, a 10% income tax surcharge for incomes between 50 to 100 lakhs, and reductions in the permissible amount for cash donations from 10,000 to 2,000 rupees. The budget also included exempting long term capital gains from equity investments from tax if securities transaction tax was paid, penalties for delayed income tax filings, and changes to long term capital gains holding periods and the
Budget 2017 Highlights
Missed out on the Union Budget 2017 Presentation?
Indian Finance Minister, Mr. Arun Jaitely has once again taken the nation by wave with his pro-poor, pro-growth, pro-middle class, pro-youth & paradigm shifting Budget. Read the highlights of the Budget here.
Union Budget 2017
The Union Budget for 2017-18 was presented by Finance Minister Arun Jaitley on February 1st, 2017. This was the fourth budget under the Narendra Modi government. Key highlights included increased allocation for welfare of women and children to Rs. 1,84,632 crore, tax proposals, a focus on rural populations, infrastructure and railways, and support for agriculture and vulnerable groups.
Budget 2017 18
The budget proposal is divided into 10 themes: farmers, rural population, youth, poor/underprivileged, infrastructure, financial sector, digital economy, public services, fiscal management, and tax administration. Key points include increased farmer credit, rural development programs, skill training for youth, healthcare initiatives, infrastructure spending on railways and roads, financial reforms, digital payment promotion, and tax reforms including lowering personal income tax rates. The budget aims to boost rural spending and contains major reforms like merging the railway budget.
Uninon Budget 2017
The document outlines several initiatives by the government to promote education, skills, jobs, and digital economy among youth. It proposes setting up a National Testing Agency, launching the SANKALP skill development program, expanding the Skill India mission, and introducing the Pradhan Mantri Kaushal Kendra. It also discusses schemes for textiles and leather industries, expanding medical education, and promoting tourism. Further, it focuses on promoting digital payments through BHIM, Aadhar Pay, UPI and increasing POS terminals. It proposes reducing cash transaction limit to Rs. 3 lakhs and exempting digital payment devices from duties to encourage cashless transactions.
Airborne Express
This document provides a case analysis of Airborne Express, a former cargo airline and express delivery company. It includes an introduction to the company's history and operations, as well as analyses of Porter's 5 Forces, Airborne's competitive strategies, its costs relative to FedEx, pricing approaches, and recommendations for strengthening its position. The document evaluates how industry structure has changed over time and the impact on attractiveness. It also analyzes Airborne's strategy of focusing on corporate clients, lower pricing, and metropolitan areas to differentiate itself from competitors.
Airborne Express HBS case 798-070
This document provides an analysis of Airborne Express and the express mail delivery industry in the 1990s. It summarizes Airborne's business model, competitors, and the key factors influencing the industry at the time. Through various frameworks like PEST, Porter's Five Forces, and SWOT, it analyzes the competitive environment, Airborne's position and strategies, and the strategic challenges it faced in catching up to larger competitors like FedEx and UPS. The document concludes with a recommendation for Airborne to merge or get acquired by a bigger competitor.
Cash flow Analysis
The document analyzes the cash flow statement of an Indian fabric and garment manufacturer over two years, from 2014-2015 and 2015-2016. It shows that the company's cash flow from operating activities increased by 12.22% while its operating profit before working capital charges rose by 3.8%. The company's cash flow from investing activities decreased substantially by 343.11% and its cash flow from financing activities increased by 188.31%, resulting in the company's overall cash balance increasing by 21.59% over the two years.
Union Budget 2017
The Union Budget 2017 was a budget focused on providing the relief to the middle-class individual taxpayers. Letโs see what Arun Jaitleyโs Union Budget 2017 had for the individuals.
Budget highlights www.x cielgroup.com
The document summarizes key aspects of the 2017 Union Budget of India. It discusses 10 themes the budget focused on including farming, rural development, healthcare, and infrastructure. It outlines various allocations and policy initiatives related to agriculture, rural population, youth, healthcare, infrastructure, energy, financial sector reforms, fiscal situation, political party funding, defense, and tax proposals. The personal income tax rates were reduced for individuals earning between Rs. 2.5-5 lakhs and surcharges were imposed for those earning over Rs. 50 lakhs and Rs. 1 crore respectively.
Lq budget 2017
The document provides an analysis of key direct tax proposals in the Union Budget 2017 relating to transfer pricing, thin capitalization rules, taxation of individuals and companies, capital gains, real estate transactions, startups, and measures to promote digital payments and discourage cash transactions. Some key changes include reduced tax rates for individuals, introduction of secondary adjustment and thin capitalization rules for transfer pricing, relaxation of conditions for affordable housing tax exemption, and restrictions on cash donations and transactions above certain thresholds.
Amendments in Union Budget 2017
Budget Analysis of Union Budget 2017 in relation to amendments made in Income Tax Act, 1961 and Service Tax. A comprehensive and detailed analysis in simple language for better understanding of every class of readers.
Changes proposed in service tax by union budget 2016 17
The document discusses changes made to India's service tax law through the Union Budget of 2016-2017. Key changes include:
1) Introduction of a new 0.5% Krishi Kalyan Cess on all taxable services to finance agriculture initiatives.
2) The effective service tax rate is now 15% with the addition of the 0.5% Krishi Kalyan Cess and 0.5% Swachh Bharat Cess.
3) Lottery services provided in accordance with the Lotteries (Regulation) Act are now taxable. Air-conditioned stage carriage transport services are also taxable.
Key proposals Budget 2017 Taxpert Professionals
The document provides an overview of key proposals in the Indian Union Budget for 2017, including:
- Reducing personal income tax rates for individuals earning between 2.5-5 lakhs INR from 10% to 5%.
- Introducing a 10% surcharge on individuals earning between 50 lakhs-1 crore INR.
- Reducing the holding period for long term capital gains tax on immovable property from 3 to 2 years.
- Reducing the corporate tax rate for small companies with turnover under 50 crores INR in FY 2016 to 25%.
- Proposing changes to promote digital payments for small unorganized businesses.
Union budget 2017 Impact
This document summarizes key changes from the Indian Budget 2017 relating to direct taxes, indirect taxes, and other financial measures. For individuals, the document outlines changes such as reduced income tax rates, increased deduction limits, and simplified income tax returns. For corporates and professionals, it discusses changes like the corporate tax rate and presumptive taxation. The document also summarizes changes to capital gains tax, TDS/TCS provisions, and introduces new penalties for non-compliance. Regarding indirect taxes, it notes that the Goods and Services Tax is expected to be implemented soon and replaces existing service tax and excise duty laws.
Mckinsey & co. - Protecting its Reputation
McKinsey & Company is a global management consulting firm founded in 1926. In the 1990s and 2000s, the firm grew rapidly under the leadership of Managing Director Rajat Gupta. However, in 2011-2012 Gupta was convicted of insider trading for sharing confidential corporate information from Goldman Sachs with hedge fund manager Raj Rajaratnam, damaging McKinsey's reputation. In response, McKinsey implemented new policies to restore trust with clients and rebuild morale internally by re-emphasizing the firm's ethical values of client interests, truthfulness, and confidentiality.
Budget 2017 highlights
The budget document discusses key changes made in the Union Budget 2017 presented by the Finance Minister, including:
- The budget date was advanced to February 1 to allow ministries time to implement activities from April 1.
- The railway budget was merged with the general budget, discontinuing a colonial-era practice.
- Classification of expenditures as plan and non-plan was removed, with allocation divided into capital and revenue.
- Measures were introduced to curb black money while focusing on rural growth and digitizing the economy. Tax relief was provided for individuals and small companies.
The budget aims to transform, energize, and clean India with a focus on long-term vision.
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Union budjet 2017
The Union Budget for 2017 was presented earlier than usual, on February 1st, to allow ministries to operationalize activities from April 1st. Key changes included merging the Railway Budget with the General Budget, abolishing the distinction between plan and non-plan expenditure, and focusing on growth in rural areas and digitizing the economy. Tax relief was provided for individual taxpayers and small companies, while rules on political donations and cash transactions were tightened. The budget aimed to curb black money and support the government's vision for the Indian economy.
Tax Deduction at Source (TDS).pptx
The document discusses Tax Deduction at Source (TDS) in India. Some key points:
- TDS is a system where the payer of certain types of payments like salary, rent, interest, etc. is required to deduct a percentage of tax from the payment amount.
- Common deductions include interest, commission, rent, salary. The deducted amount is paid to the government on behalf of the recipient.
- TDS rates vary based on the type of income and thresholds. For example, interest income above โน40,000 is taxed at 10%.
- Form 26AS issued by the employer/payer shows the TDS deducted from salary payments.
Mounting_Tax_burden_on_the_middle_class.pdf
The middle class in India has been facing a growing burden due to rising taxes over the years. With the increasing cost of living and stagnant incomes, the additional financial strain has made it difficult for many to make ends meet. In recent years, the government has increased the tax rates for various goods and services, including essential commodities such as petrol and diesel, which has led to inflation and affected the middle class the most. The pandemic has only exacerbated this issue, with many middle-class families struggling to pay for healthcare and other necessities. The government must find ways to ease the burden on the middle class, such as by increasing tax exemptions and reducing tax rates for essential goods and services, to ensure that they can maintain a decent standard of living.
Income Tax in India.pdf
Income Tax in India, Income taxes are a source of revenue for governments. They are used to fund public services, pay government obligations, and provide goods for citizens.
The first Income-tax Act in India was introduced in 1860 on account of financial stress owing to the mutiny of 1857 and was to be in force for a period of 5 years.
The Income Tax Act 1961 has been brought into force on 1 April 1962. It applies to the whole of India (including Jammu and Kashmir).
An Income Tax in India is a direct tax that a government imposes on the annual income and profits earned by individuals and entities. It is calculated on the net taxable income of a person or entity for the applicable financial/fiscal year, which starts from the 1st of April of a year and ends on the 31st of March of the next calendar year.
Tax world reacts to interim budget 2019
Who's who of India Tax world reacts to the Interim Budget 2019 presented by the acting FM
Dinesh Kanabar Ketan Dalal sudhir kapadia Gautam Mehra TP Oswal Uday Ved Rohit Jain SUNIL KAPADIA Amit Singhania Pankaj Vasani @Amit Maheshwari Sanjay Sanghvi Tejas Desai Milind S Kothari Rajendra Nayak
Direct tax code (dtc)
The presentation will help you understand the concept of DTC.
Also it will help you know the usefulness of DTC.
Union Budget 2016
We all welcome the Union Budget 2016-17 and consider it reformist budget aimed at creating strong base for economic growth.
The budgetary proposals are built on transformative agenda standing on nine (9) pillars, which could be regarded as facilitators to the various programs of national importance (7 programs) like Start-up India, Digital India, Make in India, Smart India, Stand-up India, Skill India and Clean India.
2012 13 vs 2013-14
The document discusses the key priorities and steps taken in the 2012-13 and 2013-14 budgets in India. The 2012-13 budget aimed to improve the macroeconomic environment, strengthen domestic growth drivers, and accelerate economic reforms. It focused on strengthening investment, infrastructure, poverty alleviation, and rural development. Steps included tax-free infrastructure bonds, rural development funds, and disinvestments in PSUs. The 2013-14 budget emphasized higher inclusive growth and focused on strengthening investment, infrastructure, poverty alleviation, rural development, and job creation. It outlined further steps in these areas as well as some tax changes and impacts.
โขWhat is income tax โBest income tax lawyer in lucknow.pptx
Income tax is a tax that governments impose on individuals' earnings or income, including wages, salaries, dividends, interest, rental income, and other sources of income. The purpose of income tax is to generate revenue for the government to fund public services, infrastructure, and other expenditures.
Income tax is usually progressive, meaning that higher-income individuals are taxed at higher rates. Tax rates and brackets can vary significantly between countries, and some countries may also have different tax rates for different types of income (e.g., earned income vs. investment income).
Taxpayers are typically required to file tax returns annually, reporting their income and calculating the amount of tax they owe based on the applicable tax rates and deductions. Taxpayers may also be eligible for various tax credits and deductions that can reduce their taxable income or the amount of tax they owe.
Governments use various methods to collect income tax, such as withholding taxes from paychecks (pay-as-you-earn or PAYE system), estimated tax payments for self-employed individuals, and annual tax return filings for individuals and businesses.
Overall, income tax is a crucial component of a country's tax system, providing essential revenue for government operations and public services while also influencing economic behavior and wealth distribution.
There are several reasons why taxes are necessary. First and foremost, taxes provide the government with the funds needed to finance essential public services and projects that benefit society as a whole. These services include maintaining roads and bridges, funding public schools and universities, providing healthcare services, and ensuring public safety through law enforcement and emergency services.
Additionally, taxes play a crucial role in redistributing wealth and reducing economic inequality. Progressive tax systems, for instance, require higher-income individuals to pay a larger percentage of their income in taxes, while lower-income individuals pay a lower percentage. This helps ensure that wealthier individuals contribute proportionally more to society's needs and helps fund social welfare programs that support disadvantaged populations.
Furthermore, taxes can be used as a tool to influence economic behavior and achieve policy objectives. For example, governments may use tax incentives or penalties to encourage environmentally friendly practices, promote investment in specific industries or regions, or discourage harmful activities such as smoking or excessive consumption of sugary drinks.
In summary, taxes are necessary for funding public services, reducing economic inequality, and achieving various policy goals that benefit society as a whole. While they may be a source of contention for some, they are a fundamental aspect of modern governance and play a vital role in shaping the economic and social landscape of a country.
Demonetisation + GST Law + Income tax = combating black money and demonetisat...
On November 8, 2016 the Indian government announced the demonetization of Rs. 500 and Rs. 1000 currency notes to curb corruption, terrorism, and black money. This led to a cash crunch that temporarily impacted sectors like agriculture and transportation that rely on cash transactions. In response, the government implemented new tax policies like the Goods and Services Tax (GST) and income tax amendments along with initiatives like Operation Clean Money to identify suspicious cash deposits post-demonetization. While demonetization and the new policies adversely impacted some sectors in the short-run, they are expected to increase transparency and tax revenues in the long run by moving India towards a less cash-based, digital economy.
Indian budget 2015-16
The budget aims to attract investors and revive economic growth by reducing the corporate tax rate from 30% to 25% over four years. It also abolishes wealth tax and replaces it with a 2% surcharge on individuals earning over Rs. 1 crore to generate more revenue. The budget incentivizes REITs, InvITs, and manufacturing in backward areas. It promises to implement the GST by April 2016 and relaxes MAT for foreign investors. The budget eases business regulations and increases tax thresholds to reduce compliance burden.
What is GST and its Impact on current entrepreneurs ?
The document discusses the Goods and Services Tax (GST) bill in India. Some key points:
1. GST will consolidate indirect taxes like VAT, service tax, etc. into a single tax to make compliance easier. It will be levied on manufacture, sale, and consumption of goods and services.
2. GST is expected to benefit businesses, especially startups, by simplifying tax compliance, increasing exemptions for new businesses, and reducing logistics costs through seamless inter-state movement of goods.
3. However, some drawbacks are also discussed, such as potential increased costs for e-commerce companies and possibility of higher tax burden for low-turnover manufacturing startups.
Vikram budget 2018
The document summarizes the key highlights of the Indian government's 2018 budget. It outlines differences between government and business accounting, the major components of government expenditures and receipts, and defines fiscal deficit. It then details several new major expenditure initiatives in areas like agriculture, welfare, education, and healthcare. Other initiatives include infrastructure projects and reforms in taxation, banking, and markets. The analysis suggests the budget aims to boost growth through fiscal expansion and reforms while maintaining a fiscal deficit of 3.5% of GDP. It is expected to increase investment, employment, consumption, and GDP.
Goods service tax(gst)
Get GST Registration online in 1-3 working days in Bangalore with the help of Earnlogic such as GST Registration, GST Return Filing, Affordable Cost, Call Today"
Budget measures
The document discusses fiscal policy and government budgets. It describes how governments fund expenditures through taxation, borrowing, or other means. It outlines some economic effects of fiscal policy, including how deficits can influence interest rates and aggregate demand. It also provides examples of specific tax policies and spending programs from the government's fiscal budget.
Budget 2015 highlights
The budget highlights include raising the limit for the New Pension Scheme and health insurance deductions. The transport allowance limit and service tax rate were also increased. A 2% Swachh Bharat cess will be added to the service tax rate. New pension and insurance schemes were introduced to provide social security with premium amounts between Rs. 12-330 per year.
PPT ON UNION BUDGET 2020-21
The budget highlights the introduction of a new optional income tax regime that allows taxpayers to forgo 70 exemptions in exchange for lower tax rates. Key allocations include Rs. 2.83 lakh crore for agriculture, Rs. 99,300 crore for education, and Rs. 1.7 lakh crore for transport infrastructure. Bank deposit insurance is increased to Rs. 5 lakh per depositor. The budget also removes the dividend distribution tax paid by companies and instead taxes dividends in the hands of recipients.
budget111ppt-130306122511-phpapp01.pdf
The Union Budget for 2013-14 aimed to boost growth while resisting populist measures. It increased taxes on luxuries like SUVs, imported cars and motorcycles. Income tax rates remained unchanged, but a tax credit of Rs. 2,000 was provided for incomes below Rs. 5 lakh. Higher allocation was provided for infrastructure, agriculture, rural development, health, education and social sectors. The fiscal deficit target was set at 4.8% of GDP.
Gst p pt
GST is an indirect tax levied on the supply of goods and services in India. It replaced multiple existing indirect taxes levied by the central and state governments. GST aims to integrate state economies and boost tax revenues. It introduces input tax credit which eliminates cascading of taxes and benefits both businesses and consumers. While GST faced initial challenges during implementation, it has since boosted tax collection and helped build a more transparent, less corrupt tax system in India. Overall, GST has proven to be a boon for the Indian economy by increasing tax revenues and facilitating the ease of doing business across state borders.
Rule 86B
The government has introduced Rule 86B to the GST rules to prevent tax evasion. The new rule mandates that businesses with a monthly turnover over 50 lakh rupees must pay 1% of their GST liability in cash, while the remaining 99% can be paid using input tax credits as before. This is aimed at curbing the use of fake invoices to claim input tax credits. Certain businesses, such as those whose directors pay over 1 lakh in income tax or received over 1 lakh in GST refunds last year, will be exempt from this rule. When calculating turnover for this rule, supplies exempt from GST and those with a zero tax rate will not be included.
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5- ุงูู
ูุฒู
ุฉ ุชุดุฑุญ ููุณูุง ุจ ููุณูุง ุจุณ ุชููู ุชุนุงู ุงูุฑุงูู
6- ุชุญุชูู ุงูู
ูุฒู
ุฉ ูู ุงูู ุณูุงูุฏ ุนูู ุฎุงุฑุทุฉ ุชุชุถู
ู ุฌู
ูุน ุชูุฑูุนุงุช ู
ุนููู
ุงุช ุงูุฌูุงุฒ ุงูููููู ุงูู
ุฐููุฑุฉ ูู ูุฐูู ุงูู
ูุฒู
ุฉ
ูุงุฎูุฑุงู ูุฐูู ุงูู
ูุฒู
ุฉ ุญูุงูู ุนูููู
ูุฅุชู
ูู ู
ููู
ุฅู ุชุฏุนููู ุจุงูุฎูุฑ ูุงูุตุญุฉ ูุงูุนุงููุฉ ููุท
ูู ุงูุชูููู ุฒู
ูุงุฆู ูุฒู
ููุงุชู ุ ุฒู
ูููู
ู
ุญู
ุฏ ุงูุฐูุจู ๐๐
๐ฅ๐ฅ๐ฅ๐ฅ๐ฅ๐ฅ๐ฅ๐ฅ๐ฅ
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Budget analysis on tax reforms of Union budget 2017
- 1. By Ch. Meher Pranav B.Bhargav Naidu
- 2. โข WHAT IS BUDGET ? โข WHAT IS TAX? โข WHAT ARE TYPES OF TAXES? โข HOW DOES TAX PLAY A KEY ROLE IN BUDGET?
- 3. โข Up to Rs.2,50,000-No tax โข Rs.2,50,000 to Rs.5,00,000-5% โข Rs.5,00,000 to Rs.10,00,000-20% โข Over Rs.10,00,000-30%
- 4. โข Lesser tax for middle class โข More tax for the rich : There is a additional 10% surcharge to all those whose income lies between โน50 lakh to โน1crore โข 15% surcharge for people having income above โน1 crore
- 5. โข People filing returns for the first time will not be subject to IT scrutiny unless there is a clear indication of cash deposits under demonetisation. Also, people with income under Rs 5 lakh (without any business income) will now file a simplified one-page return. This will encourage people to file returns and get all the benefits of filing like easier access to home loans, bank accounts, and more.
- 6. โข The time period for revising a tax return is being reduced to 12 months
- 7. โข Long-term holding has been reduced to two years, and the base year for indexation will now be 2001 instead of 1982. This will bring down the capital gains liability significantly
- 8. โข Service charge on e-tickets booked through IRCTC has been withdrawn to bring rail tickets at affordable prices to the general public.
- 9. โข Bad news for first-time home buyers โ the additional Rs 2 lakh deduction on home loan interest (sec 80EE) given in 2016 has now been withdrawn
- 10. โข Small companies with annual turnover up to Rs 50 crore will now only pay income tax at 25 percent. As the honourable finance minister says, this will cover 96 percent of the Indian companies and thus boost Indian business. It will also encourage many businesses to adopt legal company structures.
- 11. โข Cash transactions have been restricted, with only Rs 10,000 cash expenses now allowed as deduction for businesses. Cash donations to charitable organisations and political parties will be limited to Rs 2,000 from Rs 10,000 per source.
- 12. โข In the interest of public health, the government has increased the excise duty levy on cigars, cigarettes, and other tobacco substitutes. The duty is hiked from 3%to 6%.
- 13. โข Promoters holding shares through private trusts will now have to pay 10% tax on dividend income above Rs10lakh โข This move could hit succession planning of many corporate houses
- 14. โข Tax rebates extended for 3 out of first 7 years
- 15. โข The indirect tax scene has not changed significantly as GST is expected to be rolled out on July 1, 2017, subsuming all the current indirect taxes.
- 16. โข If exemption has increased it gives more power to consumerism. โข It can act as a booster to Indian economy. โข India could also embrace concept of joint filing of tax return by a married couple. โข The excise duty on cigarettes must have increased to 8-10%
Editor's Notes
- budget หbสdสษชt/ noun 1. an estimate of income and expenditure for a set period of time. A feeย chargedย ("levied") by aย governmentย on aย product,ย income, orย activity. If tax is leviedย directlyย onย personalย orย corporateย income, then it is aย direct tax (health tax income tax coporate tax). If tax is levied on theย priceย of a good or service, then it is called anย indirect tax.(customs tax excise tax sales tax service tax )ย THE MAIN INCOME FOR GOVERNENT IS FOR FROM TAX Read more:ย http://www.investorwords.com/4879/tax.html#ixzz4Xd3VPac5