The budget document discusses key aspects of the Union Budget for 2012-13 presented by the Finance Minister. Some key points include:
- Corporate tax rates were kept the same for both domestic and foreign companies. MAT rates and DDT rates were also unchanged.
- The budget proposed expanding the scope of AMT to include all persons claiming profit linked deductions, not just companies.
- Tax rates and slabs for individual taxpayers were largely unchanged, with some new deductions and exemptions introduced.
- Measures were introduced to strengthen the investment environment, including increased allocations for agriculture, MSEs, and infrastructure.
- The budget also contained proposals aimed at curbing black money, such as compulsory
A budget is a quantitative expression of a financial plan, we all know that but, not everyone understands the whole of Budget. For this reason alone, the budget views are presented in a PPT format for your reference.
A presentation by CA Manish Hingar
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.
This slide deck includes the highlights of the recent Union Budget of India for the financial year 2017-18 announced by Mr Arun Jaitley (Finance Minister) on 2nd Feb 2017.
A budget is a quantitative expression of a financial plan, we all know that but, not everyone understands the whole of Budget. For this reason alone, the budget views are presented in a PPT format for your reference.
A presentation by CA Manish Hingar
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.
This slide deck includes the highlights of the recent Union Budget of India for the financial year 2017-18 announced by Mr Arun Jaitley (Finance Minister) on 2nd Feb 2017.
To discuss the ongoing changes in the Indian Economy, Laws and Policies which are catalyzing the process of India becoming an attractive investment destination and to walk through the process of "Doing Business in India”.
The document was prepared as one of the assignments
It contains descriptions of different ministries where capital expenditure is more than the revenue expenditure in the budget 2020.
The document has analysis related to corporate and income tax changes
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.
For Salient Features of Union Budget 2017 created by Lunawat Team click at - http://lunawat.com/Uploaded_Files/Attachments/F_3558.pdf
Regards
CA Pramod Jain
To discuss the ongoing changes in the Indian Economy, Laws and Policies which are catalyzing the process of India becoming an attractive investment destination and to walk through the process of "Doing Business in India”.
The document was prepared as one of the assignments
It contains descriptions of different ministries where capital expenditure is more than the revenue expenditure in the budget 2020.
The document has analysis related to corporate and income tax changes
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.
For Salient Features of Union Budget 2017 created by Lunawat Team click at - http://lunawat.com/Uploaded_Files/Attachments/F_3558.pdf
Regards
CA Pramod Jain
Union Budget 2014 is an earnest commencement to the economic agenda laid down by the government signifying the intent of kick starting capital spending both in public & private sector.
It is heartening to see the budget in pursuit of fiscal prudence with a focused objective to simplify tax administration in order to advance the ease of doing business.
BDO India LLP brings an overview of key changes from a tax and regulatory perspective and its impact on the economic trajectory.
Presentation on Budget, budgeting and budgetary control..
Contents-
1) Budgeting [characteristics]
2) Budgetary control
3) Difference in budget, budgeting, budgetary control
4) Essentials in budgetary control
5) Requisites for budgetary control system
6) Merits & limitations
7) Zero-based budgeting
8) Difference in Traditional & Zero based budgeting.
Classification of budget according to Time, Function and Flexibility. Long term budget, Short term budget, Long term budget, Short term budget, Sales budget, Production budget
The 2015 budget had long list of expectations. On one hand; the Government has addressed major issues surrounding the foreign investors which would certainly boost capital market inflows and revive the private equity industry (by deferring GAAR by 2 years and clarifying Permanent Establishment & Indirect Transfer of Assets). On other hand; it has just rationalized the subsidies. Probably as we see growth coming in and more job creation; subsidy burden can be better dealt with by the Government. Though there are no direct benefits for the middle class. However incentives have been introduced to encourage savings. These savings are expected to fuel the infrastructure and other investment plans laid out by the Government. Certainly Foreign investors have a reason to cheer for this Pro Business; Pro Growth Government budget.
Honourable Finance Minister Nirmala Sitharaman has presented her second Union Budget in the Parliament on 01 February 2020. This Budget focused on bringing a series of measures aimed at promoting investments in the country, creating a world class infrastructure and stimulating economic growth.
We bring you our analysis of Direct Tax proposals announced by the Hon'ble Finance Minister at her budget speech. Some of the key takeaways are highlighted below:
• 15% concessional tax regime for new domestic manufacturing companies will now be applicable to Power-generating companies as well;
• Alternative personal tax regime made available for Individual/ HUFs
• Abolition of Dividend Distribution Tax (DDT);
• Advance Pricing Agreement and Safe Harbour Rules to cover Income Attribution to a Permanent Establishment (PE);
• Thin Capitalization provisions liberalized and have been made inapplicable to a debt provided by PE of non-resident engaged in the business of banking in India;
• TDS on e-commerce transactions;
• TCS on overseas remittances under Liberalised Remittance Scheme (LRS), purchase of overseas tour packages and purchase of goods;
• Threshold of residency for citizens & PIOs visiting India reduced from 182 days to 120 days. Further, definition of ‘Not ordinarily resident’ is also narrowed;
• Donations to charitable institutions made to be pre-filled in IT return form to claim exemptions for donations easily. Further the Income Tax exemption approvals to Charitable Institutions is made subject to renewal every five years
A descriptive presentation on Understanding the Union Budget - 2020, containing detailed interpretation of various amendments in Direct and Indirect Tax Structure.
Good Luck!!
Good Luck!!
Tax world reacts to interim budget 2019Radhabajaj987
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
The presentation discusses various aspects of Corporate Governance and involved issues, keeping in view the recent developments and controversies arose in conglomerates such as Tata and Infosys. It aims at portraying the extant position in filed of Corporate Governance vis-a-vis a pragmatic view of what it would be.
A Presentation given by Mr. Pavan Kumar Vijay, Past President, ICSI, Chairman-Secretarial Standards Board
on Corporate Governance through the eyes of Secretarial Standards.
Mr. Chander Sawhney, Partner & Head – Valuation & Deals, Corporate Professionals shared his thoughts as a guest Speaker on M&A Valuation and challenges at a Business Valuation Masterclass organised by VC Circle on 31st August, 2016. Corporate Professionals acted as the event supporting partner.
• In case of a merger valuation, the emphasis is on arriving at the relative values of the shares of the merging companies to facilitate determination of the swap ratio, hence, the purpose is not to arrive at absolute values of the shares of the companies. The key issue to be addressed is that of fairness to all shareholders. There are established legal precedence for merger valuation methodologies:
• Valuer’s role is to incorporate case specific factors and use appropriate methodologies so as to determine a fair ratio
• Usually, best to give weight ages to valuation by all methods
• Market price method and Earnings methods dominate.
• It is observed that in case of M&A, the Valuations depart from the concept of “Fair Value” as elements like Distress Sale, Desperate Buy, Comparable Transaction Multiples come into play reflecting Price than Value.
About Corporate Professionals Valuation Practice
Corporate Professionals Capital Pvt. Ltd. is a SEBI Registered (Cat-1) Merchant Banker and has a successful track record of providing a broad range of M&A and Transaction Advisory Services. Our Dedicated Team has more than 10 years of rich Valuation experience and we have executed more than 500 Corporate Valuations for clients of International Repute across different Context, Industries and Boundaries.
To know more about Our Valuation offerings and how we can help you, please visit us at www.corporatevaluations.in or download our Valuation profile @ http://www.corporatevaluations.in/VALUATION_PROFILE.pdf
Mr. Chander Sawhney, Partner & Head – Valuation & Deals, Corporate Professionals shared his thoughts as a guest Speaker on Relative Valuation - Techniques & Application at a Business Valuation Masterclass organised by VC Circle on 31st August, 2016.
Relative Valuation in which value of an asset or liability is done by comparing it to its Peers is pervasive and preferred for ascertaining Fair Value at a point of time as it reflects the market positioning of the Industry and Peers at that time. While Discounted Cash Flow (DCF) method is applied for arriving at Fundamental Valuation, most M&A transaction are based on Relative Valuation multiples (mostly Earnings based). The valuation ratio typically expresses the valuation as a function of a measure of Key Financial Metrics like PE, EV/EBITDA, EV/Sales or Book Value Multiple.
But before using a multiple, one should know the fundamentals determining the multiple and how changes impact it. Sanity check through use of fundamental valuation method like DCF is strongly recommended.
About Corporate Professionals Valuation Practice
Corporate Professionals Capital Pvt. Ltd. is a SEBI Registered (Cat-1) Merchant Banker and has a successful track record of providing a broad range of M&A and Transaction Advisory Services. Our Dedicated Team has more than 10 years of rich Valuation experience and we have executed more than 500 Corporate Valuations for clients of International Repute across different Context, Industries and Boundaries.
To know more about Our Valuation offerings and how we can help you, please visit us at www.corporatevaluations.in or download our Valuation profile @ http://www.corporatevaluations.in/VALUATION_PROFILE.pdf
Mr. Chander Sawhney, Partner & Head – Valuation & Deals, Corporate Professionals shared his thoughts as a guest Speaker on Valuation Principles & Techniques in Ind AS at a seminar organised by Gurgaon Branch of ICAI on 3rd September, 2016.
IndAS113 prescribes Fair Valuation definition, Techniques, Application and its Hierarchy. About 75% of the Balance Sheet Size is expected to change due to Fair Value Accounting (#IndAS109 #Financial Instruments, #IndAS102 #Share based payments, #IndAS16 Property Plant Equipments (PPE), #IndAS103 #Business combination etc. shall be impacted using #FairValue. Time to get ready, Plan Prepare and Align with the new requirements...
About Corporate Professionals Valuation Practice
Corporate Professionals Capital Pvt. Ltd. is a SEBI Registered (Cat-1) Merchant Banker and has a successful track record of providing a broad range of M&A and Transaction Advisory Services. Our Dedicated Team has more than 10 years of rich Valuation experience and we have executed more than 500 Corporate Valuations for clients of International Repute across different Context, Industries and Boundaries.
To know more about Our Valuation offerings and how we can help you, please visit us at www.corporatevaluations.in or download our Valuation profile @ http://www.corporatevaluations.in/VALUATION_PROFILE.pdf
Takeover Panorama, a Monthly Newsletter by Corporate Professionals on Takeove...Corporate Professionals
-The brief synopsis of recent Judicial Pronouncements given by the SEBI, AO, SAT, Informal Guidance and Consent orders passed in the month of December in the matter of SEBI Takeover Regulations.
-The brief synopsis of latest Open Offers given by the National as well as International Acquirers under the SEBI Takeover Regulations
-Unhide the hidden but important provision of the SEBI Takeover Regulations which generally get unnoticed on a plain reading of the regulations.
Acquisition of stake in YourNest Angel Fund by Religare Global Asset Management
Acquisition of stake in Bokaro Jaypee Cement by Dalmia Bharat
Telstra Health Acquires Business of IdeaObject
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With our endeavor to disseminate information upon the SEBI’s new Regulations, we have prepared a small presentation on Promulgation of SEBI (Share Based Employee Benefit) Regulations, 2014.
GraphRAG is All You need? LLM & Knowledge GraphGuy Korland
Guy Korland, CEO and Co-founder of FalkorDB, will review two articles on the integration of language models with knowledge graphs.
1. Unifying Large Language Models and Knowledge Graphs: A Roadmap.
https://arxiv.org/abs/2306.08302
2. Microsoft Research's GraphRAG paper and a review paper on various uses of knowledge graphs:
https://www.microsoft.com/en-us/research/blog/graphrag-unlocking-llm-discovery-on-narrative-private-data/
Builder.ai Founder Sachin Dev Duggal's Strategic Approach to Create an Innova...Ramesh Iyer
In today's fast-changing business world, Companies that adapt and embrace new ideas often need help to keep up with the competition. However, fostering a culture of innovation takes much work. It takes vision, leadership and willingness to take risks in the right proportion. Sachin Dev Duggal, co-founder of Builder.ai, has perfected the art of this balance, creating a company culture where creativity and growth are nurtured at each stage.
Software Delivery At the Speed of AI: Inflectra Invests In AI-Powered QualityInflectra
In this insightful webinar, Inflectra explores how artificial intelligence (AI) is transforming software development and testing. Discover how AI-powered tools are revolutionizing every stage of the software development lifecycle (SDLC), from design and prototyping to testing, deployment, and monitoring.
Learn about:
• The Future of Testing: How AI is shifting testing towards verification, analysis, and higher-level skills, while reducing repetitive tasks.
• Test Automation: How AI-powered test case generation, optimization, and self-healing tests are making testing more efficient and effective.
• Visual Testing: Explore the emerging capabilities of AI in visual testing and how it's set to revolutionize UI verification.
• Inflectra's AI Solutions: See demonstrations of Inflectra's cutting-edge AI tools like the ChatGPT plugin and Azure Open AI platform, designed to streamline your testing process.
Whether you're a developer, tester, or QA professional, this webinar will give you valuable insights into how AI is shaping the future of software delivery.
UiPath Test Automation using UiPath Test Suite series, part 3DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 3. In this session, we will cover desktop automation along with UI automation.
Topics covered:
UI automation Introduction,
UI automation Sample
Desktop automation flow
Pradeep Chinnala, Senior Consultant Automation Developer @WonderBotz and UiPath MVP
Deepak Rai, Automation Practice Lead, Boundaryless Group and UiPath MVP
Transcript: Selling digital books in 2024: Insights from industry leaders - T...BookNet Canada
The publishing industry has been selling digital audiobooks and ebooks for over a decade and has found its groove. What’s changed? What has stayed the same? Where do we go from here? Join a group of leading sales peers from across the industry for a conversation about the lessons learned since the popularization of digital books, best practices, digital book supply chain management, and more.
Link to video recording: https://bnctechforum.ca/sessions/selling-digital-books-in-2024-insights-from-industry-leaders/
Presented by BookNet Canada on May 28, 2024, with support from the Department of Canadian Heritage.
Key Trends Shaping the Future of Infrastructure.pdfCheryl Hung
Keynote at DIGIT West Expo, Glasgow on 29 May 2024.
Cheryl Hung, ochery.com
Sr Director, Infrastructure Ecosystem, Arm.
The key trends across hardware, cloud and open-source; exploring how these areas are likely to mature and develop over the short and long-term, and then considering how organisations can position themselves to adapt and thrive.
The Art of the Pitch: WordPress Relationships and SalesLaura Byrne
Clients don’t know what they don’t know. What web solutions are right for them? How does WordPress come into the picture? How do you make sure you understand scope and timeline? What do you do if sometime changes?
All these questions and more will be explored as we talk about matching clients’ needs with what your agency offers without pulling teeth or pulling your hair out. Practical tips, and strategies for successful relationship building that leads to closing the deal.
Search and Society: Reimagining Information Access for Radical FuturesBhaskar Mitra
The field of Information retrieval (IR) is currently undergoing a transformative shift, at least partly due to the emerging applications of generative AI to information access. In this talk, we will deliberate on the sociotechnical implications of generative AI for information access. We will argue that there is both a critical necessity and an exciting opportunity for the IR community to re-center our research agendas on societal needs while dismantling the artificial separation between the work on fairness, accountability, transparency, and ethics in IR and the rest of IR research. Instead of adopting a reactionary strategy of trying to mitigate potential social harms from emerging technologies, the community should aim to proactively set the research agenda for the kinds of systems we should build inspired by diverse explicitly stated sociotechnical imaginaries. The sociotechnical imaginaries that underpin the design and development of information access technologies needs to be explicitly articulated, and we need to develop theories of change in context of these diverse perspectives. Our guiding future imaginaries must be informed by other academic fields, such as democratic theory and critical theory, and should be co-developed with social science scholars, legal scholars, civil rights and social justice activists, and artists, among others.
"Impact of front-end architecture on development cost", Viktor TurskyiFwdays
I have heard many times that architecture is not important for the front-end. Also, many times I have seen how developers implement features on the front-end just following the standard rules for a framework and think that this is enough to successfully launch the project, and then the project fails. How to prevent this and what approach to choose? I have launched dozens of complex projects and during the talk we will analyze which approaches have worked for me and which have not.
DevOps and Testing slides at DASA ConnectKari Kakkonen
My and Rik Marselis slides at 30.5.2024 DASA Connect conference. We discuss about what is testing, then what is agile testing and finally what is Testing in DevOps. Finally we had lovely workshop with the participants trying to find out different ways to think about quality and testing in different parts of the DevOps infinity loop.
Kubernetes & AI - Beauty and the Beast !?! @KCD Istanbul 2024Tobias Schneck
As AI technology is pushing into IT I was wondering myself, as an “infrastructure container kubernetes guy”, how get this fancy AI technology get managed from an infrastructure operational view? Is it possible to apply our lovely cloud native principals as well? What benefit’s both technologies could bring to each other?
Let me take this questions and provide you a short journey through existing deployment models and use cases for AI software. On practical examples, we discuss what cloud/on-premise strategy we may need for applying it to our own infrastructure to get it to work from an enterprise perspective. I want to give an overview about infrastructure requirements and technologies, what could be beneficial or limiting your AI use cases in an enterprise environment. An interactive Demo will give you some insides, what approaches I got already working for real.
Kubernetes & AI - Beauty and the Beast !?! @KCD Istanbul 2024
Union budget
1. UNION BUDGET
2012-13
Investment Environment And Tax
Aspects
2. INTrODUcTION
• The Hon’ble Finance Minister Shri Pranab Mukherjee on 16.03.2012 presented the Union
Budget 2012. During the Year, as the Growth moderated and fiscal deficit widened; the
Minister admitted that the overall performance has been disappointing but also attributed
part of it to the Global crisis, domestic inflationary pressures and weak industrial growth. It
is maintained that pace of reforms needs acceleration and tough steps needs to be taken
for improving macroeconomic environment and strengthen domestic growth drivers. The
12th Five Year Plan aims addressing the following- Domestic Growth, Private investment,
Removal of supply bottlenecks in Agriculture, Energy & Transport, Malnutrition problem
and better Governance and tackling problem of Black Money and corruption.
• The Budget 2012 proposed certain limited amendments in Direct Tax Laws. However,
increase in Indirect Taxes has been made to pave way for the big legislation of Goods and
Services Tax (GST) convergence and also for reducing the Fiscal deficit. Some steps like
introduction of GAAR have been taken in direction of movement towards DTC and
eradication of Black Money and some serious retrospective amendments have also been
proposed by this Budget
5. cOrPOraTE TaxaTION
CORPORATE TAX RATES
For Domestic Companies
• Tax rates have been kept same,
For Foreign Companies
• Tax rates have been kept same,
MAT
Rate of MAT have been kept same
DIVIDEND DISTRIBUTION TAX
Rates unchanged
Cascading effect on DDT in case of Multilayer Subsidiaries removed to give ease
to the Corporate Structure
6. TrEaTmENT Of sharE PrEmIUm IN
ExcEss Of fmv
New Insertion under Section 56(2) applicable in case of a closely held Company where a
Company receives consideration for Issue of Shares. FMV to be substantiated in
accordance with method as may be prescribed. This Provision may Invite Litigations
and Valuation Rules should be adequately framed in this respect.
7. ExPaNsION Of amT
For Partnership Firms (including Limited Liability
Partnerships)
Tax rates have been kept same
AMT
It is proposed to extend levy of Alternate Minimum Tax (AMT) to all persons
other than companies and LLP also, claiming profit linked deductions under
Chapter VI-A or under Section 10AA.
8. Tax raTE
For Individual Tax Payers
Total Income Tax Rate
For GENERAL Tax Payers (Male/Female)
Income upto Rs. 2.0 Lakhs NIL
Income above Rs.2.0 Lakh and upto Rs 5 Lakhs 10%
Income above Rs 5 Lakhs and upto Rs10 Lakhs 20%
Income above Rs10 Lakhs 30%
For SENIOR CITIZENS
Income upto Rs 2.5 Lakhs NIL
Income above Rs 2.5 Lakh and upto Rs 5 Lakhs 10%
Income above Rs 5 Lakhs and upto Rs10 Lakhs 20%
Income above Rs10 Lakhs 30%
9. Tax raTE
Notes:
3.For Individual Taxpayers, exemption on Saving Bank Interest upto Rs 10,000 has been
provided. This would now provide relief to small assesses having Salary income of less than
Rs 5 lacs as there would be no need to file the ROI.
4.In case of Senior Citizens not having any Business Income, requirement of paying Advance
Tax exempted.
5.Proposal to allow deduction of upto Rs 5,000 for preventive Health check up has also been
provided.
6.The segregation in tax slabs of Male/Female has been done away with
7.For all purposes of the Income Tax Act, Age of Senior Citizens harmonized to 60 years.
8.Special Slab rates in case of senior citizens of 80 years and above have been maintained.
10. INDIvIDUal TaxaTION
INVESTMENT LINKED DEDUCTIONS/SUNSET CLAUSES
Extention of sunset clause for tax holiday for power sector
•Section 80-IA(4)(iv) has been proposed to be amended to extend the
terminal date for further period of one year i.e. upto March 31, 2013
TAXATION OF CERTAIN FOREIGN DIVIDENDS AT REDUCED RATE
Lower tax of 15% on dividends received by an Indian company from its
foreign subsidiary in which it has shareholding of 26% or more gets
extended by 1 more year upto 31.03.2013.
12. mIcrO small & mEDIUm
ENTErPrIsEs
Turnover limit for Tax Audit and Presumptive Taxation of SME’s increased from
Rs 60 Lacs to Rs 1 crores.
Capital Gains Exemption is provided to Individual/HUF on sale of residential
property if sale consideration is used for subscription in Equity of a
Manufacturing SME for purchase of Plant & Machinery.
Rs 5000 crores Indian Opportunity Venture Fund to be set up with SIDBI
Policy requiring ministries and CPSEs to make a minimum of 20% of their
Annual purchases from MSE’s approved. Of this 4% earmarked for
procurement from MSE’s owned by SC/ST entrepreneurs.
13. aGrIcUlTUrE
Plan outlay increased by 18%
Allocation for Green Revolution increased to Rs 10,000 crores in 2012-13 from
Rs 400 crores in 2011-12
Interest subvention scheme for short term loans to farmers at 7% p.a. to
continue for 2012-13. Additional subvention of 3% for prompt paying farmers.
Rs 200 crores to be set aside for incentivizing research with rewards.
Structural changes in Accelerated Irrigation Benefit Programme being made to
maximize flow of benefit from Investment in Irrigation projects.
14. hOUsING &
INfrasTrUcTUrE
HOUSING SECTOR
Various proposals addressing shortage of housing for Low Income groups in
major cities including allowing ECB’s.
INFRASTRUCTURE
Withholding rates on interest payment on ECB’s reduced from 20% to 5% for 3
years for certain sectors.
During 12th 5 Year plan, Investment in Infrastructure to go upto Rs. 50 Lakh
crores under PPP.
Tax Free Bonds of Rs. 60,000 crores to be allowed for financing Infrastructure
projects in 2012-13
15. OThErs
FOREIGN DIRECT INVESTMENT (FDI)
• FDI in Multi-Brand Retail UPTO 51% and Aviation UPTO 49% are under
active consideration of Government
EDUCATION
• Allocation of Rs 25555 Crores provided representing 21.7% increase
• 6000 schools proposed to be set up as Model Schools
HEALTH
• Existing Vaccine units to be modenised and new units to set up in Chennai
• Allocation for NRHM increased to Rs 20,822 crores
16. OThErs
NATIONAL MANUFACTURING POLICY
National Manufacturing Policy announced to increase the share of Manufacturing in GDP to
25% in next decade and create 10 crore jobs.
POWER & COAL
External Commercial Borrowings (ECB) to be allowed to part finance rupee debt of existing
Power projects
TRANSPORT- ROADS & CIVIL AVIATION
Allocation enhanced by 14% to Rs 25,360 crores
ECB proposed for capital expenditure allowed if part of original project
ECB permitted for working capital of Airline Industry for 1 year period subject to total ceiling of
US $ 1 Billion
17. OThErs
FERTILISERS
Government finalizing pricing and Investment policies for Urea to reduce India’s import
dependence in Urea
TEXTILES
Financial package of Rs 3884 crores introduced for waiver of handloom weavers loans and
their co-operative societies
INCLUSION
National Food Security Bill, 2011 is before Parliamentary Standing Committee
Maternal and Child malnutrition in selected 200 high burden districts being rolled out
Allocation made for Rs 15850 crores for Integrated Child Development Service representing
58% increase and Rs 11937 crore for national Programme of Mid Day Meals in Schools
Allocation for Rural Drinking water and sanitation increased to Rs 14000 crores representing
27% increase.
18. OThErs
SOCIAL SECURITY
Provision of Rs 193407 crores made for Defence services including Rs 79579 crores fro capital
expenditure.
Scheme for National Population Register to complete within next 2 years
Income of Foreign Company received in India in Indian currency on account of sale of
crude oil to any person in India has been made exempt subject to conditions.
Restriction of Venture Capital Funds to invest only in 9 specified sectors removed.
Investment linked deduction of capital expenditure for certain businesses provided @
enhanced rate of 150% and also weighted deduction of 200% for R&D expenditure for In-
house facility extended for further period of 5 years beyond March 2012.
19. GOvErNaNcE
GOVERNANCE
UID-Aadhaar
• Adequate Funds to be allocated for enrolment of another 40 crore persons
Procurement Legislature
Legislative measures for strengthening Anti-Corruption framework in various stages of
enactment
20. BlacK mONEy mEasUrE
Black Money Prevention Measures
•White Paper on Black Money to be laid in Parliament
• Proposal to introduce GAAR (existing in DTC) to counter Tax Avoidance
• Measures proposed to deter generation & use of unaccounted Money
•Retrospectively, W.e.f. 1st April, 2011- Compulsory Reporting for Foreign Assets held by
Indians through filing ROI, whether Taxable or not
•Reassessment of Income in relation to Foreign Assets may take place upto 16 Years
•W.e.f. 1st July, 2012- TCS provisions extended to Sale consideration of Bullion &
Jewellery exceeding ` 2 Lacs in cash @1%
•W.e.f. 1st October, 2012- Withholding Taxes @1% on Immovable Property exceeding the
following thresholds as follows-
o 50 Lacs in case of Urban Property
o 25 Lacs in other cases
21. INTErNaTIONal TaxaTION
PrOvIsIONs
Sec 9(1)(i) of IT Act, 1961 “INCOME ACCRUING OR ARISING THROUGH THE TRANSFER
OF A CAPITAL ASSET SITUATED IN INDIA” has been proposed to be RETROSPECTIVELY
AMENDED FROM 1962-63.
• This is against the recent order of the Supreme Court which held in favour of Vodafone.
• Tax Residency Certificates also proposed to be amended as a necessary but not
sufficient condition
Advance Pricing Agreements proposed to be introduced for rationalization of Transfer
Pricing provisions
Transfer Pricing provisions to apply even to Domestic transactions exceeding monetary
threshold of Rs. 5 crores in a year.
22. GENEral aNTI-avOIDaNcE
rUlE
• GAAR would codify “substance over form” where intent is looked at over the structure of
transaction
• The provision was part of the DTC and has been picked from there.
• GAAR applicable if the Transaction meets one of the 4 tests-
o Not done at Arms Length Price
o Misuse/Abuse of Tax law
o Lacks commercial substance
o Not for Bonafide Purpose
• Commissioners and Approving Panel to decide the fate of such cases
23. INDIvIDUal TaxaTION
CAPITAL MARKETS
Various steps being taken for reforms in capital market including simplifying IPO process,
allowing QFI’s to access Indian Bond Markets etc.
Reduction in Securities Transaction Tax (STT) by 20% on Cash Delivery Transactions w.e.f.
1st July 2012.
E-IPO Concept for all IPO’s exceeding Rs 10 crores for wider participation in smaller towns
WEALTH TAX
Exemption provided for Residential house allotted to employee of a company for levying
Wealth Tax by increasing Gross Salary threshold from Rs 5 Lacs to Rs 10 Lacs.
24.
25. sErvIcE Tax
New concept of Negative List Introduced - 17 Heads defined
Widened Tax Base
Rate increased from 10% to 12% to pave way for GST
Provisions of Central Excise & Service Tax harmonized- Simple Registration
form and 1 Page Return form proposed
Settlement Commission introduced for dispute resolution
Utilization of Input Tax credit permitted to remove cascading effect
Possibility for common Tax code for Excise and Service Tax to be studied
and Place of Supply Rules for determining location of services to be put in
public domain
26. ExcIsE & cUsTOm
EXCISE
Standard Rate increased from 10% to 12%, Merit Rate from 5% to 6% and
Lower Merit Rate from 1% to 2% with few exceptions
Excise Duty on Large Cars proposed to be enhanced
CUSTOMS
No change in peak rate of custom duty of 10% on Non Agricultural goods
27. OUr cOmmENTs
Shifting of focus from controlling Inflation to ensuring growth with Fiscal Consideration.
Curbing of Direct Tax avoidance by introduction of GAAR and increase in Service
Tax/Excise Duty rates to align it with proposed GST and to make up Fiscal deficit.
Small Impetus has been given to Capital Markets by reducing STT by 20% ONLY on cash
delivery transactions and by bringing E-IPO concept for wider participation in smaller
towns.
Relaxation in ECB norms may provide support to the Corporate Sectors but subject to
their ill-Financial Health.
Applicability of Transfer Pricing to Related Party Domestic transactions a challenge.
Sec 56 capping the price for Allotment/Transfer of shares of closely held company up-to
its FMV. Now there is criterion for Minimum as well as Maximum price of shares.
Many Retrospective Explanatory amendments have been made in cases where there was
Adverse Judicial pronouncements which may see a lot of further litigation. Govt.
estimating it at 30,000-40,000 crores.
28. cONTacT Us
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