Dr T V Somanathan is the first finance secretary to be appointed Cabinet secretary since 1985. His appointment at this juncture seems to carry much meaning for the forthcoming trajectory of reforms and restructuring of India's steel frame.
The finance minister continues to be backed by the same policy team in charting out the broad strategy as in the few earlier Budgets.
'The Budget needs to focus more on social welfare schemes.'
Maintain a proper record of documents that can act as proof of the cost of acquisition of the property, cost of improvements made to the property, expenses related to transfer of the property (like brokerage and registration charges). These will come in handy in case of a dispute with the taxman.
The ministry of finance will kickstart its massive budgetary exercise from October 15.
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