Many hurdles that investors could have faced after enrolling for the scheme have been removed.
The government is looking to plug loopholes in the Indian customs law provision that allows tax exemptions for gifts up to Rs 5,000 and trade samples up to Rs 10,000 sent to India from abroad.
ITC was the top laggard in the Sensex pack, tanking 6.97 per cent, followed by L&T, HDFC, SBI, ONGC, ICICI Bank and IndusInd Bank.
Sandeep Shanbhag offers tips on post Budget taxation rates.
A raise in the I-T exemption limit has been sought by many.
Finance Minister Arun Jaitley said political parties will be entitled to receive donations by cheque or digital mode from their donors.
The Public Provident Fund is one of the safest and convenient modes of investment.
Increase in tax exemption limit by Rs 50000 is positive for the FMCG sector, as it will leave more discretionary income in the hands of consumers.
A large number of rich farmers, who earn more than salaried employees in the cities, get away with paying no tax at all in view of the government's lack of will to consider an agricultural income tax
Excise exemptions may be whittled in Budget to offset higher govt salaries, pensions
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Finance Minister Arun Jaitley in the Budget speech has announced a host of measures, including hiking tax exemption limit, incentives for the housing sector and relief in indirect taxes on auto and other sectors to promote industrial output and boost growth.
Fiscal consolidation is keenly awaited.
Santosh Kamath, partner (infrastructure and government services), KPMG in India, expects an extension of a tax holiday for the sector.
Earlier, this facility, known as the 'Presumptive Tax' was limited to construction, goods carriages and retail trade.
'This government has always been fiscally conservative. It never resorted to fiscal profligacy.'
'Though I welcome the reduction of tax rates for corporates, I wonder why the benefits have been restricted to corporates and not to other business entities such as limited liability partnerships and partnership firms. This needs consideration', says Dinesh Kanabar.
If you've passed the hurdle of paying taxes in the month of March, then the next task at hand is to file your income tax returns -- a necessity that most people consider a chore, or don't quite know how to go about.
Those earning over Rs 50 lakh a year need to disclose all jewellery and cash in their returns, says Tinesh Bhasin.
The Direct Tax Code Bill, which was tabled in the Lok Sabha on Monday, has been delayed by a year. The Bill will now come into effect from April 1, 2012.
A panel will draft direct tax legislation, keeping in mind the system in other countries, international best practices and economic needs of the country
The overall message to the middle class is: the days of freebies are over.
For the first time in the history of Budget-making in India, a single Budget will touch 65 crore Indians, says Shailesh Haribhakti.
The abolition of fringe benefit tax will help employees save 3 per cent on their employee stock option plan.
The Association for Democratic Reforms slams the Budget proposals on political funding, says they lack teeth and show the "lack of political will" in proposing real reforms.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
The government has notified a host of procedural changes in the GST rules, including levy of interest for wrongful utilisation of ITC and turnover threshold for filing annual returns for the 2021-22 fiscal. The changes were vetted by the Goods and Services Tax (GST) Council at its meeting last week. With the amendments notified by the Central Board of Indirect Taxes and Customs (CBIC), businesses have also been allowed to make tax payments on the GSTN portal by using IMPS and UPI payment modes.
Even if the same party returns to power, what is important to debate is that having introduced an entitlement, how challenging it is to reverse such decisions, says Mukesh Butani.
Duty cut on raw material imports are not likely.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
Budget is a populist one, wil lbeneift common people
Investors became richer by over Rs 6.34 lakh crore on Monday as markets gave a big shout-out to the Budget 2021-22, which analysts termed as 'unprecedented' against the backdrop of the pandemic-induced slowdown. Cheering the Budget proposals, the BSE benchmark Sensex zoomed 2,314.84 points or 5 per cent to close at 48,600.61. During the day, it jumped 2,478.63 points to 48,764.40. This was the best Budget-day gain for the markets since 1997, analysts said. Following the extremely positive market sentiment, the market capitalisation of BSE-listed companies rallied Rs 6,34,069.67 crore to Rs 1,92,46,713.70 crore.
There will be some populist announcements in Budget.
E-proceeding of tax scrutiny has certain technical and practical issues which need to be addressed before making the system fully electronically driven.
A firm, which managed Prime Minister Narendra Modi's hugely successful Lok Sabha campaign, has come under the scanner of revenue authorities for alleged service tax evasion.
Tax benefit on WFH expenses, regulatory clarity on cryptos figure high on their wish list.
Sitharaman also said states will get 41 per cent share of taxes as per the 15th Finance Commission recommendation and the government has accepted the recommendation.
The government has become used to accounting for TDS as its income even though it knows a significant portion needs to be returned as refund
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