Room for rise of up to 2 percentage points, move to help meet higher expenditure need in FY17
The government had appointed a sub-committee headed by Industries Minister Narayan Rane on November 19 which submitted its report recently.
Sandeep Shanbhag, a chartered accountant and director of Wonderland Consultants, a tax and financial advisory firm, discussed the impact of Budget proposals in a chat with Rediff.com's readers.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries
A record GST tax collection, an overhaul of the income tax return filing portal and the landmark move to scrap retrospective taxation have set the stage for the next level of reforms in tax administration that include bringing a framework for cryptocurrencies and rationalising the GST rate structure. With tax reforms such as faceless assessment taking roots, 2021 will go down as the year that pivoted the tax administration in a country aspiring to become the world's favourite investment destination. The task ahead is going to be a tough one as the tax department would grapple with taxing cryptocurrencies, rationalising Goods and Services Tax (GST) rates to shore up revenues and post June 2022, the scenario of how the GST revenue plays out for states without the Centre's support of compensation.
The code, which will replace the existing Income Tax Act 1961, aims to rationalise tax rates to bring more people and companies under the tax net.
While diligent paperwork helps claim tax benefits, with employers under pressure from the government, any lapse in documentation by an employee will lead to sharp cuts in salary.
'There are occasions when the prices of individual items like food raise inflation; then supply-side measures must be taken.' 'But if there is continued inflation, it means liquidity is aggravating the situation.'
Lower reduction in fiscal deficit is to stimulate demand in a weak economic environment post demonetisation.
Which one of these expectations do you think will actually materialise, come February 1?
The threshold limit for deduction of tax at source has been raised for unusual income such as winnings from horse race, commission
People who are close to retirement and don't intend to go back to full-time work again should deploy a part of their VRS money in equities so that it keeps growing at a faster rate.
In his Budget speech, the finance minister said: "We propose to facilitate higher investment in affordable housing. Affordable housing will now be given infrastructure status, which will enable these projects to avail the associated benefits."
It is proposed to provide a combined upper limit of Rs 7.5 lakh in respect of employer's contribution in a year to NPS, superannuation fund and recognised provident fund and any excess contribution is proposed to be taxable.
Don't end up claiming tax by just referring to Section 80G. There are some sub-sections also.
From referencing "josh" of Bollywood flick 'Uri', to chants of "Modi, Modi" from the Bharatiya Janata Party, there were varied reactions in Lok Sabha as Finance Minister Piyush Goyal gave his interim budget speech on Friday.
The recruitment process in the Indian Air Force under the Agnipath scheme got underway on Friday with the opening of the registration window.
"At present, there are two main rate slabs under which sa majority of goods are covered -- five per cent and 12.5 per cent -- which will now increase to three (five per cent, 12 per cent and 18 per cent).Will this result in multiple litigations is anybody's guess."
Jaitley sets condition of 50% assets for applicability of capital gain tax.
The IAF chief also said that raising the upper age limit to 23 for induction under the Agnipath scheme for the year 2022 would permit a larger section of youths to enrol under the new model of recruitment.
While she primed up spending on infrastructure to create jobs and boost economic activity, Sitharaman did not tinker with income tax slabs or tax rates. Her Budget for the fiscal year beginning April 2022 proposed a massive 35 per cent jump in capital expenditure to Rs 7.5 lakh crore, coupled with rationalisation of customs duty, an extension of time for setting up new manufacturing companies and plans for starting a digital currency and tax crypto assets.
A 5 per cent GST rate kicked in on Monday on pre-packed and labelled food items such as cereals, pulses and flour weighing less than 25 kg.
The government should bring natural gas under the Goods and Services Tax (GST) regime to realise Prime Minister Narendra Modi's vision for a gas-based economy and raising the share of the environment-friendly fuel in India's energy basket, an industry body that represents the likes of Reliance Industries as well as state-owned firms, has said. Natural gas is currently outside the ambit of GST, and existing legacy taxes -- central excise duty, state VAT, central sales tax -- continue to be applicable on the fuel. In its pre-Budget memorandum to the finance ministry, Federation of Indian Petroleum Industry (FIPI), which boasts of members from across the oil and gas spectrum, also demanded rationalisation of GST on transportation of natural gas through pipeline as well as on re-gasification of imported LNG to help bring down cost of the environment friendly fuel.
In view of the prime minister's visit, a few roads in the area will be closed for vehicles, while traffic will be diverted on some other routes, the traffic police said.
Finance Minister Nirmala Sitharaman is likely to strike a fine balance between being fiscally prudent and growth supportive when she presents her fourth straight budget on Tuesday, which is expected to have plans to boost spending to revive investment and create jobs. The Budget for the fiscal year starting April 1, 2022 is likely to raise spending on infrastructure to set the economy on a firmer footing. The stage for the Budget presentation was set by the Economic Survey stating that the government has the fiscal space to do more to support the economy that is forecast to grow at a healthy 8-8.5 per cent growth in the 2022-23 fiscal.
BCCI Apex Council will work on finalising India's revised Future Tours Program and the domestic season.
'Extensive thought has been put in, and we have pondered over each and every suggestions and demands received from our members.'
In one of the tweets, Khan, who is deputy secretary with the MP Public Works Department, had last week urged makers of The Kashmir Files to also make a film on the 'killings of large number of Muslims across several states' in India, and said members of this minority community are 'not insects, but citizens of the country'.
The industry's reactions to the Budget have been mixed.
The Committee, which has been set up in pursuance of the announcement made by the Minister in his Budget speech, will also suggest whether the unclaimed deposit should come to government or be kept in a separate account.
Here's how best you can use the Rs 1 lakh exemption under Section 80C to to plan and save tax.
There appears to be a growing perception among the political class that faster growth will not create jobs fast enough and, therefore, welfare spending needs to be drastically increased, says T T Ram Mohan.
'The government's projections for 2019-2020 will be disappointing big time.'
The amount saved in a PPF account is actually saving for a rainy day.
God forbid, if bad days fall upon someone and debts pile up. A fascinating excerpt from Anil Lamba's Financial Affairs Of The Common Man: Master The Art Of Personal Finance Management.
It is suggested that you get your SIM locked with which the wallet account is mapped.
Use of the incorrect form will result in your return being treated as defective, points out Suresh Surana, founder, RSM India.
Leading up to the International Women's Day on March 8, this is the first of a four-part series that talks about how women can invest to achieve their long-term financial goals.
Common items between Centre and states - bread, eggs, milk, vegetables, cereals, books and salt - will continue to be exempted.
Frankly, there is no reason not to open a PPF account and start investing in PPF
General insurance sector has also demanded exemption from MAT, claming that they do not enjoy any tax incentives.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances