Jaitley has managed the difficult feat of sticking to the fiscal correction.
References to the repealed laws for service tax, purchase tax, etc, continue in the SEZ laws.
The Survey projected growth rate of 7-7.75 per cent for 2016-17 with downside risks due to weak global economic scenario.
The finance minister is likely to announce the government's vision for a tax-friendly regime by raising the I-T exemption limit from the current Rs 250,000 per annum.
With a staff crunch, it seems the I-T department would now target only the big fish rather than go after small assessees.
Finance Minister Arun Jaitley on Thursday doled out income tax sops by raising threshold exemption and investment limits by Rs 50,000, raised duties on cigarettes, tobacco, pan-masala and aerated drinks, widened service tax base and announced measures to spur growth manufacturing and revive investor confidence.
Cash deposits of up to Rs 2.5 lakh by housewives post demonetisation will not come under I-T scrutiny as the Income Tax Appellate Tribunal (ITAT) has held that such deposits cannot be treated as income of the assessee. Ruling on an appeal filed by an individual, the Agra bench of ITAT said the order would act as a precedent for all similar cases. The appellant, a housewife Uma Agrawal of Gwalior, had declared total income of Rs 1,30,810 in her income tax return filed for fiscal 2016-17.
Taxpayer satisfaction is a part of the matrix of key performance indicators of the administration.
As per the notification, exemption in VAT would be limited to sale of 3,000 motorcycles, scooters and mopeds and 1,200 four-wheelers every year, they said adding that serving personnel of Indian Army, other security establishments and ex-servicemen will get the benefit of tax exemption.
Finance ministry considers tax sops, regulation of hospitals to make health care affordable.
If you plan it out, instead of rushing it in the last moment, you will realise how much you have saved and the difference it makes to your personal wealth.
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Finance Minister Arun Jaitley takes a protectionist stance in favour of domestic companies, increases customs duty on certain products.
Lack of visibility on rates makes companies apprehensive.
Encouraging domestic financial savings through focused measures would help mobilise long term resources for funding infrastructure and economic development.
If Nirmala Sitharaman does indeed present a 'never-before' like Budget on February 1, going by her promise, she would create a new benchmark for post-contraction Budgets, observes A K Bhattacharya.
Indian economy about to take-off
The voting rights with the promoter will ensure the interests of the promoter family as well as minority shareholders are protected in future, said corporate governance advocates and corporate lawyers.
Finance Minister P Chidambaram presented his fourth Budget in Parliament on Monday.
As protests against the Agnipath military recruitment scheme intensified, the Army, Navy and the Air Force on Friday announced that they will start the enrolment process under the new model by next week while Defence Minister Rajnath Singh appealed to the youths wanting to join the armed forces to start preparing for the induction.
'Strong regulations are crucial for the orderly development of the market.'
Blocked working capital worth Rs 1,500 crore, in the almost-defunct job work diamond polishing units, is expected to be released even as diamantaires will issue fresh orders to such units following the GST relief.
The move followed after certain startups complained about facing harassment and the taxman breathing down their neck on the angel tax issue.
The government can argue the change targets only those residing abroad but the fact remains that it does affect the kin and friends in India of non-residents.
Companies pay MAT on the book profits that do not come under the tax net because of various exemptions and incentives.
The Budget has increased the limit of deduction for medical expenditure in respect of certain critical illness
Budget might turn out to be neutral for the sector.
Experts, however, said that it is a very nominal benefit to the salaried class.
Congress leader Rahul Gandhi appeared before the Enforcement Directorate (ED) on Wednesday for the third consecutive day of questioning in the National Herald money laundering case, with the agency seeking answers on decisions taken with regard to the media organisation and its owner Young Indian.
Union budget was mildly for cable broadcasting industry and DTH.
An exercise to rationalise coal linkages which will optimize transport of coal and reduce cost of power is underway.
Common people expect the government to be aggressive and opt for growth related measures in the upcoming Budget.
The draft report of the committee contains 27 suggestions for amendments under the I-T Act and eight for reform through administrative instructions.
Moody's said the government will face challenges in achieving its deficit target for the fiscal year ending March 2021, amid persistent structural and cyclical headwinds to growth.
However, the budget arithmetic is slightly optimistic.
But it is disappointing to note that Sitharaman's third Union Budget continues to promote a few problematic ideas, observes A K Bhattacharya.
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