It will reduce compliance cost as the assessee will not have to maintain multiple records for a variety of taxes
There will be many steps which will be taken outside the budget.
The challenge of cleaning up the taxation system and introducing the goods and services tax (GST) regime cannot be underestimated.
Goods and Services Tax would usher in an unified indirect tax regime.
The actual expenditure will only be marginally higher and hence, the multiplier effect will be muted.
The Budget oration of the finance minister and the confidence with which she delivered it, along with the measures and the recent upsurge in the economy would all contribute to unleashing the storied 'animal spirits' and help the economy run on the growth path quite smoothly. Or so the government hopes, notes Shreekant Sambrani.
The finance minister is in Singapore for The Singapore Summit.
The divestment of Bharat Petroleum Corporation (BPCL) may hit a fuel price hurdle, according to officials dealing with the matter. They pointed out that the inconspicuous administered price regime could hamper the prospects for potential buyers of BPCL. A senior oil ministry official said public-sector oil-marketing companies (OMCs) take a hit when they sell petrol, diesel, and liquefied petroleum gas (LPG), three of the most popular petroleum products in the country.
If the government decides to go back to the old regime where the EPF was not taxed but the NPS was, the latter will become an unattractive product.
On the telecom sector, he demanded auctioning of more spectrum.
Finance Minister Arun Jaitley on Friday hinted at not raising tax rates and providing incentives for manufacturing.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Sebi's new FPI regulation has helped attract new capital pool, up registrations.
The Department of Telecommunications (DoT) has initiated discussions with banks to address financial stress in the telecom sector, particularly Vodafone Idea Ltd (VIL) that urgently requires fund infusion to stay afloat. There was a meeting of DOT officials and senior bankers on Friday on the issue of Vodafone, sources said, adding that banks have been asked to look for a solution within the prudential guidelines. According to sources, senior officials from the country's biggest lenders State Bank of India and Bank of Baroda were also present among others in the meeting. More such meetings are expected to take place in the coming days, they said.
'The introduction of a tax on LTCG will be a deterrent for foreign investors and could potentially result in a movement of trading activity away from India to other offshore jurisdictions such as Singapore, which offer better tax rates and sophisticated financial products.'
Jaitley said a very large number of reforms have taken place over the last few years and that has helped in restoring the credibility of the Indian economy
It's an undeniable fact that after enactment of GST, buying insurance will become a little expensive impacting your term plans, health plans and motor insurance plans the most. But you should not ignore the importance of insuring your life, health, vehicle, says Harjot Singh Narula
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.
Chanda Kochhar, managing director of ICICI Bank, says the new government must take effective action bringing clarity around tax laws.
Investors, including large corporations, view them as a potential hedge against uncertainty, and mainstream investment banks too are jumping into the game.
Mauritius wanted extension of the benefits limitation clause in India's treaty with Singapore, which we were quite willing to extend, for our price
The aviation sector requires proper implementation of policies, coupled with reasonable taxes and improved basic infrastructure.
Jaitley began his 10-day visit to the US on Wednesday.
To get same tax treatment as FIIs; rules on search & seizure and consent settlement cleared
Income Tax Department has slapped fresh tax notice on Nokia India, tax authorities said.
'The economy needed 3 or 4 major fixes. The major one was, of course, the direct tax structure, but we ended up complicating the existing convoluted tax structure,' says M R Venkatesh, chartered accountant and lawyer.
PM promised a tax regime that is predictable and competitive
Demonetisation should be judged to have delivered some immediate gain if at least around Rs 2 trillion gets immobilised.
Banking services, insurance premium and investment management are likely to cost more.
PSU divestment, LIC IPO, fiscal deficit: Budget 2021 marks a clear change in the Modi government's stance from fiscal conservatism to growth orientation.
CBDT circular issued last month had raised multiple taxation concerns.
'The recalculated ranking showed India should have had a higher ranking earlier (113 in 2012 instead of 132) and lower ranking later (114 in 2018 instead of 100).' 'This would mean that there has been no change in India's climate of doing business across two regimes.' 'This is exactly consistent with the reality on the ground,' observes Debashis Basu.
Not declaring the black money under the scheme now, but showing it as income in the tax return form would lead to a total levy of 77.25 per cent in taxes and penalty. In case the disclosure is not made either using the scheme or in return, a further 10 per cent penalty on tax will be levied followed by prosecution.
'The Modi regime is not willing to use its huge political capital for taking any economic policy measure that it fears might undermine that political strength, says A K Bhattacharya.
Majority of respondents feel that the government in the forthcoming Budget will increase the standard deduction and give more incentives for housing loans.
Tax Guru Anil Rego answers your personal income tax queries.
Given the many policy areas where the Centre and the states have not been seeing eye to eye in the last few years, it is time the Modi government convenes a meeting of the Inter-State Council, recommends A K Bhattacharya.
Modi's visit to some developed countries such as the US, Japan, China and Australia were sprinkled with humongous investment figures. But do we have the wherewithal to absorb such big investments?
The new Land Acquisition Act to provide just and fair compensation to farmers came into force from January 1, 2014.
This will be the first time since the presentation of independent India's first budget on November 26, 1947, that the documents containing income and expenditure statement of the Union government along with finance bill, detailing new tax and other measures for the new financial year, will not be physically printed.
