Tax rates reduced to 5% from 10% on income in the slab 2.5 lakhs to 5 lakhs. This will largely increase the tax compliance as well as the tax base. In order to increase this benefit, the FM also announced that a rebate of Rs 2,500 will now be available to all assesses who earn income up to Rs 3.5 lakhs.
The livelihood of tobacco farmers has been dealt a blow by the crackdown of the government on cigarettes and tobacco products, which increased tax on the items in the Budget while ignoring their plight, according to FAIFA.
The Union Budget 2017 was announced on 1st Feb 2017 and we have some welcome moves in favour of individual taxpayers. Tax rates reduced to 5% from 10% on income in the slab 2.5 lakhs to 5 lakhs. This will largely increase the tax compliance as well as the tax base.
Even though you are earning upto Rs.3 lakh, you will now not be taxed under the I-T Act. Further, you are not required to make any investment to avail the tax benefit.After the budget being announced, there was some confusion among the individuals related to tax slabs.
Tata Steel on Friday said that Budget 2017 initiatives will help reduce the cost of production going forward. “We need to be open to investments and create jobs in India,” it said.
Stating that Budget 2017 is overall positive for business, Moody’s Investors Service on Friday said that it expects the government to achieve fiscal targets.
This year’s budget was expected to be a common man’s budget. It was only to be seen how Mr. Jaitley and his government would go about restarting the beleaguered economy after taking the toughest decision of demonetization, that brought the economy to a near standstill.
While the government is looking to ensure that individuals pay at least some tax, either securities transaction tax or capital gains tax, when they transfer shares, promoters are somewhat miffed they will need to cough up money when they sell shares in businesses they have built up over the years.
The market capitalisation of BSE companies hit an all-time high on Thursday, a day after markets cheered Union government’s Budget proposals including its decision to exempt category 1 and 2 foreign portfolio investors from indirect transfer provisions
The Union finance minister has presented a Budget which is unique and will accelerate a new phase of balanced growth.
On the back of demonetisation as well as the Economic Survey’s projection of higher GDP growth of 6.75 to 7.5% for 2017-18, there were apprehensions that the Union Budget could relax the fiscal deficit target.
The highlight of this year’s Budget is a long to-do list aimed at improving the efficiency and productivity of the economy.
DigitiSation and financial inclusion are the two themes that have been prominently addressed in this budget. Budgetary provisions have been made to develop Internet infrastructure in the country.
The demonetisation move just a couple of months ago had raised expectations of a bold, game-changing Budget.
The Budget has also taken care of the very near term, as without that the economic recovery would be delayed. It has provided the most succour to agri and SMEs who were most affected by demonetisation
The focus on rural and semi-urban population is heartily welcomed in the Budget.
It was Mahatma Gandhi who said that India lives in its villages. India’s prosperity wouldn’t be complete till its hinterlands grow and fruits of development reach the last man standing.
On the backdrop of the recent demonetisation and the ensuing introduction of the Goods and Service Tax, the finance minister presented the Budget for 2017-18, classifying these two as the tectonic policy initiatives of the government.
The Union Budget has several positives. For the first time, there is a theme which has been outlined in terms of infrastructure, education, healthcare etc.
Union Budget 2017: From Automobiles, construction, roads to real estate, here is the ‘smiley’ index
Long term capital gains tax benefits on housing, which could earlier be availed after three years has been brought down to two years by finance minister in the Budget.
Schneider Electric Infrastructure, for instance, had reported a net loss of Rs 18.2 crore despite earning an EBITDA of Rs 39.8 crore and hence did not pay any tax in FY16
The 10% jump in allocation for the sector aside, Budget 2017 holds great promise for education, especially higher education, because of the reforms path it charts.
Budgetary allocations for ‘national defence’ (popularly known as the defence budget) for FY18 have been presented in the Parliament.
The Budget had to address these factors: create jobs, accelerate demand, promote investment, improve indebtedness of enterprises and assets of banks, and promote domestic and export demand. The Budget speech addressed many of these, but in many cases was not whole in approach.
There was pressure for an expansionary Budget from different quarters, but the finance minister has rightly kept the fiscal deficit target at 3.2% of the GDP in 2018 and, at the same time, focused on rural spending and infrastructure to achieve a fine balance.
The Budget has presented a fine balance between focus on core sectors that need urgent attention and fiscal prudence.