Budget 2019


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1.    Within 2 years, Tax assessment will be done electronically
2.    IT returns processing in just 24 hours
3.    Minimum 14% revenue of GST to states by Central Govt.
4.    Custom duty has abolished from 36 Capital Goods
5.    Recommendations to GST council for reducing GST rates for home buyers
6.    Full Tax rebate upto 5 lakh annual income after all deductions.
7.    Standard deduction has increase from 40000 to 50000
8.    Exempt on tax on second self-occupied house
9.    Ceiling Limit of TDS u/s 194A has increased from 10000 to 40000
10.    Ceiling Limit of TDS u/s 194I has increased from 180000 to 240000
11.    Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.
12.    Benefit u/s 80IB has increased to one more year i.e. 2020
13.    Benefit has given to unsold inventory has increased to one year to two years.

Other Areas

14.    State share has increased to 42%
15.    PCA restriction has abolished from 3 major banks
16.    2 lakhs seats will increase for the reservation of 10%
17.    60000 crores for manrega
18.    1.7 Lakh crore to ensure food for all
19.    22nd AIIMS has to be opened in Haryana
20.    Approval has to be given to PM Kisan Yojana
21.    Rs. 6000 per annum has to be given to every farmer having upto 2 hectare land. Applicable from Sept 2018. Amount will be transferred in 3 installments
22.    National kamdhenu ayog for cows. Rs. 750 crores for National Gokul Mission
23.    2% interest subvention for farmers pursuing animal husbandry and also create separate department for fisheries.
24.    2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.
25.    Tax free Gratuity limit increase to 20 Lakhs from 10 Lakhs
26.    Bonus will be applicable for workers earning 21000 monthly
27.    The scheme, called Pradhan Mantri Shram Yogi Mandhan, will provide assured monthly pension of Rs. 3,000 with contribution of Rs. 100 per month for workers in unorganized sector after 60 years of age.
28.    Our government delivered 6 crores free LPG connections under Ujjawala scheme
29.    2% interest relief for MSME GST registered person
30.    26 weeks of Maternity Leaves to empower the women
31.    More than 3 Lakhs crores for defence
32.    One lakh digital villages in next 5 years
33.    Single window for approval of India film makers

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Equity Linked Savings Scheme (ELSS):

ELSS is a mutual fund scheme which provides deduction/tax benefit under Section 80C of the Income Tax Act, up to Rs.1,50,000 per annum. There is no upper limit to investing in ELSS.

ELSS invests in diversified equity funds. Returns from ELSS are market linked which aims at providing capital appreciation over 3 year period.

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Both Individuals and HUFs can invest in ELSS.

Investment under the scheme can be continued even after 3 years.

Even though the risk involved in investing in ELSS is higher than Bank Fixed Deposit or Company Fixed Deposit or Public Provident Fund, the returns have always been much higher ranging from 12% to 18%

Investment can be made either in a lump sum or through a Systematic Investment Plan (SIP).

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How to report F&O trading in your income tax return

Income from F&O deals is almost always treated as business income, irrespective of frequency or volume of transactions

by Archit Gupta, 5-9-2016, Mint, Source: http://www.livemint.com/Money/GvW3JB9PpYhvw6dvHEENjI/How-to-report-FO-trading-in-your-income-tax-return.html

Taxpayers who deal in derivatives, describe their experience with the tax filing process as vague and confusing. Here are some basics that can help.

A derivative means an instrument whose value is derived. It has no value of its own. Its price is based on the underlying asset. Derivatives of stocks and indices can be traded on Indian stock exchanges. The most popular form of derivatives are futures & options (F&O). A futures contract means an agreement to buy or sell on a future date. This contract expires on a pre-set date. On expiry, futures are executed by delivery of the underlying asset or via payment. Options and futures are alike but when you do an options contract, you can choose to not make the transaction.

Income from F&O deals is almost always treated as business income. This treatment is irrespective of the frequency or volume of your transactions. That may come as a surprise if you are salaried and have never run a business. Taxpayers who have business income have to file ITR-4.

As per Indian tax laws, incomes are reported under five heads—salary, house property, capital gains, business and profession and other sources (any residual income that cannot be classified in other heads). F&O trade is reported under the head ‘business’ in your tax return.

Reporting F&O trade as a business means:

*You can claim expenses from your business income

*As a result you may earn a profit or incur a loss

*Losses must be reported and losses have tax benefits

*Your total income (from all five heads) continues to be taxed at slab rates.

Businesses may be speculative or non-speculative, and the tax treatment is different. The income tax Act says that F&O trade is considered as a non-speculative business. Intra-day stock trades are treated as a speculative business.

Remember that cost indexation and capital gains exemptions are only allowed on sale of capital assets such as equity shares, mutual funds, land, house, and others. Since F&O trades are considered a business, tax rules of capital gains rules do not apply.

The first hurdle is to prepare your business’s profit and loss details. To calculate gross income from F&O trades, take your transaction statement for the whole year. Look at your receipts; these may be a positive or a negative value. Sum these up for the whole year. Expenses can be deducted from your gross income. Some expenses that you can deduct include rent or maintenance expenses of premises used for the business; mobile or telephone; internet charges; demat account charges; broker commission; depreciation on laptop used for trading; and any other expense directly related to your work.

Business income is calculated for the financial year for which you are filing your return. You will also have to prepare a balance sheet which is reported in ITR-4. It is basically a statement of your assets and liabilities.

Many people get confused when they have more than one type of dealing in the stock market. Some do intra-day stock transactions along with F&O trades. Some may hold stocks as long-term investments and also invest in mutual funds. In such a situation, you should calculate your business income from all of these separately. F&O trade income and intra-day stock trading will have separate expenses. Don’t worry if you have consolidated expenses; for example, you use the same premises to trade in both, or use a single phone. Simply bifurcate these expenses on a reasonable basis. You can allocate them using a ratio based on time spent.

If you invest in stocks for the longer run, you can treat them as capital assets. These will not be reported as business if you don’t trade in them often. There is an element of judgement involved and the main criteria is your intent. So, choose carefully. If you have some stocks that you trade often and some that you hold for longer, you can separate them into business and capital assets. Remember to choose on a fair basis and apply your choice consistently. You have to report gains from capital assets under the head ‘capital gains’, which has different tax rules. Mutual funds, too, may be treated as investments and taxed separately.

You will end up paying higher tax if you do not report your losses since losses have tax benefits and reduce your total taxable income. Losses from F&O can be set off from income from other heads (except salary income). Say, your loss from F&O business is Rs.1 lakh, salary income is Rs.5 lakh, income from rent is Rs.2 lakh, and interest income isRs.50,000. Your total taxable income shall be Rs.6.5 lakh.

If losses are not fully set off in the same year, you can carry them forward for 8 years. However, in the following 8 years, it can only be set off from non-speculative business income.

If you have F&O loss, you must get your accounts audited. Audit is also mandatory if your turnover exceeds Rs.1 crore. If accounts are not audited, a minimum penalty of 0.5% of turnover may be levied (maximum Rs.1.5 lakh). The due date of filing of tax returns for financial year 2015-16, where audit is mandatory, is 30 September 2016.


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Taxpayer can classify gains from share sale

Tax department says determination whether a particular investment in shares or other securities is in the nature of a capital asset or stock-in-trade has led to a lot of uncertainty

By Remya Nair, Mint, 3/3/2016, source: http://www.livemint.com/Politics/DXJTGCSFga1j9Lgpq1rwOL/WTaxpayers.html

In a move that will bring down one of the most common tax disputes, the income tax (I-T) department has clarified that the taxpayer can decide how to classify the gains from sale of shares—as capital gains or as business income.

In a notification dated 29 February, the tax department said the determination whether a particular investment in shares or other securities is in the nature of a capital asset or stock-in-trade has led to a lot of uncertainty and litigation in the past, compounded by different interpretations of the law by courts.

Therefore, the tax department has decided to take the interpretation away from the assessing officer’s hands and leave it to the taxpayer to make the classification. This means that a taxpayer dealing in equities can decide if it is an investment or his business. However, a classification once made in an assessment year cannot be changed in subsequent years.

“Where the assesse itself, irrespective of the period of holding the listed shares and securities, opts to treat them as stock-in-trade, the income arising from transfer of such shares/securities would be treated as its business income. In respect of listed shares and securities held for a period of more than 12 months immediately preceding the date of its transfer, if the assesse desires to treat the income arising from the transfer thereof as capital gain, the same shall not be put to dispute by the assessing officer,” the notification said.

However, it will not be applicable in “cases where the genuineness of the transaction itself is questionable, such as bogus claims of long-term capital gain/short-term capital loss or any other sham transactions,” the notification said.


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Budget2016 Highlights

#Budget2016 Highlights:
* Din in Lok Sabha amid Budget presentation
* Finance Minister Jaitley begins speech in Lok Sabha
* Financial markets battered globally
* Indian econ has held ground firmly amid global turmoil
* Had inherited an economy of low growth
* Converted difficulty into opportunity
* We converted challenge into opportunity
* Our external situation is robust
* Confidence, hope continue to be held around India
* Global economy in serious crisis
* Global trade has contracted
* IMF has held India as bright spot
* World econ forum said India’s growth extraordinarily high
* Indian econ still bright spot despite challenges
* GDP grew notwithstanding global meltdown
* India GDP has accelerated to 7.6% now
* India’s external situation is robust
* Must carry out reforms
* Must have prudent fisc policy, up domestic demand
* Pay panel, defence pension to add to spending in FY17
* FY16, FY17 will be extremely challenging for govt spend
* Must continue with pace of reforms
* Must ensure growth does not slow down
* Must ensure macro-economic stability
* Strengthened firewalls against global risks
* Plan spend increased under FY16 revised estimates
* Risk of global slowdown is mounting
* Money with govt belongs to people
* We had to work in unsupported global environment
* Forex reserves highest ever at $350 bln
* Foreign exchange reserves are at highest ever level
* FY16 CAD projected at 1.4% of GDP
* To make significant changes in FDI policy
* To incentivise gas exploration
* Aim to work on passage of GST, Bankruptcy Code
* FY17 priority to give additional resources to rural areas
* Need to provide for bank recapitalisation
* Must prioritise spending in FY17
* Managed to improve FY16 fincl condition on revenue buoyancy
* Infra invest to enhance quality of life
* To have prudent mgmt of govt expenses for fiscal prudence
* To focus on tax reforms
* To undertake tax reform to improve compliance
* To focus on prudent mgmt of govt finance
* To focus on governance, ease of doing business
* To focus on infra investment
* To provide dispute resolution for PPP platform
* Allotted 90 bln rupees for Swachh Bharat mission
* Allotted 1.5 bln rupee for land record digitalisation FY17
* 7.5 mln households gave up LPG subsidy
* Jaitley sits down, continues Budget speech
* 1 bln rupees for birth anniversary of Guru Gobind Singh
* 1 bln rupees for birth anniversary of Deen Dayal Upadhyay
* Interim provision made for pay panel suggestions execution
* Committed to fincl requirements of announced econ packages
* Made interim provision for seventh pay panel
* To up MSME category turnover cap to 20 mln rupees
* To drive towards self-sufficiency in hydrocarbon sector
* Jaitley stands up, continues Budget speech
* To have fiscal deficit target range
* FY17 fiscal deficit target at 3.5% of GDP
* FY16 fiscal deficit pegged at 3.9% of GDP
* Prudence lies in adhering to fiscal targets
* FY16 revenue deficit 2.5% of GDP
* Ensured development agenda is not compromised
* FY17 total expenditure 19.78 trln rupee
* FY17 total spend at 19.78 trln rupees
* FY17 non-plan expenditure 14.3 trln rupees
* FY17 plan expenditure 5.5 trln rupee
* Total resources to states in FY17 at 996 bln rupees
* To scrap plan, non-plan expenditure distinction
* To do away with plan, non-plan classification of spending
* Plan allocation to stress on rural, infra, social sectors
* CPI inflation came down to 5.4% under our govt
* Fall in CPI inflation providing big relief to public
* Plan doubling farmers’ income in 5 yrs
* Plan to up spend on farm, rural, social sectors FY17
* Need to create new infrastructure for irrigation
* Need to address water resource utilisation
* To allocate 359.8 bln rupees for farm, farmers’ welfare
* Need to give income security to farmers
* Need to think beyond food security
* To allocate 4.12 bln rupees for organic farming
* Policy to convert city waste into compost
* 140 mln farms to be covered by soil health card by Mar 2017
* Fertiliser co to market city compost fertilisers
* 600 bln rupees for sustainable mgmt of water resources
* Soil health card plan being implemented with great vigour
* To form 200 bln rupee long-term irrigation fund in NABARD
* To allot 865 bln rupees in five yrs for irrigation schemes
* To bring 2.85 mln ha under PM irrigation plan
* To allocate 170 bln rupees for irrigation scheme FY17
* FY17 Crop insurance scheme allocation 55 bln rupees
* FY17 interest subvention for farmers seen 150 bln rupee
* Farm credit target for FY17 at 9 trln rupees
* 9.7 mln tn agri storage capacity added FY16
* 3.68 bln rupees provided for soil health scheme FY17
* 12 states have amended APMC Act to join e-market plan
* Unified agri market e-platform to be launched on Apr 14
* Plan e-market platform for agriculture wholesale markets
* To allot 5 bln rupees under food security plan for pulses
* 5 bln rupees for pulses production in 622 districts
* 86,000 tn honey produced in FY16; 90% exported
* Need to focus on drought-hit areas
* Food Corp of India to make online payment of farm goods
* To launch 4 new dairy programmes
* To take up allied activities to increase farm income
* To encourage states to take up decentralised procurement
* Made effective mgmt for pulses procurement
* MSP online procurement system through FCI
* To encourage states for decentralised procurement of crops
* Allocate 55 bln rupees for PM Fasal bima Yojna
* Price stabilisation fund for pulses has 9 bln rupee corpus
* To introduce direct benefit plan for fertiliser on pilot
* To focus on educational skills, job creation
* Plan law to give statutory backing to Aadhaar
* To announce health scheme covering 1/3rd of population
* Health insurance, BPL cooking gas scheme planned
* To focus on delivery of benefits to needy
* Infra, social sectors to have more govt spend
* BPL families to get LPG connection
* Aim to list public sector general insurance cos
* To undertake 3 major schemes for weaker sections of society
* Self-help groups’ set up hastened for livelihood generation
* FY17 aid to gram panchayat, municipality at 2.87 trln rupee
* Digital repository for educational certificates
* Digital depository for school-, college-leaving documents
* Education, skill development, jobs 4th pillar of Budget
* To allot 10 bln rupee for higher education financing agency
* 62 new Navodaya schools to focus on quality education
* 1.52 trln rupees allocated for social sector
* To form national scheduled caste, tribe hub in MSME min
* Stand-up India scheme allocation 5 bln rupees
* This must be year of empowering scheduled castes, tribes
* 5 bln rupees for scheduled caste, tribe entrepreneurs
* Aadhaar not to be proof of citizenship or domicile
* Social security platform to be used for Aadhaar
* Aadhaar bill to be introduced FY17
* To introduce targeted delivery of subsidies via Aadhaar
* Task force to rationalise human resources in ministries
* 17 bln rupees for skill development scheme FY17
* 1,500 multi-skill training institutes across country
* To interlink national, state employee bureaus
* Plan to set up 100 model career centres
* 10 bln rupees for new EPF scheme
* Govt to pay 8.33% EPF contribution for new staff 1st 3 yrs
* Allocated 877.65 bln rupees for rural development FY17
* Rural insurance scheme for farmers planned
* To provide more funds to vulnerable sections in rural areas
* Cluster facilitation under rural job plan to conserve water
* 385 bln rupees for rural job plan FY17
* See 228% jump in gram panchayat allotment
* To focus on rural employment, infrastructure
* National digital literacy mission to cover 60 mln houses
* Need to spread digital literacy in rural areas
* FY17 allocation for rural electrification 85 bln rupees
* All villages to be electrified by May 1, 2018
* 18,542 villages not electrified as of Apr 1, 2015
* To allot 190 bln rupees FY17 for PM Gram Sadak Yojana
* To spend 270 bln rupee with states FY17 on rural roads plan
* To launch new panchayat scheme at 6.5 bln rupees
* To allot 877.65 bln rupees for rural development schemes
* To allot 20 bln rupees for LPG connection to rural women
* To start National Dialysis Service under PPP mode
* To exempt certain dialysis equipment from basic custom duty
* Health protection scheme with 100,000 rupee/family cover
* 3000 drug stores to be opened under PM Aushadhi Yojana
* To provide 130,000 rupee/yr health cover to senior citizens
* To launch new health protection scheme
* Propose to circulate model shops and establishments bill
* To give choice to shops to remain open on 7 days/week
* 10,000 km of national highways to be added FY17
* Total outlay for infra 2.21 trln rupees FY17
* Total outlay for roads, railway 2.18 trln rupees FY17
* Total investment in road sector 970 bln rupees
* NHAI to raise 150 bln rupees via bonds FY17
* Allot 550 bln rupees for roads, highways FY17
* 85% of 70 stranded road projects back on track FY16
* To allot 550 bln rupees for roads, highways
* India’s highest ever kilometre of highways awarded in 2015
* 30 bln rupees/yr to augment nuclear power in 15-20 yrs
* Mkt freedom for gas from difficult blocks to have price cap
* Mull calibrated mkt freedom for gas from difficult blocks
* Need to diversify resources for power generation
* Drawing up comprehensive plan on nuclear power
* To incentivise ultra-deep sea gas exploration
* Achieved highest coal production growth
* To provide incentives for gas production from tough blocks
* 10 non-functional air strips to be redeveloped
* To partner with state govts to develop airports
* Started series of measures for modernising ports
* To partner with states to develop regional airports
* Medium-term goal is to abolish permit raj
* Plan new public transport policy to up pvt participation
* FY17 allocation for new port development 8 bln rupees
* Motor Vehicles Act to be amended to up passenger segment
* New greenfield ports to be developed on east, west coasts
* Govt to open up road transport sector
* Medium-term goal is to abolish permit raj
* 50,000 km state highways to be converted to national highways
* FY17 total infrastructure outlay 2.21 trln rupees
* To have new policy for mgmt of assets of PSUs
* NITI Aayog to identify PSUs for strategic sale
* To encourage PSUs to divest individual assets
* 100% FDI in marketing of food pdts produced in India
* To have more FDI reforms in asset restructuring companies
* To change FDI policy for asset reconstructions cos
* To modify FDI policy for bourses, asset recast cos
* Duty drawback schemes to be widened, deepened
* Have deepened, expanded duty drawback scheme
* More FDI reforms in insurance, stock exchanges, pension
* To modify FDI policy for insurance, pension sectors
* FDI policy to address requirements of farmers
* To allow mobilisation of 313 bln rupee by govt infra bodies
* Mulling gas production incentive from high temperature area
* May incentivise gas production from ultra deep water areas
* Mulling incentives for gas production from deep sea areas
* New credit rating system for infra to be developed
* To issue guidelines for renegotiation of PPP contracts
* Received conflicting suggestions on FRBM roadmap
* To amend Companies Act for ease of doing business
* Will amend companies act this Parliament session
* Registration of cos to be done in one day
* 300,000 fair price shops to be automated by Mar 2017
* Banking Board bureau to be operational in FY17
* To strengthen debt recovery tribunal
* Considering cutting stake in IDBI Bank to below 50%
* Stand solidly behind PSU banks
* To find resources if PSU banks need additional capital
* Allot 250 bln rupees for recapitalisation of PSU bks FY17
* Not interfering in lending activities of PSU bks
* To amend SEBI act to provide for more SAT benches
* To bring legislation FY17 on illicit deposit taking schemes
* Sponsor in asset recast cos can hold 100% stake
* Financial Data Management Centre to be established
* To allow 100% FDI in asset recast cos
* To make necessary amendments in SARFASI Act
* Bankruptcy code to help deepen corporate bond mkt
* SEBI to develop new commodity derivative pdts
* SEBI to introduce new derivative pdts in commodity mkts
* To adopt comprehensive approach for invest in central PSUs
* To introduce comprehensive Bankruptcy Code in Parliament
* To rename divest dept as Dept of Invest & Public Asset Mgmt
* To amend RBI Act to implement monetary policy framework
* Vibrant fincl sector critical for econ growth
* PM Mudra Yojana target to give 1.8 trln rupees loans FY17
* To draw road for consolidation of PSU banks
* Banking board bureau to be operationalized in FY17
* To draw roadmap for consolidation of PSU banks
* To take up massive rollout of micro-ATMs across nation
* Public money should reach poor without leakages
* Nationwide roll out of ATMs via post offices
* To list govt-owned general insurance cos on stock exchanges
* To list general insurance cos on stock exchanges
* To set up panel to review FRBM Act
* Time has come to review FRBM Act
* Propose to set up committee to review FRBM Act
* Govt open to reducing its stake in PSU banks below 50%
* Consolidation roadmap for PSU banks next year

* Propose changes in customs duty to push Make in India plan
* Exempt svc tax on general insurance plans in Nirmaya scheme
* Committed to implementing GAAR from Apr 1, 2017
* Asset recast cos’ income to be taxed at hands of investors
* Propose special patent regime to power innovation, research
* Services provided by EPFO exempted from service tax
* STT of 0.05% on options contracts
* Service tax waiver for houses of less than 60 sq mtr
* Service Tax exempt for svc under rural electrification plan
* To give excise duty exemption to ready-mix concrete
* Excise of 12.5% with input tax credit on jewellery
* To abolish 13 cesses by ministries
* To amend Central Value Added Tax credit rules
* To amend CENVAT credit rules
* Taxation panel to fix demand under retrospective tax cases
* Hope old cases on retrospective tax reach conclusion soon
* No retrospective taxation to be undertaken
* 1-time no-interest liability in retrospective tax cases
* To up excise duty on various tobacco products by 10-15%
* Cos incorporated post Mar 1 to be taxed at 25%+ surcharge
* Doubles clean energy cess on coal to 400 rupees/tn
* To up excise duty on some tobacco pdts by 10-15%
* Infra cess of 2% on diesel cars
* 4% infra cess on high capacity vehicles, SUVs
* To levy 1% infra cess on small petrol, LPG, CNG cars

* Plan simplification, rationalisation of taxes
* Tax rebate on rent paid upped to 60,000 rupees vs 24,000
* Tax changes to support Make in India, affordable housing
* To give relief to small taxpayers
* To launch steps to move towards pension society
* To give relief to small tax payers
* Withdrawal upto 40% from Natl Pension plan to be tax exempt
* To allow lower corporate tax for some cos from FY17
* Reduction in corporate tax has to be calibrated
* Faster depreciation rate under income tax act at 40% FY17
* Reduction in corporate tax has to be caliberated
* Detailing roadmap for phasing out corporate tax exemption
* Propose 0.5% Krishi Kalyan cess on all taxable svcs Jun 1
* Propose Krishi Kalyan cess
* To raise surcharge on income over 10 mln rupees to 15%
* 10% tax on recipient if got dividend over 1 mln rupees/yr
* Some home buyers to get extra exemption of 50,000 rupee/yr
* No changes in income tax slabs
* To rationalize tax deducted at source for small tax payers
* Penalty of 200% of tax for misreporting of income
* Penalty of 50% of tax for under-reporting of income
* Penalty to be 50% of tax in income under-reporting cases
* Modifying scheme of penalty under Income Tax Act
* Revenue secy to head committee on taxation
* Committed to stable, predictable taxation regime
* To focus on bringing to book people with black money
* Prosecution immunity for undisclosed income declaration
* 300,000 tax cases worth 5.5 trln rupees pending
* New dispute resolution scheme for taxation proposed total 45% Tax
* Compliance window for undisclosed income Jun 1-Sep 30
* 7.5% surcharge on undisclosed income in compliance window
* Govt committed to removing black money
* To move towards low tax regime with non litigious approach
* Limited period compliance window on undisclosed income
* To strongly counter tax evasion
* Moving towards a low tax regime

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