Search Result for : Finance Bill

The Dollar Business Bureau  Goods and Services Tax (GST), a historic tax reform, will come into effect from tomorrow i.e.1st July 2017. GST will completely transform the Indirect Taxation landscape in the country involving both the Central and State levies. In a departure from the normal practice, GST will be administered together by the Centre and States. Why is GST important? The biggest tax reform since independence - GST - will pave the way for the realisation of the goal of One Nation - One Tax - One Market. GST will benefit all the stakeholders namely industry, government and consumer. It will lower the cost of goods and services, give a boost to the economy and make the products and services globally competitive, giving a ...

PTI  The government is examining the report of a committee which has recommended change in the financial year starting April 1, Finance Minister Arun Jaitley said on Friday. Replying to questions in the Lok Sabha, he said disclosing the recommendations of the committee and the prima facie view of the government on it at this stage would be unfair as it may amount to pre-judging the issue.  The government is examining the report of a committee which has recommended change in the financial year starting April 1, Finance Minister Arun Jaitley said on Friday. Responding to supplementaries during Question Hour, he said since the move has various implications for the Centre, the states and various local bodies, it is necessary ...

PTI President Pranab Mukherjee has given his assent to the Finance Bill 2017 to give effect to provisions like bar on cash transactions above Rs 2 lakh and compulsory quoting of Aadhaar for filing tax returns. "The President was kind enough to give his assent to the Finance Bill before he left for official visit to Assam yesterday," Revenue Secretary Hasmukh Adhia told PTI here. With this, the provisions of the Finance Bill come into effect from today, he said. This is the first-time ever the annual Budget together with taxation proposals have come into effect from the first day of the financial year. Scrapping a colonial-era tradition of presenting the Budget at the end of February, ...

Ranjeet Mahtani and Stella Joseph One of the noteworthy proposals made in the Union Budget of 2017 is the proposal to rationalize Section 10AA of the Income-tax Act, 1961 (“IT Act”), which contains special provisions in respect of newly established Units in Special Economic Zones (“SEZ”). The IT Act provides for the levy, collection and recovery of income tax in India. It is divided into various chapters governing separate aspects including exemptions, computation of total income, deductions, etc. Section 10AA of the IT Act is a provision contained in Chapter III of the IT Act which was inserted w.e.f. 10.02.2006 allowing for deduction of profits and gains derived from the export earned by an SEZ Unit. The Section specifically uses the word “deduction”. ...

PTI Breaking from tradition, the general budget of the Union Government is likely to be presented on February 1 instead of the last day of the month, as part of an overhaul that would also scrap the practice of a separate railway budget.  The proposal for advancing of the budget and the merger of the railway budget with it will be considered tomorrow at a meeting of the Union Cabinet to be chaired by Prime Minister Narendra Modi, who has been pushing for it.  The cabinet will also consider the proposal for doing away with the distinction between Plan and non-Plan expenditure.  According to the proposal, the entire Budget-making exercise will be advanced by 3-4 weeks so as to complete the legislative part of financial ...

Thomson Reuters Global Tax Market Development Lead, Vinay Sethi evaluates the Union Budget 2016-17 presented by the Finance Minister Arun Jaitley. He says the budget is in the right direction however it lacked major changes. Vanita Peter DSouza | The Dollar Business Vinay Sethi , Global Tax Market Development Lead, Thompson Reuters Though the Union Budget lacked any major changes, Finance Minister Arun Jaitley managed to provide some relief to small taxpayers, push growth, mobilise resources and bring some certainty and rationalisation into the tax regime, said Thompson Reuters. Assesses have welcomed tax rebate for small tax players under section 87Aand 80GG while turnover limit under Presumptive taxation scheme under section 44AD of the Income Tax Act has been increased to Rs.2 crore. ...

The Dollar Business Bureau In a move that creates comfort for the Reserve Bank of India (RBI), the Ministry of Finance, on Thursday, sought to drop from the Finance Bill 2015, the proposal to set up a separate Public Debt Management Agency (PDMA), outside the ambit of the RBI. Finance Minister Arun Jaitley, has said to have made a statement to this effect while initiating a debate on Finance Bill in Lok Sabha on Thursday. The move comes in view of the RBI’s role as a government’s fund raiser and a money regulator in the Indian economy. However, the ministry’s consultations are on with the RBI over the preparation of a roadmap to pursue a separate debt management agency in line ...