#union budget 2017-18

[krishnastore]

Union Budget 2017: Nitish Kumar Says Disappointed, Raises Black Money Issue

Union Budget 2017: Nitish Kumar Says Disappointed, Raises Black Money Issue

PATNA: Bihar Chief Minister Nitish Kumar agreed with the Opposition today to cruelly condemn the Union spending plan, calling it “absolutely baffling”, and bringing up that it didn’t elucidate how much dark cash or fake money was identified since the prohibition on 500-and 1000-rupee notes on November 8.

“Those of us who upheld demonetisation wish to know how much dark cash and fake monetary…

[tajakhabrein-blog]

बजट 2017-18: एक नजर में जानें क्या हुआ सस्ता और क्या हुआ महंगा

बजट 2017-18: एक नजर में जानें क्या हुआ सस्ता और क्या हुआ महंगा

http://bit.ly/2kT8bxZ

[businesswireindia]

Union Budget 2017-18 covered a large breadth of topics and touched upon variety of aspects, making it a transformational budget for India. Having said that, the budget could have been better had the government focused on more number of initiatives announced per industry, to give the budget more depth and make it more valuable for all industries, especially for manufacturing and MSME sector.

[poonamparekh]

Consolidation in PSUs flagged with oil sector taking lead

Budget 2017 - The government will create a mega oil company as part of its plan to consolidate public sector companies. The proposal of merging 13 government oil companies, which had stemmed out of the Cabinet Secretariat last year but did not find takers in the ministry of petroleum, is now back on the agenda. “We see opportunities to strengthen our central public sector undertakings through consolidation, mergers and acquisitions... Possibilities of such restructuring are visible in the oil and gas sector. We propose to create an integrated public sector ‘oil major’ which will be able to match the performance of international and domestic private sector oil and gas companies,” said Finance Minister Arun Jaitley in his Budget speech. He said that the CPSEs could be integrated across the value chain of an industry, which would give them “capacity to bear higher risks, avail economies of scale, take higher investment decisions and create more value for the stakeholders”. But, for reasons ranging from the managerial to employee management and legal, any attempt to execute the idea could see a long-drawn process involving legislative changes as well. Even an indomitable Mani Shankar Aiyar had to beat a retreat on this proposal, ostensibly on the recommendations of V Krishanamurthy’s Synergy in Energy panel in 2005.(Read More)

[rashmiworld-blog]

#India #Budget2017

[mylucky137276]

Staffing industry seeks resolution of tax woes in Budget

Wants TDS cut from 10% to 2%, and applied on commission earned, not on gross invoice value

Wants TDS to be cut from 10% to 2%, and applied on commission earned, not on gross invoice value The staffing industry, representing companies such as Team Lease and Quess, wants finance minister Arun Jaitley to resolve the tax anomalies it faces, in the upcoming Budget 2017 India. The Indian Staffing Federation says that its demand assumes significance since post-demonetisation it is the formal sector which will grow and the staffing industry will play a crucial role in that. The industry represents contract hiring in organised industry done through tri-partite agreements -- between the company that is hiring, the person hired and the staffing industry. The Federation said tax deducted at source (TDS) is imposed on the gross invoices received by its members from its client companies, whereas it should be on just the commission received by the staffing companies. While this amount is adjusted later, it takes about a year to happen, creating cash flow problems for staffing companies, says Suchita Dutta, executive director of the Federation.

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[jessica-dsilva]

Budget 2017 wishlist: Five expectations from infrastructure sector on Business Standard. Finance Minister Arun Jaitley might announce a third straight year of record capital spending

[poonamparekh]

Budget 2017: Base year for calculating capital gains changed

Budget 2017 - Capital gains on sale of assets like property or gold may come down following the proposal to shift the base year for calculation indexation from 1981 to 2001, as announced by the Finance Minister in the Budget 2017-18. This means that any property that was purchased before 1980 was now calculated according to the Fair Market Value (FMV) of 1980 at the time of selling in order to calculate capital gains. But now it will be calculated at the FMV of 2001. “This is closer to the current market prices and will help the seller get better market value,’’ Amarpal Chadha Tax Partner, People Advisory Services, EY. If the property is held for more than three years, the long term capital gains (LTCG) tax applicable is 20 per cent with indexation. In order to calculate the indexation the value of acquisition is taken into account and this was assumed to be the FMV of 1981 for older properties. Now since the base year would be 2001, the cost of acquisition will be higher, as property prices went up between the period 1981 to 2001. "Capital gains will come down because the cost of acquisition of property will go up and hence the tax burden will be lower while selling property," says Chadha.(Read More)

[trendingcurrentaffairs]

Budget 2017 wishlist: Expectations from the real estate sector

Real estate is largest employer after agriculture and is slated to grow at 30% over next decade

Industry size: India’s real estate market is expected to touch $180 billion by 2020 Source: India Brand Equity Foundation

Employment figure: The Indian real estate sector has backward and forward linkages to approximately 265 ancillary industries. It employs over 50 million people. In India, real estate is the largest employer after agriculture and is slated to grow at 30 per cent over the next decade Source: National Skill Development Corp

Contribution to gross domestic product (GDP): Real estate contributes over six per cent to the country’s GDP Source: India Brand Equity Foundation

Key issues or areas of concern for the sector

Slow pace of sales leading to large unsold inventory (large demand-supply gap)

Lack of investment support and insufficient funds, especially for project construction

Read Article Source>>>

Get all the Latest Updates On Budget 2017 | Business Standard

[poonamparekh]

20 things Jaitley changed in India through this budget

Budget 2017

- There were many things that Finance Minister Arun Jaitley said during his budget speech but there are many more that went unsaid. Here is a list of 20 things that could have a direct or indirect impact on your life:

With regard to a foreign company, sale of leftover stock of crude oil in case of strategic petroleum reserve after the expiry of the agreement, subject to the fulfilment of certain conditions, shall not be liable to tax in India.

In case of income arising from sale of carbon credit, a concessional tax rate of ten per cent will be given

Government, foreign missions and state PSUs engaged in the passenger transport business will be exempted from Tax Collection at Source (TCS) provisions relating to purchase of vehicles.

Conditions of special taxation regime for offshore funds under section 9A of the Income-tax Act has been modified. Now, maintenance of minimum fund size would not be necessary for the year in which the fund is being wound up.

Income from Chief Minister’s Relief Fund or the Lieutenant Governor’s Relief Fund shall be exempted from tax.

Certain entities like Investor Protection Funds, Core Settlement Guarantee Fund, Tea/Coffee/Rubber Boards, enjoying exemption from levy of income-tax under section 10 of the Income-tax Act, shall be required to furnish return of their income.

In order to ensure timely filing of returns of income, it is proposed to levy a fee in case of delay in filing the return.

If an accountant or a merchant banker or a registered valuer furnishes incorrect information in a report or certificate, the applicant shall be liable to a penalty of Rs 10,000 for each default. (Read More here)

[poonamparekh]

Highlights: Jaitley delivers fiscally prudent Budget 2017

Budget 2017 - Here are the highlights of Jaitley's budget for the 2017/18 fiscal year that begins on April 1. FISCAL DEFICIT * The 2017/18 budget seeks to pursue prudent fiscal management to preserve financial stability. *Fiscal deficit at 3.4% *Revenue deficit stands reduced to 2.1% in Fy18 GROWTH * Jaitley says India seen as an engine of global growth DEMONETISATION * Demonetisation "a bold and decisive measure", will make GDP bigger and lead to higher tax revenues - finance minister * Hit to economy from government decision to outlaw high-denomination notes will be "transient", effects of demonetisation not expected to spill over to next year * Pace of remonetisation has picked up and will soon reach comfortable levels * Surplus money in the banking system will lower borrowing costs, increase credit flow Read More

[poonamparekh]

Budget 2017 has sops for selling property but restrictions on buying

Your tax liability would now be lower when you sell a house in the third year after purchase. You can now claim long term capital gains (LTCG), if you sell a house after holding it for two years from the date of completion. Earlier, one could claim LTCG only after a holding period of three years. The rate for LTCG tax usually works out to be lower compared to short term capital gains (STCG) tax. LTCG is paid either at flat 10% or 20% after adjusting the property price for inflation. STCG is added to the income of the seller and taxed as per his income tax slab, which comes to 30% if the gains are Rs 10 lakh or more. While announcing the move, Finance Minister Arun Jaitley said: “This move will significantly reduce the capital gain tax liability while encouraging the mobility of assets." “The government seems to have made the changes to revive the property market that has suffered due to demonetisation,” says Rahul Garg, partner and leader direct tax, PwC.(Read More) Budget 2017 Updates

[poonamparekh]

3 reasons why the Sensex rallied 486 points on Budget 2017 day

Budget 2017 Markets gave a thumbs up to the Budget 2017 proposals by finance minister Arun Jaitley, with the S&P BSE Sensex and the Nifty50 indices settling nearly 1.8% higher each at 28,142 and 8,716 levels respectively. This is the first time since October 25 that the Nifty50 index has closed above 8,700 levels.

Broader markets, too, rallied in tandem. The BSE Mid-cap and BSE Small-cap indices closed 1.7% higher each.

"The government had a tough call of treading very carefully between the need for stimulating demand in a weak economic environment after demonetization and continuing on the path of fiscal consolidation. It needs to be complemented for bringing in greater transparency in political funding and relaxing the domestic transfer pricing rules. It has allocated higher sums for farmers, rural population, youth, poor and underprivileged, infrastructure etc, which will have a ripple effect on the formal economy with a lag,” said Dhiraj Relli, MD & CEO, HDFC Securities.

Here are three reasons why the Sensex rallied 486 points post the Budget 2017 proposals were unveiled:

Budget skips changes to tax treatment of capital gains on shares

Fiscal prudence

Focus on infrastructure spending

Read More

Budget 2017 Updates