Tax-friendly regime likely in Budget 2018-19

  The Budget might overhaul the income tax administration and assessment system to lower taxpayer harassment and improve efficiency of officers. The Income Tax Act might be amended to give effect to “jurisdiction-free assessment”, which means that any officer can send a notice to any taxpayer in any jurisdiction electronically. Assessments would be done through e-mails, eradicating human interface. “The move is aimed to lower corruption and harassment cases and also improve the department’s efficiency. It is a taxpayer-friendly measure. It is expected to come into effect from the next fiscal year,” said a government official. He explained the Act states the assessing officer would issue a notice for the return on income. A taxpayer could challenge a notice issued by a computer or another jurisdiction’s official by saying it was not issued by his designated assessing officer. “An amendment

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The Union Finance Minister Shri Arun Jaitley holds his 5th Pre-Budget Consultation Meeting with the leading Economists

FM states that despite subdued global economic growth, India’s growth remains impressive and one of the best in the world during the last three years;  Growth of Second Quarter of the Current Financial Year 2017-18 marks the reversal of the declining trend of growth witnessed in the last few quarters; FM: We are following the roadmap of fiscal consolidation.     The Union Minister of Finance and Corporate Affairs Shri Arun Jaitley said that despite subdued global economic growth, India’s growth remains impressive and one of the best in the world during the last three years. He said that India has recorded an average growth of 7.5% from 2014-15 to 2016-17, significantly higher as compared to the growth in the previous two years. The Finance Minister Shri Jaitley was making the Opening

Read More The Union Finance Minister Shri Arun Jaitley holds his 5th Pre-Budget Consultation Meeting with the leading Economists

Shri Arun Jaitley holds his 6th Pre-Budget Consultation Meeting

  The Union Finance Minister Shri Arun Jaitley holds his 6th Pre-Budget Consultation Meeting with Stakeholders from IT (Hardware &Software) Group;Highlights the steps taken by the present Government to make India a global hub for electronics manufacturing;  IT Sector Heads seek help from Government against Protectionist Policies; also seek Tax incentives for growth of the sector The Union Minister of Finance and Corporate Affairs Shri Arun Jaitley said that to promote indigenous manufacturing of electronic goods, many steps have been taken by the present Government in last three years including rationalization of the tariff structure with extension of differential excise duty dispensation on specified electronic equipments and withdrawal of duty exemption etc. The Finance Minister said that in the Union Budget 2017-18, with the aim of creating an eco-system to make India

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ICAI submits Pre-Budget Memoranda-2018

  The Finance Act, 2015 increased the rate of surcharge levied on domestic companies by 2 per cent. The surcharge at the rate of 7 per cent shall be levied in case of a domestic company if the total income of the domestic company exceeds INR one crore but does not exceed INR ten crore and at the rate of 12 per cent in case total income exceeds INR ten crore. The Finance Act, 2015 has also increased the surcharge rate from 10 per cent to 12 per cent on DDT. The increase in surcharge by 2 per cent will bring the effective DDT rate to 20.358 per cent as against the present rate of 19.995 per cent. The increased rate of surcharge on tax makes cost of doing business

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ICAI Invites Suggestions for Pre-Budget Memorandum-2018

  ICAI Invites Suggestions for Pre-Budget Memorandum-2018 The Direct Taxes Committee, Indirect Taxes Committee and Committee on International Taxation of ICAI are in the process of identifying issues for inclusion in the Pre-Budget Memoranda – 2018 to be submitted to the Ministry of Finance or respective State Ministry. Suggestions under the following heads are invited on laws relating to Direct Taxes (including International Taxation) and Indirect Taxes: Direct Taxes (including International taxation) Submission details ·         Suggestions for widening the tax base and increasing the tax revenue ·         Suggestions to check tax avoidance ·         Suggestions to reduce/minimize litigations ·         Suggestions for rationalization of the provisions of Direct Tax Laws ·         Suggestions for removing administrative and procedural difficulties Suggestions may be submitted at the link: https://appforms.icai.org/preBudgetSuggestion/index.html   Indirect Taxes   ·         Goods

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PM address to media ahead of 2nd round of Budget Session

  English rendering of the Prime Minister Shri Narendra Modi’s address to media ahead of the Second round of the Budget Session of Parliament Welcome friends, All of us are back together once again after the recess during the Budget Session of the Parliament. There will be detailed discussion on the Budget and I am sure the level of debate and discussion will be of good quality. It will be focused on the issues pertaining to the welfare of the poor. We are hopeful of a breakthrough in the GST. One of the reasons for our optimism is that all the states have cooperated in a positive manner. All the political parties have also been extremely positive and cooperative in their response. We have been able to move forward in

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Transition to GST would add some certainty in state government budgeting 

  Compensation norms for revenue losses on account of transition to the goods and services tax (GST) may add some element of certainty for state governments while preparing their budget targets, according to a study by rating firm Icra. It says that the transition may turn out to be temporarily disruptive and that the pace of growth of transfers from central government to state governments is forecast to halve in the coming fiscal. The Union Budget for FY’2018 has forecast a reduction in the pace of growth of central transfers to state governments to 9.8 per cent in the budget estimates (BE) for FY’2018 from 18.7 per cent in the revised estimates (RE) for FY’2017. “However, states’ own revenues, subsumed into the GST, would grow by at least 14 per

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ICAI submits Post-Budget Memoranda-2017

  We have noted with great satisfaction that the suggestions given by the Committee in the past have been considered very positively. In formulating our suggestions in regard to the Finance Bill 2017, the Direct Taxes Committee and Committee on International Taxation of the ICAI have considered in a balanced way, the objectives and rationale of the Government and the practical difficulties/hardships faced by taxpayers and professionals in application of the provisions of the Income-tax Act, 1961. We are confident that the suggestions of the Direct Taxes Committee and Committee on International Taxation of ICAI given in this Memorandum shall receive positive consideration. In this memorandum, suggestions on the specific clauses of the Finance Bill, 2017 relating to Income-tax Act have been given in detail. DOWNLOAD/READ FULL MEMORANDA

Twitter records 7.2 L tweets on Budget b/w 30/1-2/2

  Social media platform Twitter today said it had recorded 7.2 lakh tweets with the hashtag #Budget2017 between January 30 and February 2. Finance Minister Arun Jaitley (@ArunJaitley) conducted two live chat sessions answering queries of Indian citizens from the Ministry of Finance and the Ministry of Information & Broadcasting, Twitter said in a statement here. Twitter provided live updates from the budget showcasing the presentation and initiated conversation amongst policy makers, influencers, journalists, opinion-makers, and the public in general. Prime minister Narendra Modi also tweeted “#BudgetForBetterIndia reforms old processes,empowers our human capital and aims to rejuvenate the economy.” “Twitter conversations on the Union Budget 2017 reflected the nation’s temperament towards an event of national significance,” the statement said. The finance ministry also posted exclusive behind the scenes peek into

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Budget offers tax balm, Sensex shoots up 486 points

  A focus on fiscal discipline and clarity on FPI taxation as reflected in the Union Budget came as music to investors’ ears, with the Sensex leaping nearly 486 points on Wednesday to close at an over 3-month high of 28,142. Financial and realty stocks powered the show. Markets welcomed the budgetary proposals of infusing Rs 10,000 crore in public sector banks and keeping long-term (LTCG) and short-term capital gains tax (STCG) unchanged for the capital market. Additionally, Finance Minister Arun Jaitley proposed that category I and II foreign portfolio investors (FPIs) should be exempted from taxation on indirect transfers, which made investors a happy lot. Both key indices Sensex and Nifty reclaimed their key levels of 28,000 and 8,700 for the first time, scoring their biggest single-day gain since

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