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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Highlights of Indirect Tax Proposals – Union Budget 2017-18

  INDIRECT TAXES SERVICE TAX Amendments effective from 02.02.2017 Amendment in Mega Exemption Notification No. 25/2012 ST dated 20.06.2012   Services provided or agreed to be provided by the Army, Naval and Air Force Group Insurance Funds by way of life insurance to members of the Army, Navy and Air Force under the Group Insurance Schemes of the Central Government exempted from service tax vide new entry 26D inserted in Mega Exemption notification. Under the Regional Connectivity Scheme (RCS), exemption from service tax is provided in respect of the amount of viability gap funding (VGF) payable to the selected airline operator for the services of transport of passengers, with or without accompanied belongings, by air, embarking from or terminating in a Regional Connectivity Scheme (RCS) airport, for a period of

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Salient Direct Tax Proposals in Union Budget 2017 

  Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 1st February, 2017. Press Release Salient Direct Tax Proposals in Union Budget 2017 The Union Budget 2017 was laid before the Parliament today by the Hon’ble Finance Minister of India. The salient features of Direct Tax proposals are summarised below: I. Affordable Housing: 1. Three concessions in the scheme of Income Tax exemption for affordable housing: (a) Area of 30 and 60 Sq.mtr. to be counted as carpet area and not built-up area; (b) 30 Sq.mtr. only in 4 metropolitan city limits and 60 Sq.mtr. for the rest of the country; (c) Completion period extended from 3 years to 5 years. 2. Tax on Notional rental income for builders to be calculated only

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UNION BUDGET 2017 HIGHLIGHTS

   Budget 2017 merged Finance Budget and Railway Budget. Following are key highlights of Budget. The 2017 Union Budget, presented by the Union Finance Minister Arun Jaitley on Wednesday, was broadly focused on 10 issues — farmers, rural population, youth, poor and health care for the underprivileged, infrastructure, financial sector for stronger institutions, speedy accountability, public services, prudent fiscal management and tax administration for the honest. Tax proposals India’s tax to GDP ratio is not favourable. Out of 13.14 lakh registered companies, only 5.97 lakh companies have filed returns for 2016-17. Proportion of direct tax to indirect tax is not optimal. 95 crore individuals showed income between Rs 2.5 lakh to Rs 5 lakh. Out of 76 lakh individual assessees declaring income more than Rs 5 lakh, 56 lakh are

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Union Budget 2017 : LIVE

  Union Finance Minister Arun Jaitley presents his third Budget on Wednesday, February 1. BOOK ON BUDGET: CLICK HERE    COMPLIANCE CALENDAR 2017: CLICK HERE TOP NEWS ‘No service charges for tickets booked via IRCTC’ ‘Foreign Investment Promotion Board abolished’ Cash donations for political parties capped at Rs. 2000 from one source Target for agricultural has been fixed at a record Rs 10 lakh crore for FY17-18 Rs10 lakh crore as credit to farmers with 60 days interest waiver says FM Highest ever allocation for MGNREGA of Rs 48,000 crore. Using space tech in a big way to plan MGNREGA works Two new AIIMS in Jharkhand, Gujarat Selected airports in tier 2 cities to be developed in PPP mode. More than 1.5 lakh gram Panchayats to get high speed broadband

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Survey indicative of reformative Budget: India Inc

  India Inc today said the Economic Survey has correctly assessed challenges facing the country today which is indicative of a bold and reformative Budget to be presented tomorrow. Besides, industry captains feel that the 6.75-7.5 per cent GDP growth estimate for 2017-18 too can be achieved. “The Survey, points to a likely bold and reformative Budget, which will have a strong focus on infrastructure, employment generation and easing business conditions. The issue of NPAs is most likely to be addressed coherently, along with taking stock of the PPP logjams. “The survey scores on recognising the economy’s shortcomings, prescribing the required action and setting an optimistic and expectant tone for tomorrow’s budget,” KPMG India CEO Richard Rekhy said. The industry bodies also pitched for lowering personal as well as corporate

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Arun Jaitley to take questions from Twitterati after Budget 2017

  Finance Minister Arun Jaitley will reply to questions by Twitterati on the proposals in the Budget after its presentation in the Lok Sabha. “I shall be presenting the Union Budget for 2017-18 tomorrow. I shall be happy to respond to your questions which you can send directly to me,” Jaitley said in a video message. The questions can be asked on Twitter by using hastag #MyQuestionToFM. This year, the government has decided to advance the Union Budget presentation to February 1, doing away with a decade-old practice of presenting it on the last working day of February.

Budget 2017: FM may give sops to PoS, micro ATM makers 

To promote digital payments, the upcoming budget may offer incentives to companies which manufacture equipment like PoS machines and micro ATMs. According to sources, the government may cut or eliminate excise duty on manufacturing of micro ATMs, finger print readers, biometric cards and PIN cards. Further, import duty may also be reduced on components used in the manufacturing of micro ATMs, they said, adding the excise duty exemption given by the government on these machines may be further extended. The government has announced excise duty exemptions till March 31, 2017. The ‘Committee on Digital Payments’, headed by former finance secretary Ratan P Watal, had suggested incentives to encourage digital payments in India. It had suggested withdrawal of all charges levied by government departments and utilities on digital payments and bear the

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Budget 2017: Industry, experts want corporate tax slashed to 25% 

  In a bid to attract more investments in the country, both India Inc and analysts are looking for an immediate cut in the corporate tax to bring it down to 25 per cent in the upcoming Union Budget from the current 30 per cent. “In its pre-budget presentation with the Finance Ministry, the Associated Chambers of Commerce and Industry of India (Assocham) has sought immediate reduction in the corporate tax to 25 per cent to attract more investment in the country,” its Secretary Seneral D.S. Rawat said. Industry body Confederation of Indian Industry (CII) in fact has proposed that corporate tax be brought down to 18 per cent, including all surcharges and cess. “In return, we can remove all tax incentives, concessions and need no grandfathering of previous incentives,”

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