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The rupee gained past 65.50, the highest level since November 2015 as the dollar buying slackened ahead of Federal Reserve meeting outcome.
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Market volume for Budget Day (Cr.)
29 Feb, 2016, 18:31
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|LIC Housing Fin||587.00||6.80|
|PNB Housing Fin||1086.55||48.20|
While the middle class taxpayer clearly benefits from the increase in tax exemption limit, PPF limit and home loan deduction, the increase in capital gains tax on debt funds is hard to comprehend as is the need to stay invested in equity funds for 3
We have received a lot of representations about certain aspects of the taxation of these REITs and infrastructure investment trusts that are counter productive and that are getting in the way of these vehicles taking off. So obviously those are under
Under the existing law, the Dividend Distribution Tax (DDT - effective tax rate of 16.995%) was applied on net amount of dividends actually paid to the shareholders.
Reduction in interest rates will give a boost to demand (for housing and consumer durables) as well as investments (especially for MSMEs and entrepreneurship), which will have aspiralling effect on overall investment and growth cycle.
here may be many good things which will happen in the Budget this time around, GST included, so I cannot believe that the market will not at least take a gamble on the Budget this time around if global events permit.
I would really hope to see timelines on goods service tax (GST) in this Budget/
The Budget that was presented by the FM Arun Jaitley was forthcoming on policy front. A lot of regulations which needed to be streamlined have been streamlined and all we need now is execution.
If I were in the RBI shoes, I would wait till the Budget which pushes the first rate cut in this cycle to March.
Budget is not a big event. Government must stop wasting money on subsidising fuel and use it more constructively.
I think what the RBI will watch is what the FY16 Budget will look like? What is the medium term plan for consolidation, how will the government achieve that? We are looking at some cuts in March and April if these conditions are met
Company Secretary | Bombay Oxygen
Partner and Head - Deal Advisory | KPMG India
"Finance Minister announced couple of initiatives that would touch the lives of many home makers positively. First he announced LPG connection in the name of woman members of the poor households. The Union Budget provided for a sum of Rs 2000 crore in this year’s budget for the same to ensure that the scheme reaches 1 crore 50 lakh households below poverty line. The scheme will be continued for two more years, to ensure that five crore such households benefit.
Second a health protection scheme is announced that offers a health cover of Rs 1 lakh. This scheme also offers a top up cover of Rs 30000 for a senior citizen. This should ensure that the home makers need not worry about the treatment costs in case there is a hospitalization in the family."
"Union Budget 2015 announced 26% rate of tax for new manufacturing units and for start-ups a tax holiday for three years. This should be seen as a good start for the corporate India, assuming that the finance minister will stick to his promise to bring down the corporate tax rate to 25% in future. However, the announcement to withdraw the tax incentives was a dampener.
Cap on benefit of deductions for research, benefit of section 10AA to new SEZ units over next two years, should lead to higher tax outgo for businesses. “The reduction in corporate tax rate has to be calibrated with additional revenue expected from the incentives being phased out,” said Arun Jaitley. However, he did not give a timeline to reduce the corporate rate of tax over a period of time."
"Finance Minister Arun Jaitley in his Union Budget 2016 speech announced some relief to small tax payers. He gave a raise in the ceiling of tax rebate under section 87A from Rs 2000 to Rs 5000. Two crore tax payers in this category should get a relief of Rs 3000 in their tax liability. This section was introduced in Union Budget 2013-2014 which allowed a tax credit of special rebate of Rs 2000 to individuals whose net taxable income is below Rs 5 lakh.Limit of deduction for rent paid under section 80GG is increased from Rs 24000 to Rs 60000 per year. This applies to those who do not own a house and also do not get a house rent allowance from the employer. Another positive announcement came on the National Pension Scheme. FM proposed to make withdrawal up to 40% of the corpus at the time of retirement tax exempt in the case of NPS. Annuities paid by NPS are taxable in the hands of the annuitants. Tax treatment of the withdrawal is subject to tax as per extant regime. This new rule makes NPS more attractive now."
"Rising healthcare inflation has been cause of concern for many senior citizen. Falling interest rates further added to their woes. Hence senior citizens had high hopes from Union Budget 2016. While some of the initiatives are beneficial to the senior citizens there remains a list of expectations that did not materialize.
Finance Minister Arun Jaitley announced a launch of health protection scheme for families with a health cover of Rs 1 lakh. This scheme offers an additional top up of Rs 30000 for senior citizens. The Finance Minister also proposed to start a ‘National Dialysis Services Programme’. Funds will be made available through public private partnership mode under the National Health Mission, to provide dialysis services in all district hospitals. To reduce the cost, he proposed to exempt certain parts of dialysis equipment from basic customs duty, excise/countervailing duty and special additional duty. These initiatives are expected to benefit senior citizens."
" Union Budget 2016 was a mixed bag for investors. Removal of dividend distribution tax from distribution of profits from the special purpose vehicle to Real Estate Investment Trust (REIT) was a demand for some years. Arun Jaitley chose to fulfil this in Union Budget 2016. This will open up the doors for REIT.
For the unlisted shares the holding period is brought down to 2 years from 3 years earlier, to qualify for long term capital gains. This is a big positive for the start up space and upcoming small and medium sized companies, as they can get investors. Investors too can venture into unlisted space with relatively lower time frame. SEBI is also instructed to launch new instruments in commodity markets. This should benefit investors, as they may get commodity option to hedge their positions. Also RBI will take steps to encourage retail participation in government securities market."
"In the run up to the budget many students’ bodies asked for more tax sops for the education loans. However, Union Budget 2016, skipped it and took a more rigorous approach.
Finance minister opted to open 62 new Navodaya in the remaining uncovered districts over next two years. An enabling regulatory architecture will be provided to ten public and ten private institutions to emerge as world-class Teaching and Research Institutions. This will enhance affordable access to high quality education for ordinary Indians.
Government has decided to set up a Higher Education Financing Agency (HEFA) with an initial capital base of Rs 1,000 crores. The HEFA will be a non-profit organization that will leverage funds from the market and supplement them with donations and CSR funds. These funds will be used to finance improvements in infrastructure in top institutions and will be serviced through internal accruals."
"The steep fall in share prices since the start of the year has shrunk trading volumes and stock brokers were looking to the Finance Minister for succour. However, none was forthcoming.
In this speech, Finance Minister opted to increase securities transaction tax (STT) on options to 0.05 per cent from 0.017 per cent. STT on cash market turnover is left unchanged. This should increase the cost for the traders. Finance minister also proposed a tax at 10 per cent on dividend receipts in excess of Rs 10 lakh in addition to the dividend distribution tax collected by the dividend paying companies. Marginal increase in service tax should further increase the effective brokerage for the investors and traders. This is another dampener for the brokers."
"Union Budget 2016 offered some benefits to SME . After last year’s MUDRA bonanza, this year it was high hopes from Union Budget. Finance Minister offered to double the qualifying turnover limit to Rs 2 crore under Presumptive taxation scheme under section 44AD of the Income Tax Act. The scheme frees 33 lakh small business entities from the burden of maintaining detailed books of account and getting audit done. The scheme is further extended to professionals with gross receipts of Rs 50 lakh with the presumption of profit being 50% of the gross receipts."
Dalton Capital Advisors
Helios Capital Management
Head Investment Strategy
CEO - Wholesale Capital Markets
Edelweiss Financial Services
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Co-Founder | YoStartups.com
Harjot Singh Narula
Founder & CEO | Comparepolicy.com
Chief Financial Officer | Bharti AXA Life Insurance
MD | Kotak Life Insurance
Assistant Editor | Moneycontrol.com
Founder & CEO | www.gettingyourich.com
Managing Director | Investonline.in