The budget also marked the beginning of a new public accounting process. There were fewer indirect tax changes following the launch of the goods and services tax (GST) that kicked in on July 1.
Budget 2017 provisions will be applicable from April 1. It is time to realign your money matters accordingly.
Those earning under Rs 5 lakh will benefit the most, while the super-rich will feel the pinch.
We look forward to few changes in terms of (a) increase in tax exemption limit under Section 80C for ELSS Schemes (b) additional limit under Section 80CCD for investment in mutual fund linked retirement benefit/pension schemes.
Brokerages and analysts are pinning their hopes on Union Budget to deliver income tax sops to help reduce pain induced by the government‘s demonetisation drive.
Each of these options has its own advantages. One should be assessing the tax liability before logging into one.
The cabinet is all set to consider the revised direct tax code (DTC) Bill soon. No change is likely in the tax exemption limit, but the bill proposes a new 35 percent tax slab for people with income exceeding Rs 10 crore per annum.
The Finance Ministry may table the Direct Tax Code in the monsoon session of the Parliament. The code seeks the hike of income tax exemption and savings reduction limit.
The new or revised direct tax code bill being worked upon by the finance ministry currently will see key changes in wealth tax, IT slabs and definition of non profit organization, sources from Central Bureau of Direct Taxes (CBDT) informed.
The government should endeavour to broaden tax base and provide excise relief for items of mass consumption in the forthcoming budget, suggested Members of Parliament (MPs) in their pre-budget meeting with Finance Minister P Chidambaram today.
The government has initiated many bold reforms over the last three months. In an interview to CNBC-TV18, Jyotivardhan Jaipuria of BofA Merrill Lynch says the market will see a strong run up to the Budget.
As the Union Budget 2012 did not propose too many tax changes, financial planner Gaurav Mashruwala said he was disappointed as expectations were not met.
CNBC-TV18 caught up a panel of guests to discuss their reaction on the Budget and the way forward for the economy. Check out what they say.
Budget FY2012-13 failed to make any huge impact on the retail investors. UPA could have taken bold step before going for election however it maintained diplomatic stand. All in all, it has been a lackluster budget with many key areas untouched, reckons financial advisor Renu Pothen
This is not the big bang the market was hoping for. Read on to know some of the changes from the budget that would impact you as an investor.
The Budget is eagerly awaited by all, from ministers, industrialists to Aam Admi. Though the focus of Budget are things like expenditure towards education, health services, infrastructure, etc. Aam Admi is more interested in knowing will his disposable income increase or not. Let’s look at some of the expectations of the Aam Admi.
While a common man still looks at the budget with lot of expectations, the Union Budget has increasingly resembled an accounting budget. This is because as the finance ministers have cut income tax slabs and rates over the years, there is lesser and lesser scope to do lower it further.