Home makers were keen on more money in hand. Though Finance Minister has not resorted to higher taxation, there is nothing added to home maker‘s purse.
Though there is no hike in exemption limit for senior citizens, a fresh health insurance scheme is announced by finance minister. Also NPS withdrawals to the extent of 40% were made tax free.
On the one hand the securities transaction tax went up on options, on the other hand there will be more products in commodities market.
Tax burden for salary below Rs 5 lakh category individuals is reduced by Rs 3000
REIT investors saw some positive announcements. However, time tested instruments such as EPF saw some increase in tax. Dividends for big investors attract additional tax.
Union Budget 2016 offers focus on education, skills and job creation
One percent lower tax rate and extension of Section 44AD benefit is a positive.
Service tax on insurance premium should be abolished. Also income tax on annuities for annuitants above certain age should be tax free.
The rate of income tax for the firms below Rs 5 core turnover is reduced by one percent.
There is a need for providing more impetus to life insurance companies for enhancing life insurance penetration in the country, especially when we do not have a social security system in place.
Neither the tax reforms nor the regulatory reforms come without riders. For instance the tax pass through for AIFs is coupled with a 10% tax withholding obligation on income payable to investors.
Backdrop of the amendment in 2012 was to cover large and strategic transactions which could result in change in control and management of Indian companies but cannot be taxed as they do not have direct nexus with India.
More budgetary support for creation of technological infrastructure is required to complement Government‘s flagship initiatives such as â€˜Digital India‘, â€˜Start-up India‘, â€˜Smart Cities‘ and â€˜Skill India‘.
Financial services sector needs a special thrust in the Union Budget 2016, especially given the government‘s desire to augment the existing infrastructure in the country.
Development of real estate sector is a key for infrastructure development and smart city, considering both commercial and residential space.
Securitisation essentially assists in attaining capital adequacy, restricting/availing sector exposure, risk management.
"Many developed and developing nations have showcased that the MSME segment plays the role of backbone for maintaining or accelerating growth. it It's crucial for India to tap the potential of MSME segment as it embarks on the new wave economy" says R. Narayan, Founder & CEO, Power2SME
More tax sops that leave more money in the hands of the average common man on the street are expected from Union Budget 2016
Instead of cutting MF advisors hands by levying more taxes, support them by helping them reach the common man.
Watch the interview of Parizad Sariwalla Partner & Personal Taxation Expert at KPMG and Anshu Kapoor Head of Global Wealth Management at Edelweiss Financial with CNBC-TV18's Surabhi Upadhyay in which they gave their view on aam aadmi's expectations from Union Budget 2016.
The Union Budget 2016 does have benefit of large savings on fuel subsidy due to lower oil prices.
House property income need more tax exemption. In Budget 2015 there was a marginal hike. However, the hike is not adequate.
Tax exemptions can be aimed at promoting health insurance. Also government can offer tax incentives to channelize savings, which in turn work for individuals in their retirement planning.
The titans of Indian industry here at the Confederation of Indian Industry (CII) at the CII headquarters in New Delhi takes us through what we can expect or should expect from the Budget and what the Budget can deliver.
The BEPS recommendations on three tier TP documentation should be introduced with utmost care taking into account the additional burden that would be placed upon the taxpayers