Budget Session 2017

<p>GST is on the way and still, there is a lot to improve the statistics as the all of the finance ministry is looking up the best measures to fix the new tax regime in the best possible way. In this year, there is a significant event to take place which will affect many in a similar way, and that is Budget 2017 heading in February.</p>

<p>The Hon’ble Finance Minister Mr. Arun Jaitley announces a new Cess, Krishi Kalyan Cess at the rate of 0.5% on all taxable services while presenting the third full-year Budget of the current government on February 29, 2016. The Krishi Kalyan Cess has been introduced for the purpose of financing to improve agriculture activities and welfare [&hellip;]</p>

<p>1. Section 192(A) – Payment of an accumulated balance of PF due to an employee. The threshold limit increased to Rs. 50,000 from the prior limit Rs. 30,000 for the purpose of deducting TDS. Means, no TDS applicable if PF withdrawal amount is less than Rs 50,000. 2. Section 194BB – Wining from Horse Race, [&hellip;]</p>

<p>The recently announced Union Budget 2016-17 has not made a positive impact on many of the Indian salaried employees and left them wondering whether they are rich or poor. But, in this whole mess of provisions, there&#8217;s a lot of ways that would help you out in saving your bulk of tax. To help you [&hellip;]</p>

<p>The honourable Chief Minister of Rajasthan, Mrs Vasundhara Raje has made an announcement regarding Rajasthan Buget 2016 with Rs 99,693 crore annual development plan on March 8 (women&#8217;s day). This budget includes Ujwal Discom Assurance Yojna scheme, projected a fiscal deficit of INR 43,147 crores. Mrs. Raje also announced VAT rebate for solar torches, biomass [&hellip;]</p>

<p>New Delhi: Due to the extreme criticism faced by the proposed EPF tax regime, Finance Minister Arun Jaitley has made an announcement to withdraw the controversial EPF taxation proposal on Tuesday morning. He said that there will be a thorough evaluation of the same, which the government would take. The major parties involved in criticizing [&hellip;]</p>

<p>The Revenue Secretary Hasmukh Adhia said that the tax liabilities that the Vodafone and Cairn are facing cannot be rejected. Nevertheless, to remove the interest and penalty, it has done the most. During an interview with PTI, there was an indication by the government towards the companies facing taxes paying to enactment of a law [&hellip;]</p>

<p>Announced on Monday, the Budget 2016-17 has been reported by the Union Finance Minister Arun Jaitley who spoke about the various income tax proposals for small tax payers, corporate tax, pension, tax exemptions and rationalisation of taxes. It has been said that one of the chief purposes behind this altered tax regime is to boost [&hellip;]</p>

<p>The Finance Minister Arun Jaitley unveiled three new measures to provide Income tax relief for the small taxpayers. Mr Jaitley proposed, Under Section 87A of Income Tax Act, The deduction limit of Income tax increased from Rs. 2000 to Rs. 5000 per annum. Prior, It reduces only Rs. 2000 of the total tax payable. This [&hellip;]</p>

<p>Finally, the highly awaited third union budget 2016-17 is here. Finance Minister Arun Jaitley has announced the same in New Delhi today. According to the budget, the individuals who are having income less than or equal to Rs. 5 lakh under section 87A will get an increased tax rebate of Rs. 5000. A resident individual [&hellip;]</p>

<p>On Thursday, the Indians were excited as the Railway Minister Mr. Suresh Prabhu has presented Union Railway Budget session 2016-17 with a capital plan of Rs 1,21,000 crore. He has also made many announcements for this fiscal year including first rail auto hub for the country, boost to e-catering, connectivity to North-East, Wi-Fi railway stations, [&hellip;]</p>

<p>The fiscal year 2017 is anticipated to witness an increment of 25% at INR 1.25 lakh crore from the overall capital outlay of the railway budget on February 25th. As reported by the analysts it will improve the rail infrastructure, safety and the existing rolling stock. Mentioning below are the chief legatees of improvement in [&hellip;]</p>

<p>The Gujarat government has announced INR 85,557.7 crore annual development plan on Tuesday. The government has also allocated INR 40,288.52 crore for development of social services such as primary health services, education, drinking water, housing, nutrition, cleanliness, welfare of schedule caste, schedule tribes, socially and educationally backward, woman and child development. The proposed Budget for [&hellip;]</p>

<p>Finance Minister Arun Jaitley is going to announce the Annual Budget for 2016-17 on 29th of February. This year it would be more appropriate to strike your cards or to pay via digital wallets than to spend the hard cash. Apparently, this year&#8217;s budget plans prepared by the Payments Council of India (PCI), the government [&hellip;]</p>