Tax Harassment will end – assures FM while presenting union Budget 2020 Trusting every citizen, the aspirational youth, the hard-working women, the risk-taking entrepreneur, the ever hopeful and untiring farmer or the wise and old senior citizen. Many among them are taxpayers. Others may not be taxpayers today. Our Prime Minister has laid before us […]
India’s aspiration to become a $5 trillion economy depends critically on promoting ‘pro-business’ policy that unleashes the power of competitive markets to generate wealth, on the one hand, and weaning away from ‘pro-crony’ policy that may favour specific private interests, especially powerful incumbents, on the other hand.
The ‘Startup India’ campaign of the Government of India recognizes entrepreneurship as an increasingly important strategy to fuel productivity growth and wealth creation in India. Given this initative, this chapter examines the content and drivers of entrepreneurial activity at the bottom of the administrative pyramid – over 500 districts in India.
For more than three-fourths of known economic history, India has been the dominant economic power globally. Such dominance manifested by design. During much of India’s economic dominance, the economy relied on the invisible hand of the market for wealth creation with the support of the hand of trust. Specifically, the invisible hand of markets, as reflected in openness in economic transactions, was combined with the hand of trust by appealing to ethical and philosophical dimensions.
The Hon’ble Finance Minister Smt. Nirmala Sitharaman on Saturday presented Union Budget in Lok Sabha, Based on her speech on 01.02.2020. The prominent themes of Union Budget are Aspirational India, Economic Development and Caring Society. DIRECT & INDIRECT TAX: 1. Individual Slab Rate Tax for Financial Year 2020-21, an option to select either OLD or […]
In the recent past after the launch of Goods & Services Tax (GST), several cases of fraudulent input tax credit (ITC) claim have been caught by the GST authorities. In these cases, fake invoices are obtained by suppliers registered under GST to fraudulently claim ITC and reduce their GST liability. These invoices are found to […]
Section 269SU Additional e-payment facilities mandatory for business having turnover more than ₹ 50 crores In a move to encourage digital transaction and less-cash economy, a new section 269SU has been inserted in the Income Tax Act, 1961 as a part of the Finance Act, 2019 and further Central Board of Direct Taxes (CBDT) issued […]
BUDGET 2020 HIGHLIGHTS 1. To remove Criminal liability from Companies Act, 2013, Govt. is proposed to make certain amendments in Companies Act, 2013. Similarly, other laws would also be examined, where similar provisions exist, and attempts would be made to correct them. 2. Depositor insurance limit proposed to increase from Rs.1 Lac to Rs.5 Lacs. […]
Central Goods and Services Tax Act, 2017 Updated till 28-01-2020 Chapter-I PRELIMINARY Sections 1. Short title, extent and commencement 2. Definitions 1. Short title, extent and commencement (1) This Act may be called the Central Goods and Services Tax Act, 2017. (2) It extends to the whole of India except the State of Jammu and […]
1. In order to simplify income tax system, around 70 out of 100 currently available income tax deductions and exemptions have been removed. 2. Dividend Distribution Tax (DDT) abolished and companies are not required to pay any DDT. However, dividend amount is taxable in the hands of recipients at their applicable rates. 3. Concessional corporate […]
