In order to address the issue of thin capitalisation, a proposal has been made that the interest paid by an Indian company or permanent establishment of a foreign company, shall not be allowed as deduction in computing its taxable profit subject to certain conditions.
For the new capital for State of Andhra Pradesh which is being constructed by innovative land-pooling mechanism without use of the Land Acquisition Act, the Union Finance Minister proposed to exempt from capital gains tax all persons who were holding land on 2.6.2014 – the date on which the State of Andhra Pradesh was re-organised – and whose land is being pooled for creation of capital city under the Government Scheme.
Regarding Metro Rail, the Finance Minister informed that a new Metro Rail Policy will be announced with focus on innovative models of implementation and financing, as well as standardization and indigenization of hardware and software. This will open-up new job opportunities for our youth. A new Metro Rail Act will be enacted by rationalizing the existing laws. This will facilitate greater private participation and investment in construction and operation, he added.
To check bank NPAs and enhance capital flows into the securitisation industry, Shri Jaitley said that the listing and trading of Security Receipts issued by a securitisation company or a reconstruction company under the SARFAESI Act will be permitted in SEBI registered stock exchanges.
GST Council has finalised its recommendations on almost all the issues based on consensus, says Finance Minister in his Budget Speech.Extensive reach-out efforts to trade & industry for GST to start from 1st April, 2017
Presumptive income scheme for audit of entities raised from Rs. 1 crore to Rs. 2 crore; Threshold for maintenance of books for individuals and HUF more than doubled. Individual Insurance agents earning below taxable limit to be exempted from 5% TDS off commission after filing self-declaration
Finance Minister said, the advantages of GST for the economy in terms of spurring growth, competitiveness, indirect tax simplification and greater transparency have already been extensively discussed in both the Houses of Parliament.
Shri Arun Jaitley in his Budget Speech today said that the Government has decided that no transaction above Rs 3 lakh will be permitted in cash. Accepting a suggestion by Special Investigation Team on Black Money to ban cash transactions above Rs 3 lakhs, the Finance Minister has proposed an amendment to the Income-tax Act in the Finance Bill.
In a bid to incentivize domestic value addition under Make in India initiative of the Government, the Finance Minister has proposed to reduce Customs and Excise duties on several items related to the Renewable Energy Sector.
Article Discusses Proposed Amendment in Service Tax Provisions related to Legislative changes, Changes regarding Authority for Advance Ruling, New Exemptions and Rationalisation measure under Union Budget 2017. A. Legislative changes Existing Proposed 1. The Negative List entry in respect of “services by way of carrying out any process amounting to manufacture or production of goods excluding alcoholic liquor […]
