The Government gave income tax exemptions to Start-Ups with certain conditions last year. For the purpose of carry forward of losses in respect of such Start-Ups, the condition of continuous holding of 51% of voting rights has been relaxed subject to the condition that the holding of the original promoter/promoters continues. Also the profit linked deduction available to the start-ups for 3 years out of 5 years is being changed to 3 years out of 7 years.
Concluding his Budget Speech, Shri Arun Jaitley outlined the Government’s overarching agenda: “Transform, Energise and Clean India’. Government’s emphasis will be on implementing all these proposals for the benefit of the farmers, the poor and the under privileged sections of the society, the Finance Minister added.
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. This will enhance capital flows in to the securitisation industry and will particularly be helpful to deal with bank NPAs.
The Budget also proposes to amend the Drugs and Cosmetics Rules to ensure availability of drugs at reasonable prices and promote use of generic medicines. New rules for regulating medical devices will also be formulated. These rules will be internationally harmonised and attract investment into this sector. This will reduce the cost of such devices.
The Direct Taxes Committee, Indirect Taxes Committee and Committee on International Taxation invite suggestions on the tax proposals of the Finance Bill, 2017 for consideration and inclusion of the same in the Post Budget Memoranda to be submitted to the Ministry of Finance. Please submit your valuable suggestions latest by 15th February, 2017. Click here […]
My dear professional colleagues, With the impending dawn of February, it is time to take stock of the activities, creativities and outcomes, during the Council Year 2016-17 for the furtherance of profession and national economy. With meticulous vision, our combined endeavours have yielded significant results. ICAI’s role of a partner-in-nation-building is well acknowledged. Indian accountancy […]
Finance Minister Arun Jaitley has Presented his 3rd Union Budget today in Lk Sabha. Vide this Budget Finance Minister has proposed Changes in around 150 Provisions. We have attached herewith copy of Finance Bill 2017 i.e. Union Budget 2017 as presented in Lok Sabha for ready reference of Our readers. Click here to Download Copy of […]
In the last two and half years administration has moved from discretionary, favouritism based to system and transparency based Inflation brought under control. CPI-based inflation declined from 6% in July 2016 to 3.4% in December, 2016
Budget 2017-2018 Speech of Arun Jaitley Minister of Finance February 1, 2017 Madam Speaker, On this auspicious day of Vasant Panchami, I rise to present the Budget for 2017-18. Spring is a season of optimism. I extend my warm greetings to everyone on this occasion. 2. Madam Speaker, our Government was elected amidst huge expectations […]
The list of Budget documents presented to the Parliament, besides the Finance Ministers Budget Speech, are the following
