Over the past few weeks, there has been significant progress on the GST front. On 8 September 2016, India saw its biggest indirect taxes reform taking a giant leap, as the Constitution (One Hundred and First Amendment) Bill for GST received the Presidential assent. This has enabled the Government to introduce the GST legislation in … More How GST will impact the tech life of India?
The Budget has proposed reform in tax administration, curbing black money and reporting a company’s activities. These measures should now pave the way for India to progress from Make in India to ‘Innovate in India.
In the backdrop of an uncertain global economy and the need for political recalibration, the Finance Minister has presented a politically prudent budget within the contours of fiscal discipline. The Finance Minister, while presenting the Budget, expressed his desire to provide socio-economic security to every Indian especially the farmers, the poor and vulnerable. This is … More India’s Union Budget 2016- a Personal Tax perspective
Mr. Arun Jaitley, India’s Finance Minister (FM), while presenting the Budget for 2016–17 has outlined nine distinct pillars as part of the “Transform India” agenda. Fiscal deficit and tax reforms have been identified as two of these distinct pillars. As far as fiscal discipline is concerned, the FM has indicated his resolve to maintain fiscal … More India’s Budget 2016- Transforming India
The Budget for 2016–17 on 29 February, is expected to set a roadmap for economic growth of India in the next three years. Some of the measures taken by the Government in the past two years such as relaxing Foreign Direct Investment (FDI) in railways, defense and insurance sector, investment in LLP and deregulation of … More Budget 2016: Key tax measures at play
As the GST dream continues to be elusive, I expect this Budget to be a good example of “showing action” in existing central laws. I am sure this will be aligned to the introduction of GST, probably advancing the introduction of changes, which otherwise could have waited.
Personal taxes, a part of the direct taxes in India, have gone through many major changes throughout the period, since the implementation of the Income tax Act (ACT) in 1922. The Act was given an overhaul in 1961, which stands amended till date. Personal taxes are charged on a slab-rate basis. These slab rates and … More The trend of change in personal tax in recent years