I-T department can now request foreign countries to recover tax from all defaulters, on behalf of India, under Indian income-tax laws. There was a big constraint earlier...
Foreign Portfolio Investors (FPI) can register themselves as companies to avoid the super-rich tax surcharge imposed in this year’s budget.
The Finance Bill amendment replaced "an account" to "one or more accounts".
The Finance Bill has raised the surcharge on the super rich the top-end of the income brackets -- for incomes between Rs 2 crore and Rs 5 crore.
The move to increase the minimum statutory limit for FPI investment in a company from 24 percent to sectoral foreign investment cap will alone increase the weight of the country in the EM index.
‘Only developers who are lean and mean will survive’, says President of National Real Estate Development Council
In the midst of an extended slowdown, the country’s real estate sector has been having a hard time over the past few years.
The government has maintained that it is not specifically targeting overseas investors and that the increase in surcharge applies to individuals and entities.
The fact that the tax sleuth will have to take approval of a supervisor before initiating scrutiny will reduce instances of harassment of startups and venture capitalists in the name of Angel tax.
The Finance Minister said that said adequate provisions for expenditure particularly for defence, pension and salary and internal security have been provided.
Speaking during discussion on the Budget, Kumar said that small and medium newspapers will go into deeper losses and many of them will be forced to close down.
While the Economic Survey, released a day before the Union Budget, had pegged the nominal GDP growth at 12 per cent while the budget projected it at 11 per cent.
Committed to fiscal consolidation without compromising on expenditure: Finance Minister Nirmala Sitharaman
Sitharaman said several steps including enhancing investments in infrastructure, liberalisation in the foreign direct investment policy and lowering of corporate tax are being taken.
Attracting foreign investment is key to Prime Minister Narendra Modi’s flagship Make-in-India programme, which is aimed at creating jobs and reducing unemployment.
The agency said that the budget indicates that the BJP will continue its economic reform efforts in its second term and avoid the fiscal loosening.
Opposition leaders have criticised the Budget which aims to make India a USD 5 trillion economy in the next five years.