In the background of demonetization, with surveys due in five states — including the most elevated populated condition of Uttar Pradesh, and a considerable measure of desires from the over the globe, Finance Minister Arun Jaitley presented the new Budget yesterday. Creative energies were running wild — would this be a populist Budget or more in accordance with the vision and approach of the legislature? Would it realize an uncommon change in the general framework or would there be another saving money exchange impose?
At last, the Budget ended up being in accordance with the administration’s vision and arrangements up until this point. It had a few declarations affecting startups specifically and in a roundabout way. Investigations of such arrangements are as per the following:
Amendments having direct impact
- Reduced corporate income tax
- Extension of time period for availing income tax benefits under Startup India Initiative
- Relief for small traders and businesses opting for presumptive taxation and having non-cash receipts
- Carry forward of losses for companies whose shareholding has changed considerably
- Extension of time limit for use of MAT credit
- No capital gains on conversion of preference shares to equity shares
- Penalty for late filing of income tax returns
Amendments to boost digital economy and curb black money
- Cash payment for expense or acquisition of asset of Rs 10,000 or more not allowed
- Cash receipt of Rs 3,00,000 or more would attract 100 percent penalty
Amendments towards ‘ease of doing business’
- Tax on indirect transfer in case of certain foreign portfolio investors
Taxmantra’s take on Budget 2017
To us, this Budget is by all accounts a good one, which has tended to many worries of remote financial specialists and the Indian little and medium endeavor segment. The diminishment of corporate assessment rates and general defense appear to be great. In any case, we feel that more should be possible. For example, the issue of startup assessment on household blessed messenger financial specialists still holds on.
Stay tuned with WEXT.in Community for further Interesting Articles & Blogs.
