Skip to main content

Tax Part



Affordable housing
Buyers :::Intrest deduction
>Earlier= if you have taken house loan  till 31st March 2020==intrest incurred will be deducted till  1.5 lakh .
>Budget= Date extended by 1 year ==ie. 31st March 2021.

Builder:::Tax holiday
>Earlier=Profit earned from affordable housing = no tax till 31st March 2020.
>Budget= Date extended by 1 year.
Real estate::: Unhappy
>Demands:
                 >>Rollover of Loans taken by Real Estate.
                 >>Better Rental Housing Policy = as most FDI is in commercial rentals
                              >>>10% rise in luxuary rental  that are unoccupied bcoz of bad rental policies.

----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Double taxation on Dividend
>Defination=  When a company earns Profit and wants to give dividend to its share holders; Company had to gove tax on dividend called”Dividend Distribution Tax (DDT)”
>Problem=
1)Company were reluctant to give dividend fearing heavy DDT.
2)Foriegn investor = didnt got benefit of double taxation agreement in DDT
>Budget = DDT removed ==only share holder (Person not company) will give tax on dividend earned if its in taxable slab.

----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Cooperative tax in par with Corporate
>Background:

Both cooperative and corporate sector used to pay 30% tax........Budget 2019 = Reduced corporate tax........Cooperative remined at same level(30 % )
>Demand = Amul= a dairy cooperative asked to bring it at par with corporate.




Budget= cooperative societies to be taxed at 22% plus 10% surcharge and 4% cess with no exemption/deductions,”


----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Coustom Duty increased:::Chinese maal
>Budget=Toys + electrical appliance +footwear + Funiture + Mobile etc = steep increase @ Custom duty
>benefit = stop dumping + save MSME
>Newspaper= Machinery/ paper  duty decreased.
>Import @MSME=  goods required by MSME=Plastic + Machinery etc = custom reduced.
>Extra promise = to work on “Source of Origin” to preven missuse of FTA.



----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Finance Commission::::J&K
>Finance Commission kept the devolution % of tax for state same= 42%
>Although each State will recieve only= 41% == 1% will go to newly formed 2 UT(Kashmir + Laddhak)
>Budget excepted the proposal ↑.

>Defence exp recommendation= Disinvestment of Public sector + Cess +Monitising surplus land + insurance of tax free defence bond etc
>trend@ defence exp = 2011-2016 out lay of defence exp less then budget allocation........afterward trend reversal is seen.

----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Taxpayer's Charter
>Background = innocent taxpayers were being harrassed by IT officials.
>Budget= FM promised to add "Charter" in  "Central Board of Direct Taxes (CBDT)" through amending IT act.

Labels:

Comments

Post a Comment

Popular posts from this blog

DPSP : M Laxmikanth

Polity Chap 8 DPSP are a set of instructions that our constitution provides in part IV. Hence these are just the instructions and therefore are not enforceable by the court i.e they are non justiciable in nature (Art. 37). Constitution does not classify DPSP. But on the basis s of their content they can be classified in three broad categories i.e socialistic, Gandhian and liberal  intellectual property. Socialistic Principle These reflect the ideology of socialialism. Art. 38- To promote welfare of people by giving them social, economic and political justice. Also to minimize the inequality in income, status, facilities and opportunities. Art. 39- To secure       a) adequate means of livelihood.       b) distribution of resources.       c) prevention of centralization of wealth.       d) equal pay for equal work for men and women.       e) preservation of the health of workers and children against forcible abuse.       f) opportunities for healthy development of
Post a Comment
Read more

The design of the policies and schemes meant to help farmers will greatly benefit intended beneficiaries if the definition of ‘farmers’ is unambiguous and comprehensive. Analyse.

Post a Comment
Read more

Gram Nyayalayas :: Lakshmikant

The Gram Nyayalayas Act, 2008 has been enacted to provide for the establishment of the Gram Nyayalayas at the grass roots level for the purposes of providing access to justice to the citizens at their doorsteps and to ensure that opportunities for securing justice are not denied to any citizen due to social, economic or other disabilities. Reasons  for the establishment : 1. Access to justice by the poor and disadvantaged remains a worldwide problem despite diverse approaches and strategies that have been formulated and implemented to address it. In our country, Article 39A DPSP..... click here to know about DPSP  of the Constitution directs the State to secure that the operation of the legal system promotes justice, on a basis of equal opportunity and shall provide free legal aid to ensure that opportunities for securing justice are not denied to any citizen by reason of economic or other disabilities. 2. In the recent past, the Government has taken various measures to strengthen ju
Post a Comment
Read more