Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TDS :: form 3cd :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: VAT RATES :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: empanelment
 
 
Direct Tax »
 Income tax officers should not threaten taxpayers: CBDT
 Non-payment of TDS by mumbai companies: Showcause notices to over 300 firms
 In some instances, filing of income tax return may not be mandatory
 Best 5 Income Tax-Saving SIP plans in India: How To save taxes by Investing in SIPs under 80C
 Tax refund checks are finally in the mail
 Income Tax dues in advance can be paid at RBI or at authorised bank branches by March 2017
 Why you must be looking beyond tax planning
 I-T dept. to lauch app for paying tax
 CBDT to taxman: Step up TDS survey operations to boost collections
 Tax Officers Asked To File Self-Appraisal Report On E-Assessment
 CBDT to taxman: Step up TDS survey ops to boost collections

Increase in personal income tax exemption limit to Rs.2.5 lakh for savings sought
January, 13th 2016

Increase in exemption limit to Rs.2.5 lakhs for savings under the Income Tax Act, interest rates on small savings schemes to be fixed at five-year Government Security yields and an end to the dividend distribution tax — these are among the suggestions the Union Finance Minister Arun Jaitley received on Tuesday at a pre-Budget Consultative Meeting with the representatives of Banks and Financial Institutions (FIs).

The experts have also demanded that Corporate Social Responsibility (CSR) expenses should be treated as business expenditure for taxation purposes.

The suggestions received also include issue of off-shore INR bonds by banks for raising funds for infrastructure requirements, according to an official statement. The regulatory treatment of these bonds is sought to be at par with the domestic infra bonds guidelines, the statement said.

Other suggestions included broad based FDI in agriculture sector, the introduction of a new crop insurance scheme backed by technology and fully integrated financial inclusion and biometric authentication initiatives of the Government. The new crop insurance scheme, said the financial sector experts at the meeting, needs to be redesigned so that the compensation covers not only the cost of cultivation but also some part of the farmer’s prospective income.

Digitization of land records to compensate farmers swiftly, direct distribution of fertilizer subsidies to farmers through Direct Benefit Transfers and savings have also been sought. The savings thus accrued from the reduced leakages could be channelised for increasing public capex spending, it was recommended.

The alignment between G-Secs and small savings schemes rates could be done on a quarterly basis, the experts said. This is so that small savings rate does not become an impediment in the monetary transmission process.

It was also suggested that the Government focus on promoting growth and increase public spending till private sector investment in the economy picks-up. It could consider listing of non-life insurance public sector undertakings while retaining majority Government control, the experts said.

Amendment of Section 41 (4A) of the Income Tax Act to specify a period of retaining the transfer amounts in special reserves to fulfil the purpose of granting long term finance and release of capital in the financial system for deployment purposes was also sought.

In his opening remarks, the Finance Minister said that as part of the governance reforms in Public Sector Banks (PSBs), the Government Bank Board Bureau (BBB) will replace the Appointment Board for appointment of whole time directors as well as non-executive chairman. Government has replaced the earlier mechanism of statement of intent on annual goals for these banks with key performance indicators to make the targets generic and not bank specific so that the need to interact with bank is eliminated or minimised.

The pre-Budget consultative meeting was also attended by Minister of State for Finance Jayant Sinha, Finance Secretary RP Watal, Economic Affairs Secretary Shaktikanta Das, Revenue Secretary Dr. Hasmukh Adhia, Secretary, Financial Services Ms. Anjuly Chib Duggal and Chief Economic Adviser Dr. Arvind Subramanian.

Representatives of banks and financial institutions included Reserve Bank of India Deputy Governor Urjit Patel, SBI Chairman Ms Arundhatti Bhatacharya and Bank of Baroda Executive Director BB Joshi. Axis Bank MD&CEO Ms Shikha Sharma, CITI Bank CEO Pramit Jhaveri and HDFC Bank MD Adtiya Puri also attended the meeting.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - About Us

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions