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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« Indirect Tax »
 CBDT notifies new I-T return forms
 Here are the key changes in tax rules to come into effect from today
 GST revenue growth in 2018-19 to match last 10 years’ indirect tax growth, says SBI report
 Things You Should Know Before Filing Your Income Tax Returns (ITR)
 All education loans do not get income tax benefits
 FM Arun Jaitley to focus on direct and indirect taxes
 Income Tax For Individuals – Assessment Year 2019–20
 States set separate dates to implement e-way bill
 What are direct and indirect taxes?
 Indirect transfer conundrum continues
 We expect significant changes in income tax slabs, say taxpayers

Tax relief on bad loan provisioning
March, 03rd 2016

The finance minister has attempted to present a Budget that will give impetus to the agriculture sector while maintaining fiscal discipline.

The Budget initiatives address the needs of the agriculture and rural sectors: The emphasis given to irrigation, soil health, increased use of organic fertilisers and developing a unified agriculture marketing e-platform are steps in the right direction. The reduced excise duty on micronutrients will help its wider application. The creation of the dedicated irrigation fund with an initial corpus of Rs 20,000 crore will help increase the overall area under irrigation over the long term.

The increased allocation to MGNREGA and the announcement of Rs 5,500 crore under the PM Fasal Bima Yojna are welcome moves. The government is also piloting the direct benefit transfer for fertiliser to curb leakage. However, the much-anticipated demand of increasing urea prices to help in balanced nutrient use has been given a slip.

The price stabilisation fund created earlier for sugar has been now extended to pulses. We look forward to a similar support in the coming years for other critical crops as well. The finance minister has also ensured fund availability for these schemes, through the krishi kalyan cess.

In the financial services sector, we welcome the announcement allowing tax deduction in respect of provisioning of bad and doubtful debts. We hope that the amendment of the Sarfaesi Act and the bankruptcy code will strengthen the financial services industry. We look forward to the notification of Sarfaesi Act on housing finance, announced in the last year’s Budget, to be expedited. There is continued focus on financial inclusion by the announcement of ATMs and micro ATMs in post offices.

The government’s plan to list public sector general insurance companies in stock exchanges will help strengthen the general insurance sector. The announcements for settlement of pending taxation matters will help resolve long overdue cases, and the simplified process of declaration of undisclosed income is likely to bring in new taxpayers.

From an infrastructure perspective, the increased focus on construction of roads and highways and creating an enabling ecosystem for PPPs for projects will have a positive cascading effect in the overall economy.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

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