6 months, 2 weeks ago mycaguruKeymaster
To reduce the cost of capital for the MSMEs by improving lenders access to low-cost funding sources.
Lowering of income tax rates for businesses and professionals. This will also encourage them to wider taxation coverage.
Indian Finance Minister Arun Jaitley, center, leaves for annual budget presentation at parliament in New Delhi, India, Monday, Feb. 29, 2016. It was Jaitleys second full budget since Prime Minister Narendra Modi won a huge majority in national election in 2014, on the back of promises to turn around the economy and boost job creation. There have been few sweeping reforms in the past two years that the government has been promising. (AP Photo /Tsering Topgyal)
From a digital perspective expect more incentives on digital payments and by bringing some changes in direct taxes particularly for small business
- It would lead to availability of financial records for small business.
- This agenda can be enhanced by encouraging the small businesses with tax benefits for conducting digital transactions
Also read- Taxes In India On Cryptocurrency
Even after likening Bitcoin with Ponzi schemes, the central government hasn’t officially announced Bitcoin trading as a crime. The fact of the matter is still large number of Indians are involved in Bitcoin trading. In Larger Public interests, complete clarity should be their over it.
To give benefit of increase in exemption limit, it should be enhanced from 2.50 to 5.00 lacs per annum. It would benefit the person of Middle class. In Light of the broader coverage of the GST, it is the need of the time.
Standard deduction in the form of tax-free expense to salaried employees.
- Giving a good standard deduction to salaried employees would create parity with non-salaried assesses.
- For example, businessmen have the advantage of claiming tax-free expenses such as office rent, driver salaries, official entertainment, travel etc. But salaried taxpayers cannot claim such expenses.
- Salaried employees also pay out of their own pocket for higher skills or signing up for a magazine subscription.
- The standard tax deduction used to be in existence till 2006,
Various Reimbursements should be revisited. Cost of these is multiplied but not reviewed since so many years:-
- Children Education Allowance: Rs 100 per month per child up to a maximum of 2 children.
- Medical reimbursement up to Rs. 15,000 p.a. is exempt from Income Tax.
- Lunch Reimbursements in excess of Rs 50 per meal
In case of Bank Deposits etc., TDS limits for senior citizens should be enhanced or the form 15H submission should be simplified.
Special boost for stat ups is required so that make in India dream could be translated into reality
Investment Allowance to a Manufacturing Company for Investment in Plant & Machinery so that make in India dream could be translated into reality
- Deduction under section 32AC of the Act shall be allowed if the company invests more than Rs.25 crore in plant and machinery in a previous year
- For MSME its limit should be reduced to 25 Lacs