With Corporate Tax brought down to lowest in the world to 22% and for new manufacturing companies to 15% and abolishing dividend distribution tax (DDT) for companies as the same will now be taxed at the hands of recipients at applicable rates will surely make India much favourable & attractive for investments.
Big boost to startups & MSME by the finance minister. Direct tax rates now will benefit middle class a lot. Making filling of returns simplified for GST as well as Income Tax is welcome move. Removal of multiple exemptions will surely make taxpayers much easier to file return.
Extending tax holiday for Affordable Housing by one year will give some more relief to real estate sector. I am sure this budget will boost income and purchasing power of the people. Shrawan Kumar Malu President Vidarbha Taxpayers Association (VTA).
Achhe Din for Taxpayers – Tejinder Singh Renu
Union Budget presented today is a big leap towards achieving promise by the Modi government of acche din for the taxpayers. Lowering tax rates by increasing threshold limits will benefit taxpayers to a large extent.
Likewise steps towards simplification of return are a welcome step. Classifying budget broadly into three themes made understanding budget allocations easy.
Promoting ‘Study in India’ is again a motivational and much needed move. Tourism is also given focused allocation of Rs 2500 crores, however this area has much more scope. Taxpayers should take advantage of ‘vivad se vishwas’ Amnesty Scheme proposed for pending litigation at any level. Faceless assessment and proposed appeals is appreciable steps. Shall eagerly wait for proposed Taxpayers Charter, which should highlight taxpayer’s rights. Tejinder Singh Renu
Secretary Vidarbha Taxpayers Association (VTA)