Taking charge of the annual ceremonial proceedings, the finance minister presented the factsheet and relayed bulletin on performance of the ruling Government. Promises made by the present incumbent as part of the Election Manifesto and corresponding work delivery were the focal point of today’s Parliamentary session.
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Implementation of schemes such as Mudra Yojna, Start-up and Stand up Yojna, Kaushal Vikas Yojna for helping the youth becoming job creators received thunderous applause. For India Inc., continuity of same tax rates and deductions represents stability in tax regimes. We now need to await the task force report on policy changes to see what’s in the horizon. Businesses can continue with the same pace and carry on with their expected business plans.
Impetus has been given to companies operating in the real estate sector with extension of tax breaks under section 80-IBA for one more year for housing projects which get registered by 31 March 2020. Other proposals like increase in the TDS exemption limit from Rs. 10,000 to Rs. 40,000 for bank interest, House Rent from Rs 180,000 to Rs 240,000 per annum, extending housing income exemption from one to two self- occupied houses, reveals a keen desire to ease the compliance burden. Simplification of procedure and electronic interface with income tax department with respect to assessment, speedy refunds found mention in the FM’s speech which will should further improve India’s position in the ease of doing business index. This budget sets the ball rolling towards Tax digital transformation and will benefit all the stakeholders.
First Published: Feb 1, 2019 6:10 PM IST