Union Budget 2020

This publication of 'Union Budget 2020 : An Overview'from Bhuta Shah & Co LLP, is an entire ocean captured in a pitcher. The 'Foreword' nicely summarizes the entire budget, with critical analysis, in limited words. Starting from the Economic Survey Report, it progresses into the direct tax and indirect tax proposals, updated tax rates, provisions to plug the tax evasion / tax avoidance, more transparency and confidence building measures in tax administration, widening of Benami Act provisions, ultimately leading to the compliance calendars for I.T, GST, etc. Almost every newly proposed topic has been explained with reference to the existing provisions, in a very simple way in common language for the benefits of even those taxpayers who are not that much technically sound. The readers are bound to reap out its fruits throughout the year. It is worth a library material for references as well as a guide.

Union Budget 2019

Interim Budget 2019

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (‘the Black Money Taxation Act’ or ‘The Act’) released on 26 May 2015 shall come into force from 1 April 2016. The Act has been introduced by the Parliament to deal with the taxation of Black Money ie undisclosed foreign income and assets held outside India.

Union Budget 2018

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (‘the Black Money Taxation Act’ or ‘The Act’) released on 26 May 2015 shall come into force from 1 April 2016. The Act has been introduced by the Parliament to deal with the taxation of Black Money ie undisclosed foreign income and assets held outside India.

Budget 2017

In times of economic slowdown caused by demonetization and protectionist policies of developed countries (USA, UK etc.), the Finance Minister has presented a ‘growth oriented’ and “pragmatic” Budget. This Budget is also historical, given that this year there is no response Rail Budget and the same has been merged with the General Budget. This Budget also has removed distinction between planned and un-planned expenditure.

Budget 2016

The NDA government in the back-drop of a grim global scenario has come out with a pragmatic, growth oriented budget. The budget as such does not have any big-bang reforms to boast off, but various steps towards “inclusive” growth, touching large sections of urban and rural society have been taken by the Finance Minister through plethora of schemes. There is a conscious effort to address rural distress through rural development and focus on agriculture growth.

Budget 2015

The BJP-led NDA Government in their second Budget have come out with a pragmatic and prudent budget wherein Corporate Tax will be reduced from 30% to 25% in next 4 years. Wealth Tax has been abolished which will be a great relief to upper middle class people. There are deductions of approximately INR 4,40,000 available to individuals and HUFs which they can avail over and above the exemption limit of INR 2,50,000 and INR 3,00,000 for individuals and Senior Citizens respectively.

Budget 2014

BJP-led NDA Government will surge forward at Japanese Bullet Train speed with bold, innovative and path­-breaking changes in the Finance Act, in respect of Real Estate, Infrastructure Sector and Power Sector. On the Direct Tax front, the individual exemption limit has been enhanced from INR 2,00,000 to INR 2,50,000 and for Senior Citizens it has been hiked from INR 2,50,000 to INR 3,00,000. Similarly, deduction under section 80C has been hiked from INR 1,00,000 to INR 1,50,000 and deduction on interest for Housing Loans has been increased to INR 2,00,000 from INR 1,50,000.