Coimbatore: "The maiden budget of the current Finance Minister, Nirmala Sitharaman is a clear demonstration of the Government’s vision toward a developed and sustainable India, which is forward-looking and visionary.
Coimbatore: "The maiden budget of the current Finance Minister, Nirmala Sitharaman is a clear demonstration of the Government’s vision toward a developed and sustainable India, which is forward-looking and visionary.
The focus and thrust is given to agriculture, MSMEs, infrastructure and start-up eco system which will rejuvenate creation of jobs. The assurance of the Finance Minister that start ups and their investors will not be subject to any tax scrutiny for value of their shares if they file requisite declaration is a big relief to start-up investors," said CA G Karthikeyan.
He also said that the proposed faceless e-assessment for the income tax assesses will provide transparency to the tax payers in addition to reduction of hassles. "The surcharge of 3% and 7% for tax payers having income more than Rs.2 crores and Rs. 5 crores will not affect the common tax payers. In addition, he said that the PAN and Aadhaar interoperability will reduce the practical difficulties and now a person with Aaadhar can also file tax returns without applying PAN for it has always been a sore point to synchronize PAN and Aadhaar," added G Karthikeyan.
He also felt that it was fair to have made filing of tax returns mandatory for those who spend more than Rs. 2 lakhs in foreign travel, paying over Rs.1 lakh for electricity bills and for deposit of more than Rs.1 crore in current accounts. G Karthikeyan welcomed the proposal to provide additional relief of Rs.1,50,000 toward interest for affordable housing loans for Rs. 45 lakhs for he felt it will not only increase investment in the housing sector but also help the middle class tax payer to avail Rs.3.5 lakhs as deduction for housing loan interest."
The focus and thrust is given to agriculture, MSMEs, infrastructure and start-up eco system which will rejuvenate creation of jobs. The assurance of the Finance Minister that start ups and their investors will not be subject to any tax scrutiny for value of their shares if they file requisite declaration is a big relief to start-up investors," said CA G Karthikeyan.
He also said that the proposed faceless e-assessment for the income tax assesses will provide transparency to the tax payers in addition to reduction of hassles. "The surcharge of 3% and 7% for tax payers having income more than Rs.2 crores and Rs. 5 crores will not affect the common tax payers. In addition, he said that the PAN and Aadhaar interoperability will reduce the practical difficulties and now a person with Aaadhar can also file tax returns without applying PAN for it has always been a sore point to synchronize PAN and Aadhaar," added G Karthikeyan.
He also felt that it was fair to have made filing of tax returns mandatory for those who spend more than Rs. 2 lakhs in foreign travel, paying over Rs.1 lakh for electricity bills and for deposit of more than Rs.1 crore in current accounts. G Karthikeyan welcomed the proposal to provide additional relief of Rs.1,50,000 toward interest for affordable housing loans for Rs. 45 lakhs for he felt it will not only increase investment in the housing sector but also help the middle class tax payer to avail Rs.3.5 lakhs as deduction for housing loan interest."