A private trust is an effective estate planning tool used to resolve many tricky situations such as: providing for the future needs of a special child, protect an estate or carry forward business to next generation. Although there is a lot of consideration before a... read more
The Finance Minister, in his budget speech, has proposed many incentives to encourage entrepreneurship in India. Some of the tax measures which will be beneficial for new start-ups are as follows- 1. Optional lower tax rate for newly setup manufacturing companies: In... read more
—- New manufacturing companies incorporated on or after March 1, 2016 have been provided with an option either to adopt a reduced corporate tax of 27.55% (where the income exceeds Rs 1 crore but does not exceed Rs 10 crore) or 28.84% (where income exceeds Rs 10... read more
What are the benefits available to senior and very senior citizens? Senior citizens and a very senior citizen are granted a higher exemption limit as compared to normal tax payers. Exemption limit is the quantum of income up to which a person is not liable to pay tax.... read more
Central Sales Tax (CST) is a tax on sales of goods levied by the Central Government of India. CST is applicable only in the case of inter-state sales and not on sales made within the state or import/export of sales. Inter-state sale is when a sale or purchase... read more
Certain forms have been prescribed under CST which are used for different purposes. Form C is used for making interstate purchase at lower rate, Form F is used for transferring goods from one branch to another in different state and Forms E1 and E2 are used for... read more
1. Increase in Surcharge Surcharge is increased from 12% to 15% in case of non‐resident individuals 2. Exemption in respect of certain activity related to diamond trading in “Special Notified Zone”. ‐Exemption u/s 9(1)(i) to Foreign Mining Companies through or from... read more
1. Relief to small tax payers (a) Rebate under Sec 87A: With the objective of providing relief to resident individuals in the lower income slab i.e. total income not exceeding Rs. 5,00,000, section 87A is proposed to be amended so as to increase the maximum amount of... read more
Following are the 9 pillars of this Budget: a. Agriculture and farmers welfare b. Rural employment and infrastructure — Digital Literacy mission scheme to cover over 6 crore households — Revamp of National Land records programme and to be implemented as a Central... read more
Features and impact of current system with an ideal GST regime Current regime of indirect taxes An ideal GST structure Features Goods and services taxed separately* No differentiation between a good and a service; both subject to one tax VAT applies at... read more
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