Skip to main content

Revenue dept taking steps to boost growth, jobs: FinMin

By
The Finance Ministry on Sunday listed out steps taken by the Revenue Department to boost growth and employment by giving relief to small tax payers, businesses and professionals.
In a statement, the ministry said the limit of deduction under Section 80C of Income Tax Act 1961 has been enhanced from Rs. 1 lakh to Rs. 2 lakh per annum, subject to the additional Rs. 50,000 being contributed to NPS.
“Revenue Department has taken various steps to give relief to the small tax payers and to the small business and professionals,” it said, while listing out the measures announced in the Budgets of 2015- 16 and 2016- 17.
Further, the scope of presumptive taxation regime for small businesses has been extended by increasing the turnover up to Rs. 2 crore.
The presumptive taxation benefit is now available for professionals having turnover up to Rs. 50,00,000.
As regards corporates, the Revenue Department has lowered the corporate tax rates to 25 per cent for new manufacturing companies.
Also, the tax benefit for housing sector has been extended to promote construction industry.
Further, the rate of tax on royalty and fees for technical services has been reduced from 25 per cent to 10 per cent.
The department has also announced various tax incentives for Start- up India, including 100 per cent tax exemption for three years.
The steps, the ministry said, will “ boost- up growth and employment generation”.
The revenue department has lowered the corporate tax rates to 25% for new manufacturing companies.
Also, the tax benefit for housing sector has been extended to promote construction industry.
Further, the rate of tax on royalty and fees for technical services has been reduced from 25 per cent to 10 per cent.
The department has also announced various tax incentives for Start-up India, including 100 per cent tax exemption for three years.
The steps, the ministry said, will “boost-up growth and employment generation”.
Business Standard New Delhi,09 MAY 2016

Comments

Post a Comment

Popular posts from this blog

Household debt up, but India still lags emerging-market economies: RBI

By
  Although household debt in India is rising, driven by increased borrowing from the financial sector, it remains lower than in other emerging-market economies (EMEs), the Reserve Bank of India (RBI) said in its Financial Stability Report. It added that non-housing retail loans, largely taken for consumption, accounted for 55 per cent of total household debt.As of December 2024, India’s household debt-to-gross domestic product ratio stood at 41.9 per cent. “...Non-housing retail loans, which are mostly used for consumption purposes, formed 54.9 per cent of total household debt as of March 2025 and 25.7 per cent of disposable income as of March 2024. Moreover, the share of these loans has been growing consistently over the years, and their growth has outpaced that of both housing loans and agriculture and business loans,” the RBI said in its report.Housing loans, by contrast, made up 29 per cent of household debt, and their growth has remained steady. However, disaggregated data sho...
Post a Comment
Read more

External spillovers likely to hit India's financial system: RBI report

By
  While India’s growth remains insulated from global headwinds mainly due to buoyant domestic demand, the domestic financial system could, however, be impacted by external spillovers, the Reserve Bank of India (RBI) said in its half yearly Financial Stability Report published on Monday.Furthermore, the rising global trade disputes and intensifying geopolitical hostilities could negatively impact the domestic growth outlook and reduce the demand for bank credit, which has decelerated sharply. “Moreover, it could also lead to increased risk aversion among investors and further corrections in domestic equity markets, which despite the recent correction, remain at the high end of their historical range,” the report said.It noted that there is some build-up of stress, primarily in financial markets, on account of global spillovers, which is reflected in the marginal rise in the financial system stress indicator, an indicator of the stress level in the financial system, compared to its p...
Post a Comment
Read more

Healthy balance sheets augur well for economy: RBI Governor Sanjay Malhotra

By
  Large tariffs by the United States administration and elevated geopolitical risk have increased near-term global financial stability risks, and along with weather events pose downside risks to domestic growth, Reserve Bank of India(RBI) Governor Sanjay Malhotra said in the foreword to the Financial Stability Report released today.Noting that domestic growth momentum is buoyed by strong domestic drivers, sound macroeconomic fundamentals and prudent policies, Malhotra said: “External spillovers and weather-related events could pose downside risks to growth.”On the other hand, he said the outlook for inflation is benign, and there is greater confidence in the durable alignment of inflation with the Reserve Bank’s target.Commenting that the structural shifts reshaping the global economy are making policy intervention challenging, the Governor emphasised the need for central banks and financial sector regulators to remain vigilant, prudent and agile in safeguarding their economies and...
Post a Comment
Read more