To bring about parity in New Pension Scheme and other retirement schemes, the government proposed in Budget to impose tax at the time of withdrawal on 60 per cent of the contributions made after April 1, 2016, to EPF and other schemes
The "regulatory services" provided by Sebi and Irda as well as the services offered by EPFO have been exempted from service tax with effect from 1 April 2016.
Budget 2016 is a make budget not a break budget and it has come as a pleasant surprise.
In the last Budget, Jaitley had abolished the wealth tax and replaced it with an additional surcharge of 2 percent on the super-rich with a taxable income of over Rs 1 crore.
Budget 2016: BJP calls it 'visionary', Congress says no 'immediate stimulus' to build disposable income
Finance Minister Arun Jaitley on Monday presented in Parliament the Union Budget 2016-17 in which no change in personal Income Tax slabs has been done while a 4-month Compliance Window for domestic black money holders has been given.
However, there is no comprehensive legal framework for all kinds of illicit money pooling schemes they are mostly governed by state-level laws.
In a relief to individual tax payers, Finance Minister Arun Jaitley today increased the tax deduction limit to Rs 60,000 per annum from the current Rs 24,000 on the housing rent.
What is making his task particularly difficult is the fact the Narendra Modi government is going through a rough patch due to the heightening criticism over the rising intolerance. The JNU imbroglio and the Rohith Vemula suicide only aggravated the problem.
Here is what experts ranging from macroeconomic, infrastructure to banking sector have to say on Budget 2016
To create new jobs, the government has decided to pay 8.33 per cent of wages to EPS on behalf of employers for workers during first three years of employment, and has given Rs 1,000 crore for the same.
In order to soothe nerves of foreign investors, the government today offered one-time settlement of cases emanating from retrospective amendment of tax laws, by asking companies to pay the basic tax demand and get waiver for interest and penalty.
The Budget decision announced in the 2016-17 Budget speech by Finance Minister Arun Jaitley also comes against the backdrop of demand from various stakeholders who have been seeking higher foreign direct investment (FDI) in stock bourses
SAT is a statutory body established under the provisions of the Sebi Act, 1992, to hear and dispose of appeals against orders passed by the capital markets regulator.
Here's how your money life changed after Union Budget 2016
In his Budget, Finance Minister Arun Jaitley today proposed to significantly relax the FDI policy in several sectors, including insurance and pension and asset reconstruction companies, to attract more overseas investments.