Government on Wednesday proposed to phase out tax benefits up to Rs 25,000 on stock market investment under Rajiv Gandhi Equity Savings Scheme (RGESS), which was introduced with much fanfare by the previous UPA regime.
No major change has been provided leaving the salaried class empty handed at the end of the Budget.
Here’s a quick glance as to how your money life will change starting 1 April 2017
Budget 2017 is keenly awaited with expectations riding high from all quarters.
Tax payer hopes from Budget 2017 soar; with ball in Arun Jaitley's court, will he score a goal or self-goal?
The government should consider providing benefits to tax payers directly in many ways ; this will be an incentive for people to show their real income and will help widen tax base
Budget 2017: Arun Jaitley should clear uncertainty over GAAR and other tax treaties to woo foreign investors
There is an expectation of the Government to undertake measures to prop up sentiment and ensure continued foreign investment in the country.
Among expected measures are a hike in a transaction tax on stock derivatives trading and a less beneficial approach to long-term capital gains tax exemptions, according to analysts.
India's overall taxpayer base in a nation of 125 crore (1.25 billion) people is only 48 million, or 4.8 crore -- or 3.8 percent of the population.
The slaried is paying higher fees and cross-subsidising Right To Education; the government should allow full waiver of tuition fees without any cap
Statistics reveal that around 80 percent of expenditure on health is through personal, out of pocket resources in India, which is an inefficient way of dealing with healthcare expenses.
In its budget proposal to the Finance Ministry, Sebi has recommended reducing the securities transaction tax (STT) on stock trading, sources said
While the revenue forgone through exemptions would be over Rs 35,000 crore, tax collections under IDS-2 could be around Rs 50,000 crore and cancelled liabilities from the RBI is expected to be around Rs 75,000 crore, said SBI's Chief Economic Advisor Soumya Kanti Ghosh
If the government raises the basic exemption limit and also eases the slabs at which tax is collected, it will need to announce measures to widen the tax base significantly
The government may amend the Income Tax Act, 1961, in the Union Budget 2017
Family figures on the radar of the taxman only tangentially---for granting exemptions to health and life insurance premiums on children and spouse.
The government should increase the minimum income threshold limit to Rs 3 lakh for those below 60 years and raise the 80C deductions to Rs 2 lakh
The government should take steps to create awareness about the importance of insuring home
The omnibus tax impetus scheme for savings and investments section 80C has long remained a one-size-fits-all scheme. It is time it shed this approach
Economists suggested implification and reduction in personal income tax rates and harmonisation of customs duties to global levels in a meeting with Finance Minister Arun Jaitley