Explore Business Standard
Don’t miss the latest developments in business and finance.
The government is expected provide a more rationalised TDS framework to reduce the compliance burden for taxpayers, besides a revamped new concessional tax regime by providing additional benefits like standard deduction, EY said on Sunday. The Budget wishlist of EY also highlights that the government should provide some respite to low- and mid-income taxpayers with annual income up to Rs 20 lakh on the personal income tax side. Also, possibility of 'green' incentives to be introduced such as tax exemption to interest from green bonds and rationalisation of capital gains rates and holding periods could be expected in the Budget, to be unveiled in Parliament on February 1. With regard to Tax Deducted at Source (TDS), the EY said that currently, 31 sections under the Income tax Act deal with different types of payments to residents, where the withholding tax rates vary from 0.1 - 30 per cent. "The government may provide a more rationalised TDS framework to reduce the complexity and ..
India's focus on reforms and economic growth will give rise to foreign direct investment (FDI) opportunities of USD 475 billion in the next five years, a report said. As per the 'Vision 'Developed India' Opportunities and Expectations of MNCs' survey conducted jointly by EY and CII, 71 per cent of MNCs considered India to be an attractive investment destination for their global expansion, while an overwhelming 96 per cent of the respondents were positive about the Indian economy in the long run. The multinational companies (MNCs) appreciate the impact of GST, the government's digital push in various spheres, and transparency in taxation, amongst other reforms. As per the survey, the optimism is driven by both the short-term prospects, where a majority of MNCs feel that the Indian economy will perform significantly better in 3-5 years. "India's reforms focus and economic growth gives rise to FDI opportunity of USD 475 billion in the next five years," the EY-CII report said. FDI i
The government on Tuesday said investigations in the ABG Shipyard case were delayed because some state governments including Maharashtra had withdrawn the agency's power to probe and their approval for the case came much later. Replying to a query in Rajya Sabha, Finance Minister Nirmala Sitharaman said there was no delay by the Centre in taking action after identification of fraud by the State Bank of India following the forensic report from Ernst & Young. The minister also took a dig at the previous UPA government and said eight times money was given to ABG Shipyard, a company that was going through restructuring. "There was not one credit enhancement after 2014," she said, adding it is the "biggest fraud perpetrated". Sitharaman's reply came in support of Minister of State for Finance Bhagwat Karad, who was replying to a question from SP member Sukhram Singh Yadav, over delay in the CBI investigations in the ABG Shipyard matter. Yadav also wanted to know the action taken ...