In a major step towards curbing Black Money, Union Finance Minister Arun Jaitley introduced for many changes in Income Tax Laws in India.
The proposed section is envisaged to have a far-reaching effect on the transactions and so much that even withdrawal of money from the banks will also be under the tax net.
The tax proposals in the Budget 2017 have now become law. In addition, some amendments were also introduced in the Finance Bill that was passed by the Lok Sabha.
The introduction of Goods and Service tax would be one of the bigger reform in the Indian economy in the field of Indirect tax reforms. By merging a large number of Central and state taxes in to single tax, it would help in mitigating cascading or double taxation and pave the way for a common national market.
The financial year-end is drawing close. Many who’ve ignored tax planning all year long will now be panicking and looking for quick-fix tax-saving solutions.
Textile sectors play a very important part in the development of the Indian economy with regard to GDP, Export promotion, employment, etc.The textile industry is the second largest industry which provides skilled and unskilled employment.
Telecom faces several issues under the current indirect tax regime and, therefore, the sector has high hopes from the proposed GST regime. However, the model GST law does not appear to bring an end to the issues being faced by the telecom sector.
It is already March and soon the financial year 2016-17 will end. By this time you should have better picture of your total Income, any investment you made or may make before the end of financial year.