Thursday, July 25, 2019

State wise Income Tax E-filing count for Financial Year 2017-18

Rank State  E-Filling Count  Percentage 
1 MAHARASHTRA        10,686,533 16.00%
2 GUJARAT          6,604,451 9.89%
3 UTTAR PRADESH          6,072,493 9.09%
4 TAMILNADU          4,537,303 6.79%
5 WEST BENGAL          4,229,356 6.33%
6 RAJASTHAN           4,128,911 6.18%
7 KARNATAKA          3,919,473 5.87%
8 DELHI (UT)          3,643,349 5.45%
9 PUNJAB          3,067,644 4.59%
10 MADHYA PRADESH          2,635,445 3.94%
11 HARYANA          2,481,249 3.71%
12 TELANGANA          2,259,002 3.38%
13 ANDHRA PRADESH          2,210,878 3.31%
14 KERALA           1,718,799 2.57%
15 BIHAR           1,708,091 2.56%
16 JHARKHAND           1,116,353 1.67%
17 ORISSA           1,112,074 1.66%
18 CHHATTISGARH           1,065,714 1.60%
19 ASSAM             847,417 1.27%
20 UTTARAKHAND             781,893 1.17%
21 HIMACHAL PRADESH            525,045 0.79%
22 JAMMU & KASHMIR             459,613 0.69%
23 CHANDIGARH (UT)            272,594 0.41%
24 GOA            232,948 0.35%
25 PONDICHERRY (UT)              97,833 0.15%
26 TRIPURA              86,334 0.13%
27 MANIPUR              52,700 0.08%
28 FROM STATES OUTSIDE INDIA              49,892 0.07%
29 ANDAMAN AND NICOBAR ISLANDS (UT)               40,818 0.06%
30 MEGHALAYA              37,465 0.06%
31 DADRA & NAGAR HAVELI (UT)              35,970 0.05%
32 ARUNACHAL PRADESH              23,065 0.03%
33 DAMAN & DIU (UT)               21,839 0.03%
34 NAGALAND                21,318 0.03%
35 SIKKIM               16,682 0.02%
36 LAKSHADWEEP (UT)                4,647 0.01%
37 MIZORAM                3,938 0.01%
       
  Total    66,809,129 100.00%

Saturday, July 6, 2019

Highlights of Union Budget Highlights 2019-20



Highlights of Union Budget Highlights 2019-20

1.      Taxes

·         No change in personal income tax rates.
·         Increase in surcharge on super rich:-
3% surcharge for Rs 2 crore income.
7%surcharge for Rs 5 crore and above.
·        Annual turnover limit for 25 percent corporate tax raised to Rs 400 crore from Rs 250 crore.
·         Taxpayers with annual turnover of less than Rs five crore to have to file only quarterly.
·         Additional Rs 1.5 lakh deduction on home loans.
·         Interchangeability of PAN and Aadhaar for ITR who don't have PAN cards.
·         Two percent TDS on withdrawals of Rs one crore in a year from bank accounts for business payments.
·         Government waives MDR changes on cashless payment.

2.      Economy

·         Targets to become a $3 trillion economy in FY20, $5 trillion in a few years.
·         Government proposes changes to kick start domestic and foreign investment.
·         Will create the blueprint for gas, water grids and regional airports.
·         Government has proposed to expand Swach Bharat to include solid waste management in every village

3.      To boost investment

·         To liberalise FDI in aviation, media, animation and insurance intermediaries.
·         To implement enabling measures to boost International Financial Service Centres (IFSCs).
·         To set up a Credit Guarantee Enhancement Corporation.
·         To initiate steps for electronic fund raising programme for listing of social enterprises, voluntary organizations.
·         To hike statutory limits for foreign investments in some companies

4.      Market reforms

·         Asks SEBI to evaluate hiking minimum public shareholding to 25 percent from 35 percent.
·         Government will work with exchanges to allow AA bonds to be used as collateral.
·         Proposes rationalising and streamlining of KYC (know your customer) norms for Foreign Portfolio Investors (FPIs) to make it investor-friendly.
·         NRI portfolio route to be merged with FPI for seamless investment in stock markets.
·         Credit Guarantee Enhancement Corporation will be set up in 2019-20, action plan to deepen markets for long-term bonds with specific focus on infra sector to be put in place.
·         The government also plans to take up measures to make RBI and SEBI depositories inter-operable.
·         The government will allow FPIs/NRIs to subscribe to listed debt papers of REITs and InvITs.

5.      Small businesses/MSMEs

·         The government proposes to extend pension benefit to three crore retail traders with an annual turnover less than Rs 1.5 crore under Pradhan Mantri Karam Yogi Man Dan Scheme.
·         Centre will create a payment platform for MSMEs for payment of bills.
·         Hundred new clusters will be set up in 2019-20 to enable 50,000 artisans to come into the economic value chain.
·         Will set up 10,000 new farmer producer organizations.
·         To start television programme exclusively for startups.

6.      Railways

·         Railways to be encouraged to invest more in suburban rail network via special purpose vehicles (SPVs) and enhance metro rail network through public-private partnerships.
·         Railway station modernisation programme will be launched this year.

7.      Education

·         The government will bring in new education policy to propose changes in school, higher education.
·         The government also proposed to set up a national research foundation to fund, coordinate and to promote research in the country.
·         National Research Foundation will assimilate research grants by ministries.
·         A Gandhi-pedia is being developed to sensitise youth about Mahatma Gandhi's ideas.
·         Draft legislation for higher education commission of India to be presented.
·         Proposes Study in India programme to attract foreign students.
·         National Sports Education Board to be set up under Khelo India scheme.
·         Allocate Rs 400 crore for world-class higher education institutions in financial year 2020

8.      Labour reforms

·         Government to streamline multiple labour laws into a set of four labour codes.
·         The government plans to focus on training new age skills like AI, robotics, 3D printing.

9.      Ease of living

·         Rs 3,000 pension per month for informal sector workers.
·         Aadhaar card under 180 days for NRIs on arrival in India.
·         The government to open embassies in countries where India doesn't have a resident diplomatic mission as yet.

10.  Women empowerment

·         Nari tu Narayani: Women SHG Interest Subvention Programme to be expanded to all districts in India.
·         Rs 1 lakh loan to be provided for SHG women members.
·         Every verified woman SHG member with a Jan Dhan account can avail Rs 5,000 overdraft facility.

11.  Banks

·         Allocate Rs 70,000 crore for PSU bank recapitalisation

12.  NBFCs

·         Fundamentally sound NBFCs to keep getting funding from banks.
·         To allow FIIs and FPIs investment in debt securities issued by NBFCs.

13.  Agriculture/fisheries

·         Government to invest widely in agriculture infrastructure.
·         Support private entrepreneurship in value addition in agriculture.
·         Proposes Pradhan Mantri Matsya Sampada Yojana to address critical infrastructure gap in fisheries sector.

14.  Transportation

·         To carry out comprehensive restructuring of National Highway programme.
·         Cargo volume on Ganges to increase four times over the next four years.
·         In second phase of Bharat Mala project, states will be helped to develop roadways.
·         A total of 1,25,000 km of roads will be upgraded under Pradhan Gram.
·         Sadak Yojana under Phase III at estimated cost of Rs 80,250 crore.

15.  Aviation

·         Time right for India to enter into aircraft financing and leasing.
·         Will create congenial atmosphere for development of MRO services.
·         To harness India's space ability commercially, New Space India (NSIL) has been incorporated to tap the benefits of ISRO.

16.  Power

·         Package for power sector tariff and structural reforms to be unveiled soon.

17.  Retail

·         Local sourcing norms to be eased for single-brand retail FDI

18.  Real estate

·         Will finalise a model tenancy law and circulate to states; and propose steps for rental housing.
·         Govt proposes setting up 1.95 crore houses under Pradhan Mantari Awas Yojna (Rural).

Wednesday, February 6, 2019

40 Key Highlights of Interim Union Budget 2019


 


1.     Individual tax payers earning income up to Rs 5 Lac will get full tax rebate, ensuring if you invest in 80C like PPF etc you won’t be taxed up to Rs 6.5 Lacs.

2.    Standard Deduction for salaried class increase from Rs 40,000/- to Rs 50,000/-.

3.    TDS threshold on interest on bank and post office deposits rose from 10,000 to 40,000 rupees.

4.    No TDS on House Rent up to Rs 2.4 Lakhs.

5.    Benefit of rollover of capital tax gains to be increased from investment in one residential house to that in two residential houses, for a taxpayer having capital gains up to 2 crore rupees; can be exercised once in a lifetime.

6.    Gratuity limit increased from 10 lakh to 30 lakh rupees for all.

7.    MSME registered under GST will get of 2 per cent interest subvention on the incremental loan of 1 Crore.

8.    NPS has been more liberalised. The government has increased its share to 14 per cent from the existing 10 per cent.

9.    Computerised system to be in place in next 2 years eliminating direct interference of officers and clients in Scrutiny of Income Tax Cases.

10. Businesses with less than Rs. 5 crore annual turnovers, comprising over 90% of GST payers, will be allowed to return quarterly returns.

11.  The Kisan yojana will be effective December 1, 2018, and the money will be directly transferred into their account.

12. Under Pradhan Mantri Kisan Samman Nidhi, 6000 rupees per year for each farmer, in three installments, to be transferred directly to farmers' bank accounts, for farmers with less than 2 hectares land holding.

13. 2018-19 Revised Fiscal deficits at 3.4% Current account deficit to be contained to 2.5%.

14. Rs 3 lakh crore recovered by banks through IBC.

15.  Rs 3 lakh crores loan defaults have already been recovered.

16. Close to 3 lakh crore already recovered in favour of banks and creditors, big defaulters are not spared by our government. Recapitalization of banks amounting to 2.6 lakh crore has been done.

17. Budget allocation of Rs 60,000 crore for National Rural Employment Guarantee Act in 2019-20.

18. FY19 Food Subsidy Spend Was Rs 1.7 Lakh Crore.

19. Rs 60,000 crores set aside for MGNREGA this year.

20.21 AIIMS operating in India now, 14 of which were announced from 2014, The 22nd AIIMS will be created at Haryana.

21. Mahatma Gandhi National Rural Employment Guarantee program’s allocation increased by Rs 5000 crore to Rs 60,000 crore.

22.Pradhan Mantra Gram Sadak Yojana allocation is set at Rs 19,000 crore.

23.Increased allocation for Rashtriya Gokul Mission to 750 crore in current year.

24.2% interest subvention to farmers pursuing animal husbandry and fisheries.

25.In place of rescheduling of crop loans, all farmers severely affected by severe natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment.

26.Without disturbing the existing reservation system, a 10% reservation for economically weaker sections in educational institutions and government jobs has been ensured.

27.New Pension Scheme has been further liberalized as Government's contribution has increased to 14%.

28.Mega Pension Yojana, namely Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of 3000 rupees per month, with contribution of 100 rupees per month, for workers in unorganized sector after 60 years of age.

29.For workers who receive grievous injuries, they will now get Rs 6 lakh from Rs 2.5 lakh through EPFO.

30.For workers and labourers, a new pension scheme will come up. The pension has been increased from Rs 3,500 to Rs 7,000.

31. 1 crore loan can now be obtained under 59 minutes.

32.Defence budget this year is over 3 lakh crore.

33.Allocation for the north eastern region has been proposed to be increased to Rs 58,166 crore in this year, it will be a 21% rise over the previous year.

34.Within almost two years, almost all assessment and verification of IT returns will be done electronically by an anonymized tax system without any intervention by tax officials, Refunds to be processed within 24 hours.

35.Unmanned system to be created for scrutiny of income tax returns.

36.Exemption for GST for small business has been doubled to 40 lakhs - business having turnover upto 1.50 crores have been given an option under composition scheme to pay 1 per cent flat rate and to file one annual return.

37.Expenditure to rise by 13% from RE 2018-19 to BE 2019-20.

38.Centrally Sponsored Schemes To Get 3,27,679 Crore In FY20.

39.Amendments proposed to ensure streamlined system for levy of stamp duties, to be imposed and collected at one place, seamlessly Along with completion of fiscal deficit consolidation programme, we will now focus on debt-to-GDP ratio consolidation.


40.56,619 crore made in BE 2018-19 for welfare of SCs and STs, increased to 62,474 crore in RE 2018-19 has been further increased to 76,800 crore in BE 2019-20:

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