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New Delhi, Feb 4 () Industry body Amfi has sought clarification from relevant tax authorities with regard to the government's plan to scrap dividend distribution tax (DDT) on mutual funds and introduction of tax deducted at source on the income distributed by such products, officials said on Tuesday.
 Industry experts believe that the government's plan to tax dividend at the hands of investors could make dividend plans in equity and balanced schemes unattractive and investors may move towards growth plans.
 In addition, long-term investment plans such as equity-linked saving schemes and retirement products will be impacted too as the proposed tax regime has no deduction available.
 Finance Minister Nirmala Sitharaman in the Union Budget 2020-21 has proposed to abolish dividend distribution tax (DDT) on the dividend declared by companies and mutual funds to shareholders or unit holders.
 Once the DDT is abolished, the dividend amount will be added to investors' taxable income and taxed as per the individual tax bracket.
 Currently, mutual funds deduct the DDT and then hand over dividend to the unit holders.
 In addition, the minister introduced a 10 per cent TDS (tax deducted at source) provision on the income distributed by a mutual fund to its unit holders if such income exceeds Rs 5,000.
 The minister proposed the insertion of a new Section -- 194K -- in the Income Tax Act, which states "any person responsible for paying income arising from units of mutual fund or a specified company must deduct tax at the rate of 10 percent of such income", according to the Finance Bill 2020.
 Samco Head (RankMF) Omkeshwar Singh said a TDS of 10 per cent has been introduced under new Section 194K for a payout of Rs 5,000 and above, however it is not clear if it considers only dividend or capital gains as well.
 "Industry body Amfi has sought formal clarifications from relevant tax authorities since TDS on long-term capital gains for equities is exempted up to Rs 1 lakh," he said.
 "We would need to wait for more clarification on this subject. Further, the new proposed tax regime has no deductions available under 80C, which was being used by governments to encourage long-term investment-cum-savings, that (ELSS or retirement) may get adversely impacted," he added.
 Several industry officials also said the Association of Mutual Funds in India (Amfi) has sought clarification from relevant tax authorities in this regard.
 "With the removal of DDT on mutual funds, dividend income from mutual funds is now taxable in the hands of the investors at their relevant tax slabs (subject to a 10 per cent TDS)," said Kaustubh Belapurkar, director, manager (research), Morningstar
 "We think this will make dividend plans in equity and balanced plans unattractive from a tax perspective for investors in the higher tax brackets as investors in a growth plan are liable to pay a LTCG (long-term capital gains) of 10 per cent," he added.
 Naveen Kukreja, CEO and co-founder of Paisabazaar.com, "The government's move will positively impact a small segment of individual investors, who are not in the highest tax slab and were investing in the fixed income instruments under the dividend option," said 
 Abhishek Bansal, Chairman and MD, Abnas Group of Companies, said the proposal is a positive move
 "Earlier, DDT was levied twice, first when a company would pay a dividend to an asset management company (AMC), second when the AMC would declare its annual profits. These year-end profits declared by the AMC could be availed of in two ways by the investor who is a customer of the AMC: Either the investor could take the gains out as a dividend or it could be invested back into the fund. If the investor took the dividend route, he would need to pay DDT again," he said.
 "This has now been replaced by a single simplified tax in terms of the abolishment of DDT and 10 per cent TDS to be applied by the AMC to its investors. This is hence a positive move," he added.
 Bansal said that now, the quantum of savings that would result because of this step needs some clarification from the government on whether the TDS is to be cut on the income component or on the entire proceedings. Clarification on the same will surely be available over the next few days as the industry has requested clarity on the same. SP HRS

Amfi seeks clarification from tax authorities on removal of DDT, TDS introduction

New Delhi, May 14 () Tax deducted on payment of dividend, insurance policy, rent, professional fee and on the acquisition of immovable property has been cut by 25 per cent for a period up to March 31, the tax department has said.Following Finance Minister Nirmala Sitharaman's announcement of a reduction in the rate of tax deducted at source (TDS) and tax collected at source (TCS) for non-salaried payments, the Central Board of Direct Taxes (CBDT) notified revised rates that will be applicable from May 14, 2020, to March 31, 2021.Announcing a slew of measures to help companies and taxpayers tide over hardships caused by coronavirus lockdown, Sitharaman had on Wednesday stated that the reduction in TDS/TCS rate would release about Rs 50,000 crore in the hands of people.In the notification, the CBDT said while TCS on sale of the motor vehicle above Rs 10 lakh has been cut to 0.75 per cent from 1 per cent earlier, TDS on 23 items has been reduced.The CBDT said TDS on payment for life insurance policy has been reduced to 3.75 per cent from 5 per cent, while that on dividend and interest as well as rent for immovable property has been cut to 7.5 per cent from 10 per cent earlier.The 1 per cent TDS charged on payment made for the acquisition of immovable property has now been reduced to 0.75 per cent. Payment of rent by individual or HUF has been cut to 3.75 per cent from 5 per cent earlier.TDS on e-commerce participants has also been reduced to 0.75 per cent from 1 pr cent.Similarly, tax on professional fee has been reduced to 1.5 per cent from 2 per cent.TDS on payments in respect of deposits under National Savings Scheme has been reduced to 7.5 per cent from 10 per cent and that on payments for re-purchase of units by Mutual Funds to 15 per cent from 20 per cent.The same on insurance commission and brokerage have been cut to 3.75 per cent from 5 per cent.TDS on payment of dividend by mutual funds has been reduced to 7.5 per cent from 10 per cent.TCS on sale of tendu leaves, scrap, timber, forest produce, and minerals such as coal, lignite or iron ore has also been reduced.The CBDT said there shall be no reduction in rates of TDS or TCS where the tax is required to be deducted or collected at a higher rate due to the non-furnishing of PAN/Aadhaar.Nangia Andersen LLP Director Sandeep Jhunjhunwala said: "The reduction of TDS and TCS rates on non-salaried payments by 25 per cent will set free additional cash in the hands of the vendors, and help increase liquidity in the economy"."This relief could be enjoyed by all businesses and would play a pivotal role in increasing cash flows as the beneficial rates would be available until the end of the current financial year."Deloitte India Partner Rohinton Sidhwa said, "The TDS / TCS cut will release liquidity into the system. Most assessees would have deluged the tax department with applications for lower withholding in any case and this effectively will also reduce administrative burden".PwC India Partner (Tax and Regulatory) Vikram Doshi said, "The immediate reduction of TDS rate by 25 per cent is a direct and practical measure to increase liquidity in the system. While there was an expectation of a higher rate of reduction, the longer period of reduction till March 31, 2021, balances the slightly lower rate."The extension of due dates of various compliances provides additional relief given the practical difficulty in undertaking compliances." ANZ BALBAL

Tax on dividend, rent, insurance payment cut by 25%

New Delhi, Jan 19 () Ahead of the Budget, former Finance Secretary S C Garg on Sunday suggested a simplified four-rate personal income tax structure without cess or surcharge amid increasing clamour for moderation in tax rate.
Following corporate tax rate cut in September, there has been growing demand for reduction in personal income tax which have developed deformity over the years due to cess and surcharge.
"Corporate Tax structure has been made reasonable and competitive during the current year. No more action is expected in this regard. There are quite a few major tax reforms, which need to be undertaken in the taxation structure of Personal Income Taxes," he said in a blog.
There are as many as eight slabs of income tax with the highest effective tax rate exceeding 40 per cent.
Emphasising that rate structure should be reformed, Garg said, "a rate structure with no tax for taxable income less than 5 lakh, 5 per cent on income from 5-10 lakh, 15 per cent on income from 10-25 lakh, 25 per cent on income from 25-50 lakh and 35 per cent on income more than 50 lakh would be quite a simple and fairer structure." 
As there would be no cesses and surcharges, such a structure would be welcomed by taxpayers, he said.
"The states would also find this system a non-distortionary and their complaints of Centre gaining at their expense would also be over. The revenue considerations would also not be affected too adversely," he said. 
Garg, who was instrumental in designing three Budgets including an interim, also suggested that it is high time to abolish the Dividend Distribution Tax (DDT) taking advantage of the digital banking and record keeping.
"Assesses will get taxed for the dividend income at the rates applicable to them. A provision of tax deduction at source (TDS) can also be introduced for dividend distribution of over Rs 10,000 to a person by a Company at the rate of 20 per cent," he said.
He also said that the long-term capital gains should continue to be taxed and be streamlined only as part of the larger reforms in capital gains taxation.
Observing that the Goods and Services Tax (GST) is still work in progress, he said, utmost attention requires to be given to complete the invoice uploading and matching process and other needed process reforms.
"While the underlying tax revenue situation is grim, it is the right time to initiate much needed reforms in the taxation structure," he said.
Overall, he said, there is likely to be shortfall of Rs 3.5 to 3.75 lakh crore in gross tax collections of the Centre.
"Expecting that the Centre could revise transfers to the States out of the Centre taxes (about 32 per cent of shortfall), the net taxes to the Centre are likely to be short by Rs 2.5 lakh crore or 1.2 per cent of GDP," he said.
The government had budgeted gross tax revenues of Rs 24.59 lakh crore. BKS DP CS PRS MR
MR

Ex finance secretary favours 4 rate income tax structure without cess

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New Delhi, May 13 () Channelising a major chunk of the stimulus package for vulnerable segments like micro, small and medium enterprises (MSMEs) and non-bank lenders will go a long way in protecting jobs and reviving country's economic growth, experts said on Wednesday. Measures like emergency credit line of collateral-free Rs 3 lakh crore from banks and non-banking financial companies (NBFCs) and a Fund of Funds with a corpus of Rs 10,000 crore will help the sector protect jobs and revive country's economic growth which is impacted the lockdown imposed to contain the spread of COVID-19 disease, . Experts also said that reduction of TDS/TCS rates by 25 per cent for non-salary payments to residents will leave more money in the hands of professionals and businesses. Deloitte India Partner, Leader (Government and Public Sector) Arindam Guha said, "Channelising a significant part of the government financing support for vulnerable segments like MSMEs and NBFCs/ housing finance companies (HFCs) in the form of credit or investment guarantees to achieve a multiplier effect and also limit the actual outflow to the extent of default." He said there is a clear focus on structural reforms and ease of doing business as it is evident from the measures around increasing the investment and turnover thresholds for MSMEs to enable them to grow bigger. Guha also lauded steps like advising the state governments and Real Estate Regulatory Authorities to leverage force majeure provisions for providing an additional 6 months to real estate companies and exempting them from the need to obtain a fresh registration certificate or renegotiate contracts with their buyers. Another significant measure was allowing contractors involved in highway/infrastructure construction to avail a standstill period of 6 months without any penalties, he added. JLL CEO and Country Head (India) Ramesh Nair said that the fundamental of any economy is employment generation and the Government of India has made the right interventions by providing the requisite support to MSMEs. The revitalisation of MSMEs will play a major role in the overall revival of the economy, he said adding, this in turn is expected to have a positive impact on the consumer sentiment, which has an important bearing on the real estate sector. "These measures provided to MSMEs will also go a long way in protecting jobs and ensuring income continuity. This in turn will have a positive bearing for potential homebuyers especially in the affordable and mid segments," Nair said. Snapdeal co-founder and CEO Kunal Bahl said these measures will help the MSMEs get back on their feet as additional collateral and guarantee-free loans, equity funding options, better access to government procurement, e-market linkage and higher thresholds are strong enablers. KPMG in India Chairman and CEO Arun Kumar said MSMEs are critical for employment preservation and growth and firing up the MSME sector is the surest way to accelerate job creation. "The finance minister's schemes announced today will provide relief for MSMEs that need immediate succour for their survival as well as help those enterprises that need a fillip to grow. Expanding the definition of MSMEs and introducing new thresholds based on turnover while elevating the investment ceilings for each segment are welcome," Kumar said. The broad focus on enhancing liquidity is timely, including the measures for NBFCs, HFCs and MFIs (micro-finance institutions) and those for the power sector to ease the situation of distribution companies and cash-strapped independent power producers, he said adding that the measures to ease liquidity for lenders and businesses will make a tangible difference. Finance Minister Nirmala Sitharaman on Wednesday announced about Rs 6 lakh crore package comprising Rs 3 lakh crore of collateral-free loans for small businesses and a Rs 30,000 crore lifeline to non-bank and housing finance companies as part of measures to help the economy tide over disruptions caused by the coronavirus lockdown. The minister also announced cut in tax rate on non-salary payments by 25 per cent, support to companies to meet statutory liability on employees' retirement fund, provided a Rs 90,000 crore bailout to cash-starved electricity distribution companies and gave construction firms up to six more months to complete the government projects. Shardul Amarchand Mangaldas &amp; Co Partner Pooja Ramchandani said PF contribution is calculated at 12 per cent of basic wages + dearness allowance + retaining allowance. "The announcement on provident fund reliefs is a positive one. The percentage of PF contribution has been reduced to 10 per cent. Prior to this, the rate of 10 per cent was applicable to establishments with less than 20 employees, sick industries, establishments where losses exceed networth, jute, beedi, brick, coir and gum industries," she said. PwC India Chairman Shyamal Mukherjee said the profound measures to boost liquidity and enable MSMEs to take centre stage in making India self-reliant and play a significant role in the government's vision of Make in India. Nangia Andersen LLP Director Sandeep Jhunjhunwala said the reduction of TDS and TCS rates on non-salaried payments by 25 per cent will set free additional cash in the hands of the vendors and help increase liquidity in the economy. This reduction is estimated to release about Rs 50,000 crore in the hands of people, he said. Consulting firm AKM Global tax Partner Amit Maheshwari said the TDS rate reduction will leave more money in the hands of deductees, especially professionals where the TDS rate is as high as 10 per cent. Kotak Institutional Equities VP and Senior Economist Suvodeep Rakshit said the fiscal measures announced draws strongly upon the aim of providing liquidity and easing the functioning of key sectors. JD MKJ

Steps on MSMEs, NBFCs to help protect jobs, revive economy: Experts

<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div><ul class="summary-list"><li>Lamar Jackson broke out a brilliant spin move on a 47-yard touchdown run that baffled the Cleveland Bengals defense.</li><li>Jackson finished the game not only with his impressive runs but with a perfect passer rating, becoming the first player in NFL history to put up a perfect passer rating twice in the same season.</li><li>After some doubted his ability to play quarterback at an NFL level, Jackson is now one of the front-runners to win MVP.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.&#xa0;</li></ul>"Not bad for a running back," <a href="https://www.businessinsider.com/lamar-jackson-dominates-miami-dolphins-2019-9" target="_blank" rel="noopener">Lamar Jackson had quipped early in the season</a>, silencing any doubters who still believed he was not cut out to play quarterback in the NFL.Since then, Jackson has established himself as not just one of the most talented quarterbacks in the league, but as <a href="https://www.businessinsider.com/ranked-nfl-mvp-odds-halfway-through-the-season-2019-11" target="_blank" rel="noopener">a potential MVP-winner</a>, and on Sunday against the Cincinnati Bengals, he once again made his case for the award.Jackson got off to a near-perfect start to the game, jumping out to a 28-10 lead over the Bengals in the first half, but it was in the third quarter that he would show that there is no other player like him in the league.Taking the snap just beyond midfield, Jackson kept the ball to run off tackle, breaking through the first level of the Bengals defense with ease before deploying a devastating spin move dance into the open field. From there he was untouchable, speeding into the end zone to extend the Ravens lead even further.On Twitter, fans expressed awe while sharing Jackson's phenomenal run.The Ravens went on to win the game 49-13, with Jackson finishing the game with a perfect quarterback rating. According to analyst Warren Sharp, it's the first time in NFL history that a player has finished with a perfect passer rating twice in one season.Jackson has come a long way from the days of scouts and draft analysts questioning whether or not his game could translate to the NFL level.&#xa0;With the Ravens now 7-2, including wins over the Patriots and Seahawks, the question now is whether or not Jackson is the best player in football.<ul class="read-more-links"><li>Read more:</li></ul><a href="https://www.businessinsider.com/joejuan-williams-patriots-rookie-investing-saving-retirement-2019-11" data-analytics-position="2">Patriots rookie is saving and investing 90% of his paychecks so he can 'live like a prince' for the rest of his life</a><a href="https://www.businessinsider.com/nfl-average-ticket-price-every-stadium-2019-11" data-analytics-position="3">What it costs to go to an NFL game at every stadium in the league</a><a href="https://www.businessinsider.com/cat-on-the-field-cowboys-terrified-monday-night-football-2019-11" data-analytics-position="5">Dallas Cowboys believe black cat that ran onto field during 'Monday Night Football' was an omen of bad luck for the New York Giants</a><a href="https://www.businessinsider.com/bill-belichick-fly-coach-chris-long-2019-10" data-analytics-position="16">Bill Belichick would fly coach and put veteran players in first class, and one former Patriot said it was a huge factor in how players judge head coaches</a><div></div><div></div><div></div><div></div><div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/world-famous-sports-logos-hidden-messages-2019-10">10 world-famous sports logos with hidden meanings</a></h3> <div> </div> </div>

Lamar Jackson staked his claim to the MVP with a brilliant video game-like touchdown run

<ul class="summary-list"><li>It's been a hectic <keyword id="11897660" type="UNKNOWN" weightage="60" keywordseo="nfl" source="Orion">NFL</keyword> off-season that has seen several stars traded or moved in free agency.</li><li>Four starting quarterbacks and several Pro Bowl players will be in new uniforms this fall.</li></ul>In a wild NFL off-season that's already seen several starting quarterbacks and Pro Bowlers move, the chaos continued Wednesday as the Kansas City Chiefs traded star receiver Tyreek Hill to the Miami Dolphins.In the last month, four starting quarterbacks, three star wideouts, and two future Hall of Fame defensive players have changed teams. And there is still more to come.What's been most notable: Teams have not been shy about giving out big contracts, trading for them, or giving up draft picks to get their most-coveted players. The big spenders aren't all Super Bowl contenders, either. Just look down to No. 1.Here's a look at the 13 biggest moves of the off-season so far:<div type="image" title="Deshaun Watson looks on during a Texans game in 2020." height="1000" width="2000" msid="90363254" hostid="261"></div><h2>1. <keyword id="12426850" type="UNKNOWN" weightage="60" keywordseo="deshaun-watson" source="Orion">Deshaun Watson</keyword> traded to the Cleveland Browns</h2>Perhaps the most explosive (<a href="https://www.insider.com/browns-criticized-deshaun-watson-contract-amid-sexual-misconduct-allegations-2022-3">and controversial</a>) move of the off-season, the Browns' acquisition of Watson, a three-time Pro Bowler, ended weeks of speculation about the embattled quarterback's future. Watson didn't play the 2021 season after requesting a trade from the Houston Texans, and he is still facing 22 civil lawsuits that accuse him of sexual misconduct. Still, that didn't stop the Browns from trading five total draft picks and handing Watson a five-year, fully guaranteed $230 million extension.Up next: the Browns will find a new home for Baker Mayfield, ensuring another starting QB gets moved this off-season.<h2>2. <keyword id="12087936" type="UNKNOWN" weightage="60" keywordseo="russell-wilson" source="Orion">Russell Wilson</keyword> traded to the Denver Broncos</h2>Wilson and the Seattle Seahawks had reached an endpoint, and Seattle dealt the nine-time Pro Bowler to Denver in exchange for three players and five total draft picks, including two first-rounders. Wilson's play has been uneven the last two seasons, but he's played at an MVP level when healthy. The Broncos' deep group of playmakers should benefit from Wilson's precision and his strong arm.<h2>3. Tyreek Hill traded to the Miami Dolphins</h2><div type="image" title="Tyreek Hill" height="1344" width="2688" msid="90405700" hostid="261"></div>Few in the NFL world saw a breakup between the Chiefs and their top receiver coming. According to reports, the Chiefs and Hill could not come to an agreement on an extension, so the Chiefs allowed Hill to seek a trade. He landed on the Dolphins, who now boast several talented wideouts, while also receiving a four-year, $120 million extension. Let's check in midseason to see just how much Hill and Patrick Mahomes miss one another.<h2>4. <keyword id="13006461" type="UNKNOWN" weightage="60" keywordseo="davante-adams" source="Orion">Davante Adams</keyword> traded to the Las Vegas Raiders</h2>When Aaron Rodgers re-signed with the Green Bay Packers, it felt like a given that Adams, his top receiver, would follow. Instead, Adams was done in Green Bay. The Packers received a first- and second-round pick for the player who's arguably been the best receiver in the NFL over the past three seasons. The Raiders also gave Adams a five-year, $140 million contract, locking in quarterback Derek Carr's new top target.<div type="image" title="Davante Adams runs off the field while looking to the side during a game in 2022." height="1333" width="1777" msid="90363255" hostid="261"></div><h2>4. Khalil Mack traded to the Los Angeles Chargers</h2>Khalil Mack may not be the wrecking machine who piled up double-digit sacks annually from 2015 to 2018, but he is still a pass-rushing force. It only cost the Chargers a second- and sixth-round pick to get him. Teams will now have to block Mack and Joey Bosa when playing the Chargers, a nightmare scenario for offensive lines and quarterbacks around the league.<h2>5. Matt Ryan traded to the Indianapolis Colts</h2>The Colts cut ties with Carson Wentz earlier this off-season, leaving a hole at quarterback. The Atlanta Falcons decided it was time to do the same with Ryan, so they sent him to Indianapolis for just a third-round pick in return. Ryan has lost some arm strength and is on the downside of his career at 36 (turning 37 in May). Still, he's a fairly efficient QB who should help the Colts' young receivers.<h2>6. Von Miller signs a 6-year, $120 million deal with the Buffalo Bills</h2><div type="image" title="Von Miller smiles while holding a microphone at a Bills press conference." height="1000" width="2000" msid="90363258" hostid="261"></div>Buffalo felt it needed some pass-rush help and leadership on the defensive end, so the Broncos spent big on Miller, coming off a Super Bowl with the Rams. At 32, Miller might not make that deal look so great in the later years, but for now, he's a splashy addition to a Bills team that came up just short of making the AFC Championship last season.<h2>7. Randy Gregory signs a 5-year, $70 million deal with the Broncos</h2>Gregory was set to re-sign with the Cowboys on the same deal before changing his mind and joining the Broncos. <a href="https://www.espn.com/nfl/story/_/id/33558280/former-dallas-cowboys-lineman-lael-collins-agrees-three-year-contract-cincinnati-bengals">ESPN reported</a> that the 29-year-old defensive end backed out of his contract with the Cowboys over "salary-forfeiture language," a stunning reversal that added even more firepower to the AFC West. Gregory had six sacks, three forced fumbles, and an interception in 12 games with the Cowboys last year.<h2>8. Chandler Jones signs a 3-year, $51 million deal with the Raiders</h2>Not content to just let the Chargers and Broncos beef up their pass rush, the Raiders acquired the 32-year-old linebacker. Jones had a solid season in Arizona last year, posting 10.5 sacks and six forced fumbles, and he might be more motivated with a new deal in Las Vegas.<h2>9. Amari Cooper traded to the Browns</h2><div type="image" title="Amari Cooper holds the football and runs during a game in 2021." height="1000" width="2000" msid="90363259" hostid="261"></div>Cooper had posted three straight 1,000-yard seasons before a somewhat down 2021 in Dallas (during which he still had eight touchdowns). He'll have a new QB in Watson in Cleveland in what's turned out to be a revamped offense.<h2>10. Allen Robinson signs a 3-year, $46 million deal with the Rams</h2>The Rams take gambles on star players, and Robinson is no different. Fantasy football players know Robinson was a bust last year, catching just 38 passes for 410 yards and one touchdown with the Bears. But the year before, he had 102 catches for 1,250 yards and six TDs. Now playing alongside Matthew Stafford and Cooper Kupp in LA, expect Robinson to bounce back in a big way.<h2>11. Carson Wentz traded to the Washington Commanders</h2>After being traded for the second time in two years, Wentz appears to be approaching a last-chance season. While the shine has worn off the 2016 No. 2 pick, Wentz wasn't all bad in Indianapolis last year, throwing for more than 3,500 yards with 27 touchdowns, seven interceptions, and posting a 94.0 passer rating. Washington has some talented offensive weapons, and Wentz just needs to be pretty good to be an upgrade over Taylor Heinecke.<div type="image" title="Carson Wentz smiles and holds up his hand at a Commanders press conference in 2022." height="1000" width="2000" msid="90363260" hostid="261"></div><h2>12. La'el Collins signs a 3-year, $30 million deal with the Bengals</h2>The Bengals needed to protect quarterback Joe Burrow, who was sacked 70 times last year. The reigning AFC Champs added Collins, who already seems to be taking his job seriously. The 28-year-old offensive lineman said he told Burrow that his new "bodyguard" was in town.

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New Delhi, May 13 () Union Home Minister Amit Shah on Wednesday said the Narendra Modi government is committed to reviving the economy, help small businesses and boost employment in the challenging time of coronavirus pandemic. In a series of tweets, Shah said the central government is doing everything possible to help those in the business sector as they may face financial stress while resuming their work following the lockdown to combat the coronavirus pandemic. "I thank PM @narendramodi and FM @nsitharaman for these unprecedented steps, targeted at assisting MSMEs, cope with challenges of COVID-19. "It reflects PM Modi's commitment to revive our economy, help small businesses and boost employment," he tweeted with the hashtag '#AatmaNirbharBharatAbhiyan'. Shah's comments came soon after Finance Minister Nirmala Sitharaman announced Rs 3 lakh crore of collateral-free loans for small businesses, a cut in the tax rate for non-salary payments and measures to provide liquidity to non-banking companies to help them tide over the disruptions caused by the lockdown. Unveiling the first set of components of the Rs 20 lakh crore COVID-19 economic stimulus package announced by Prime Minister Narendra Modi, she said Rs 90,000 crore liquidity infusion will be made in electricity distribution companies to help them fight the current financial stress. Also, dates for filing income tax returns and other assessments have been extended, she said. Shah said the Modi government's decision to provide Rs 3 lakh crore collateral-free automatic loans to businesses, including MSMEs, will surely help them meet their operational liabilities, built up due to COVID-19, and resume their business. About 45 lakh units and employees will benefit from this step, he said. "Modi government understands the issues and problems faced by the MSMEs, amidst COVID-19 pandemic. To help them in these stressed times, GoI (government of India) will facilitate provision of Rs 20,000 crore as subordinate debt, which will benefit more than 2 lakh MSMEs," he said. Shah said the Modi government will facilitate equity infusion worth Rs 50,000 crore for the MSMEs through 'Fund of Funds'. This will help them expand their size as well as capacity and encourage them to get listed, raise public money through stock exchanges, he said. The home minister said the government will also launch a Rs 30,000 crore Special Liquidity Scheme to help NBFCs / HFCs / MFIs / NBFCs / HFCs /MFIs as they are finding it difficult to raise money in debt markets. This decision will not only provide them liquidity support but also create confidence in the market, he said. "Modi govt is doing everything possible to help business sector as they may face financial stress while resuming their businesses. GoI to provide Rs 2,500 crore EPF support for business and workers for 3 more months. This will help about 3.67 lakh units and 72.22 lakh employees," he said. Shah said in these challenging times, to boost 'Make In India', help the MSMEs and other companies from the, often unfair, competition by foreign giants, the Modi government has disallowed global tenders upto Rs 200 crore which is a welcome step towards '#AatmaNirbharBharatAbhiyan'. "I thank PM @narendramodi's government for infusing liquidity of Rs 90,000 crore in DISCOMs, providing Rs 45,000 crore Partial Credit Guarantee Scheme 2.0 for NBFCs and Rs 50,000 crore liquidity through TDS/TCS rate reduction," he said. ACB RT

Modi govt committed to reviving economy, help MSMEs: Amit Shah

New Delhi, Mar 23 () Finance Minister Nirmala Sitharaman on Monday took authorisation to raise excise duty on petrol and diesel by Rs 8 per litre each in future as Parliament passed the Finance Bill, 2020, that also allowed pension funds to be treated like sovereign wealth funds. First, the Lok Sabha passed the Finance Bill, 2020, without a discussion and then the Rajya Sabha returned it without a discussion, all in a matter of few hours. The Rajya Sabha also returned without debate the Appropriation Bill 2020-21, authorising the government to draw over Rs 110 lakh crore from the Consolidated Fund of India for its working as well as the implementation of its programmes and schemes. Last week, the Lok Sabha passed the demands for grants. With this, the Parliament approval of the Budget for 2020-21 has been completed. Among the amendments to the Finance Bill, 2020, that Sitharaman introduced and got the approval of included changes to make NRI-owned business being made liable to pay taxes on income generated by Indian operations only. Also, a 20 per cent TDS rate for the dividend paid to NRI/foreign company was approved. Also, REITS was exempt from dividend tax. The key change in the Finance Bill was an amendment to the law to give the government enabling powers to raise excise duty on petrol and diesel by Rs 8 per litre each in future. Sitharaman moved an amendment to the Finance Bill, 2020, to raise the limit up to which the government can raise special excise duty on petrol and diesel to Rs 18 per litre and Rs 12 per litre, respectively. This was along with other amendments as also the Finance Bill was passed without debate. The government had on March 14 raised excise duty on petrol and diesel by Rs 3 per litre each to raise an additional Rs 39,000 crore in revenue annually. This duty hike included Rs 2 a litre increase in special additional excise duty and Re 1 in road and infrastructure cess. This hike took the special additional excise duty to maximum permissible limit in law -- Rs 10 in case of petrol and Rs 4 in case of diesel. Now, through an amendment to the Eighth Schedule of the Finance Act, this limit has been increased to Rs 18 per litre in case of petrol and Rs 12 in case of diesel. This is an enabling provision and no change in excise duty is being done as of now, an official said. The amendment gives powers to the government to raise the duty by up to Rs 8 per litre in petrol and diesel at any time it wishes. The excise duty hike of March 14 was done to take away gains arising from a slump in international oil prices. According to a notification issued by the Central Board of Indirect Taxes and Customs, special excise duty on petrol was hiked by Rs 2 to Rs 8 per litre in case of petrol and to Rs 4 a litre from Rs 2 in case of diesel. Additionally, road cess was raised by Re 1 per litre each on petrol and diesel to Rs 10. With this, the total incidence of excise duty on petrol has risen to Rs 22.98 per litre and that on diesel to Rs 18.83. The tax on petrol was Rs 9.48 per litre when the Modi government took office in 2014 and that on diesel was Rs 3.56 a litre. The government had between November 2014 and January 2016 raised excise duty on petrol and diesel on nine occasions to take away gains arising from plummeting global oil prices. In all, duty on petrol rate was hiked by Rs 11.77 per litre and that on diesel by 13.47 a litre in those 15 months that helped the government's excise mop-up more than double to Rs 2,42,000 crore in 2016-17 from Rs 99,000 crore in 2014-15. It cut excise duty by Rs 2 in October 2017 and by Rs 1.50 a year later. But, it raised excise duty by Rs 2 per litre in July 2019. ANZ HRS

Govt gets nod to raise excise duty on petro, diesel by Rs 8 in future; Parl approves Finance Bill

With <keyword id="35050" type="CITY" weightage="20" keywordseo="gdp">GDP</keyword> growth of 7.3%, in 2014-15, India’s economy is firmly on the path of economic revival. India is the brightest spot on the global map, with GDP Growth expected to rise to 7.9% in 2017-18. India is well positioned to withstand near-term global headwinds and the high volatility in global financial markets due to reduced external vulnerabilities, a strengthening domestic business and investment cycle, and a supportive policy environment. Most recently, even the IMF has maintained its GDP growth projection of 7.3% in 2015-16 and 7.5% in 2016-17, even as it cut projections for overall global output. 
	 The transition from a state of crisis of confidence in 2013 to a bright spot in 2015 is not by chance but by design. The past few months in particular, have seen even renewed energy from the Government to enforce key reforms, and revive industrial sentiment. Going forward, the upcoming Budget Session of <keyword id="6354721" type="ORGANIZATION" weightage="20" keywordseo="parliament">Parliament</keyword> will be very important in the current scheme of things, to create short &amp; medium term wins. 
	 
	Boosting Savings in India 
	 
	Most importantly, there is a need to boost savings in the economy to enhance the inherent economic strength of the financial sector. It will be worthwhile to adopt of the structural GEAR (Growth, Efficiency, Attractiveness, Reach) approach, as elaborated below, to augment the savings rate in the economy: 
	 
	Enhance economic growth to increase per capita incomes: Towards this end, it will be important to increase disposable incomes by relaxing personal income tax slabs to INR 5 lakh from the current level of INR 2.5 lakh – this could be a one-time correction and this could thereafter be linked to inflation and reviewed every three years. This will provide an immediate thrust to household incomes, part of which will be diverted to financial savings. 
	 
	Focus on efficiency in financial transactions: Use of plastic currency and e-transactions (via internet/mobile) will not only improve ease of transactions but also enhance saving propensity among citizens. Every 1% reduction in currency in circulation is likely to add 0.4% to the savings rate. More importantly, this could also help in curbing the flow of black money. 
	 
	Make financial savings attractive: Financial savings must be promoted by improving tax incentives. One of the enabling measures for this will be to enhance 80C limits to INR 3,00,000 from current level of INR 1,50,000 – this will also deepen the mutual fund and equity markets. Secondly there is a need to increase inflation adjusted post tax returns for bank deposits, by reducing lock in period eligible for tax rebate to 1 year from 5 years; and enhancing the threshold for mandatory TDS on interest income to INR 50,000 a year from the current level of INR 10,000. It will also be useful to roll back TDS on Recurring Deposits to encourage wider adoption, as this is a product that promotes the habit of regular saving. Further, pension products like EPF and PPF continue to enjoy ‘EEE’ tax status whereas the National Pension Scheme (NPS) are subject to ‘EET’, which involves tax obligation at the withdrawal stage. To create a level playing field and prevent cannibalization, NPS needs to get ‘EEE’ tax status to make it more attractive. 
	 
	Expand financial reach: The Government could consider converting India Post into Postal Bank of India, a full-fledged Payments and SAVINGS bank, to leverage its rural penetration for greater financial inclusion. Internationally, there are a few countries which have tapped the postal institution for extending financial inclusion. 
	 
	Next Generation of Reforms 
	 
	For 2016, I believe India’s top priorities should include passage of GST, rationalizing direct taxes further, tax sops for Start Ups and introducing key structural reforms in terms of real estate, labor and MSMEs. The farm sector too needs significant focus on irrigation and technological support. 
	 
	With the global economy expected to remain mired in volatility in 2016, strengthening the domestic economy will also help to ring-fence India against global headwinds. While micro measures will help, the Banking &amp; Finance sector also needs the next generation of reforms. I am hopeful that economic clairvoyance will triumph over political myopia in 2016 and GST will see the light of the day. The Bankruptcy Bill will also turn out to be a game changer for spurring economic activity and confidence. This Budget presents a Golden Chance to usher in Fiscal Measures to make 2016 India’s Year. 
	 
	The article has been authored by Rana Kapoor, managing director and CEO of YES Bank and chairman of YES Institute.

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