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The <keyword id="19938467" type="General" weightage="20" keywordseo="deadline" source="keywords">deadline</keyword> for filing your <keyword id="19995225" type="General" weightage="20" keywordseo="income-tax-return" source="keywords">income tax return</keyword> for AY 2024-25 i.e. July 31st is knocking right at your door. If you are yet to file your <keyword id="19897621" type="General" weightage="20" keywordseo="itr" source="keywords">ITR</keyword>, you still have some time. But there are certain things that you must remember and double-check before you click on submit ITR-from picking out the right form to ensuring that all the details you’ve furnished are correct. Read on to know the top five things that you must remember before <keyword id="19942833" type="General" weightage="100" keywordseo="ITR-filing" source="keywords">ITR filing</keyword>. <h2>Linking your PAN with Aadhar is mandatory</h2>Before you file your ITR, ensure that your <keyword id="19985317" type="General" weightage="20" keywordseo="Pan-card" source="keywords">PAN card</keyword> is linked to your <keyword id="19952125" type="General" weightage="20" keywordseo="Aadhar-card" source="keywords">Aadhar card</keyword>. You can’t file your ITR without linking your Pan to Aadhar first. This can be done online. In case you’re wondering whether or not your PAN is linked to your Aadhar card, you can visit <a href="https://eportal.incometax.gov.in/iec/foservices/#/pre-login/verifyYourPAN">this</a> link and verify. However, remember that this process can take up to 6-10 days to complete, so you'll have to jump aboard the belated ITR bandwagon in case you've just initiated the linking process. <h2>Pick the correct form</h2>Choosing the correct form is one of the most important things that you need to keep in mind while filing your ITR. For instance, the ITR-1 form is designed for resident individuals who have income from salary, one house property, and other sources such as interest or dividends, provided their total income does not exceed Rs 50 lakh. On the other hand, ITR-2 is applicable to individuals and Hindu Undivided Families (HUFs) with income from capital gains or foreign assets.<div type="Article" hostid="261" msid="111406215" title="Wondering which ITR form is right for you? Know all about it here" mstype="2" mssubtype="0"></div> ITR-3 is applicable for those who have income from business or professions, or those who are self-employed. ITR-4 is filled by those who opt for presumptive taxation. <h2>Remember to <keyword id="22469557" type="General" weightage="20" keywordseo="e-verify" source="keywords">E-verify</keyword> your return: </h2>Think you're done with your ITR filing? Think again! You will also need to e-verify your return. If the e-verification is not done within 30 days from filing your ITR, it will be rendered invalid, and will be considered as not filed. You will also not receive any refunds in the absence of e-verification of your ITR. You can easily e-verify your ITR via generating an OTP on your mobile number linked with Aadhar, or by generating an electronic verification code (EVC) through your pre-verified bank account or demat account. <h2>Check your documents and details</h2> When you are trying to get things done quickly, it isn’t uncommon to forget double-checking the details entered. Do remember to double-check all the details that you enter in your ITR. Also, filing an ITR requires certain documents like bank statements, investment proofs, <keyword id="19948097" type="General" weightage="20" keywordseo="tds" source="keywords">TDS</keyword> certificates, Form 16 etc. Even though you don’t have to attach these documents in the ITR, you must keep them handy. <div type="Article" hostid="261" msid="111402608" title="ITR filing: Documents you need to file your income tax return" mstype="2" mssubtype="0"></div> <h2>Check income and investment details</h2> If you have just one source of income, the process is easy as you just need to mention that in your ITR. However, if you have <keyword id="22106780" type="General" weightage="20" keywordseo="multiple-sources-of-income" source="keywords">multiple sources of income</keyword>, you need to be careful and mention all of them. Similarly, ensure that you have entered all investment details in the form correctly. Do not forget to mention your interest earned on savings and fixed deposits, dividend income (if any) or income from other sources, since that could lead to hefty penalties.

Five things to remember as you file your ITRs at the last minute

July is here, and while we are still 5 months away from the end of 2024, the deadline to file your <keyword id="19897621" type="General" weightage="20" keywordseo="ITR" source="keywords">ITR</keyword> is July 31st, which is looming large. While it is best to not "file away" filing your income tax returns for later, are you aware of the right ITR form that applies to you? Out of the 7 ITR forms available, how do you know which one is the right fit for you, and where to start? For starters, the first 4 ITR forms (ITR-1,2,3,4) are necessary for an individual to know about, while filing taxes. Lets decode all these forms in detail with Tanya, a 22 year old IT professional who earns Rs 10,000 per month. Her mother has a monthly rental income of Rs 12,000 per month. Will the two of them be required to file ITR? Well, the answer is no. You see, Tanya's <keyword id="21120362" type="General" weightage="20" keywordseo="annual-income" source="keywords">annual income</keyword> comes to about Rs 1,20,000, while her mother's total rental income comes to about Rs 2,40,000. If you opt for the old tax regime, you don't need to file an ITR if you annual income is below Rs 2.5 lakh. In the new regime, this limit stands at Rs 3 lakh. Similarly, if your grandparents are aged between 61-79, they need not file an ITR if their annual income (via rent, pensions) falls below Rs 3 lakh. And if they are aged above 80, this threshold if of Rs 5 lakh for the year. <h2>ITR-1: Sahaj </h2>Lets continue with Tanya's life. She works super hard, and over the years, earns a few well deserved raises. Now, her monthly income is Rs 50,000. In this case, she will have to file ITR-1, which is also known as Sahaj. This form applies to you if your total annual income for the year does not exceed Rs 50,00,000. The best part? This form is generally pre-filled, and all you've got to do is verify the information through your <keyword id="22247325" type="General" weightage="20" keywordseo="Form-16" source="keywords">Form-16</keyword> and Annual Information Statement (AIS). <h2>ITR-2 </h2>Over time, Tanya decides to start investing in mutual funds. While she holds most of her investments for the long-term, she is compelled to sell some units of her investment in equity mutual funds, due to a medical emergency at home. She had purchased some equity mutual fund units worth Rs 2,00,000 on April 1, 2023. Due to the emergency, she had to sell about Rs 80,000 worth of units in December of the same year. On redemption, she received Rs 1,10,000. Since she had held these securities for less than 12 months, Tanya would have to pay a short-term <keyword id="20301441" type="General" weightage="20" keywordseo="capital-gains-tax" source="keywords">capital gains tax</keyword> of 15%, Had Tanya held on to these securities for more than 12 months and then sold them at a gain, she'd have to pay long-term capital gains tax, which is applicable at 10% for equity mutual funds. And to account for such capital gains, be it from sale of shares, mutual funds, property or the like, Tanya needs to file ITR-2. <h2>ITR-3</h2>Tanya's brother, Vishal, is a freelancer who got hooked to trading in futures and options during the pandemic. Initially, he made solid profits, but during FY24, he ran into losses worth Rs 5 lakh. In this case, he will have to file ITR-3 to report his losses. This form is to be used by those who earn income under the head of profits (or even losses) of business or profession, other than regular salary. In case Tanya's mother starts receiving rental income from more than one house properties, she will also have to file ITR-3. Or, in case you are a CA, or a doctor and have your own practice (are self employed), this form is for you. <h2>ITR-4: Sugam </h2>This form is exclusively for those who opt to be taxed under the presumptive taxation scheme. You can opt for this scheme if you are a small business/firm and your annual turnover is less than Rs 3 crore, or you are self employed with an annual revenue of less than Rs 75 lakh. Under this, you don't pay taxes on your actual income, rather, you pay taxes on a presumed income. As per law, under this scheme, your net income will be considered as 6% of your total revenue, and you'll have to pay taxes on that. Here, you're really not calculating your income for taxation, and hence, it is not even mandatory to maintain records. In case you file the wrong ITR, you can always file a revised return by December 31, 2024. In case you miss filing your ITR on time, you’ll have to pay Rs 5,000 as a penalty. Moreover, you’ll be charged interest on your outstanding tax liability, if there is any. So, get down to work, right away!

Wondering which ITR form is right for you? Know all about it here

With credit off-take increasing, <keyword id="36838" type="General" weightage="20" keywordseo="indian-banks" source="Orion">Indian banks</keyword> are expected to issue bonds to maintain their capital levels and support their advances while cost of funds -- deposits and borrowings are likely to increase, said CARE Ratings. "To support credit-off take, banks are expected to shore up their liability franchise by raising capital (<keyword id="2542652" type="General" weightage="20" keywordseo="AT1-bonds" source="Orion">AT1 bonds</keyword>, other debt instruments such as infrastructure bonds) and deposits. The market has been facing lower liquidity and elevated inflation, hence borrowing costs for deposits and the cost of raising capital are expected to increase," the credit rating agency said in a report. The banks are increasing their interest rates for deposits and plans for bonds issue. Further, profitability is also expected to support the capital base of the banks. Overall, the <keyword id="4960825" type="General" weightage="20" keywordseo="scheduled-commercial-banks" source="Orion">scheduled commercial banks</keyword> (SCB) are expected to remain adequately capitalised in the near term. All SCBs have maintained their Capital Adequacy Ratio (CAR) greater than the minimum required level for Q3FY23. The median CAR and Common Equity Tier 1 (CET-1) ratio of SCBs witnessed a rise in Q3FY23 over Q3FY22 and Q3FY21, the report notes. According to CARE Ratings, the net profit of SCBs grew by 45 per cent year-on-year (y-o-y) to Rs 0.65 lakh crore in Q3FY23 driven by a higher pre-provisioning operating profit (PPOP) growth compared to a lower growth in provisions. The net interest income growth and stability in non-interest income helped PPOP to grow by 28.5 per cent y-o-y to Rs 1.30 lakh crore in Q3Y23. Meanwhile, provisions rose by 9.1 per cent to Rs 0.38 lakh crore. Public sector banks' net profit rose by 64.3 per cent y-o-y to Rs 0.29 lakh crore in Q3FY23, meanwhile private sector banks' grew by 32.2 per cent y-o-y to reach Rs 0.35 lakh crore in Q3FY23, the report added. Return on Assets of SCBs improved by 28 bps y-o-y to 1.23 per cent. At present, banks are in a better position after navigating the Covid period and managing mounted NPAs. Healthy credit growth, improvement in asset quality, and lower growth in provisions due to lower incremental slippages and reduction in restructuring books are expected to generate healthy net profit growth. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/presumptive-taxation-the-scheme-that-eases-burden-on-small-businesses/articleshow/98183636.cms">Presumptive taxation: The scheme that eases burden on small businesses</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/elephant-will-not-march-but-run-powered-by-private-consumption-union-amc/articleshow/98182584.cms">Elephant will not march but run, powered by private consumption: Union AMC</a>

Indian banks to issue bonds to maintain capital levels: CARE Ratings

America's Gen Zers aren't fully sold on capitalism.In a <a target="_blank" href="https://www.businessinsider.com/how-gen-z-works-lives-and-loves-2023-12">new Business Insider survey</a> of more than 1,800 Americans, 28% of Gen Zer respondents between the ages of 18 and 26 said they somewhat or strongly preferred the economic system of socialism over capitalism, the most of any generation. That was almost on par with the 29% of Gen Zers who said they preferred capitalism. The remaining Gen Zers said they didn't have a preference or weren't sure what they preferred.The survey was conducted in July in collaboration with YouGov. <a target="_blank" href="https://www.pewresearch.org/short-reads/2019/01/17/where-millennials-end-and-generation-z-begins/ft_19-01-17_generations_2019/">Generation Z was born</a> between 1997 and 2012, but BI only surveyed those above the age of 18. Of course, exactly what makes an economic system capitalist or socialist depends on who you ask. Economies around the world operate with varying levels of taxation, regulation, and government support for services like education and healthcare. And it's not unusual to see younger generations further to the left on social, political, and economic issues than older generations.But the high levels of support for socialism among Gen Zers are striking, and illustrate a lack of confidence in capitalism as an economic system. According to Gen Zers and experts Business Insider spoke with, it also reflects a dissatisfaction with the <a target="_blank" href="https://www.businessinsider.com/gen-z-millennials-financial-futures-jobs-economy-money-pandemic-recession-2023-4">widespread economic inequality</a> some young people feel is endemic in the US."Seeing corporate greed in the news every single day makes it understandable that we would want something better," Marianna Pecora, a 19-year-old communications director of the Gen Z-led organization <a target="_blank" href="https://votersoftomorrow.org/">Voters of Tomorrow</a>, told Business Insider. "I don't necessarily think that means socialism. I think that means making sure the system that we're working under is really doing its best to support as many people as possible."As young Gen Zers grow into the <a target="_blank" href="https://www.businessinsider.com/gen-z-not-loyal-democrats-elections-data-poll-2024-election-2023-1">leaders of tomorrow</a>, they will have the power to chart America's economic future. We spoke with experts about why Gen Z is down on capitalism and what changes could be in store for US citizens in the years to come if the generation gets its way.<h2>Gen Z says high housing, healthcare, and college costs are failures of the current capitalist system</h2>When young people are asked how they feel about private home ownership and entrepreneurship — both capitalist ideas — there is little pushback, Christina Elson, executive director of the Center for the Study of Capitalism at Wake Forest University, told Business Insider. But when the focus turns to how the current economic system is working for Americans, Gen Z's dissatisfaction begins to show."In the mind of most Americans and particularly younger Americans, healthcare is a broken system," she said. "Younger people tend to think the system would benefit from more government intervention."Elson said the <a target="_blank" href="https://www.businessinsider.com/make-college-housing-healthcare-childcare-more-affordable-abundance-agenda-2023-1">high costs of housing and education</a>, in addition to <a target="_blank" href="https://www.businessinsider.com/the-us-inequality-gap-is-quietly-getting-smaller-2023-7">inequality</a>, are other key areas where many Gen Zers think the existing capitalist system is falling short."You hear about 'billionaires should be outlawed' — that really isn't the issue," she said regarding Gen Zer's concerns. "The issue is the bottom. What is the appropriate bottom living standard for an American citizen, and what role should the government have in ensuring that people don't fall below that."Precisely when an economic system with significant government intervention becomes "socialist" is up for debate.Paul Collier, economist and author of the book <a target="_blank" href="https://affiliate.insider.com?amazonTrackingID=biauto-62223-20&amp;h=eb8cff6097f2967ab26b0863e22b425803c7691d5eec3084b0e082d8391f456b&amp;postID=6568f03f4c878294df144a39&amp;postSlug=gen-z-capitalism-socialism-inequality-healthcare-democrats-republicans-biden-trump-2023-11&amp;site=bi&amp;u=https%3A%2F%2Fwww.amazon.com%2FFuture-Capitalism-Facing-New-Anxieties%2Fdp%2F0062748653">The Future of Capitalism</a>, told Business Insider there are two kinds of capitalism: the "raise me up" type that gives workers opportunities and the "drag me down" type that leads to widespread inequality. He said the US has experienced much of the latter in recent decades, so he's not surprised if many Gen Zers are dissatisfied."It's not capitalism that's the problem. It's what sort of capitalism you get," he said, adding, "And the way it's turned out since about 1970 for most Americans has been shit."In recent decades, Collier said US policymakers have focused on economic growth and wrongfully assumed the wealth would "trickle down" to everyone. As a result, the rewards of this growth have largely been captured by a "small elite," he said.The top 1% of Americans earn over 26 times more than the bottom 99% and hold 21% of the <a target="_blank" href="https://www.businessinsider.com/the-us-inequality-gap-is-quietly-getting-smaller-2023-7">nation's total income</a>, per the <a target="_blank" href="https://www.epi.org/multimedia/unequal-states-of-america/">Economic Policy Institute</a>. However, there's some evidence that inequality has narrowed in recent years due to the <a target="_blank" href="https://www.businessinsider.com/low-wage-workers-got-big-raises-during-pandemic-now-ending-2023-3">strong wage gains</a> of lower-income workers. In 2022, the average American's net worth <a target="_blank" href="https://www.businessinsider.com/gen-z-millennials-net-worth-by-age-all-time-high-2023-10">reached an all-time high</a>.<h2>Gen Z leaders say the "game is rigged" and that corporate greed has gone too far</h2>The internet has provided young people with almost unlimited information, and it's led many Gen Zers to believe that the "game is rigged" against them, Elise Joshi, the 21-year-old executive director of <a target="_blank" href="https://www.businessinsider.com/how-to-start-a-nonprofit-gen-z-for-change-founder-2023-3#aidan-kohn-murphys-interest-in-politics-began-at-a-young-age-1">Gen-Z for Change</a>, a collective of Gen Z activists that use social media to drive progressive change, told Business Insider."A system that centers overproduction, overconsumption, and perpetual growth is not sustainable," she said. "From increasing oil development in the midst of a climate crisis to jacking up food and energy costs, there's only a matter of time before we collectively agree that this setup cannot persist."Pecora said the debate between capitalism and socialism isn't at the top of young voters' minds. She pointed to <a target="_blank" href="https://www.businessinsider.com/will-biden-new-student-loan-forgiveness-plan-face-lawsuits-relief-2023-11">student debt relief</a>, the Inflation Reduction Act, and the <a target="_blank" href="https://www.whitehouse.gov/climatecorps/">American Climate Corps</a> as policies that have benefited young people and said that government investments in universal pre-K, <a target="_blank" href="https://www.businessinsider.com/biden-cuts-free-community-college-reconciliation-manchin-sinema-2021-10">free community college</a>, and additional student debt relief are still needed."All of that is stuff that I think young voters really care about," she said. "And I think it's more about these individual economic issues that affect people's everyday lives than a question of capitalism versus socialism."<h2>Reforming capitalism is easier said than done</h2>For the Gen Zers who hope to tweak the US's capitalist system someday, many obstacles remain in their path."What young people are really worried about more than capitalism versus socialism is the possibility of a second Donald Trump presidency," Pecora said. "When you're looking at the next decade of our generation and what our economy looks like, I think it comes down to the 2024 election." Recent polling shows a <a target="_blank" href="https://www.nytimes.com/2023/11/27/upshot/poll-biden-young-voters.html">close presidential race</a> among young voters between President Joe Biden and former President Donald Trump.In the decades ahead, Collier said Gen Zers who are eager to enact change will have to find a compelling way to sell Americans on some unpopular policies — like <a target="_blank" href="https://www.businessinsider.com/billionaires-asking-for-wealth-tax-americans-disney-soros-buffett-dalio">higher taxes</a> — that could help reduce inequality."We need somebody as charismatic as Trump, but with a much more serious agenda," he said. "Or we need some social movements that are bottom-up and embrace a large majority of Americans."The economist pointed to other countries around the world that he said have managed to retain capitalist values and reduce inequality, citing <a target="_blank" href="https://www.businessinsider.com/denmark-happiest-country-world-reasons-secret-dan-buettner-2017-11">Denmark</a> as a primary example.Whether it's Gen Z or a generation to follow them, Collier said he's optimistic the US will eventually steer in what he thinks is the optimal direction."The arc of history is a long arc, but so far, the presumption that eventually things will get better has always been right," he said

Gen Z will change capitalism as we know it

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> depreciated by 9 paise to settle at 82.88 against the US dollar on Wednesday, as intense selling pressure in domestic equities and a strong greenback overseas dented the sentiment. However, a sharp decline in crude oil prices in the international market restricted the rupee's fall, forex traders said. At the interbank foreign exchange market, the rupee opened flat at 82.79, and it moved in a tight range of 82.89 to 82.79 during the session. It finally closed at 82.88 against the US dollar, registering a fall of 9 paise over its previous close of 82.79. Meanwhile, the <keyword id="75201" type="General" weightage="20" keywordseo="dollar-index" source="Orion">dollar index</keyword>, which gauges the greenback's strength against a basket of six currencies, was trading 0.12 per cent higher at 104.23 ahead of the release of the Federal Open Market Committee meeting minutes later in the day. Bond yields in the US have shot higher this month on anticipation of a firmer action by the Federal Reserve in its efforts to stamp out inflation. Jateen Trivedi, VP Research Analyst at LKP Securities said, "Rupee traded weak below 82.85 amid increasing bond prices in the US which have spiked above November 2022 rates. Keeping the hawkish view on rate hikes the participants keep increasing positions in safer dollars against risky assets. "Rupee weakness can be seen further below if RBI avoids intervention near 83.00." According to the minutes of the RBI Monetary Policy Committee meeting released on Wednesday, the majority of members of the high-powered panel were concerned about heightened inflation even as two panellists raised objections against an increase in the benchmark interest rate. "The fight against inflation is complicated by the global outlook. There is some consensus growing around a milder slowdown than earlier feared, although geographical disparities complicate the prognosis. Be that as it may, the outlook for global inflation is turning more uncertain than before," Patra opined as per minutes of the Monetary Policy Committee (MPC). Reserve Bank Governor Shaktikanta Das, who heads the six-member MPC, also said overall, there is considerable uncertainty at this stage on the evolving inflation trajectory due to ongoing geopolitical tensions, global financial market volatility, rising non-oil commodity prices, volatile crude oil prices and also weather-related events. Global oil benchmark Brent crude futures declined 1.48 per cent to USD 81.82 per barrel. The 30-share BSE Sensex crashed 927.74 points or 1.53 per cent to close at 59,744.98, while the broader NSE Nifty declined 272.40 points or 1.53 per cent to 17,554.30. Foreign Institutional Investors (FIIs) emerged as net sellers in the capital markets on Wednesday as they sold shares worth Rs 579.82 crore, according to exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/presumptive-taxation-the-scheme-that-eases-burden-on-small-businesses/articleshow/98183636.cms">Presumptive taxation: The scheme that eases burden on small businesses</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/elephant-will-not-march-but-run-powered-by-private-consumption-union-amc/articleshow/98182584.cms">Elephant will not march but run, powered by private consumption: Union AMC</a>

Rupee falls 9 paise to close at 82.88 against US dollar on forex outflows

<ul><li>The government has announced in what it believes are easier processes for startups to claim exemption from <keyword id="6406536" type="UNKNOWN" weightage="20" keywordseo="Angel-Tax">Angel Tax</keyword>. </li><li>Startups incorporated before April 2016 can also apply for exemption. </li><li>However, startups need to be recognised by <keyword id="6391107" type="UNKNOWN" weightage="20" keywordseo="DIPP">DIPP</keyword> for the same.</li></ul>Indian startups have long been fighting the demon that came into their lives with the ‘angel <keyword id="45031" type="PERSON" weightage="20" keywordseo="Tax">tax</keyword>,’ which requires them to pay up for money they received from early investors. Now, the government has introduced changes to tax laws under the Section 56(2) (vii b) of the Income Tax Act that will exempt ‘genuine’ investors in recognised startups – but not without another red tape. They have to be registered with the government’s Department of Industrial Policy and Promotion (DIPP) in order to get the exemption. The angel tax, which was introduced in 2012, mandated that angel investments should be treated as “income from other sources” if the <keyword id="138263" type="PERSON" weightage="20" keywordseo="startup">startup</keyword> issues shares at a price that exceeds the fair market value of the shares. The Indian government believes it is now providing a simpler mechanism to claim exemption from the tax. While earlier, exemption from this tax was available only for startups incorporated after 2016 under the government’s ‘Startup India program’ – a much-touted initiative of the Modi government to boost entrepreneurship. “All previous and future investments are covered, startups incorporated before April 2016 also covered,” DIPP secretary Ramesh Abhishek told <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/angel-tax-wont-haunt-startups-any-longer/articleshow/67566526.cms">Economic Times.</a> Since the launch of the Startup India program, 15,113 companies have been recognised under DIPP; India is home to a total of over 40,000 startups until June 2018 according to a <a href="https://yourstory.com/2018/06/presenting-india-startup-report-yourstory-overview-startup-ecosystem/">YourStory report</a>. With the new rule in place, DIPP-recognised startups applying for the exemption to the Central Board of Direct Taxation will be able to get an approval in 45 days. All in all, the rule becomes another added layer of bureaucratic hoops that startups now have to jump through, even though culturally speaking, a startup’s way of functioning is very different than that of a typical ‘registered company’. Experts believe that investments in a startup by an individual is a commercial decision that needs to be treated like one. “The government’s intent is to check if anyone is misusing the methodology for money laundering. If the source of the money is not tainted then why should there be an angel tax,” said Ved Jain, a tax expert and past president of The Institute of Chartered Accountants of India. The question that most experts are weighing in on is – why do we really need an angel tax? By implementation of the rule to register under DIPP, the government gets a say on how and when you startup – and that might not exactly be the ‘ease’ of doing business that the government is promoting. “Why are we moving with a presumption that whichever company is receiving the share capital with a difference in the fair market value, there is something wrong with the deal. There has to be a difference between a commercial and government decision. However if there is an allegation that it has been misused, only then additional rules should be implemented,” said Jain. See Also: <a href="https://www.businessinsider.in/the-indian-government-may-roll-back-a-tax-on-angel-investments-that-is-said-to-be-hurting-the-countrys-startup-ecosystem/articleshow/67177981.cms">The Indian government may roll back a tax on angel investments that is said to be hurting the country’s startup ecosystem</a> <a href="https://www.businessinsider.in/the-indian-government-has-reportedly-invested-just-19-of-its-fund-dedicated-to-boosting-startups/articleshow/67323307.cms">The Indian government has reportedly invested just 19% of its fund dedicated to boosting startups</a> <a href="https://www.businessinsider.in/taxed-for-being-an-angel-several-start-ups-wont-benefit-even-as-angel-tax-is-revoked-say-experts/articleshow/52831043.cms">Taxed for being an ‘angel’? Several start-ups won’t benefit even as angel tax is revoked, say experts</a>

Indian government just added a lot more red tape for startups while trying to fix the devilish ‘angel tax’

While presenting his third budget, Finance Minister Arun Jaitley did not change the tax slabs to bring more and more people under the tax net. 
 
Jaitley said the role of tax payers was important in nation building and each rupee contributed to sectors such as infrastructure, rural and social well being. 
 
The net revenue gain of Rs 19,610 crore was due to surplus from indirect taxes. 
 
He also announced a little relief for professionals and people staying in rented accommodations. 
 
He categorised taxation under 9 disciplines 
 
1. Tax relief to small tax payers: 
 
Jaitley announced relied for people staying in rented accommodation. The compensation in rent increased from Rs 24, 000 to Rs 60, 000 per anuum 
Presumptive income tax scheme to be extended to all professionals with income of Rs 50 lakh with presumption of 50% profit 
2.Boost employment and growth: 
 
Deduction in taxes under Skill Development by 2020 10% extra DDT on dividend recipients earning above Rs 10 lakh per annum, says FM in <keyword id="2783177" type="UNKNOWN" weightage="20" keywordseo="Budget-2016">Budget 2016</keyword> 
100% tax deductions for new startups for first 3 years 
More asset reconstruction companies 
Residency of foreign companies deferred by one year 
Exempt service tax on general insurance service under Nirmaya scheme 
Basic custom duty hiked 5%-6% 
3.Incentivise domestic value and make in India: 
 
4. Pension society: 
EPF: 40% corpus to be tax free 
Annuity income will be non-taxable 
Monetary limit 1.5 lakh per annum 
Government to introduce bill to amend Companies Act for ease of doing business; to enable registration of companies in a day 
 
Affordable housing: PM Awas Yojana to be strengthened 
100% deduction for undertaking flat of 30 sq metre, however, MAT will apply 
First home buyers: deduction for add 50,000 per annum to 35 lakh loans during next fiscal under Rs 50 lakh 
Investment in real estate: 
Exempt service tax on affordable housing 60 sq meet 
 
Add resource to more on farm, clean: 
 
Tax 10% at gross amount of dividend will be apd 10lkh/annum 
Raise surcharge 12% to 15% 
Purchase of luxury cars 
Levy infrastructure cess 1% LPG 2.5 diesel, 4% on high engine capacity and SUVs 
Branded excise duty above Rs 1, 000 goes up 6%-12.5% 
Hike in excise duty by 10-15% tobacco other than bidis 
Krishi Kalyan Cess of 0.5% on all taxable services: FM 
Clean Energy Cess to renamed as Clean Environment Cess 
 
Reducing litigation 
Tax evasion to be strengthened 
Jaitley came down heavily on black money 
3 lakh tax cases pending amounting to Rs 5.5 lakh crore. New dispute resolution scheme to settle case by paying disputed case interest. 
Levy of heavy penalty for non payment of tax has led to high litigation. Proposal to modify scheme for penalties 
 
Simplified taxation 
 
To reduce multiplicity of taxes and cascading - 13 taxes with collection less than Rs. 50 Crores a year abolished. 
Use of technology for accountability 
Income tax dept. will expand e-sahyog to assist small taxpayers 
Plan to use technology in Taxation department in a big way

Great news for the common man, no change in tax slabs but cess and excise duty hiked on several products

All purchases made online will attract a uniform Goods and <keyword id="645517" type="COMPANY" weightage="20" keywordseo="services-tax">Services Tax</keyword>, likely to take effect from April next year, according to the model <keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword> law approved by state finance ministers headed by West Bengal finance minister, Dr <keyword id="107244" type="PERSON" weightage="100" keywordseo="Amit-Mitra">Amit Mitra</keyword> today. 

	Dr Mitra had served as Secretary General of the Federation of Indian Chambers of Commerce and Industry before his avatar as Bengal finance minister. 
 

	The tax, in lieu of local levies, will be imposed at the first point of financial transaction. This clears the air on applicability of GST in e-commerce in cases where goods were being sold in one state but was being bought in another state. 
 

	The model GST law, which has 162 clauses and 4 schedules, has also suggested a jail terms of up to 5 years and fine for violation of the provisions of the statute. 
 

	It prescribes a threshold of Rs 9 lakh annual turnover for applicability of the new levy and Rs 4 lakh for businesses in North Eastern states including Sikkim. 
 

	Revenue Secretary Hasmukh Adhia said the Empowered Committee of State Finance Ministers at their meeting today in Kolkata approved the model GST law. 
 

	"We request all stakeholders to give their suggestions/ comments to secretariat of Empowered Committee of FMs and or to finance ministry," Adhia tweeted. 
 

	Government is hoping to get the Constitution Amendment Bill passed by Parliament in the upcoming Monsoon Session. It plans to roll out GST from April 1, 2017 that will subsume excise, service tax and all local levies.
 Virtually all states have supported the idea of GST except Tamil Nadu which has "some reservations", Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> said after the meeting of Empowered Committee on the long awaited indirect tax reform. The model law also provides for Authority for Advance Ruling (AAR) to be located in every state. 

	There is also a provision of Appellate Authority to be formed in each state. The Appellate Authority shall comprise the Chief Commissioner of CGST and the Commissioner of SGST. 
 

	The GST model law has also provided for 'Composition Levy', on the lines of presumptive taxation scheme. 
 

	It provides for a levy of not less than 1 per cent tax on a person whose annual turnover on sale of goods and services in a single state is less than Rs 50 lakh. 
 

	The law provides for setting up of a Consumer Welfare Fund, which will be utilised by the Centre or States for the welfare of consumers. 
 

	"The Central/State Government shall maintain proper and separate account and other relevant records in relation to the Fund in such form as may be prescribed in consultation with the CAG," said the model law. 
 "The objective guidelines may carve down the potential for any abuse of discretion provided to the States in implementation of the GST in India," Nangia &amp; Co Partner Indirect Taxation) <keyword id="1430503" type="PERSON" weightage="20" keywordseo="Nitish-Sharma">Nitish Sharma</keyword> said. 

	The empowered Committee has also cleared the model Integrated GST law which has to be approved by both Centre and states. iGST will apply on inter-state sale of goods and services. 
 

	Besides, the CGST law has to be approved by the Centre and each state will pass its own SGST law. 
 

	The law provides that every registered taxable person shall himself assess the taxes payable under this Act and furnish a return for each tax period. 
 

	Any tax payer who fails to furnish the details of outward or inward supplies or returns by the due date will be liable to a late fee of Rs 100 for every day, subject to a maximum of Rs 5,000. 
 

	Also, any registered tax payer who fails to furnish the return by the due date, will be liable to a late fee of Rs 100 for every day, subject to a maximum of 25 per cent of his aggregate turnover.

All online purchases to attract GST soon: Amit Mitra panel

Arun Jaitley, the finance minister, said nine pillars were needed to transform India. During his Budget 2016 speech, Jaitley said rural and key social areas needed special impetus for India’s growth story. 
 
Here are 15 key reforms that Jaitley mentioned in his budget to turn his vision into a reality. 
 
1. The government is firm on its course towards fiscal consolidation without compromising on its development agenda. 3.5% fiscal deficit is targeted for FY 2017. 
 
2. Total allocation for Agriculture, Farmers’ welfare and Irrigation set at Rs. 47,912 cr, which is nearly twice the allocation of the previous year. 
 
3. New Health Protection scheme will provide health cover up to Rs. 1 lakh per family and additional Rs. 30,000 for senior citizens. 
 
4. Free LPG connections will be provided in the name of woman member of a family to 1.5 cr BPL households in 2016-17 and to continue for two more years to cover 5 cr households in total. 
 
5. Massive increase in public spending on infrastructure to Rs. 2.21 lakh cr, an increase of 22.5% over the previous year. 
 
6. Higher Education Financing Authority set up, with an initial capital base of Rs. 1,000 cr to promote higher education. In addition, 10 public and 10 private institutions to emerge as world-class Teaching and Research Institutions. 
 
7. Promoting a tax-friendly regime and minimizing hassles due to litigation through a New Dispute Resolution Scheme with low or zero penalties. Ongoing tax cases can be settled with ease. 
 
8. Increased relief for middle-class tax-payers by raising the ceiling of tax rebate under Section 87A to Rs. 5,000 for individuals with income less than Rs. 5 lakhs and by raising the limit of deduction of rent paid under section 80GG to Rs. 60,000. 
 
9. Directly providing financial and other subsidies benefits to people who deserve them by enacting a new law and developing a social security platform using Aadhar. 
 
10. Boosting formal sector employment by provisioning Rs. 1,000 cr towards contributing 8.33% on behalf of all new employees enrolling in EPFO for the first three years of their employment. 
 
11. Simplified and pro-market tax measures such as laying out the roadmap of phasing out of exemptions under Corporate Taxes, abolishing small cesses, providing complete pass through of income-tax to securitization trusts and reducing period of obtaining long-term capital gains treatment for unlisted companies to three years. 
 
12. Promoting entrepreneurship by increasing the turnover limit under Presumptive taxation scheme to Rs. 2 cr, targeting to disburse loans worth Rs. 1.8 lakh cr under PM Mudra Yojana and providing 100% deduction of profits for 3 out of 5 years for start-ups. 
 
13. Facilitating Affordable Housing by 100% tax exemption for profits from small projects, not subjecting distribution REITs and INVITs to Dividend Distribution Tax and encouraging small first-time home buyers by deducting ¬additional interest of Rs. 50,000. 
 
14. Reducing black money through a scheme to declare undisclosed income by paying 45% tax in a given compliance window. 
 
15. Strengthening the financial sector by allocating Rs. 25,000 cr towards recapitalising Public Sector Banks (PSBs), listing Government-owned General Insurance companies, and spelling out a roadmap for consolidating PSBs.

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