GAAR, it said, will come into force from April 1 and can be invoked only through a two-stage process involving a nod at the level of principal commissioner of income tax and a panel headed by a high court judge.
The infra industry has hailed the added focus the sector has received in the Budget, saying the proposals will give a big boost to this key growth driver.
Although no major reforms were announced, plans to amend Drugs and Cosmetics Rules, formulate new norms for medical devices and taking steps for strengthening medical education will reduce healthcare cost for the masses, industry players on Wednesday said.
The combined effect of both these measures will mean that there would be zero tax liability for people getting income upto Rs 3 lakhs per annum and the tax liability will only be Rs 2,500 for people with income between Rs 3 to Rs 3.5 lakhs.
The government has waived basic custom duty on nickel -- a key steel making raw material -- in a major relief to the steel industry which is facing tough times.
In a relief to start-ups, Finance Minister Arun Jaitley on Wednesday proposed extending the time period for availing tax benefit for three years in the first seven years of existence.
Finance Minister Arun Jaitley on Wednesday reduced the income tax for small companies with annual turnover of up to Rs 50 crore to 25 percent with a view to making MSME companies more viable and encouraging firms to migrate to company format.
The change in the personal income tax rate for individual assessees between Rs 2.5 lakh and Rs 5 lakh income would reduce the tax liability of all persons below Rs 5 lakh to either to zero (with rebate) or 50 percent of their existing liability.
Amidst heightened expectations and hopes Finance Minister Arun presented Union Budget 2017-18 by rewarding the common man with income tax sops.
Here is how India's biz honchos reacted to the Union Budget 2017.
Finance Minister Arun Jaitley today said that the total expenditure in Budget for 2017-18 has been placed at Rs. 21.47 lakh crores. With the abolition of Plan-Non Plan classification of expenditure, the focus is now on Revenue and Capital expenditure.
Finance Minister Arun Jaitley while presenting the General Budget 2017-18 in Parliament on Wednesday said that the Government is giving special importance to the implementation of the Schemes for the welfare of Scheduled Castes, Scheduled Tribes and Minorities.
Finance Minister Arun Jaitely has said that the political party can receive maximum donation up to Rs 2,000 in cash from one person. This is down from the earlier limit of Rs 20,000.
The government's tax proposals in Budget 2017-18 have tried to incentivise the first time taxpayers and rewarded the honesty of those paying tax, said Finance Minister Arun Jaitley after his post-budget interaction with media.
In a bid to give a push to Digital Economy and weed-out corruption and black money, the Union Minister for Finance and Corporate Affairs Arun Jaitley in his Budget Speech on Wednesday said that the Government has decided that no transaction above Rs 3 lakh will be permitted in cash.
Finance Minister Arun Jaitley on Wednesday presented the Union Budget 2017 which the government hailed as 'path-breaking' while PM Modi termed it as 'uttam' Budget.
The Union Minister of Finance and Corporate Affairs Arun Jaitley said that India has witnessed historic and impactful economic reforms and policy making in the last one year and there were two tectonic policy initiatives, namely, passage of the Constitution Amendment Bill for GST and the progress made for its implementation; and demonetisation of high denomination bank notes.
Presumptive income scheme for audit of entities raised from Rs. 1 crore to Rs. 2 crore; Threshold for maintenance of books for individuals and HUF more than doubled.
The Budget announced by Finance Minister Arun Jaitley has taken forward the work undertaken by the government in the last two and a half years and will further accelerate development and generate employment for youth, PM Narendra Modi said on Wednesday.