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HIGHLIGHTS OF THE BUDGET SPEECH DATED 18TH MARCH, 2017 BY HONOURABLE MINISTER (FINANCE, PLANNING & FOREST) SHRI SUDHIR MUNGANTIWAR Tax Concessions Sugarcane Purchase Tax for the year 2016-17 exempted to give fair and remunerative price to the farmers. The condition regarding export of sugar for exemption for the year 2015-16 is removed. … Read more
8th floor,Vikrikar, Bhavan, Mazgaon, Mumbai 400010, TRADE CIRCULAR Sub: Amendments to various Acts, rides and notifications issued there under. Ref: 1)Mah. Act No. XV of 2016 Dt 26th Apr. 2016 2) Notfn. No. VAT 1515/CR 158/Taxn-1 Dt 30t’1 Dec. 2015 3) Notfn. No. VAT/ADM-2016/1B/ADM-8 Dt 24th Feb. 2016 (3 notifications) issued by the Commissioner. 4) … Read more
Budget 2016-17 is dedicated to our farmers, the State Government of Maharashtra has decided to observe the financial year 2016-17 as “Shetkari Swabhiman Varsh” and significantly higher provision of nearly Rs. 25 thousand crores is made for various schemes in Agriculture sector. Drought Relief : Emphasis on dry land farming, accelerated development of infrastructure, … Read more
With the budget round the corner, the Department of Ministry of Finance is flooded with the representations conveying the expectations, suggestions, amendments and clarifications in the laws to be implemented in the forthcoming budget. Although, the list of expectations and amendments needed is never ending, but this article is penned to highlight the changes expected … Read more
The Institute of Chartered Accountants of India (ICAI) welcomes the ‘Pragmatic and policy directional’proposals outlined by the Hon’ble Finance Minister in the Union Budget 2015. CA. Manoj Fadnis, President ICAI said “Proposal outlined by the Union Finance Minister such as Abolishment of Wealth Tax, Rationalization of Corporate Tax Structure, Removing uncertainty over DTC, with clear roadmap … Read more
‘Economic Survey of Maharashtra’ is prepared by the Directorate of Economics and Statistics, Planning Department every year for presentation in the Budget Session of the State Legislature. The present publication for the year 2014-15 is the 54th issue in the series. The information related to various socio-economic sectors of the economy along with indicators and … Read more
1. Service tax rates: The service tax rate being increased from 12.36 percent (including education cess @ 3 percent) to 14 percent. The ‘Education Cess’ and ‘Secondary and Higher Secondary Education Cess’ shall be included in the revised service tax rate. Thus, the effective rate of service tax is 14 % including cesses. This new … Read more
1. Exemption in respect of transport allowance increased: The exemption in respect of transport allowance, which is granted to an employee to meet his expenditure for the purpose of travelling between the place of his residence and the place of his duty is proposed to increase from Rs. 800 per month to Rs. 1,600 per … Read more
The Finance Minister Shri Arun Jaitley has said that the Corporate Tax Rate is proposed to be reduced from the current 30% to 25% over the next 4 years. In his Budget Speech in the Lok Sabha here today, Shri Jaitley said this is expected to lead to higher level of investment, higher growth and … Read more
The Finance Minister, Shri Arun Jaitley signaled the government’s intent to curb generation of black money in real estate in the Budget 2015-16. Presenting the Budget in the Lok Sabha today he proposed amendments in the Income Tax Act prohibiting acceptance or repayment of advance in cash of Rs. 20,000 or more for any transaction … Read more