Lakh China Carpenter CNC Machine Manufacturers returns under the presumptive income scheme for assessment year 2017-18 with average gross receipts of `5. There is a general perception in the society that individual business persons have better income as compared to salaried class. Employment generation148. However, the transport allowance at enhanced rate shall continue to be available to differentlyabled persons.5 crores. This measure will encourage ¡§Operation Greens¡¨ mission announced by me earlier and it will give a boost to Sampada Yojana. The estimate of revenue forgone due to this measure is `7,000 crores during the financial year 2018-19. This benefitted 96% of the total companies filing tax returns. In order to encourage creation of new employment, I propose to extend this relaxation to footwear and leather industry.88 crores individual business taxpayers including professionals, who filed their returns for the same assessment year paid total tax of `48,000 crores which works out to an average tax payment of `25,753/- per individual business taxpayer. Relief to senior citizen152. Average tax paid by them is only `35,000/-. Apart from reducing paper work and compliance, this will help middle class employees even 28 more in terms of reduction in their tax liability. This will benefit the entire class of micro, small and medium enterprises which accounts for almost 99% of companies filing their tax returns. This decision to allow standard deduction shall significantly benefit the pensioners also, who normally do not enjoy any allowance on account of transport and medical expenses. The tax compliance behaviour of professionals is no better; the department has received 5. In order to minimize hardship in real estate transaction, 27 I propose to provide that no adjustment shall be made in a case where the circle rate value does not exceed 5% of the consideration. Currently, while taxing income from capital gains, business profits and other sources in respect of transactions in immovable property, the consideration or circle rate value, whichever is higher, is adopted and the difference is counted as income both in the hands of the purchaser and seller. Incentive for real estate149.
The lower corporate income tax rate for 99% of the companies will leave them with higher investible surplus which in turn will create more jobs., for all employees shall continue. Over the last few years, a number of Farmer Producer Companies have been set up along the lines of co-operative societies which also provide similar assistance to their members. In order to provide relief to salaried taxpayers, I propose to allow a standard deduction of `40,000/- in lieu of the present exemption in respect of transport allowance and reimbursement of miscellaneous medical expenses. However, the minimum period of employment is relaxed to 150 days in the case of apparel industry.
Further, I also propose to rationalise this deduction of 30% by allowing the benefit for a new employee who is employed for less than the minimum period during the first year but continues to remain employed for the minimum period in subsequent year. Sometimes, this variation can occur in respect of different properties in the same area because of a variety of factors including shape of the plot and location. In order to encourage professionalism in post-harvest value addition in agriculture, I propose to allow hundred per cent deduction to these companies registered as Farmer Producer Companies and having annual turnover up to `100 crores in respect of their profit derived from such activities for a period of five years from financial year 2018-19. .72 lakh returns for assessment year 26 2017-18 from individual, HUF and firms with a meagre average turnover of `17. Madam Speaker, at present, hundred per cent deduction is allowed in respect of profit of co-operative societies which provide assistance to its members engaged in primary agricultural activities. Incentivising micro, small and medium entrepreneurs150. Tax incentive for promoting post-harvest activities of agriculture147.97 lakhs and an average tax payment of `7,000/- only. Therefore, I do not propose to make any further change in the structure of the income tax rates for individuals. After this, out of about 7 lakh companies filing returns, about 7,000 companies which file returns of income and whose turnover is above `250 crores will remain in 30% slab. However, income tax data analysis suggests that major portion of personal income-tax collection comes from the salaried class. The revenue cost of this decision is approximately `8,000 crores. Currently, a deduction of 30% is allowed in addition to normal deduction of 100 % in respect of emoluments paid to eligible new employees who have been employed for a minimum period of 240 days during the year under section 80-JJAA of the Income-tax Act. For assessment year 2016-17, 1. The Government had made many positive changes in the personal income-tax rate applicable to individuals in the last three years. As against this, 1.44 lakh crores which works out to average tax payment of `76,306/- per individual salaried taxpayer.73 lakhs only.89 crore salaried individuals have filed their returns and have paid total tax of `1. Towards fulfilment of my promise to reduce corporate tax rate in a phased manner, I now propose to extend the benefit of this reduced rate of 25% also to companies who have reported turnover up to `250 crore in the financial year 2016-17. Also other medical reimbursement benefits in case of hospitalization etc. Relief to salaried taxpayers151.The Department has received 44. In the Union Budget, 2017, I had announced the reduction of corporate tax rate to 25% for companies whose turnover was less than `50 crore in financial year 2015-16. The total number of salaried employees and pensioners who will benefit from this decision is around 2
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