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IT Voice

Post Budget Reactions

By February 29, 2016 No Comments

Tax relief for low income earners who live on rent but do not get HRA -can reduce Rs 36,000 from their gross taxable income. This deduction was stuck in time and will be helpful for taxpayers in non-HRA category.

Tax relief in section 87A to those earning below Rs 5lakhs. This is only allowed to RESIDENT individual. Where Total Income Less Deductions (under Section 80) is equal to or less than Rs 5,00,000

Seems there will be a possible amendment in Section 80EE for first time home buyers – First home buyers to get addl deduction of Rs 50,000 if home loan < Rs 35lakhs and cost of house < Rs 50lakhs.

The Finance Minister has intended to give this benefit in Section 80EE to the lower income group who are purchasing their first house. Will be the much needed thrust to the housing sector in tier-2 and tier-3 cities.

Section 44AD amendments – Significant development for small enterprises and professionals such as lawyers and doctors, interior designers etc who can now relieve themselves of cumbersome account keeping and audit requirements by availing this scheme. This inclusion of professionals bound to see immense popularity. And will make the simple 3-4 page ITR-4S popular.​

It’s great to see reforms being proposed in favour of entrepreneurs, not only in urban India but in all parts of the country. The move for forming the National SC/ST Hub with the Ministry of Micros SME to support SC/ST entrepreneurs, is heartening to see.

It’s also great to see that the Special Patent Regime proposed to power innovation and research has been initiated, which further fosters the country’s creative spirit.

It takes a lot of time and effort into running and building a successful business. What is great to note is that a bill is being introduced for ease of doing business and to enable registration of companies in a day, will certainly ease the process.​In totality we are quite pleased with the startup and entrepreneurial announcements, specifically the Special Patent Regime proposed to power innovation and research that we believe will nurture and mentor the next wave of tech stars that will drive a successful economy.​

Source: IT Voice