Trade Setup ?
Please share trading setups for tomorrow.
The people in that bracket will just transfer their wealth outside India. It will cause a huge wealth drain and also brain drain where successful people move out of the country along with their wealth. The economy will get hit badly; And guess who this will hurt the most? - the poor and lower middle class.
UNION BUDGET 2018 EXPECTATIONS
Taxation
■ FM could well relook the MAT rate or consider abolishing it altogether
■ Reduce corporate tax rate.
■ Enhance tax deductions, exemptions for individuals
■ Tax benefits for salaried class through standard deduction and revision of allowances
■ May tax long-term capital gains in stock market investments
■ Disallowance of expenses on which GST not paid.
Agriculture
■ Establish fund to guarantee credit to encourage investment in agriculture sector
■ Allocate more funds for crop insurance schemes
■ Increase spending for dams and canals, micro irrigation systems
■ Provide subsidies for building cold storage to avoid wastage of perishable crops
■ Reduce fertilizer subsidies
Banks
■ Allow full tax deduction for provisioning of non-performing assets (NPAs) at banks
■ Raise the threshold for tax deduction on interest paid on bank deposits from current Rs10,000
■ Reduce the tenure of tax-exempted retail term deposits to minimum of 3 years from current 5
■ Carve out tax provisions to streamline proceedings under Insolvency and Bankruptcy Code
Infrastructure
■ Increase investment by 10-15% in roads from Budget 2017
■ Provide support for key road projects, including Bharatmala project, which will connect western and eastern India
■ Increase railways investments by 10% from 2017/18 budget
Technology and IT sector
■ Provide greater incentives for digital transactions
■ Support digital payments infrastructure
Auto sector
■ Announce policy on scrapping commercial vehicles that do not comply with emission norms if operational for over 15 years
Real estate sector
■ Set single-window clearance for all real estate projects, especially housing to avoid execution and project delays
■ Give infrastructure status to real estate to help bring down finance, project costs, make homes more affordable
■ Reduce GST rate for under-construction real estate projects from current 12%
■ Spend more on affordable housing
Energy sector
■ Reduce “cess” duty to 8-10% from 20% for oil and gas exploration and production
■ Reduce or exempt city gas distribution companies from excise duty
■ Provide subsidy aid to downstream companies selling LPG, kerosene below market prices
Metals and mining sector
■ Decrease in basic customs duty on coking coal across grades
■ Decrease in export duty on iron ore above certain grade levels
■ Hike basic customs duty on aluminium scrap to protect domestic industry
Gold
■ Cut import tax on gold to 2-4% from 10% to prevent smuggling.
Finally, an interestingly timed Oxfam survey, suggests that, “the richest 1% of India cornered 73% of wealth generated last year,” has added to the apprehensions of wealthy people. It would be interesting to see whether the FM would want to toy with any thoughts on the introduction of inheritance tax, especially after two of the biggest initiatives of DeMo and GST.
…. over to 1 February, 2018.
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what u know about government ? and there earnings … corruption is another matter… this is the way of ours by doing this we r moving from our responsibilitis… just go to some other country and know how much tax u have to pay? i am not saying that we should pay as compare to the other countries… tax is the duty of every single citizen… our country has lots of debt after independence. on the other side we wants development… the government tijories are totally empty… the notebandhi is the proof koz if it doesnt happened then all the banks may b closed in india… man just go and try to handle the economy of the country… just once…
ahhhaaa…then its k…
How is corruption another matter? It’s only because of rampant corruption we are where we are today. If the government allocates X amount for some project then 50% or maybe more than that is eaten up by the officials and middlemen.
Here is the list of all the scandals right from Independence till now and god knows how many were not discovered.
All of this affects us directly or indirectly.
If there was an Oscar for scams India would win it every year.
Although I have hopes for better and prosperous India I would not blindly believe it until I see the changes at grassroot level.
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then why dont u do something? do something man…atleast do oppose… …i think if someone has problem he/she should react… u just share ur frustration…
Per me as everyone is saying and also experts are indicating this budget will be a popularist_ic budget with the farmers being the core attraction as the government would not take a risk with 2019 elections but then Honorable PM keep giving these surprises so you never know. But I strongly believe the government should keep it short and just reallocate the funds to already incomplete projects. Because a lot has been said and a little has been delivered, if one looks at the micro level.
Also, after reading through some of the comments i think people are less aware of tax system.
In countries with no income tax, government generates revenue via other sources. For example, to buy a car in Singapore you have to pay almost twice the price because you have to first buy the registration certificate before buying a car and these certificates are auctioned which we don’t have in India.
Next, the taxes one has to pay to own a home are huge in developed countries. Imagine we paying a hefty sum as municipal taxes. But our municipal taxes are very low as compared.
So obviously the government couldn’t just abolish the income tax although it should because that will not only increase govt. GST collection but will also solve problems like smuggling, black money, fake currency etc. Will obviously close shops lf many financial banks.
Income upto 5LPA should be exempt and LTCG should remain under exempt limit. There is a need for some rationalization in the tax slabs since they have largely remained unchanged for a while now.
In developed country everyone’s paying direct and indirect taxes but in india people earning crores of ruppes don’t pay any income tax and salaried person earning Rs25000/- and above per month are force to pay taxes!!! and after they pay taxes honestly, they are harrassed by the government in one or the other many ways.
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Can somebody explain the LTCG point, that is Capial gain made on shares until 31st Jan 2018 grandfathered?
no Germany is not higher tax economy.let me explain,
No Tax up to Euro 16000 per couple, above this if they earn euro 43000/year
then the tax would be only for 27000 @24% (43000-16000) .
it goes up to 42% (progressive Tax as like in India) but there are many deductions, for home maintenance, insurance, kids education, hospitalization etc…there are many countries in the world who has much less tax without an increase in inflation(many Arab countries) …but I accept we Indians need to contribute more to the country to improve infrastructure.
I had no expectations & govt met my expectations unexpectedly .
Middle class is not happy & it will cost bjp govt.
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Only positive expectations of course. But many traders have a lot of plans for 2018. Besides, now there’s a new trend of the tendency about cryptocurrency.
Those are tax invaders behind face of Farmers…- Couldnt get it, can you elaborate?
Taxes on Farmers having Farming Income above 1cr. Do farmers earn above 1 cr?
I dont set expectations because government takes away taxes but does not consult public about the budget and their policies.
@amit_gandhi Do the analysis of the surplus gap.
Just have a look at the infrastructure outside and see the differences in infrastructure of public domain and aam janta.
BAIL OUT loss making traders just like they BAIL OUT IL&FS ?
American economy grew even faster AFTER THEY REDUCED TAXES.