nirmala sitharaman says for affordable housing, the deduction of Rs 1,50,000 will be extended to loan sanction by one year. Tax holiday on profits of developers involved in affordable housing projects will be extended by one year to march 2021. Also Finance minister nirmala sitharaman said in her budget speech on Saturday. tejas Express is India's first train of its kind with fully automated features which currently runs between delhi and Lucknow. The Finance minister also announced more high speed trains like the one between ahmedabad and Mumbai.
Furthermore nirmala sitharaman says the concessional 5% withholding tax has been extended to municipal bonds. Cooperatives are taxed at 30 percent now. FM says cooperatives can choose a 22 percent tax with 10 percent surcharge and 4 percent cess with no exemptions. Also concessional corporate tax cut to be extended to new domestic companies engaged in power generation. Finance minister nirmala sitharaman says that a person who earns Rs 15 lakh per anum and is not availing any deductions will now pay Rs 1.95 lakh tax in place of Rs 2.73 lakh now.
Moreover sensex slumps by 582 points, settles at 40,140.62. Previously, market benchmark Sensex slumped over 100 points in opening session today ahead of the release of the Union Budget to be presented by Finance minister Nirmala Sitharaman. Tech mahindra, PowerGrid, Tata Steel, NTPC, Kotak bank and HCL Tech were among the top laggards, shedding up to 3 per cent. On the other hand, HUL, UltraTech Cement, maruti and Asian Paints were trading with gains. Also registration of charity institutions to be made completely electronic, donations made to be pre-filled in IT return form to claim exemptions for donations easily. Apparently FM says GST reforms will continue including a simplified return-filling form. Refund has been simplified and has been fully automated, and Aadhaar based taxpayer verification will be done. Further GST rate is being deliberated upon. FM says ease of doing business has improved in India. Undue claims of FTA benefits has been a concern, says Sitharaman.
