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5 ways how Arun Jaitley made Ease of Doing Business better in Indiahttps://www.businessinsider.in/clusterstock/5-ways-how-arun-jaitley-made-ease-of-doing-business-better-in-india/slidelist/56915532.cms2017-02-01T16:54:37+05:30

5 ways how Arun Jaitley made Ease of Doing Business better in India

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Feb 1, 2017, 16:54 IST

• There will be a threshold limit for audit of business entities that opt for presumptive income scheme increased from Rs. 1 crore to Rs. 2 crore. Also, the limit maintaining books for individuals and HUF increased from turnover of Rs. 10 lakhs to Rs. 25 lakhs or income from Rs. 1.2 lakh to Rs. 2.5 lakh.

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• The government has exempted Foreign Portfolio Investor (FPI) Category I & II from indirect transfer provision and now the indirect transfer provision won’t be applicable in the case of redemption of shares or interests outside India as a result of or arising out of redemption or sale of investment in India which is chargeable to tax in India.

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• Commission payable to individual insurance agents is not included in the requirement of TDS subject to their filing a self-declaration that their income is below taxable limit.

Instead of four, presumptive taxation for professionals with receipt upto Rs. 50 lakhs p.a. advance tax can be paid in one installment.

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The time period for revising a tax return is being reduced. Now it is down to 12 months from completion of financial year.

Next Story Tax experts give thumbs up Arun Jaitley’s Budget....

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