5 ways how Arun Jaitley made Ease of Doing Business better in India
The government has been focusing on ease of doing business and a lot of it was reflected in Budget 2017. Last year, in disappointing result, India moved up only one rank on the World Bank's ease of doing business ranking to 130th spot regardless of the fact that Narendra Modi government made several initiatives and has set itself a target to break into the top 50. At present, India is ranked 130 out of 190 countries in World Bank Group's annual report 'Doing Business 2017: Equal Opportunity for All'. In the Union Budget, announced by Arun Jaitley, these 5 steps were proposed to make Ease of Doing Business better and easier:
• 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.
• 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.
The time period for revising a tax return is being reduced. Now it is down to 12 months from completion of financial year.
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