This article provides an analysis of the indirect tax proposals by the Finance Minister, Mr. Arun Jaitley, in Union Budget 2017-18.
Departing from the colonial-era tradition of presenting the Union Budget on the last working day of February, the government, this year, presented the Budget on 1st February. We have come up with an analysis of the changes proposed in direct taxation by the Finance Minister, Mr. Arun Jaitley.
After providing a one-time opportunity to the assesses to come clean, under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (“Black Money Act”) notified on 26th May, 2015, the Government of India had announced the Income Declaration Scheme, 2016 (“the Scheme”) in the Finance Bill, 2016. The Scheme was announced with the intention of attracting taxpayers to disclose their unaccounted domestic / Indian income and assets.
This article will provide an overview of the Income Declaration Scheme, 2016.
Earlier, any Capital Gains arising in Mauritius were not taxed.
Now, the Indian Government, on 10th May, 2016, at Port Louis, has renegotiated the terms of the DTAA and the treaty between India and Mauritius has been amended to tax the Capital gains.
This article will provide details of the amendments in the DTAA between India and Mauritius.
In order to promote the Start-Up ecosystem in the country and incentivizing the entrepreneurs in setting up new start-up ventures and thus catalyze the creation of employment opportunities through them, the Ministry of Labour & Employment had issued an advisory to the States/UTs/Central Labour Enforcement Agencies on 25th April, 2016, for a compliance regime based on self-certification and regulating the inspections under various Labour Laws.