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BUDGET 2017-2018 Special

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-The latest income tax slabs for 2017-2018 can be found here - Income tax slabs 2017-18.

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Finance News

Analysis of latest finance news

BUDGET 2017 Highlights and summary

Minister of Finance Mr. Arun Jaitley presented the Union budget for the year 2017-18 on 01 February 2017 in Parliament. This is his third budget.

The budget that comes after the demonetisation is highly anticipated.

The main highlight of the budget are the following

  • Merging of Rail Budget and main Budget. Also done away with plan and non-plan expenditure
  • Agenda for the next year is to transform, energise and clean India.
  • Farming gets a big boost in this budget. Agricultural Credit to farmers will be 10 Lakh crore. Fasal Bima Yojana to provide protection to farmers against natural calamities. 75 lakh available for cleaning and packaging of farmer produce
  • MGNREGS gets highest ever allocation for the scheme of Rs. 48,000 crore.

Highlights of Economic Survey 2016-2017

The Economic Survey for 2017 was tabled in Parliament on January 31st 2017.

The following are the main highlights from the report.

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Minister of Finance Leaves for G20 meet

Union Minister for Finance, Mr Arun Jaitley leaves for Ankara Turkey to attend the two day conference of Finance Ministers and Central Bank Governors’ of G-20 countries. The minister is also expected to attend the first meeting of Contingent Reserve Arrangement(CRA) of Governing Council of BRICS.

Mr Jaitley is expected to be back on 7 September 2015.

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Income tax return filing due date extended

The Ministry of finance has indicated that the due date for filing of income tax returns has been extended to September 7, 2015. Initially the extension of due date was for tax payers in Gujarat, but now it has been extended for across the country.

More details are available in this circular issued by Ministry of Finance.

Extension of Filing due date

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Import duty on Gold and Titanium increased

Ministry of Finance today raised the import duty on Gold and Platinum from the existing 4 percent to 6 per cent. This increase is targeted at containing the increasing import of gold that has resulted in an increase of current account deficit (CAD).

Currently a huge amount of wealth in India is locked in Gold as people consider Gold as a viable investment. The Government is looking at other options also to bring this huge amount locked in gold out to the market.

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Last date for E-filing extended to 31 August 2012

The deadline for income tax returns e filing has been extended to 31 August 2012. Tax filers will now get an extra month to file their e-returns.

To help tax payers with e-filing, the Income tax department has has set up kiosks in major cities.

Also salaried employees with total income less than Rs 5 Lakh and having less than Rs 10,000 in interest earned from bank accounts are exempted from filing tax returns for assessment year 2012-13. Tax payers are advised to check with the Income tax department to get details on other exceptions related to filing returns.

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RBI leave interest rates intact

Reserve Bank of India (RBI) has today left the key interest rates unchanged stressing that it is committed to contain inflation and at the same time maintain growth. The repo rate remains at 8 percent and cash reserve ratio remains 4.75 percent.

But RBI reduced the statutory liquidity ratio (SLR) by 1% to make it 23 per cent from the existing 24 percent.

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E filing of returns made compulsory for income over 10 lakh

E-filing of tax returns is compulsory for people with annual income greater than Rs 10 Lakh during the year 2011-2012.

Finance Ministry statement issued on 2 July 2012 has again indicated that the e-filing is mandatory. The e-filing requirement was optional during the previous financial year.

Please note that the deadline for filing income-tax returns will be 31 July 2012.

Government and RBI together will contain the rising inflation

Attributing the inflation to global price pressures Finance Minister Pranab Mukherjee today assured that the government and RBI together will be able to contain the rising inflation.

The inflation in the country currently has reached 9.78 % in the month of August. A 0.56% increase from the 9.22% in the previous month.

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RBI hikes rates by 50 basis points

To tame the ever rising inflation, the Reserve Bank of India (RBI) has again increased the repo rate by 50 basis points. The new repo rate is 8 percent. The repo rate is the rate at which the central bank lends money to other banks.

With this 11th interest rate hike in the last 15 months, RBI is making it clear that it is taking the rising inflation very seriously.

The increase in repo rate is expected to affect auto loans, home loans, personal loans and other borrowings. The loans are now going to cost more.

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