Following are the key changes relating to Goods and services tax – Decriminalisation of certain offences The government has been focussing on ease of doing business for a long time and decriminalisation of offences under business laws is an important part of it. The minimum threshold to launch a prosecution…

Following are the key changes relating to income tax assessments– Changes related to assessments In Budget 2022, the time limit for summary or scrutiny assessment under section 143 or best judgement assessment under section 144 was reduced to 21 months from the end of the financial year. Earlier, this time…

We are budgeting all the time, knowingly, and unknowingly, as it helps us in keeping our expenses in tandem with our income. Every year the finance minister of the country along with the team prepares a budget for the nation which decides on how much taxes are to be collected…

Every year the finance minister presents the budget of the country in the Lok Sabha. The budget explains how the government is planning to collect taxes or earn through other sources and how the government is going to spend the same. Governments in developing countries, usually spend more than the…

At the time of the presentation of the Budget before the Parliament, a Finance Bill is also presented detailing the imposition, abolition, remission, alteration or regulation of taxes proposed in the budgeted estimates. The Finance bill is introduced every year to give effect to the financial proposals of the Government…

Every year the finance minister presents the budget of the country in the Lok Sabha. The budget explains how the government is planning to collect taxes or earn through other sources and how the government is going to spend the same. Governments in developing countries, usually spend more than the…

A good study of the annual budget announcements can help you in many ways – a) Capture new upcoming opportunities created by the Government, b) Avail subsidies, grants, or concessions offered by the Government, c) Manage your finances by planning taxes and expenditure, d) Understanding impact on the economy, the…

The prime focus of the entire budget presentation is announcing schemes and missions that the government will be undertaking in the upcoming year. The entire budget is prepared accordingly while allocating the requisite amount to departments and missions. Although most people focus on tax proposals, smart businesspeople focus on these…

A day before presenting the budget, the Finance Minister presents the Economic Survey of the country. This is a review document that provides information on key developments in the economy over the past 12 months. It also highlights the policy initiatives, the performance of development programs, and the prospects of…

Old tax regime vs new tax regime “I come from two India” – one that opts for the old regime, and the other that opts for the new regime! Oh yes, she did it again! If the existing confusion around the new tax regime and old tax regime wasn’t enough,…