SECP Business Centre recorded 24% growth in company incorporation newsmakers.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newsmakers.pk Daily Mail and Mail on Sunday newspapers.
The table summarizing the slab wise rates applicable to
individuals is as under –
Exemption for LTC Cash Scheme
Under the existing provisions of ITA, exemption is available
for value of travel concession or assistance received by an
employee from his employer/ former employer, for himself and his
family, leave travel to any place in India ( Leave Travel
Concession or LTC ).
Due to the Covid-19 situation, it is proposed to provide tax
exemption to cash allowance in lieu of LTC.
Accordingly, it is proposed to amend the ITA to provide tax
exemption to cash allowance in lieu of Leave Travel Concession,
Towards decriminalising minor offences
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The Centre’s move to separate good-faith errors or omissions from mala fide ones will bolster ease of doing business
Assurance as a part of justice for all is a critical component, and it led to an incremental addition on the foundation of the government of India’s goals in 2019. From ‘Sabka Saath, Sabka Vikaas’, the government began optimising towards ‘Sabka Vishwaas’. A significant aspect of building assurance, belief and trust is by supporting and scaling entrepreneurship in India. There has been relentless focus on facilitating entrepreneurial endeavours towards bringing prosperity for citizens and to create well-being in society.
Economy > Government
08 February 2021
Union Budget 2021-22 has extended `Ease of Doing Business’ benefits to its citizens living abroad by allowing them to set up one person companies (OPCs) in their home country and easing tax burden on repatriated money by allowing tax-free status to 182 days of stay in India from the earlier 120 days.
Until now, the facility of setting up one person company was available only for those citizens living in India.
The concession is expected to benefit a large number of Indians living in the Gulf, which has the highest number of non-resident Indians (NRIs).
This will allow Indians currently residing in the Gulf countries to better plan their post-NRI days once their overseas work permits or contracts end and they have to leave for home.
Will boost economic activity in coming years, says former Minister
The Budget presented by Finance Minister Nirmala Sitharaman is the best in recent years, Rajya Sabha MP and former Union Minister Suresh Prabhu said.
At a meeting organised by the Bharatiya Janata Party (BJP) in the temple city, Mr. Prabhu, who previously held key portfolios of Railways, Civil Aviation, Industries and Commerce, delved into the details of the Budget.
Referring to the amendment made to the Limited Liability Partnership, Mr. Prabhu said the step sought to decriminalise the system by doing away with certain draconian clauses. “The impact of the changes will be witnessed in the form of heightened economic activity in the forthcoming years”, he said.