Government lists tax benefits given to boost growth, jobs

New Delhi, May 8 (IANS) The government on Sunday listed the steps taken by the revenue department to boost growth and employment generation by providing relief to businesses, small taxpayers and professionals.

“The revenue department has taken various steps to give relief to small taxpayers and small businesses and professionals,” a finance ministry statement here said.

Listing out various related measures announced in the 2015-16 and 2016-17 budgets, it said corporate tax rates have been lowered to 25 percent for new manufacturing companies.

The limit of deduction under Section 80C of the Income Tax Act has been doubled to Rs.2 lakh per annum, subject to an additional Rs.50,000 being contributed to the National Pension Scheme.

Moreover, the scope of presumptive taxation regime for small businesses has been extended by increasing the turnover up to Rs.2 crore, while this benefit is now available for professionals with turnover up to Rs.50,00,000, it added.

Further, tax benefit for the housing sector has been extended to promote construction industry.

The rate of tax on royalty and fees for technical services has also been reduced from 25 percent to 10 percent, the ministry said.

Besides, the revenue department has announced various tax incentives for Start-up India, including 100 percent tax exemption for three years, it added.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here