* Angel tax axed
The contentious 30% angel tax on funds received by startups from external investors abolished. This
tax was levied when the funds exceeded fair market value of shares of the start up.
* Rs.2 lakh crore job push
In all, five schemes announced with an outlay of Rs.2 lakh crore to generate jobs for youth. These include three schemes that offer 'employment-linked incentives' to companies.
* Capital loss
To deter speculation, short-term capital gains tax has been raised from 15% to 20% and long-term tax from 10% to 12.5%. Exemption limit for long-term gains also raised to Rs.1.25 lakh.
* Boost for SMEs
The limit of Mudra loans enhanced to Rs.20 lakhs from the current Rs.10 lakhs for entrepreneurs who successfully availed and repaid previous Mudra loans under the 'Tarun' category.
* Agri R&D, digitisation focus
Rs.1.52 lakh crores allocated for agriculture and allied sectors. Agri R&D to be reviewed to boost production and develop climate-resilient varieties. Agri Stack digital public infrastructure project to be launched to bring over six crore farmers under the formal land registry system in three years.
* Relief for foreign firms
Corporate tax rate on foreign companies has been reduced from 40% to 35%.. The 2% equalisation levy for e-commerce supply of goods or services wef 01 Aug 2024. This could benefit non-resident digital companies including US entities.
* Support for loans up to Rs.10 lakhs
Financial support for loans up to Rs.10 lakhs for higher education in domestic institutions. E-vouchers will be given to 1 lakh students every year for annual interest subvention of 3% of the loan amount. Revised Model Skill Loan Scheme to facilitate loans up to Rs.7.5 lakhs with a guarantee from a government promoted fund.
* Schemes worth Rs.3 lakh crores
Rs.3 lakh crore allocated for schemes that benefit women and girls. Working women's hostels would be set up across the country to promote women's participation in the workforce. Also, partnerships would be created to organise women-specific skilling programs in India.
My take
A positive budget!
Tailpiece.
Got up at a half past 5, the chores and was ready by a quarter to 10.
The Wednesday morning 'aarathi' of the house was carried out.
A quiet day.
No comments:
Post a Comment