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Hello Friends,
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In this video, I am going to speak about some key points related to Personal Taxation, Investments
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and Capital Markets, from the Union Budget
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Personal Taxation
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Govt. will introduce Faceless scrutiny of tax assessment, and online pre-filled documents
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for filing of returns with data on Salary, income and capital gains.
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No changes in tax slabs except for taxable income above 2 Crores.
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Effectively a person having net taxable income of 2 Crores plus will get taxed at 39% due
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to 25% surcharge and above 5 Crores will get taxed at 42.7% due to 37% surcharge.
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Additional income tax deduction of ₹1.5 lakh for interest paid on home loans for houses
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costing below ₹45 lakh till March 2020.
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₹1.5 lakh income tax deduction on interest paid on loans for the purchase of electric
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vehicles.
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Investments
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The Government has proposed the inclusion of ETFs investing in Central Public Sector
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Enterprises under the ELSS category.
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Income tax exemption limit for lump sum withdrawal from NPS increased to 60% from 40%.
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Capital gains exemption arising from the sale of a residential house upon investment in
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startups has been extended up to 31st March 2021.
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The funds raised by startups will not require any kind of scrutiny by the Income Tax department
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following the requisite declarations and information provided.
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The waive-off for startups to justify the fair market value of their shares issued to
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a category one AIF which include social venture, venture capital, SME funds is now also extended
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to AIF category two funds which include private equity, real estate and debt structure funds.
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Category I and II AIFs will be allowed to 'pass-through' their losses to investors.
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This can be used to offset other capital gains.
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Capital Markets
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The government also proposed to relax know-your-customer (KYC) norms for foreign portfolio investors
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and Merge the non-resident Indian (NRI) portfolio investment scheme route with the FPI route
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to encourage more NRIs to invest in the country's capital markets.
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The government also hopes to enable listing of social sector enterprises on a social stock
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exchange.
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Recapitalization of PSU banks with a capital infusion of Rs 70,000 crore.
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The government would raise part of its borrowing in foreign currency.
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The government will work with the RBI and Sebi to enable stock exchanges to allow AA-rated
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bonds as collateral in the corporate tri-party repo market.
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To see the impact of this year's Union Budget on your investment portfolio please read our
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research report, you can also subscribe to our reports by sending a mail to [email protected]
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This is Satish Anand from Mitraz Financial, Helping Clients Realize Their Aspirations.
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