The lowering of tax rate, while ensuring that there is no erosion of existing tax base, is expected to encourage present non-filers to move towards compliance by paying taxes and filing the tax return, says Ms Kasturirangan.
Considering the thrust of stimulating growth, curbing black money and simplification of tax administration, the finance minister laid down the proposals from a tax perspective of today.
One of the highlights of the Budget for start-ups is the increase in profit-linked tax exemptions from 5 years to 7 years, says Mr Chowdhry.
From a perspective of the real estate sector, the Union Budget for 2017-18 has given the sector its fair share of attention, and a number of amendments/introductions would impact the sector and ultimate consumers, says Mr Poddar.
The main highlight of the Budget 2017-18, presented by the Union finance minister on February 1, 2017, in the education sector is the move to enable students to access high-quality education resources, says Mr Agrawal.
The fiscal proposals are aimed towards stimulating growth, curbing black money and promoting digital economy, among other things, says Mr Kulkarni.
The public sentiment has largely been that the burden of a narrow taxpayer base always falls on the few honest taxpayers, says Mr Sankla.
Section 43D of the Income Tax Act recognises the principle of taxing income from sticky advances in the year in which it is received or credited to the books of account, says Mr Patel of EY.
Capital expenditure on a pro rata basis should be permissible where assets are being used for both R&D and non-R&D purposes, writes Mr Easwaran.
The regulatory system is continuously being refined to facilitate the entry of global clinical trials, writes Mr Parashar.
A number of initiatives like ease of doing business or GST implementation are important, but none more important than providing an economic rationale for investment, writes Mr Kandaswami.
It is advisable that people should not resort to such a practice of declaring benami deposits under PMGKY as such declarations do not enjoy any immunity from the Benami Act, writes Mr Bhargava.
It is equitable that broadly, 55 per cent of tax revenue should be under control of the central government and 45 per cent of tax revenue should be under the control of state government, writes Mr Bhargava of Taxmann.
The Budget follows the bold step of demonetisation, which among other objectives purportedly aims to identify honest and dishonest taxpayers, says Mr Jain of PwC.