{"id":369,"date":"2019-01-26T08:42:11","date_gmt":"2019-01-26T08:42:11","guid":{"rendered":"https:\/\/www.befiler.com\/?p=369"},"modified":"2021-11-15T12:14:25","modified_gmt":"2021-11-15T12:14:25","slug":"more-incentives-more-reasons-to-become-filer","status":"publish","type":"post","link":"https:\/\/www.befiler.com\/wordpress\/more-incentives-more-reasons-to-become-filer\/","title":{"rendered":"More Incentives, More Reasons to Become Filer"},"content":{"rendered":"

The second mini budget was finally unveiled by Finance Minister on January 23, 2019. The Govt. has proposed has offered various incentives to capital markets and industries including agriculture, small and medium enterprises (SMEs), banks and automobile industry, in particular as part of the proposal. Some of the key incentives that should boost business and investors\u2019 confidence are as follows:<\/p>\n

\u00b7       Removal of tax on undistributed reserves by listed companies<\/p>\n

\u00b7       Reduction in filing requirement of monthly advance tax return by withholding agents to bi-annual<\/p>\n

\u00b7       No super tax on banking sector<\/p>\n

\u00b7       Reduction of tax on inter-company dividends for group companies<\/p>\n

\u00b7   Reduction in tax rates on banks\u2019 interest income from advances given to Micro, SME, Low Cost Housing Finance and Farm Credit.<\/p>\n

The government has also proposed some additional incentives to filers and \/ or additional taxes for non-filers as outlined below:<\/p>\n

\u00b7       50%<\/b> increase in rates of Advance Tax on registration of motor vehicles for NON-FILERS<\/b>:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

S. No<\/b><\/p>\n<\/td>\n

\n

Engine Capacity<\/b><\/p>\n<\/td>\n

\n

Tax for Non-Filers<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Current<\/b><\/p>\n<\/td>\n

\n

Proposed<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

1<\/p>\n<\/td>\n

\n

850   cc or below<\/p>\n<\/td>\n

\n

10,000<\/p>\n<\/td>\n

\n

15,000<\/p>\n<\/td>\n<\/tr>\n

\n

2<\/p>\n<\/td>\n

\n

851   cc – 1000 cc<\/p>\n<\/td>\n

\n

25,000<\/p>\n<\/td>\n

\n

37,500<\/p>\n<\/td>\n<\/tr>\n

\n

3<\/p>\n<\/td>\n

\n

1001 cc – 1300 cc<\/p>\n<\/td>\n

\n

40,000<\/p>\n<\/td>\n

\n

60,000<\/p>\n<\/td>\n<\/tr>\n

\n

4<\/p>\n<\/td>\n

\n

1301 cc – 1600 cc<\/p>\n<\/td>\n

\n

100,000<\/p>\n<\/td>\n

\n

150,000<\/p>\n<\/td>\n<\/tr>\n

\n

5<\/p>\n<\/td>\n

\n

1601 cc – 1800 cc<\/p>\n<\/td>\n

\n

150,000<\/p>\n<\/td>\n

\n

225,000<\/p>\n<\/td>\n<\/tr>\n

\n

6<\/p>\n<\/td>\n

\n

1801 cc – 2000 cc<\/p>\n<\/td>\n

\n

200,000<\/p>\n<\/td>\n

\n

300,000<\/p>\n<\/td>\n<\/tr>\n

\n

7<\/p>\n<\/td>\n

\n

2001 cc – 2500 cc<\/p>\n<\/td>\n

\n

300,000<\/p>\n<\/td>\n

\n

450,000<\/p>\n<\/td>\n<\/tr>\n

\n

8<\/p>\n<\/td>\n

\n

2501 cc \u2013 3000 cc<\/p>\n<\/td>\n

\n

400,000<\/p>\n<\/td>\n

\n

600,000<\/p>\n<\/td>\n<\/tr>\n

\n

9<\/p>\n<\/td>\n

\n

Above 3000cc<\/p>\n<\/td>\n

\n

450,000<\/p>\n<\/td>\n

\n

675,000<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

\u00b7       No Advance Tax on Cash Withdrawals and Banking Transactions for FILERS<\/b>.<\/p>\n

\u00b7    Option to carry forward capital losses on sale of securities for up to three years from tax year 2019 onwards.<\/p>\n

It is only a matter of time, and one expects that the government will continue to offer more incentives to filers and tighten the noose for non-filers.<\/p>\n

 <\/p>\n

Have any questions or comments? Shoot us an email at info@befiler.com<\/a> or call us at (021) 35303294-6 during office hours. <\/p>\n

 <\/p>\n

Don\u2019t forget to like us on Facebook<\/a> and give us your feedback.<\/p>\n","protected":false},"excerpt":{"rendered":"

The second mini budget was finally unveiled by Finance Minister on January 23, 2019. The Govt. has proposed has offered various incentives to capital markets and industries including agriculture, small and medium enterprises (SMEs), banks and automobile industry, in particular as part of the proposal. Some of the key incentives that should boost business and […]<\/p>\n","protected":false},"author":1,"featured_media":581,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-369","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-news-and-social-trends"],"_links":{"self":[{"href":"https:\/\/www.befiler.com\/wordpress\/wp-json\/wp\/v2\/posts\/369","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.befiler.com\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.befiler.com\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.befiler.com\/wordpress\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.befiler.com\/wordpress\/wp-json\/wp\/v2\/comments?post=369"}],"version-history":[{"count":0,"href":"https:\/\/www.befiler.com\/wordpress\/wp-json\/wp\/v2\/posts\/369\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.befiler.com\/wordpress\/wp-json\/wp\/v2\/media\/581"}],"wp:attachment":[{"href":"https:\/\/www.befiler.com\/wordpress\/wp-json\/wp\/v2\/media?parent=369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.befiler.com\/wordpress\/wp-json\/wp\/v2\/categories?post=369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.befiler.com\/wordpress\/wp-json\/wp\/v2\/tags?post=369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}