Rajeev Mardia & Associates

FM proposed a change in the taxation of buybacks to address improper use. The government will tax buybacks for all types of shareholders as capital gains.

Effective tax on corporate promoters to be 22%; non-corporate promoters to have tax of 30% on buybacks

Tax Holiday till 2047 to foreign companies providing cloud data centre services thorugh centres in India.

Individual ITR filing dates:

ITR 1 & 2: 31st July as earlier

Other non audit assessee to get time upto: 31st August

TCS on foreign tours to reduce 5% to 2%

1.5 lakh caregivers to be trained in the coming year. Various Hubs for medical tourism to be created.

Foreigners can now buy shares of Indian Companies directly. Individual persons resident outside India will be permitted to invest in equity through the Portfolio Investment Scheme.

The individual limit is set to be increased from 5% to 10%, while the combined cap for all such investors is proposed to rise from 10% to 24%.

As per FM, close to 25 crore individuals have come out of multi-dimentional poverty over 10 years.

FM proposed to make Corporate Mitras through ICAI, ICSI. This is for developing 2nd tier compliance professional through short term courses.

7 High Speed Rail Corridors To Be Developed Between Cities As Growth Connectors: Mumbai-Pune, Hyderabad-Pune, Hyderabad-Bengaluru, Chennai-Bengaluru, Delhi-Varanasi, Varanasi-Silliguri.

FM propose to promote Indian Institute of Creative Technology to set up new labs across India.

New dedicated freight corridors connecting Dangkuni in the east to Surat in the West to be set up.

Public capital expenditure has increased manifold to an allocation of 12.2 lakh crore in the Budget Estimates 26.