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BUDGET IMPACT ON
R Seetharaman B.com., FCA
RUPEE COMES FROM
Borrowings and Other
liabilities, ₹ 24 p
Corporation Tax ₹ 20 p
Income Tax, ₹ 14 p
Costoms, ₹ 9 p
Excise Duty, ₹ 10 p
Service Tax & Others, ₹ 9 p
Non Tax Revenue, ₹ 10 p
Non Debt Capital Recipts, ₹
RUPEE GOES TO
Non Plan Assistance, ₹ 5 p
Plan assistance ₹ 9 p
Central Plan, ₹ 11 p
Interest Payments, ₹ 20 p
Defence, ₹ 11 p
Subsidies, ₹ 10 p
Other non planned expenditure,
₹ 11 p
States share of taxes & duties,
₹ 23 p
1. If newly setup domestic companies satisfy the conditions then Income
tax at 25% at the option of the company
2. Deduction of 100% profit and gain for consecutive three AY out of 5
Years for eligible start-up.
3. Capital gains arising on account of transfer of a residential property shall
not be charged to tax if such capital gains is invested in subscription of
shares of a company which qualifies to be an eligible start-up subject to
other specified conditions.
4. Domestic Companies with 5 Crores or less turnover to pay tax @29%.
1. Income Tax belated return can be revised.
2. Payment of Rent without TDS against Form 15 G/ H in eligible cases.
3. Presumptive taxation scheme introduced for professionals.
4. Increase in threshold limit for tax audit ₹ 50 Lakhs for profession.
5. Change in limit from ₹ 1 to ₹ 2 Crores, 8% continues to be presumed
1. Dividend Tax @ 10% introduced in hands of Individuals / HUFs / Firms /
LLPs for dividend receipts in excess of Rs. 10 lakhs.
2. Digital Equalisation Levy at 6% - (new Chapter) to be introduced
considering it is essential to address the challenges of digital transactions
of emerging digital economy and rapidly changing style of business
INCOME DISCLOSURE SCHEME
1. Domestic taxpayers can declare undisclosed income.
2. Pay Tax @ 30% and Surcharges (KKS) @7.5%
3. Penalty @7.05%
4. Declarants will have immunity from Prosecution.
TDS and TCS
1. Payment to Contractors aggregate annual limit 75k to 100k.
2. Commission and Brokerage Rs.5,000 to Rs.15,000
3. TCS introduced on sale of motor vehicle exceeding Rs. 10 Lakhs and Sale
of certain goods at Cash exceeding Rs. 2 Lakhs.
4. Alternative documents to PAN card for non-residents , higher TDS not to
INDIRECT TAX – SERVICE TAX
1. Interest for delay in payment @ 15%
2. Interest if Tax collected but not deposited@24%
3. Prosecution for tax collected but not deposited for amount exceeding Rs.2 crore.
4. Benefit of quarterly return for OPC and HUF.
5. Benefit of receipt basis payment to OPC and HUF.
6. KKC - on taxable service from 1st Jun 16 .
7. Forward charge – Senior advocate or Partnership firm of advocates.
INDIRECT TAX – CENTRAL EXCISE
1. Capital Goods includes Equipments and appliances.
2. Time extension - inputs for job work 1Y to 3 Y.
3. Annual Return – ER5 and ER6 not needed, annual return in specified from on or
before 30th Nov.
4. Number of returns reduced from 27 to 13.
5. Revision of return allowed.
6. Infrastructure cess, 1% ,2.5% ad 4%. No credit of the same allowed.
7. ED of 1% without ITC or 12.5% with ITC on articles of Jewellery.
1. Find a good business idea
2. Validating business idea
3. Forming a team
4. Branding your Business
5. Registering business – Make it legal
6. Form a Business plan
7. Get funded
8. Know Your Exit
9. You are done .
FIND A GOOD BUSINESS IDEA
1. List out business ideas
2. Short out Trending business idea
3. SWOT analysis
HOW TO VALIDATE THE BUSINESS IDEA?
1. Define the “problem” your business is solving
2. Summarize the “solution” your business offers
3. Define your target market and ideal customer
4. Figure out the best place to set up office/shop
5. What advantages does your solution have over your
6. Map out business milestones or goals and when you plan to
7. Create basic business plan
8. Testing business idea
FIGUREOUT THE TEAM
1. Role in business
2. Share of investment
3. Share of Profit
4. Source of Investment
BRAND YOUR BUSINESS
1. Choose name
2. Decide brand message
3. Develop tagline
4. Create logo
MAKE IT LEGAL
Various Options available in India
MAKE IT LEGAL - STATUTORY REGIS.
1. PAN Card
2. Opening Bank account
3. Sales Tax
4. Service Tax
5. Factory License
6. Excise Duty
7. IE Code
8. Shop and Establishment
9. Trade License
FORMAL BUSINESS PLAN
1. Executive summary
2. Company overview
3. List your products/services
and the problems they are
solving or needs they are
4. Find out your target market
5. Figure out Marketing plan
6. Set milestones
7. Figure out Organization
8. Draw a financial plan
9. Create an elevator pitch
1. Estimate a start-up cost
2. Prepare financial statements
3. Sales forecast
4. Cash Flow statements
KNOW YOUR EXIT
Prepare exit strategy: a way of "cashing out“ an investment