Budget 2017: Here are 6 measures to increase the ease of doing business

Finance Minister, Arun Jaitley, presented the first merged Union and Railway Budget . The budget offered varied benefits for the poor, agriculture, railways and housing sector. 

Here are 6 measures announced to increase the Ease of doing business in India: 

1) Scope of domestic transfer pricing restricted only if one of the entities involved in related party transaction enjoys specified profit-linked deduction. 

2) Threshold limit for audit of business entities who opt for presumptive income scheme increased from Rs 1 crore to Rs 2 crore. Similarly, the threshold for maintenance of books for individuals and Hindu Undivided Family (HUF) increased from turnover of 10 lakh to 25 lakh or income from 1.2 lakh to 2.5 lakh.

3) Foreign Portfolio Investor (FPI) Category I & II exempted from indirect transfer provision. Indirect transfer provision shall not apply in case of redemption of shares or interests outside India as a result of/ or arising out of redemption or sale of investment in India which is chargeable to tax in India. 

4) Commission payable to individual insurance agents exempt from the requirement of TDS subject to their filing a self-declaration that their income is below taxable limit

5) Under scheme for presumptive taxation for professionals with receipt up to Rs 50 lakh p.a. advance tax can be paid in one instalment instead of four. 

6) Time period for revising a tax return is being reduced to 12 months from completion of financial year, at par with the time period for filing of return. Also the time for completion of scrutiny assessments is being compressed further from 21 months to 18 months for Assessment Year 2018-19 and further to 12 months for Assessment Year 2019-20 and thereafter.