2007 was a year when oil prices soared, home sales plunged and the U.S. dollar took a dive. But it was also a year when the U.S. economy performed well — at least until the last quarter — and the stock markets' major indexes are set to finish the year higher.
- KEY POSITIVES/NEGATIVES
- KEY THEMES
AN OVERVIEW OF THE BUDGET 2016
RBI RATE CUT
UPLIFTMENT OF RURAL SECTOR,
CREATION OF EMPLOLYMENT OPPORTUNITIES,
UPLIFTING A LARGER PERCENTAGE ABOVE THE POVERTY LINE,
INCREASED SPENDING ON HEALTH CARE
POWER & RENEWABLE ENERGY
- FISCAL DEFICIT
- WANING EXPORTS
- BLACK MONEY AND MOUNTING NPAs
- MOBILISATION OF TAXES
- INDIVIDUAL TAX RELIEFS
• China continues to hold the World economy in suspense.
• Consumption of commodities has dropped on account of a slowdown sin consumption and the question is upto what extent are the Chinese Banks are saddled with Bad Debts.Non performing Loans are 140 Billion Yuan.
• An estimate puts the figure of public debt at 23 Trillion ‘Renminbi’.ie. US$ 3.70 Trillion.
• This is 208% of China’s GDP.The foreign reserves are 3.50
• “Renminbi” is the official currency of China and “Yuan” is the name of a Unit of the Renminbi currency.
On Aug 2015, the PM stated that so far the govt. has received Rs. 6500 crore under the compliance window of the recent by notified Black Money Act.
Starting 01.07.2015, if tax over dues (on overseas assets) declare their unaccounted assets within 3 months, they will pay tax and penalty amounting to 60% of value of their assets. If they do not declare, they will have to pay tax and penalty amounting to 120 of value of their assets, and a final term of 10 years.
Stamp Duty and Registration Charges can claim under deduction: The amount you pay as stamp duty when you buy a new residential house, and the amount you paid for the registration of the documents of the house can be claimed as deduction under section 80C in the year of purchase of the house.This deduction can claim for the financial year 2014-15 only. Expense for earlier year cannot be claimed.For claiming deduction, you must possess the house also i.e. Payment for under-construction house is not allowed.