2. BUDGET GIVES MORE RELIEF TO START-UPS: More than 4700 start-ups in the country can now look forward to certain tax benefits. The government has extended the profit-linked deduction for start-ups to three years out of seven years from the earlier norm of three years out of five years. Further there are relaxations on income tax exemptions for carry forward losses, provided the holding of the original promoters remains.

3. DIVIDEND OF FAMILY TRUSTS TO BE TAXED IN FUTURE: Promoters holding shares through private trusts will have to pay 10% tax on dividend income for more than Rs 10 lakh. At present income by way of dividend in excess of Rs 10 lakh is chargeable at the rate of 10% for individuals, Hindu undivided Family (HUF) and partnership firms. But now the rule has been extended to include private trusts as well.

4. GOVERNMENT GIVES SWEEPING POWERS TO TAX OFFICERS FOR SERACH AND SURVEYS: The government has armed tax officers with sweeping powers to conduct search and surveys. Now junior officers can conduct an inquiry in a case where no proceedings are pending, without getting sanction from higher authority. This move could lead to lot of harassment for income tax assessees.

5. NOW CYBER CRIMES HAVE TO BE REPORTED TO RBI WITHIN 6 HOURS: The Reserve Bank of India has instructed banks to report any cyber security incidents within two to six hours. This warning has come at a time when the government is pushing digital payments in a big way, including new channels such as Aadhaar Enabled Payment System (AEPS)and the BHIM app launched by the National Payments Corporation of India (NPCI) which runs on the Unified Payment Interface(UPI).

6. FINANCE MINISTER LAUNCHES INDIA POST PAYMENTS BANK:Union Finance Minister Mr. Arum Jaitley inaugurated the India Post Payments Bank ( IPPB) through video conferencing from Delhi. The pilot branches have been launched at Raipur and Ranchi. These payments bank will pose serious competition to traditional banks due to lower cost involved. The launch of India Post Payments bank will prove to be a great step towards financial inclusion in the country. The postman connects every household. They can reach every house for banking activity and if this is tapped and planned properly it will open the doors for door to door banking.

7. ORDINANCE PAVES WAY FOR PSU INSURERS TO GO PUBLIC: State owned general insurance companies can now get listed on the stock exchanges with the recent ordinance by the government on the insurance bill. Government looks to raise Rs.11,000crores from listing of PSU insurers. This is a step towards meeting the government’s disinvestment target of Rs.72,500crores in the next fiscal.