Union Budget 2015 – Direct Tax

The Government of India has shown its sincerest efforts to establish that it is pro-business and has made several amendments to the Income-tax Act, 1961 (the Act) which are very beneficial to investors into India. It has also balanced by introducing several schemes for the poor especially, the continuation of MNREGA as just confirmed by Prime Minister Modi in Parliament yesterday. The Government has been lucky in various aspects one of which is the tumbling oil prices in the last few months and it seems to be even lucky that the oil prices are not likely to go up in the near future. Ten and billions of dollars have been saved by the Government only due to this. This has helped in not only achieving an ambitious fiscal deficit but has also encouraged the Government to further aspire to reduce the fiscal deficit to as low as 3% in the next few years. Even the opposition parties will have to accept now that this is achievable target. The inflation too has come down and the