Delhi Election : 2025 : Promises by Political Parties

February 5, 2025, Date when the fate of Delhi will once again be decided. This election is really unique, I have not seen such a strange election at state level since I started voting, in the direct fight between AAP and BJP, Congress has made a dent and made it triangular.

Sab Mile Hue Hai Ji Ek Dusre Se:

AAP says Congress and BJP are hand-in-glove and Congress has entered the election with the intention of cutting into votes of AAP only to benefit BJP as the chances of Congress winning are almost nil. (A = B + C)

BJP Says both AAP and Congress are the same. To stop the growing influence of the BJP, Congress formed the B team. AAP is only Mask, Congress is the Face. (B = A + C)

Congress says that Anna movement was created to defame the Congress by BJP. Kejriwal, who used to keep roaming with 400 pages of evidence against Sheila Dikshit ji, did not hesitate to ask for congress support for forming the government in 2013. Congress gave support with its 8 members to 28 members of AAP to Stop BJP to form the Govt but Kejriwal broke the alliance and resigned for the reason of his inability to table Jan Lokpal Bill in Delhi Assembly within 49 Days of forming Govt. (C = A + B)

Only God knows what is Truth, but one thing is definite in politics - all politicians are friends behind the stage and their supporters are enemy on the streets. (and now on Social Media).

Apart from this, the issues related to the common men are missing in this election, the fight is on who can distribute how much for free. Till yesterday, the BJP and the Congress, which used to taunt the AAP day and night for its free schemes, and used to give the people of Delhi the title of free and greedy people, are offering more free schemes than the AAP this time.

There is no discussion on issues like inflation, employment, security and the environment. While the BJP is trying to unite all Voters of a Religion so that the results of Maharashtra and Haryana can be repeated, the Congress is trying to stop them from uniting by raising the issue of caste census again and again.

While on the one hand, China is surprising the world with its progress day and night, the way it is developing its capability in the technical and military fields, it seems that it is not preparing for war with any country but with aliens. At the same time, our leaders are not able to think beyond Hindu-Muslim, free schemes and reservation.

Since these elections are state elections, you must use your vote and vote for the candidate who is the best in terms of education, availability, honesty and character instead of a particular party, If find no such candidate, then "NOTA" is also option.

A comparative analysis of the promises made by each party has been enclosed with this post so that you can have a view who has promised what and for whom. Just Hope that whosoever wins and form the government, Will focus on cleaning the Yamuna, controlling pollution, preventing crime and making Delhi a better Delhi. Thanks.

Union Budget 2025-26

 Hon’ble FM Ms. Nirmala Sitharaman presented Central Budget for FY 2025-26 Today.

The theme of this budget was GYAN.

Garib (Poor), Youth (Young), Annadata (Farmer) and Nari (Women).

Some Important Key Features of Budget:

1. Revision in classification criteria for MSMEs : 100% increase in Turnover limit and 250% in Investment Limit.

Customized Credit Cards with 5 lakh limit for micro enterprises registered on Udyam portal will be issued. In the first year, 10 lakh such cards will be issued.

2. Income Tax Slabs revised for New Tax Regime. There will be no income tax payable up to Rs 12 lakh. (up to Rs 12.75 lakh including standard deductions) *

*Even there is no change in Old Tax Regime, Still Salaried Class Taxpayers in High Tax Brackets (Rs. 36 Lakhs and above) claiming HRA Exemption, 80C, 80D with Housing Loan will find old tax regime more beneficial. Also, in my opinion it is not a good decision to exclude 80C benefits from New Tax Regime as just to avail 80C and other such benefits Tax Payers were forced to invest in LIC and Post-Office Schemes, it used to help in their bad times, as it is easy to get loan against LIC Polices or using post office savings comparing to other loan options. But now as saving habits will be broken, People will depend on high interest loans and credit cards, whenever face any financial crises.

However good for young people starting their career with good pay scale, if they learn to manage their finances.

3. TDS/TCS rationalization: To rationalize TDS/TCS, Budget doubles limit for tax deduction on interest earned by senior citizens from the present Rs. 50,000 to Rs. 1 Lakh. Further, TDS threshold on rent has been increased to Rs. 6 Lakh from Rs. 2.4 Lakh per annum. TCS won’t be applicable on transactions relating to sale of goods, the higher TDS deduction will now apply only in non-PAN cases.

4. The way other countries and proceeding in Technology Area and how China Surprised the World recently by their Innovations in AI lead by their very talented young professional team, to compete it is must for India to invest in Education and Skill Development of Talented Youth of India. Budget 2025 proposes Fifty thousand Atal Tinkering Labs to be set up in Government schools in next 5 years to cultivate the spirit of curiosity and innovation, and foster a scientific temper among young minds. Also, Broadband connectivity will be provided to all Government secondary schools and primary health centres in rural areas under the Bharatnet project. Further propose to implement a Bharatiya Bhasha Pustak Scheme to provide digital-form Indian language books for school and higher education, five National Centres of Excellence for skilling will be set up with global expertise, to facilitate education for 6,500 more students, a Centre of Excellence in Artificial Intelligence for education will be set up with a total outlay of  500 crore, In the next year, 10,000 additional seats will be added in medical colleges and hospitals, towards the goal of adding 75,000 seats in the next 5 years.

(Unfortunately, due to political reasons many important seats of prestigious institutes like IIT occupied by some student under reservation system even getting low grades get wasted, as they could not handle pressure and leave without completing their courses, in past 5 years approx. 13600 students have dropped out of IIT. Further as talented professionals do not get opportunities to match the level of their skills and knowledge, they leave with no other option than moving to other countries and there they play very important roles in technology advancement of their countries. Govt must do something to free education sector from all such political schemes and help them in other areas where they could succeed, if we truly want Brilliant Indian Minds to Contribute in Growth of India.)

5. A digital public infrastructure, ‘BharatTradeNet’ (BTN) for international trade will be set-up as a unified platform for trade documentation and financing solutions.

6. Requirements and procedures for speedy approval of company mergers will be rationalized. The scope for fast-track mergers will also be widened and the process made simpler. (Good Step, as This is the area where responsibility and accountability of related regulatory officers is required, it take years for small and medium size companies to get approval, on the other hand for big companies it is matter of few months.)

7. To streamline the process of transfer pricing and to provide an alternative to yearly examination, propose to introduce a scheme for determining arm's length price of international transaction for a block period of three years. This will be in line with global best practices.

8. Propose to extend the period of incorporation by 5 years to allow the benefit available to start-ups which are incorporated before 1.4.2030.

Hon’ble FM also proposed to introduce the new income-tax bill next week. that will carry forward the spirit of “Nyaya”. The new bill will be clear and direct in text with close to half of the present law, in terms of both chapters and words. It will be simple to understand for taxpayers and tax administration, leading to tax certainty and reduced litigation.

(This sounds terrible as We have already seen, whenever Govt talks about simplicity, things get more complex and complicated as in the case of GST, Hope Govt won’t repeat the same mistake as in implementation of GST).

Just reading highlights of Budget or some fancy headlines about Budget won’t give complete knowledge of Budget Proposals.

To understand provisions of Budget 2025-26 in Detail Please Refer Finance Bill. Link of the same is as here under:

https://www.indiabudget.gov.in/doc/Finance_Bill.pdf

Thanks.

UAE : The Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses

 When GST was implemented in 2017, Hon’ble PM said, “GST is so simple that a class 12 student can help merchants file returns.”. But unfortunately, even after 5 years of implementation, CA’s, CMA’s, Advocates and other Professionals are struggling to compile with it’s provisions. If I talk only about CGST Notifications, There were 75 in 2017, 79 in 2018, 78 in 2019, 95 in 2020, 40 in 2021 and 24 in 2022 till Today. IGST, Rates Notifications, Circulars, Clarifications etc are Separate.

With So many restrictions on ITC, they beat the purpose of GST, i.e. Simplicity. And Same Rule applies to other Taxes like Direct Taxes, Local (Municipal) Taxes and Labour Laws.

When Yesterday The Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses (Corporate Tax Law) was issued by the United Arab Emirates (“UAE”), It was shared by So many Accounting and Tax Firms/Professionals on Various Social Media Platforms including Linkedin.

Usually, People analyse Tax Law of other countries only when there is any major change in Tax Laws of their Country e.g. in India it was the time when VAT was introduced, followed by Service Tax and GST.

UAE is like tax heaven for easy and simple tax structure (0% for Individuals, 0% to 9% for Corporates implemented from FY 23-24), But if We analyse their Law Book (Finance Act), there are many points to Learn :

1. It is issued in well advance. Tax Period to start from 01st June 2023. Not just one month before Financial Year.

2. It is fully in layman’s language. No big jargons used.

3. Complete Information. It is like some one new to taxation, step by step description in 20 chapters and 70 Articles from Definitions (A 1), Rates (A 3), General Rules for Determining Taxable Income (A 20), Transfer Pricing (A 34-35), Withholding Tax (A 45-46), Tax Returns (A 53) etc.

4. FAQs also released with Act, if anyone has any doubt can refer FAQ to keep the law totally free from any ambiguity, not like the countries where so many efforts are made just to understand what exactly revenue (dept) expects from the Tax Payers or Citizens including many free/paid seminars/webinars, 100s of detailed explanation videos are uploaded on Youtube in couple of hours after budget is presented, every small or big tax consultancy firm come with their own set of budget manuals.

After this change many things will be new for accounting and tax professionals in UAE, changing from chart of accounts to ERP Customizations and Automations, Complying with TP Provisions, but looking at efforts being made by Govt to clarify all provisions, It won’t be a big challenge.

 

Link for Corporate Tax Law:

https://lnkd.in/d_-EnXbC

Link for FAQ:

https://lnkd.in/dj_3cWPK

Thanks. Keep Learning, Keep Growing.

Master Bruce Lee : Happy Birthday. Be Limitless.

Many years have passed. My one friend asked me to help him on a project to write about one of greatest personalities/hero from the world of Martial Arts to be presented on his birth anniversary 27th November. That time I only knew that Bruce Lee was a legendary film start of Action Movies. There was no internet like today, I visited Sunday’s Darya Ganj Book Market and Connaught place to get some books where I could find some info about Bruce Lee also known as Little Dragon. Fortunately, I got Tao of Jeet Kune Do with few martial arts and sports magazines including few editions of Black Belt. Read about his style, his journey as an actor and fighter, his philosophy.

He died at just the age of 33. But what he did and gave to world in his short life, can’t be an act of normal or ordinary human. If He would be an Indian, People worshipped him as an incarnation of some divine power.

It took about a week and almost 60 pages article. When I handed over to that friend, He was amazed. As he was expecting 3 or 4 pages. And my reply was, “I wrote in brief and included only few important events from his life, otherwise even 500 pages won’t be enough to describe Bruce Lee.” But if today, I have to re-write about his life. I can explain in one word – “Limitless”.

These are only limits which stop humans to live its best life, no matter it is personal, social, religious, spiritual, or professional part of life.

I met many people in life living in the cage of self-imposed limits. That will marry only with a boy/girl from a particular area/caste/business/job/profession (some with even size of nose/eyebrows/hair style/Food Habits etc) and could not find a good match with these limits. Or will work only in a particular city/state/industry/role and when they find such job, sooner or later gets frustrated as can’t get job satisfaction.

This is only about mind set.

That’s why Bruce Lee invented JKD while there were already so many forms of Martial Arts existed. He wanted to break all limits, e.g. When a Karate student practice Kata, he follow a particular pattern assuming (attacking) move of his opponent and practice how he would defend. But in real life situations, especially street fights no assumption works, only very experienced Masters could handle such situations, So he kept JKD free from all such Rules/Boundaries.

Remembering the great Master on his birth anniversary. May we follow his path of Limitlessness. Because Limits are only our Believes. We can’t do anything only if We believe, We can’t do, otherwise Nothing is Impossible. Thanks.

GST : List of E-Brochures - updated as on November 2022 by CBIC

 CBIC has recently updated its knowledge booklets about GST. Explained all important and relevant provisions of GST in Simple Terms to have better understanding of GST.  Good Job by CBIC. You can find all these Brochures on CBIC Website.

 

Link: https://www.cbic.gov.in/htdocs-cbec/gst/e-brochures-gst

One more change on GST Portal, Now sharing all Content in very systematic manner. Earlier there were Act, Rules etc can be downloaded in .PDF File format only. But now not only they have updated chapter/section wise but also given the reference link of related rules to that section in section itself similar to Income Tax. One more thing, that I like, a separate category for Forms, with Explanations e.g. they took 31 pages just to explain E-/Invoice in GST. Have explained Terms like B2B, B2C, SEZWP, SEZWOP, EXPWP, EXPWOP, Mandatory and Optional Fields etc.

Many Tax Practitioners fill/file Various forms directly on GST Portal. For Experienced they have expertise, but for someone new in the field, I’ll suggest, first download copy of the form/return from the Website, Analyse the same and fill manually, before going to portal straightway.

  

List of E-Brochures - updated as on November 2022 by CBIC :

• Compendium of GST Brochures (updated as on November, 2022)

• Overview of GST

• GST Benefits

• Latest Updates in GST

• Composition Levy Scheme

• QRMP Scheme

• Policy Initiatives for MSME Sector

• Casual Taxable Person

• Non-Resident Taxable Person (NRTP)

• e-Invoice Under GST

• e-Way Bill

• Registration in GST

• Job Work under GST

• Return filing procedure and relief

• GST Annual Return

• Cancellation of registration in GST

• Revocation of cancellation of GST Registration

• Audit in GST Regime

• Refund in GST

• Refund of unutilised ITC

• Margin Scheme under GST

• Inspection, Search & Seizures and Arrest under GST regime

• Reward Scheme for Informers

• Career Opportunities in CBIC

Thanks. Keep Learning. Keep Growing. 

Books Everyone Must Read: Book Nineteenth and Twentieth Book: Walking with Nanak (19) and Ek Onkar Satnam (20)

Books Everyone Must Read: Book Nineteenth and Twentieth

Book: Walking with Nanak (19) and Ek Onkar Satnam (20)

Author: Haroon Khalid (19) and Osho (20)

 

First Heartiest Congratulations on the Parkash Purab of Sri Guru Nanak Dev Sahib Ji to Everyone.

 

I was thinking about what to post on this auspicious occasion. A Story from Guru Ji’s Life, Shabad or Extract from Sacred Text he brought to the World. (Dhur ki Bani). Then thought of recommending two best books related to Guru Sahib came in mind, I ever read.

 

Whenever God incarnates in human form, there is always a purpose, to show the right path of life to the creatures. But Most People missed the message because they could not understand the teachings. For that You must see them as human when Almighty God appears in Human Form. As it is said Only Nandi could understand pain of Lord Shiva, He served him as his Master and not just God. Similarly, If We study life of Lord Rama and Krishna as omniscient omnipotent omnipresent God, We’ll never realize the Sufferings and Pain, they had to face while they lived in Human Form, and the way how one should lead and live his life, the message God wanted to convey to the Mortal World. Lord Rama did not come to just kill the Ravana, He could kill him with just a thought, but to show, How a Son, Husband, Disciple, Father, Brother or King Should be. How to maintain balance in different roles. How to accept the will of God accepting Pain and Pleasures alike in Life.

 

First Book (Walking with Nanak), I read few years back on Kindle. Basically, it was about Gurudwaras in Pakistan. But when you read, you will feel you are on a spiritual journey with a very knowledgeable guide, who is narrating all stories about Baba Nanak related to Gurudwara/s. It is not about Nanak Dev Ji who is God Thyself, but One who is Son, Father, Disciple, Friend, Husband, Brother, Accountant, Storekeeper, Farmer, Wanderer, Poet, Musician, and the Guru. Author will take you in that era like a time machine and you will become the part of that World, the World, you would never wish to return, a journey, you will wish never to end.

 

Second Book is about Japji Sahib, The First message to the World as Gurbani, The Words of Almighty God. The mistake most of us do in our life is reading or reciting Mantras or Gurbani without understanding the true meaning. This is one of the best books ever written by Osho. He described each line in such a detail, Will take you on next level of Spiritualism. Osho is known as best storyteller, not to entertain you, but to enlighten you. You won’t be the same person, if you read, understand and implement the lessons in your Life. It will transform your life forever.

 

Wishing You all once again, Happy Gurupurab. May We Follow the Guidance and Path Shown by Guru Nanak Dev Sahib Ji in our Lives. Thanks.

 

Happy Sri Ram Navami

 

Happy Sri Ram Navami to all the Brothers and Sisters.

Although the whole life of Maryada Purshotam Lord Shri Ram is full of ideal and life-motivating events, but in today's stressful times, the inspiration We can get from his life is:

"Accepting life in its original and present form. Striving for change but living the present as we have chosen without any lamentation and anguish."

The root cause of human suffering today is not to accept life in its original and present form.

An engineer wants to be a doctor, accountant wants to be an engineer and engineer accountant, sales people want to work sitting at one place like admin and admin people want to travel whole state/country/world like sales people.

A wants to Become B and B wants to Become A.

C wants to have what D Possesses and D wants to have what C Possesses.

If someone has become an engineer, then renouncing the pain of not becoming a doctor, one should try to become a good engineer.

Similarly, accepting other circumstances of life, where you are living, where you are working, the vehicle you are using, etc.

There can be a thousand reasons to be unhappy, but there is only one reason to be happy: by accepting the present and making every effort to change.

Shri Ram never opposed the circumstances, whether it was the abdication of the throne for Bharata, the order to wander into the forest by taking exile, a war with a mighty king like Ravana for mother Sita, and sent same mother Sita to forest to set an example to the people of state.

In short, be happy as you are, instead of blaming others, accept the circumstances thinking that whatever has happened or is happening is happening of your own free will.

Jai Shri Ram. Thank You. _/\_

Compliance Calendar for the month of April - 2022 (GST/PF/ESI/MCA/TDS/Income Tax)

Hi Friends, Just Sharing Compliance Calendar for the month of April - 22. It contains dates for common compliance, for trade/industry related, kindly refer related Laws. Also, for any changes Keep reading Govt’s Notifications/Circulars/Press Releases. Thanks with Best Wishes for Next FY 2022-23 and Happy Chaitra Navratri to All.