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PLEASE DO NOT SEE IT AS JUST A CORPORATE TAX RATE CUT, IT’S IMPLICATIONS ARE MUCH BEYOND A MERE TAX RATE CUT…Before moving further, first have a look at decisions taken by Indian government yesterday..A. Tax rate for domestic companies reduced from 25% to 22% making it an effective tax rate of 25.17% (including surcharges and Cess). Also Such companies will not be required to pay Minimum Alternate Tax (MAT), provided no exemptions are not claimed by company.B. For companies involved in manufacturing and incorporated after 1st October 2019 will be taxed at mere 15% (One of the lowest all around the world). Effective tax rate including Surcharge and Cess would be around 17.01%).Now let us talk about the first two decisions and probably the most important decisions taken by the government.As regard reduction in tax rate to 22%, in my opinion this is a historic step taken by Modi Government..Fabulous…Now look how it’s implications, the biggest beneficiary of this rate cut would be FMCG companies, banking companies and auto companies who were previously paying more than 30% Corporate taxes . Among FMCG companies Nestle was paying 33.3% corporate taxes , Britannia was 34.6%, ITC (33%) and Colgate was paying a hefty 32.1%taxes on it’s income respectively.These Companies can now straight away save 8 % tax every year which will add to their profits.Lets have look at previous tax rates applicable to banks in india.From this Chart even a Child can figure out how tax rate cut will benefit India’s Banking Sector.Now of course you would be wondering as to how tax rate cut will impact a common man’s life..Once profit margins of the company will increase, they will, due to competition, be ready to sell their products at lesser prices even, and in this way we can expect a relief on common man’s pocket..Secondly now these companies will have more profits in their hands..So what ?? How it will impact a commoner’s life ??If the profits if these companies grow, it will have 360 degree kinda impact..More Profits will lead to:More Capital expenditures(Capacity expansions i.e New Plant Set ups, that will create more business and hence more job opportunities..For example, a company has better profits and can see increasing demand. So it will go capacity expansion, as it is now having more money in hand..More profits will mean less NPAs (Bad Debts for banks), and the business men, previously who were not able to pay their debt will definitely payback their loans on time. Due to this the money which government was using to infuse funds in banks((As banks had lost huge amount of capital in NPA(Non Performing Assets))could be used for betterment of country in the form of infrastructure development or in form of any social security schemes.Those people who invest either in shares directly or through mutual funds will also be benefited.. because a gap 6 to 8 % in taxation will directly add to the profits of the company and this will increase their share prices.. once prices grow, all the investors who have put their hard earned money in shares or funds or have monthly SIPs, will see their wealth growing tremendously.Now let us have a look at tax rates all over the worldSource: Money controlThis tax cut has made Indian Industry much competitive than before, and it will stand tall in competition of it’s peers..And somewhere it will have a positive impact on our domestic export industry which is currently facing stiff competition from other South Asian nations.Now come to the 15% Corporate Tax for new manufacturing set up in India…Whoa !! What a decision..This Change in Income Tax law can make Modi’s Dream of making India a manufacturing Hub, come true..Great one Mrs. Nirmala Sitharaman Ji..All around the world tax rate of 15% on manufacturing is one of the lowest and obviously more multinationals will prefer India over other South East Asian(Cambodia, Malaysia, Laos, Vietnam) countries and China for setting up their manufacturing units in India.Not only lower tax rates but also abundance of natural resources( like necessary iron ore, coal, etc) and Young work force of India will attract lots of manufacturers to Indian land..Now please a look at what Industry’s top brass is feeling about the Corporate tax rate cut.Some other decisions taken by Government yesterday…C. MAT (Minimum Alternate Tax) has been reduced from 18.5% to 15% for the companies that are availing exemptions under Income Tax Act.A step further in the direction of bringing Ease of Doing business in India.D. Government has decided not levy enhanced surcharge on Capital gains provided by Finance Act(No. 2) Act, 2019 on sale of equity shares or unit of equity oriented fund in hands of Individuals, HUF, AOP, BOI.This will bring smile on the face of Stock Markets…E. Buy Back tax which was imposed by Finance Act(no. 2), 2019 @ 20% shall not be imposed on companies that have announced buyback before 5 July 19.For this I would say “hamari sarkar ne apne purane paap dho dale” Means Indian Government has to undo the previous mistakes committed by it vide Current year’s budget(2019).Why Am i Calling it Purane Paap(Sins)??This is because Government imposed tax on Buybacks even on the companies which already had announced their buyback procedures, which was not in accordance with purpose of amendment of law..Hopefully now KPR Mills Ltd (Which backed out of it’s buyback plans after government imposed buyback taxes @ 20%) will proceed with it’s buyback.ThanksPravesh

This is the boldest move by Modi government so far. Congress government could have never dared to do this.Before coming to the effects of the demonetizion, let me put some light where it all started.Jan Dhan Yojana:The first challenge for the government was to bring the mass to proper financial network. 70% of the population of India lives in rural and this is the most unorganized financial segment due to local money lender, low literacy and limited access to technology. Nearly 147.1 million accounts were created under the scheme and out of which more than 70% are active now. The share of zero-balance accounts has come down to 28.88% of the total accounts; the number was 58% in March 2015.More on JDYAadhaar card (Unique Identification Authority of India):This was the second building step. Though Voter ID, Driving License and PAN card were mostly used for verification, these weren’t self-sufficient and were lacking the modern digital touch. So an unique identification ID was the call of hour. On 7 January 2000, security analyst K. Subrahmanyam, submitted a report to Prime Minister Atal Bihari Vajpayee on improvement of national security by a unique identification ID for the citizens. After various alterations and suggestions, Aadhaar was the final output with biometric and demographic details of the citizens. In its database, it also has the retina scan, important bodymarks and other such details. Now more than 100 crore citizens have their own aadhaar in India. The detailed timeline can be found hereIn March, the Aadhaar-linked DigiLocker service was launched, using which Aadhaar-holders can scan and save their documents on the cloud and can share it with the government officials whenever required without any need to carry them.UPI (Unified Payment Interface):This is the most important step before the bold move. The future is based on cashless and electronics transactions. UPI is the single interface and unique ID for all the bank accounts which is linked to the 12-digit aadhaar no of the citizen. And both inbound (bank accounts etc.) and outbound (e-commerce etc.) applications can be developed using UPI. This will help in recording all the transactions and mitigating corruption.Why only 500 and 1000 rupee notes were banned?Most of the black money are saved in 500s and 1000s only. In this connection, it may be noted that while the total number of bank notes in circulation rose by 40% between 2011 and 2016, the increase in number of notes of Rs.500/- denomination was 76% and for Rs.1,000/- denomination was 109% during this period.More than 90% of the cash transactions are done by 500s and 1000s. Decommissioning of 500s and 1000s and infusion of new notes will put an end to the stacked black money.The plan was not that impulsive actually. In the last two years, the Government has taken a number of steps to curb the menace of black money in the economy including setting up of a Special Investigation Team (SIT); enacting a law regarding undisclosed foreign income and assets; amending the Double Taxation Avoidance Agreement between India and Mauritius and India and Cyprus; reaching an understanding with Switzerland for getting information on Bank accounts held by Indians with HSBC; encouraging the use of non-cash and digital payments; amending the Benami Transactions Act; and implementing the Income Declaration Scheme 2016.Swiss Money: According to White Paper on Black Money in India report, published in May 2012, Swiss National Bank estimates that the total amount of deposits in all Swiss banks, at the end of 2010, by citizens of India were INR 92.95 billion. The Swiss Ministry of External Affairs has confirmed these figures upon request for information by the Indian Ministry of External Affairs. This amount is about 700 fold less than the alleged $1.4 trillion in some media reports. Government tried to get the info of all swiss bank account holders and tried to get the money back to India. Though it wasn’t successful much, but Indian money in Swiss banks dipped by 33% to Rs. 8,392 crore. In February 2015, Indian Express released the list of 1195 Indians account holders and their balances for the year 2006-07 in HSBC's Geneva branch. The list was obtained by French newspaper Le Monde and included the names of several prominent businessmen, diamond traders and politiciansBlack money disclosure scheme:In the biggest-ever black money disclosure, at least Rs 65,250 crore of undisclosed assets were declared in the one-time compliance window, yielding the government Rs 29,362 crore in taxes.A big blow was expected for the remaining black money holders who still were trying to get away with. On 8th November 2016 Indian Government in a sudden move declared Indian notes of Rs 500 and Rs 1000 as untenable currency till further notice to fight against terrorism and corruption in the Government.Connecting the dots:Jan dhan yojana will ensure that the poor people are not affected by such move. They just need to go to the bank and get those exchanged which wouldn’t have been possible and streamlined without a bank account.Aadhaar ID and UPI will ensure all the transactions are linked and recorded to avoid someone trying to trick the system.The D-Day:The execution was extremely well planned.Declared in the evening – So that no one can either withdraw or deposit in the bank the same day.Short duration – (till midnight)- Less time for the culprits to plan and execute.Closure of bank the next one/two days: No hard cash transaction, but ensuring NEFT and RTGS transaction being feasible. If it would have to be declared on a Friday evening, it wouldn’t have been possible. There is no issues with electronic transactions, as these are recorded.The Transition:Where to exchange/ deposit Rs 500 and Rs 1000 notes?From November 10 till December 30 one can deposit the old notes at your nearest bank or post office accounts without any limit. But withdrawals from banks are capped at Rs 10,000 per day and Rs 20,000 per week. This limit will be increased in the coming days.One can also exchange Rs 500 and Rs 1000 notes for lower denomination at banks, head post offices and sub-post offices. However, the exchange limit has been capped at Rs 4,000, and you can exchange till November 24. One must produce a valid government identity cards like PAN, Aadhaar and Election Card.Banks will remain closed on November 9 allowing them time to cope with the new directive.There is no restriction of any kind on non-cash payments by cheques, DDs, debit or credit cards and electronic fund transfer. After December 30, one can not exchange 500 and 1000 notes at any banks, but will have submit a declaration at RBI office for the exchange till 31 March 2017.What are the restrictions on ATM withdrawals?ATMs will not work on November 9 and in some places on November 10. But from November 11, you can withdraw money and ATMs will stop dispensing the existing Rs 500 and 1000 notes. For the first few days, these withdrawals are being restricted to Rs 2,000 per card per day, and will later be increased to Rs 4,000 per card per day.Where can one still use my Rs 500, Rs 1000 notes?Till November 11, the following government-authorised places and institutions will continue to accept Rs 500 and Rs 1000 notes for payment:hospitalsRailway, airline, bus ticket booking countersPetrol, diesel and gas stations authorised by public sector oil companiesConsumer co-operative storesMilk boothsCrematoriums and burial groundsHow to control black money holders in channeling money to others’ account or other means ?Cash deposits above Rs 2.5 lakh threshold under the 50-day window could attract tax plus a 200 per cent penalty in case of income mismatch.Any mismatch with income declared by the account holder will be treated as a case of tax evasion.On people resorting to buying of jewelry have to provide the PAN number. Action will be taken against those jewelers who fail to take PAN numbers from such buyers. When the cash deposits of the jewelers would be scrutinised against the sales made, whether they have taken the PAN number of the buyer or not will also be checked.Where can one get the new currency notes?RBI will issue new currency notes of Rs 500 and 2000 from November 10 onwards. These notes will have new design.What’s Next:2000 Denomination:High value denomination will decrease the per unit printing cost. A 10 rupee note has a printing cost of 9.6% of its face value whereas 1000 rupee note has only 0.317% of its face value. In other words, for a given amount of money, it costs the RBI 30% less to print it in the form of Rs.1,000 notes than in Rs.10 notes.Cashless: RBI was on a printing spree till date. It had nearly lost control over the currency in the market as a high percentage of it is stored as black money. This move will revamp the scenario and will give RBI a fresh start to control the market. RBI can narrow down the cash flow to the market by focusing and promoting more cashless transaction. The UPI just ensured the readiness of such eco-system.E-Wallet: This will give a huge push to e-wallets like PayTM etc. As UPI is not in full-fledged now and most of the people don’t have their virtual UPI address yet. PayTM has already penetrated well into Tier-II cities and even small retail stores. It’s providing a huge number of options (like Movies, Flight ticket, Train ticket, Bill payment etc.). So market share of PayTM is expected to increase at a high rate in next few days.Terrorism and Corruption: Terrorism will reduce drastically as the black money was their major source of funding. This will also put an end to the bribe and corruption system in India.Indian Economy: Indian economy is now at a transformation stage. There is a slight chance of things going wrong also, but if executed perfectly this will give a huge push to the economy. The rupee value of dollar may come lower than 60 and the tax collection and GDP may rise significantly.Edit1: Here is how it went, after one month of the surgical strike: (From the delivered speech by Mr. Arun Jaitley)On an average, there are 4.5 crore petrol/diesel buyers in India and 1800 crores of sell per day. In first month after demonetization, the digital cash payment has increased from 20% to 40%. Cash requirement has decreased by 360 crore per day. To increase cashless payment, government has taken following initiatives:I. Petrol/diesel cheaper for those who pay by digital mode, to get 0.75% discountII. 10% discount on digital payments for RFID or FASTags procured through digital payments at toll plazas across all national highwaysIII. 5% discount on digital payment mode for railway facilities like catering, accommodation, retiring roomsIV. Insurance cover worth Rs 10 lakh for those who book Railway tickets through digital modeV. Buying general, life insurance policies from PSU insurers' websites and premium to get 10% and 8% discount respectivelyVI. People buying monthly seasonal tickets in the Suburban railway networks through digital payment mode , to get 0.5% discount. This is effective from Jan 1, 2017, starting from the Mumbai suburban railwaysVII. Govt will support regional rural banks and cooperative banks through NABARD to issue 'Rupay Kisan Card’ to 4.32 crore Kisan Credit Card holdersVIII. Govt to expedite digital switch-over; Two Point of Sale (PoS) machines each for one lakh villages with a population of less than 10,000. The exercise will be supported through financial inclusion fundIX. State-run banks to ensure that merchants should not be required to pay more than Rs 100/month as monthly rental for PoS terminals/micro ATMsX. Govt depts, PSUs to ensure that transaction, merchant discount rate (MDR) charges are not borne by customers for public dealings.Link to VideoThis is my first post on Quora. It’s turned out out bit lengthy, but covering the entire aspects was my motive. I’ll update the post if I will come across any relevant info.Thank you for your patience.

Make A Monthly Budget: This doesn't have to be a complicated number-crunching exercise. A simple Excel sheet or the planner in your mobile will suffice. The idea is to keep track of your monthly expenses and plug any unnecessary spending. Start by listing your fixed expenditure like transportation cost, food, etc, and keep aside money for these. The balance can then be used for discretionary expenses like shopping, gifting or partying.Plan Your Purchases: Has the Rs 1,000 spent on a dress for freshers' night left you broke? Simple mathematics and a bit of planning could have helped you avoid the situation. Cutting down your expenses by Rs 250 every month would have saved you Rs 1,000 in just four months and made the dress affordable. Planning ahead is an easy way to prevent bankruptcy.Fund For Emergencies Or Opportunities: "Since students don't have a steady source of income, it is a must to have a fund for situations that might require some quick cash," says financial adviser Rohit Sarin. Rather than borrowing from friends, making small adjustments, such as skipping a movie at the multiplex or ordering pizzas less often, can help you prepare for both opportunities and crises.Select A Good Savings Account: Rather than going for a regular bank deposit, look at products specifically designed for students. Apart from the zero-balance facility and regular freebies, students' savings accounts have other benefits which make them better than a no-frills account. For instance, free demand drafts for paying examination fee or buying application forms are offered to student account holders of Punjab National Bank, Corporation Bank and State Bank of India. Punjab National Bank also provides an overdraft facility, Maharashtra Bank offers free assistance in sending applications to universities abroad and you can get concessional educational loans if your account is with Vijaya Bank.Avoid Debt: If you have to swipe, use a debit card. "Unlike credit cards, there is no interest or late-payment charge in the case of a debit card, so there is no danger of stacking up a debt. It will also help instill financial discipline if you spend only what you have," says Sarin.Prepay Mobile Expenses: Choose a prepaid plan to avoid ugly surprises at the end of each month. You can also customise to make the plan cheaper. So if your calls don't last more than a few seconds, get a pay-per-second plan, or if you are an SMS addict, add a message card to make them free.Use Free ATMs: After the first five transactions in a month, you are charged Rs 20 per cash withdrawal if you are operating an ATM outside your bank's network. So, regular withdrawals from ATMs outside the surcharge-free network can be expensive. Avoid them.Insurance? Not Required: Since students don't have any earning to protect or dependants to take care of, they don't need any cover, says Sarin. Also, in case of a medical emergency, you have your dependent card to fall back upon. An insurance policy is useless, unless you have a loan to return.MAXIMISING YOUR MONEYPatience Pays: Even if you are dying to buy the new Android phone, waiting for a few months will be a good idea. Gadgets' prices tend to fall as soon as there is a successor in the market. So, postponing your purchase for the same model by a month or two can get you a price cut.Swap 'n' Save: Haven't you always exchanged your books and CDs with friends and cousins? Now you can do the same online to get a wider choice and save as well. Websites such as eBooks| Books Online| Book reviews| download free eBooks| bookchums, Page on swapadda.com and Books Villa can help you search for a person to exchange your belongings with.Search For Online Bargains: Before you go for a movie or lunch with friends the next time, do not forget to surf the Internet. Discount sites are mushrooming by the day, with some offering as much as 95% off on a variety of products and services. You can get huge bargains at restaurants, on multiplex movie tickets, apparel, gyms, spas and a lot more.Go Shopping With A List: Did you go to buy a lip balm and returned with a bagful of cosmetics? An excellent way to control impulsive buying is to make a list before heading towards the market. Though the shelves are filled with temptations, pledge to stick to your requirements, and you will have more money at the end of the month.Contribute To Save: Buying books often burns a hole in your pocket. Instead, ask your friends to chip in and buy them together. The unit cost will reduce and you can take turns to make notes. Once you get the degree, they can be sold and the money can be divided equally among the group members. This can be done for other things, such DVDs and computer games, as well.Party At Home: Rather than spending thousands of rupees in a restaurant, take permission from your parents to organise a barbeque party in your backyard. If this sounds like a lot of work, just spruce up your room and order some good food to have fun at half rate.Head Outdoors: Rather than confining yourself to expensive man-made options, occasionally opt for outdoor experiences. There's a lot to choose from. You can go picnicking, camping or bicycling with friends. Spending time with nature is both fun and frugal.Inexpensive Entertainment: The city's community centres offer several quality entertainment options which are also extremely inexpensive. You can opt for musical performances, film festivals, art exhibits, theatre productions, dance recitals, sporting events and much more. Check out the local newspapers to keep track of such events.Free Facilities: In all likelihood, there are several free services, such as the Internet, gym, dance classes, photography clubs and free training for various courses, that your educational institute offers. Utilise these in-house facilities to save money.MAKING MONEYTap Your Hobbies: As a college student, baking was a hobby for Sonal Khurana, till her friends suggested that she turn it into a side business. The 22-year-old began by putting up stalls in college fests and taking orders from classmates. Last year, she managed a profit of Rs 1.62 lakh and has recently turned it into a full-time profession. Hers is not the only money-making skill that you can tap. Arpita Kala, a 21-year-old print media student, customises shoes and charges Rs 450 per order. You could even form your own music band, or go for the more common pursuits like blogging and photography. The bottom line? If you have talent, turn it into a trade.Part-Time Positions: Get a part-time job to supplement your pocket money. There are various profiles, such as content writers, BPO executives, transcriptionists, to choose from. You could also opt for unusual roles like a city tour guide or recruitment agent. Then there are the home-based online jobs, but you need to be careful before applying as many are scams. Job search sites like which are specifically designed for college students, can be helpful. You can also seek advice from your college placement cell.Opportunities In College: Being a part af cultural societies and participating in competitions that offer cash prizes can fetch you a few bucks. In addition, find out about the scholarships offered by your institution and the criteria to avail of them. And if any of your professors is involved in research work, enquire if they need assistance with their surveys or other errands.