Union Budget 2015: TAX PROPOSALS
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FM proposes to reduce corporate tax rate to 25% from 30% for next 4 years
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Tax relief for yoga instructions, institutions
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Yoga included within the definition of charitable purpose under Section 2(15) of Income tax Act, says FM
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Pre-cooled services for fruits and vegetables to be exempt from service tax :FM
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Govt to allocate funds for roads out of Excise Duty Collection from Petrol and Diesel
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Transport allowance exemption doubled from Rs 800, to Rs 1600
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Interest income under Sukanya Samridhi Scheme will be exempt from tax, says FM
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Additional deduction of Rs. 50,000 under Section 80CCD for contribution to New Pension Scheme
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Additional deduction for differently abled person of 25,000 under Sections 80DD and Section 80U, says FM
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Swachh Bharat Abhiyan: 100% deduction allowed for all contributions except CSR
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100% contributions to Swacch Bharat, Clean Ganga get tax ease: FM
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FM increases rate of Service tax from 12.36% to 14% (all inclusive)
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Services of Common Effluent Treatmennt Plant shall be out of the purview of Service Tax
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Rs. 30,000 deduction for expenditure on health treatment for super senior citizens: FM
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Deduction for Senior Citizen increased from Rs. 10,000 to Rs. 30,000
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Deduction for health insurance premium increased from Rs. 15,000 to Rs. 25,000: FM
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Wealth Tax abolished and replaced with 2% additional tax on super-rich with income of above Rs. 1 crore
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EC and SHEC to be subsumed in Excise Duty; Excise Duty rounded off to 12.5%
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Excise duty on leather footwear having retail price of more than 1000 is reduced to 6%
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Excise duty raised to 12.5%
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Threshold limit for Specified Domestic Transaction increased from Rs. 5 crores to Rs. 20 Crores
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FM proposes to reduce Basic Custom Duty on certain input raw material to minimize duty inversion
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PM proposes to reduce customs duty on 22 items
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Reduction in SAD on certain input raw material subject to actual user condition
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Wealth Tax abolished and replaced with 2% additional tax on super-rich with income of above Rs. 1 crore
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GAAR would apply prospectively on or after 1-4-2017
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Rental income for REITs shall have a pass through regime, says FM
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GAAR again defered for 2 years
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10% tax rates on royalty and FTS: FM
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Mere presence of Fund Manager of Offshore Funds shall not constitute of Permanent Establishment, FM says
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Quoting of PAN is mandatory for purchasing an immovable property in excess of Rs one lakh, says FM
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Provision to prohibit acceptance of amount of more than Rs 20,000 for purchase of immovable property: FM
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A new Benami transaction bill to be introduced :FM
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Undisclosed Income to be taxed at maximum marginal rate, deductions and exemptions from such income wont be allowed: FM
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Non-filing of return will be liable for prosecution of upto 7 years, says FM
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Offenders can’t approach Settlement Commission under the new law, when introduced: FM
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Govt decides to enact a comprehensive new law on black MONEY
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A new bill shall be introduced in forthcoming bill to curb black MONEY: FM
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Cracking down black MONEY is our abiding commitment, says FM
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Reduction in corporate tax rate to be accompanied by rationalization of exemptions and incentives
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Corporate Tax Rates shall be reduced to 25% for next four years to make it more compatible with the world tax rates, FM says
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GST is expected to be implemented from next year: Arun Jaitley
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Various measures have been taken in last 9 months to curb black MONEY: FM
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