Union Budget 2015: TAX PROPOSALS

Union Budget 2015: TAX PROPOSALS 

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

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