▲No Change in Tax Slabs and 80C Limit
▲Tax Benefits on Income upto Rs. 4.42 Lakh.
▲Service Tax Rate Increased to 14% from 12.36%
▲ Excise Duty hiked to 12.5%
▲Transport Allowance Limit increased to Rs. 1600 per Month
▲Deduction for Contribution to Pension Fund- Limit increased to Rs. 1.50 lakh
▲Limit U/s. 80D raised to Rs. 25000 from existing Rs. 15000/- Further increase for Senior and Super Citizens
▲Investment in Sukanya Samridhi Scheme will be fully exempted from tax
▲Specified Domestic Transaction Limit proposed to increase to 20 Crore from 5 Crore.
▲Retrospective tax provisions will be avoided.
▲Tax on Royalty from Technical Services cut to 10%
▲Reduced Custom Duty on 22 Items.
▲Wealth Tax act abolished and 2% Surcharge imposed on Super Rich having Income above 1 Crore – Additional 9000 crore expected
▲GAAR to be resolved in 2 Years- Implementation of GAAR deferred by 2 Years. To be applied from April 2017
▲Law to Curb Black Money in Property Transactions- PAN Mandatory for all Transactions above Rs. 1 Lakh
▲More Power Under Fema Act to Fight Black Money
▲New law to deal with Black Money Stashed outside India Up to 10 Year imprisonment for Black Money,
Concealment of Income or Assets. Non Filing of Income Tax Return
is proposed to make Punishable with Imprisonment
▲Fm proposes new law for dealing with Black Money
▲FM to Reduce Corporate tax rate from 30 to 25% over next 4 years.
▲Cut in corporate tax rates is accompanied by cut in Tax Exemption
▲Gross Tax Receipt Receipt Rs. 14.49 Lakh crore
▲Employee’s contribution to EPF below an income threshold will be optional without reducing employer’s contribution.
▲FM proposes to do away with different types of foreign investment and replace them with composite caps.
▲150 countries to be included in Visa for arrival facility:
▲Amendment in SEBI and RBI Laws Proposed to merge commodities regulator with SEBI
▲Vision of a building direct regime which will be internationally competitive
▲Tax free infra bonds for road, rail and irrigation projects.
▲GST to be put in place by April 1, 2016
▲Govt allocates Rs 346.99 billion for NREGA scheme in Budget 2015 to insure no one is poor and without job
▲Bankruptcy law reform has been identified as a key to ease of doing business. Bring comprehensive Bankruptcy code in 2015-16.
▲Rs 5.20 lakh crore in taxes to go to states in 2015-16
R.Saravanan,
Divisional Secretary,
NAPE-P3,Tiruvannamalai.
Wonderful stuff, Thank you.
ReplyDelete