1. No change in personal Income Tax.
2. Health Insurance Premium deduction hiked from Rs 15,000 to Rs 25,000; for senior citizens to Rs 30,000.
3. Transport allowance exemption hiked to Rs 1,600, from Rs 800 per month.
4. Additional 2% surcharge on people earning over Rs 1 crore to fetch Rs 9,000 crores.
5. Wealth tax abolished.
6. Direct Taxes Code (DTC) dropped.
7. Rs 50,000 deduction for contribution to New Pension Scheme.
8. To lower Corporate Tax to 25% over next four years.
9. GAAR implementation deferred by 2 years to April 2017.
10. Service Tax rate hiked to 14%, from 12.36%.
11. Tax free bonds for roads, railways, irrigation projects.
12. 2015-16 growth between 8-8.5%, double digit growth feasible.
13. Retail inflation close to 5% by March, room for monetary policy easing.
14. To achieve fiscal deficit of 3% of GDP by 2017-18.
15. Fiscal Deficit target 3.9% in 2015-16, 3.5% in 2016-17.
16. Revenue Deficit to be 2.8% in 2015-16.
17. Current Account Deficit for 2014-15 to be below 1.3% of GDP.
18. To introduce comprehensive law to deal with black money.
19. Benami property transaction bill to tackle black money transaction in real estate soon.
20. 100% deduction for contribution to Swachh Bharat, Clean Ganga projects.
21. GST to be put in place by April 1, 2016.
22. Internationally competitive direct tax regime to be put in place to incentivize saving.
23. Incentivize use of credit, debit cards; disincentives cash transaction to curb black money.
Updates submitted by
Mr. KK Juneja
Advocate
www.devbhoomitaxbar.com
www.devbhoomitaxbar.blogspot.com
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