Union Budget 2015 - FM's 28 big bang direct tax & Indirect tax proposals
FM: Intend to put in place a direct tax regime that is at par with international regimes, without exemptions, avoids intermediate taxes..
FM: GST expected to play transformative role ... will add buoyancy.. moving on various fronts to implement GST next year
FM: Propose to reduce corporate tax rate from 30% to 25% for next 4 years...
FM: Tax rate cut to be accompanied by removal of tax exemptions..To come into effect from next year..
FM: Tax exemptions for individuals to continue
FM: Income concealment to be now prosecutable offence with jail term of 10 years...
FM: Income from undisclosed foreign assets to be taxed at maximum marginal rate
FM: Opening of foreign account to be specified in assessee's return
FM: Tax pass through proposed to be allowed in Category 1 & Category 2 of AIF
FM: Propose to modify PE norms.. mere presence of Fund manager will not have adverse tax consequences
FM: GAAR to be deferred by 2 years. Will apply prospectively on investment from Apr 2017
FM: TDS rate on technology payments reduced from 25% to 10%
FM: Wealth tax abolished.. replaced by 2% surcharge on super rich on income above Rs. 1cr
FM: Dept will collect additional Rs. 9,000 crores
FM: Excise duty rate rounded off to 12.5%
FM: Sec 9 indirect transfrer law has been cleaned up
FM: Proposes to increases threshold for Domestic TP from rs. 5 cr to Rs. 20 cr
FM: Examining closely TARC recommendations
FM: Online service tax and excise registration in 2 days. Will cut down red tape . Will ease CENVAT
FM: Service tax rate increased to 14%!
FM: Swacch Bharat & Clean Ganga expenses tax deductible
FM: Health insurance premium deduction increased from 15,000 to 25,000
FM: Addtl decuction of Rs. 25,000 to differently abled persons
FM: Transport Allowance increased to Rs 1600 from exisiting Rs 800
FM : Individual tax payer can now get tax benefit to tune of Rs. 4,44,000
FM: Service tax negative list pruned
FM: Yoga to be included in charitable activity list
FM: Jurisprudence on current income tax law is evolved.. no merit in going ahead with DTC
Submitted by
Sh Jagdeep Aswal
Advocate
www.devbhoomitaxbar.com
www.devbhoomitaxbar.blogspot.com
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