Union Budget 2015 - Highlights

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