Saturday, 28 February 2015

India Budget 2015. Fast Summary on Tax proposal.


 

SN
Changes
Remark
Personal Tax.
1
No change in tax rates.
Neutral
2
Health Insurance – 80D – to Rs. 25K from 15K.  Senior citizen – 30K from 10K- Senior citizen – Rs. 30 K for Medical Treatment 
Positive.
3
80DDB – 80 K from 60K in case of senior citizen 
Positive.
4
Increase the limit in section 80DD/ 80U – Rs. 25K.
Positive.
5
Addl Deduction – 50K  - 80CCD -  National Pension Scheme
Positive
6
Transport Allowance – Rs. 1600 from Rs. 800
Positive.
7
Abolished Wealth Tax and 2% additional surcharge on super rich.    Details of assets will be captured in Income tax return
Neutral.
8
 
 
 
 
 
Corporates.
1
Reduce tax rate to 25%
Positive.
2
Domestic Transfer pricing increased to 20 Cr.
Positive.
3
Service tax flat rate of 14%
Negative.
4
100% deduction to Swach Bharat & Clean Ganga other than CSR.
Positive.
5
Presence of fund manager not create a PE In India.
Positive.
6
GAAR – defer by 2 years.- prospectively 1.4. 2017.
Positive.
7
FTS – 10% from 25%.
Positive.
8
New employment deduction   - reduced to 50.
Positive.
 
 
 

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