|
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.
|
|
|
|
|
Saturday, February 28, 2015
India Budget 2015. Fast Summary on Tax proposal.
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