·
Health Insurance – 80D – to Rs. 25K from 15K. Senior citixen – 30K from 10K- Senior citizen
– Rs. 30 K for Medical Treatment
·
80DDB – 80 K from 60K in case of senior
citizen
·
80DDB / 80U – 25K
·
Pension Scheme – increased to 1.5 K.
·
Addl Deduction – 50K - 80CCD -
National Pension Scheme.
·
Investment in Sukanya samridhi a/c - 80C. interest fully exmepted.
·
Transport Allowance – Rs. 1600 from Rs. 800
·
Senior Citizen – S tax on Insurance.
·
S Tax -
Cold storage – certain exemption withdrawn.
·
Yoga -
exemption
·
Direct Tax code – Not required.
·
Abolished Wealth Tax and 2% additional surccharge
on super rich. Details of assets will be captured in Income
tax return.
·
Domestic Transfer pricing increased to 20 Cr.
·
Digital invoices signed with DSC.
·
Central excise flat rate of 12.5%.
·
Service tax flat rate of 14%.
·
100% deduction to Swach Bharat & Clean
Ganga other than CSR.
·
Swach bharat cess @ 2%
·
·
Reduce custom duty on 22 items.
·
Presence of fund manager not create a PE In
India.
·
GAAR – defer by 2 years.- prospectively 1.4.
2017.
·
FTS – 10% from 25%.
·
New employment - reduced to 50.
·
Amendment in REIT
·
No cash transaction on purchase of property –
Rs. 20K., PAN mandatory of Purchase of property – Rs. 1 Lakh.
·
Comprehensive
law on black money/ Benami properties.. - concealment -
non compoundable offence – 10 year imprisonment - 3 time of tax – penalty. Mandatory filing of return of income.
·
Electronic filing of statement by foreign
banks.
·
Removal of various exemption to corporates..
·
Corporate Tax - 25% - next 4 years.
·
Regulatory reform law on infrastructure.
·
Procurement law
for public contracts. Govt. to introduce Public Contracts (Resolution of
Disputes) Bill. Regulatory reform law to be introduced
National skill
council
·
Visa on Arrival increased to 150 countries.
·
FII -
in alternative investment scheme in India -
·
Gold Monetization Scheme.
·
EPF /
ESI - options provided -
Merge FMC with SEBI
·
Sec6 – fema amendment -
·
Ports will be
encouraged to corporatise and become companies under Companies Act.
·
Plug & Play Infrastructure projects.
·
Nayi Manzil
scheme - to enable minority youth to obtain school leaving certificate and gain
better employment
·
Fund set up for IT start up.
·
Tax free Infrastructure bond
·
Physical aids for senior citizen below
poverty line.
·
NBFC with turnover of Rs. 500 Cr now will be
treated as FI.
·
A universal social security system – PM Jeevan
Yojna – Premium of Rs. 12 p.a. – accident insurance – Atal Pension yojna – 50%
by government limited to Rs. 1000 p.a.
- PM Jeevan jyoti Yojna – Insurance Rs.
2 Lakh – Premium Rs. 330/- p.a. . –
senior citizen welfare fund - details in
March 2015.
Financing of trade receivables of MSME
·
Mudra Bank for micro finance for SC/ST small
enterprises.
·
More fund to State government – almost 62% of
total central revenue..
·
Estimated GDP for
2015-16 will be between 8 and 8.5 per cent.
·
Expected CPI to be around 5%.
-
· GST to be place in FY 2016.
- Started
Tax Rates.
Individual & HUF – age less than 60 years .
Income
Slab
|
FY
2014-15
|
FY
2015-16.
|
|
i.
|
Where the taxable income does not exceed Rs. 2,50,000/-.
|
NIL
|
|
ii.
|
Where the taxable income exceeds Rs. 2,50,000/- but does not exceed
Rs. 5,00,000/-.
|
10% of amount by which the taxable income exceeds Rs. 2,50,000/-.
Less ( in case of Resident Individuals only ) : Tax Credit u/s 87A - 10% of taxable income upto a maximum of Rs. 2000/-. |
|
iii.
|
Where the taxable income exceeds Rs. 5,00,000/- but does not exceed
Rs. 10,00,000/-.
|
Rs. 25,000/- + 20% of the amount by which the taxable income exceeds
Rs. 5,00,000/-.
|
|
iv.
|
Where the taxable income exceeds Rs. 10,00,000/-.
|
Rs. 125,000/- + 30% of the amount by which the taxable income exceeds
Rs. 10,00,000/-.
|
|
Senior Citizen –Age between 60 to 80 Years.
Income
Slab
|
FY
2014-15
|
FY
2015-16.
|
|
|
|
Where the taxable income does not exceed Rs. 3,00,000/-.
|
NIL
|
|
ii.
|
Where the taxable income exceeds Rs. 3,00,000/- but does not exceed
Rs. 5,00,000/-
|
10% of the amount by which the taxable income exceeds Rs. 3,00,000/-.
Less : Tax Credit u/s 87A - 10% of taxable income upto a maximum of Rs. 2000/-. |
|
iii.
|
Where the taxable income exceeds Rs. 5,00,000/- but does not exceed
Rs. 10,00,000/-
|
Rs. 20,000/- + 20% of the amount by which the taxable income exceeds
Rs. 5,00,000/-.
|
|
iv.
|
Where the taxable income exceeds Rs. 10,00,000/-
|
Rs. 120,000/- + 30% of the amount by which the taxable income exceeds
Rs. 10,00,000/-.
|
Super Senior Citizen –above 80 Years.
Income
Slab
|
FY
2014-15
|
FY
2015-16.
|
|
i.
|
Where the taxable income does not exceed Rs. 5,00,000/-.
|
NIL
|
|
ii.
|
Where the taxable income exceeds Rs. 5,00,000/- but does not exceed
Rs. 10,00,000/-
|
20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
|
|
iii.
|
Where the taxable income exceeds Rs. 10,00,000/-
|
Rs. 100,000/- + 30% of the amount by which the taxable income exceeds
Rs. 10,00,000/
|
|
Surcharge : 10% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable) Education Cess : 3% of the total of Income Tax and Surcharge.
Non - Individual.
| Status |
FY
2014-15
|
FY
2015-16.
|
| Firm |
30% |
|
| Local Authority |
30% |
|
| Domestic Company |
30%. |
|
| Foreign Company |
40%. |
|
| Dividend Distribution Tax |
20.47% Inc Sur. |
- At the
rate of 5% of such income tax, provided that the taxable income exceeds
Rs. 1 crore. (Marginal Relief in Surcharge, if
applicable)
- At the
rate of 10% of such income tax, provided that the taxable income exceeds
Rs. 10 crores.
- Education
Cess : 3% of
the total of Income Tax and Surcharge.
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