budget-2015

budget 2015 going on now at 11 am in parliament

Finance Act 2015

posted 16 May 2015, 04:02 by CAnaresh dott com

The Honorable President gave his assent to the Finance Bill,2015 thereby confirming it as The Finance Act,2015.

highlights-budget 2015

posted 28 Feb 2015, 00:17 by CA Kunjan Shah

  • JUST FEW HIGHLIGHTS IN SHORT (budget announced before half hour today in Parliament)
  • no change in personal slab rates, 
  • however, Individual taxpayers can benefit up to Rs. 4.44 lakh from fresh exemptions
  • transport allowance to 1600 per month
  • mediclaim raised to 25000 etc., 
  • gold monetising scheme announced, indian gold with ashoka chakra coin to be made.
  • pan mandatory for all sales exceeding 1 lac, 
  • corporate tax rate to be reduced to 25% in phased manner over 4 years (will start from next fin.year), 
  • service tax raised to 14%, 
  • custom duty --> reduction in basic custom duty in inputs of around 22 items  
  • custom duty --> All goods, except populated printed circuit boards for use in manufacture of ITA bound items, exempted from SAD
  • basic custom duty--> on digital camera reduced to nil
  • imprisonment for concealment introduced, 
  • foreign assets to be penalised heavily if not disclosed, 
  • cash above 20000 for property transactions prohibited, 
  • wealth tax abolished, 
  • tax on Royalty fee for technical services reduced to 10% 
  • indirect tax --> digitally signed invoices can be maintained
  • GAAR postponed, 
  • GST likely from next year, 
  • Direct tax code not to be enacted, 
  • domestic transfer pricing limit to 20 crores from 5 crores, 
  • for official highlights, please see attachment.

ROYALTY FOR FEE FOR TECH SERVICES REDUCED

posted 27 Feb 2015, 23:38 by CA Kunjan Shah

ROYALTY FOR FEE FROM TECHNICAL SERVICES REDUCED FROM 25% TO 10%

WEALTH TAX ABOLISHED

posted 27 Feb 2015, 23:37 by CA Kunjan Shah


DIRECT TAX CODE NOT SEPERATELY TO BE ENACTED

posted 27 Feb 2015, 23:05 by CA Kunjan Shah

AS MOST ASPECTS OF DTC IS INCORPORATED IN INCOME TAX ACT 1961, BUDGET ANNOUNCED THAT THERE IS NO NEED FOR SEPERATE DTC !!

CORPORATE TAX REDUCED TO 25% IN PHASED MANNER

posted 27 Feb 2015, 23:02 by CA Kunjan Shah

HIDING FOREIGN ASSETS LIABLE TO IMPRISONMENT!!

posted 27 Feb 2015, 22:59 by CA Kunjan Shah


SERVICE TAX RATE RAISED

posted 27 Feb 2015, 22:59 by CA Kunjan Shah

service tax rate is RAISED TO 14% FROM 12.36% !!

GAAR POSTPONED TO 2017

posted 27 Feb 2015, 22:58 by CA Kunjan Shah


arun jaitley announcing

posted 27 Feb 2015, 21:34 by CA Kunjan Shah

arun jaitley, fm of india announcing budget in parliament

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