budget 2015 going on now at 11 am in parliament |
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. |
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.
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posted 27 Feb 2015, 23:38 by CA Kunjan Shah
ROYALTY FOR FEE FROM TECHNICAL SERVICES REDUCED FROM 25% TO 10% |
posted 27 Feb 2015, 23:37 by CA Kunjan Shah
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 !! |
posted 27 Feb 2015, 23:02 by CA Kunjan Shah
posted 27 Feb 2015, 22:59 by CA Kunjan Shah
posted 27 Feb 2015, 22:59 by CA Kunjan Shah
service tax rate is RAISED TO 14% FROM 12.36% !! |
posted 27 Feb 2015, 22:58 by CA Kunjan Shah
posted 27 Feb 2015, 21:34 by CA Kunjan Shah
arun jaitley, fm of india announcing budget in parliament |
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