budget-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.