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February 28, 2015

Union Budget 2015 key tax highlights

Budget 2015 key tax highlights:
1. Corporate tax rate to be reduced to 25% from existing 30% for next 4 years
2.  Beneficiaries of foreign assets mandatorily required to file returns irrespective of the income
3. Imprisonment of 10 yrs for non-disclosure of black money
4. Foreign asset may get seized if undisclosed
5. PAN mandatory for any transaction for Rs. 1 lakh or more
6. Mere presence of project fund manager in India shall not be construed as Permanent Establishment of offshore funds
7. Income tax on royalty fees for technical services to be reduced to 10% from 25%
8. Abolishment of wealth tax
9. Additional surcharge of 2% on high networth individuals having taxable income of more than Rs. 1 Crore
11. Service tax rate increased to 14% from existing 12.36%
12. Central Excise duty increased to 12.5% from existing 12.36%
13. Service tax and Central excise registration certificates to be issued in 2 working days
14. Health insurance premium deduction limit is increased to Rs. 25,000 from existinh Rs. 15,000
15. All investment made in favour of girl child to be exempted
16. Transport allowance deductibe for tax purpose to be increased to Rs. 1600 pm from existing Rs. 800

Maximum  for normal individual as per Finance Minister

Basic Exemption - 250000
80 C - 150000
80 D - 25000
Transport Allowance - 19200
Total - Rs. 4,44,200/-

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