Budget Highlights 2015-16
- Yoga activities will be covered in Charitable activities under Sec. 2(15) of income tax Act.
- Service tax exemption for senior citizens in Swasth Bima Yojana
- Net gain in tax proposals - ₹ 15068 Crores
- Service tax exemptions will be extended to Cold storages
- Transport allowance increased upto ₹ 1600 p.m.
- Contribution to National pension scheme upto ₹ 50000 will be exempt
- Health insurance exemption increased upto ₹ 25000, for senior citizen upto ₹ 30000
- In case of senior citizens above 80 years, ₹ 30000 will be allowed even in case of medical treatment
- Swatch Bharat Ceass @ 2% or less proposed
- Service tax rate increased upto 14%
- Online registration of excise and service tax will be complete in 2 days
- MAT provision will be rationalized in case of FIIs
- Retrospective provisions will be avoided
- Wealth tax will be abolished
- To compensate wealth tax, a surcharge @ 2% is proposed on individuals having income > 1 crore
- Some Exemptions in service tax withdrawn to extend service tax base
- SAD will be exempt in most of the articles imported to remove accumulation of Cenvat credit
- Rate on royalty and technical income reduced to 10%
- GAAR deferred by 2 years, Prospectively w.e.f. 01/04/2017
- CBDT and CBEC will use each other data base to access detailed informations
- Merely presence of Fund manager in India will not be considered a PE i.e. permanent establishment
- Filing of return in case having foreign asset even no income is taxable
- Need to mention opening of foreign exchange account in return
- Reduction in Corporate taxation in phased manner in 4 years. Reduced rate will be 23%.
- Exemptions will be rationalized in income tax act
- GST deadline set at 01/04/2016.
- New IIMs and IITs are proposed
- Visa on arrival will be extended to 150 countries
- Further ₹ 1000 crores attributed to Nirbhaya fund
- Special schemes for World heritage sites
- FPI and FDI schemes will be merged
- No change in 100% automatic route in foreign investment sectors
- Gold monetised scheme will be launched
- Indian gold coins will be launched with Ashok Chakra on this
- Employees will be given option to choose EPF or National pension scheme
- Same option will be in ESI or Health insurance
- Bond market will be promoted by various measures to make it like a World class Equity market
- ₹ 5000 crores attributed to MANERGA scheme
- Post offices across country will be used to extend financial inclusion in rural areas
- NBFC having net assets >500 crors will be treated as Financial Institution and will be coverd in SARFASI act
- 6 crors more toilets will be made as a part of Swatch Bharat Abhiyan
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