BUDGET 2015 HIGHLIGHTS
ECONOMY & RELATED
1) Real GDP growth to jump to 7.4%, making India the largest growing economy in the world.
2) CAD for this year is expected to be 1.3% of GDP
3) Expect CPI inflation to remain close to 5% by end of the year, FM: Our objective is to keep inflation below 6 percent
4) Expect to implement Goods & Services tax by April 2016
5) Incremental change is not going to take us anywhere we have to think in terms of quantum
6) MNREGA to stay, says FM
7) Roadmap to achieve Fiscal deficit of 3% of GDP in three years: Target is 3.9% in 2015-16, 3.5% in 2016-17, 3% in 2017-18.
8) Govt to bring a comprehensive bankruptcy code for the ease of doing business by 2015-16,
says FM Jaitley
2) CAD for this year is expected to be 1.3% of GDP
3) Expect CPI inflation to remain close to 5% by end of the year, FM: Our objective is to keep inflation below 6 percent
4) Expect to implement Goods & Services tax by April 2016
5) Incremental change is not going to take us anywhere we have to think in terms of quantum
6) MNREGA to stay, says FM
7) Roadmap to achieve Fiscal deficit of 3% of GDP in three years: Target is 3.9% in 2015-16, 3.5% in 2016-17, 3% in 2017-18.
8) Govt to bring a comprehensive bankruptcy code for the ease of doing business by 2015-16,
says FM Jaitley
PROPOSALS RELATING TO TAX & OTHER LAWS
1) To abolish Wealth Tax;
2) Corporate Tax Rate reduced to 25% for over next four years. Exemptions & deductions to be scrapped
3) Exemptions For Individual Tax Players To Continue
4) Yoga to be included as Charitable Purpose
5) To Enact New Law For Black Money
6) Concealment of income will attract 10 yrs of rigorous imprisonment
7) Stringent penalties and jail for Black Money holders and evaders
8) Benami property transaction bill to tackle black money transaction in real estate soon
9) Foreign Exchange Management Act To Allow For Seizure Of Foreign Assets
10) FEMA Act to be amended to incorporate Black Money provisions: Finance Minister
11) To Allow Tax Pass-through For Alternative Investment Funds
12) To Tighten Reporting Of Cash Transactions
13) To Have Benami Transaction Prohibition Bill For Domestic Black Money
14) Quoting PAN a must for all purchases above One Lakh
15) 100% deduction allowed for all contributions in Swachh Bharat Abhiyan [except contribution in CSR]
16) Proposes to rationalise capital gains tax regime for real estate investment trusts
17) To defer GAAR by 2 years
18) Tax pass through to be allowed in alternative investment funds to boost small firms, startups
18) Propose To Rationalise Capital Gains Regime For REITs/InvITs
19) To reduce Custom Duty on 22 items
20) Rental Income from REITS to have pass through facility
21) Income Tax On Royalty Fees For Technical Reduced To 10%
22) 2% Addl. Surcharge on Super Rich.
23) Reduced taxes on Technical Services to 10% from 25%
24) Tax reduce for foot wear above 1k per pair
25) Service Tax increased to 14%
27) 80D Health insurance 15000 to 25000, For senior citizens 30000
28) 80DDB increased to 80000
29) Wealth Tax abolished
30) Tax on royalty income decrease from 25% to 10%
31) Transport Allowance exemption increased to 1600 pm
32) Domestic Transfer Pricing limit increased from 5crores to 20 crores
33) NBFCs with size of Rs 500 cr and above to get parity in recoveries by including in SERFASIA Act as financial institution.
2) Corporate Tax Rate reduced to 25% for over next four years. Exemptions & deductions to be scrapped
3) Exemptions For Individual Tax Players To Continue
4) Yoga to be included as Charitable Purpose
5) To Enact New Law For Black Money
6) Concealment of income will attract 10 yrs of rigorous imprisonment
7) Stringent penalties and jail for Black Money holders and evaders
8) Benami property transaction bill to tackle black money transaction in real estate soon
9) Foreign Exchange Management Act To Allow For Seizure Of Foreign Assets
10) FEMA Act to be amended to incorporate Black Money provisions: Finance Minister
11) To Allow Tax Pass-through For Alternative Investment Funds
12) To Tighten Reporting Of Cash Transactions
13) To Have Benami Transaction Prohibition Bill For Domestic Black Money
14) Quoting PAN a must for all purchases above One Lakh
15) 100% deduction allowed for all contributions in Swachh Bharat Abhiyan [except contribution in CSR]
16) Proposes to rationalise capital gains tax regime for real estate investment trusts
17) To defer GAAR by 2 years
18) Tax pass through to be allowed in alternative investment funds to boost small firms, startups
18) Propose To Rationalise Capital Gains Regime For REITs/InvITs
19) To reduce Custom Duty on 22 items
20) Rental Income from REITS to have pass through facility
21) Income Tax On Royalty Fees For Technical Reduced To 10%
22) 2% Addl. Surcharge on Super Rich.
23) Reduced taxes on Technical Services to 10% from 25%
24) Tax reduce for foot wear above 1k per pair
25) Service Tax increased to 14%
27) 80D Health insurance 15000 to 25000, For senior citizens 30000
28) 80DDB increased to 80000
29) Wealth Tax abolished
30) Tax on royalty income decrease from 25% to 10%
31) Transport Allowance exemption increased to 1600 pm
32) Domestic Transfer Pricing limit increased from 5crores to 20 crores
33) NBFCs with size of Rs 500 cr and above to get parity in recoveries by including in SERFASIA Act as financial institution.