Monday, 2 March 2015

How do you consume the budget2015?

At last, the budget 2015 is out of the briefcase of the Hon'ble Finance Minister and the salient features of the budget proposals are discussed below:



  • No Change in Tax Slabs and 80C Limit.
  • Tax Benefits on Income up to Rs. 4.42 Lakh.
  • Service Tax Rate Increased to 14% from 12.36%.
  • Excise Duty hiked to 12.5%.
  • Transport Allowance Limit increased to Rs. 1600 per Month.
  • Deduction for Contribution to Pension Fund- Limit increased to Rs. 1.50 lakh.
  • Limit U/s. 80D raised to Rs. 25000 from existing Rs. 15000/- Further increase for Senior and Super Citizens.
  • Investment in Sukanya Samridhi Scheme will be fully exempted from tax.
  • Specified Domestic Transaction Limit proposed to increase to 20 Crore from 5 Crore.
  • Tax on Royalty from Technical Services cut to 10%.
  • Reduced Custom Duty on 22 Items.
  • Wealth Tax act abolished and 2% Surcharge imposed on Super Rich having Income above 1 Crore – Additional 9000 crore revenue is expected.
  • GAAR to be resolved in 2 Years- Implementation of GAAR deferred by 2 Years. To be applied from April 2017.
  • Law to Curb Black Money in Property Transactions- PAN Mandatory for all Transactions above Rs. 1 Lakh.
  • More Power Under Fema Act to Fight Black Money.New law to deal with Black Money Stashed outside India Up to 10 Year imprisonment for Black Money, Concealment of Income or Assets. Non Filing of Income Tax Return is proposed to make Punishable with Imprisonment.
  • FM to Reduce Corporate tax rate from 30 to 25% over next 4 years.
  • Employee’s contribution to EPF below an income threshold will be optional without reducing employer’s contribution.
  • 150 countries to be included in Visa on arrival facility.
  • Amendment in SEBI and RBI Laws Proposed to merge commodities regulator with SEBI.
  • Tax-free infra Bonds to be introduced.

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