Budget 2015-16 amendments made in taxes

1721 views 7 replies

CA Parul Saxena

8527 Points Joined May 2010

Following are the summarised amendments made in Budget 2014-15 Income tax

1. No change in Slab rate for Individuals.

2. Transport allowance exemption increased from Rs.800 to Rs.1600.

3. Medical Insurance exemption increased from Rs.15000 to Rs.25000

4. Extra Cess of 2% for ‘Swacch Bharat Abhiyan’.

5. Corporate Slab rate changed from 30% to 25% for forthcoming 4 years.

6. Abolishment of Wealth tax.

7. 2% surcharge for Super rich individuals (having annual income more than Rs. 1 Crore).

8. Sukanya Smridhi Scheme eligible for Section 80C and interest would be tax free.

9. PAN card mandatory for transaction above Rs. 100000.

10. GAAR (General Anti Avoidance Rules) postponed for 2 years.

Service tax

1. Proposed changes in ‘Negative List of Service tax’.

2. Service tax rate increased from 12.36% to 14%.

Custom Duty

1. SAD ( Special Additional Duty) abolished.

Replies (7)

Rahul Verma

CA-Final

484 Points Joined December 2010

Thanks Parul for the updating us on budget.

J. K. Ratan

Compliance Advisor

794 Points Joined August 2013

I Think Guys it's totaly out of our Expectations. Introducing Additional Surcharge and Extra Cess without changing in slab Rate will lead to much Tax Burden on Individual Taxpayers.

CA Parul Saxena

8527 Points Joined May 2010

Definitely BJP must not do this after such an unexpected defeat in Delhi Elections.

Rahul Verma

CA-Final

484 Points Joined December 2010

Hey Guys

I know that budget was not gud but it was no so much bad as all of you mentioned above. but yes in the period of BJP u'll not found any typical amendment that'll be not gud for our profession.

Hope Mr Jaitly can understand this.

J. K. Ratan

Compliance Advisor

794 Points Joined August 2013

Dear Sir

We are not criticising the policies of BJP Goverment. The increasing the Cess rate or Impose additional surchase is good to give the final destination to "Make in India And Swachh Bharat Abhiyan" Programs. But compromise with the interest of genral publice is not a rationality.