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.
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