Discuss Budget 2015
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Discuss budget 2015
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Corporate tax reduced to 25%
S.80D increased from 15,000 to 30,000
Excise duty on footwear of - is reduced to 6%
Certain amendments made in provisions Assets held outside India & maximum penalty would be 300%...
Service tax rate increases to 14%..
Corpoeate tax will be reduced to 25% in next four year.
Amendment to be made in section 6 of FEMA
Wealth tax to be abolished
Surcharge on income 1crore and above increased to 2%
Modi's First full budget,
Has come up with wide variety of issues, among which it appears the concentration was moving around the minds of poor , make in india and skill india,
Nothing more we can find about the Agriculture and it is like Mr. Finance minister is giving exemptions to Direct Taxes with which one side of a pocket is filled and he is dragging the second Side of the Pocket by incrementing Indirect Taxes.
When it comes to Tax prospective Mr. Finance minister asks to save more on your investments, how could one can save by incrementing the excise duties and service taxes and what will be a person able to save.
Anyways the Concentration on Growth and GDP is quite appreciable, and reflects the govts attitude towards swach bharath.
Income tax slabs remain unchanged BUT service tax increased to 14% ..which means whatever & where ever you spend will now be expensive. Moreover, there is now a Swachh Bharat Cess. Pay for that too - something for which Municipal Corporations get crores of budget every year.
In 2014-15 Budget Jaitley's forecast for retaining fiscal for the FY16 was 3.6%. Now he is saying 4.1% the same that was for 2014-15.
His second budget but Jaitley didn't change tax slabs. THIS he said one month before BJP won Lok Sabha & they cheered !!
Well its a quite satisfactory budget as not so many changes we have seen in direct taxes we are expecting for some extra from this budget but it doesn't fulfill or neglects our demans
In case of corporate taxes tax reduced from 30-25% but Mr.Jaitley also withdrwan certain exemptions which would almost nullify this effect
In his expenditure part i.e. part - A , he start many attractive and realisable policy although the step of direct subsidy transfer is quite well but Mr. Jaitley completly dissapoint us in taxation part
Thumbs down for this kind of budget
I did not understand the corporate tax reduction concept. It says it will be 25% for next 4 years.Does that mean it will increase to 30% back in 5th year?
Say bye bye to Wealth Tax !!!
Say Hello to Wealth Inequality !!!
Now I can purchase dead assets like Private Jets, Roll Royce Phantom.
Super rich Surcharge is on income. My CA's will handle the income calculation.
It was my personal assets like Private Yatchs, Bentleys which were difficult to hide in the wealth tax regime.
"Achhe Din Ane Wale Hain"
1. Abolishing Wealth Tax - Good move as exlained by Minister Himself only about 800 Crores were being collected er year and managing whole department for that was not profitable at all.
2.Abolishing Special Additional Duty - Not good as this makes domestic industry gooods compartively expensive
3.Duty on LEATHER Shoes above 1000 reduced to 6% - not good. remember what mr Modi said abt LEATHER industry in his campaining???
4.Now the big one - RATE OF SERVICE TAX increased to 14%- Everything from restaurant to movie tickets to everything not covered in negative list or mega exemption gets expensive get ready folks mehgai dayan is coming to cut ur pockets.
Sometimes I feel, Arun Jaitley has some personal Vendetta against our PM
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