Live updates and discussion budget 16

To hike excise duty on tobacco: FM

1% tax on luxury goods and cars; Infra cess of 1% on small cars & 2.5% on diesel cars, says FM in Budget 2016

Boost for startups! 100% tax deductions for new startups for first 3 years#union budget 2016

Tax proposals to provide relief to small taxpayers through rebates #Budget16

Services provided by EPFO exempted from service tax #union budget 2016

Limited tax compliance window from Jun 1 - Sep 30 for declaring undisclosed income at 45% incl. surcharge and penalties #Budget16

FM talks about role of tech in enforcing tax compliance and checking tax evasion: FM
Tax evasion will be countered strongly: FM
 

Govt to introduce bill to amend Companies Act for ease of doing business; to enable registration of companies in a day#union budget 2016

1% tax on luxury goods and cars: FM

Additional 5% tax on all taxable services under Krishi Kalyan Tax for benefit of farming community #Budget2016

Eassesement for all assessess for in 7 major cities 

Proposal for Govt. will pay interest rate of 9% over 6% if delay is more than 90 days #UnionBudget2016

Limited period compliance window proposed to declare undisclosed income 

Implementation of GAAR from 1st April 2017 #UnionBudget2016

Limit for presumptive taxation increased to 2 crore 

Service tax exempted for services provided under Deen Dayal Upadhaya Grameen Yojana, other welfare schemes.