Megri News, Analysis And Blog

Budget Highlights 2015-16

-Corporate Tax Rate reduced to 25% for over next four years

-Exemptions For Individual Tax Players To Continue

-Yoga to be included as Charitable Purpose

-To Enact New Law For Black Money

-Concealment of income will attract 10 yrs of rigorous imprisonment

-Stringent penalties and jail for Black Money holders and evaders

-Benami property transaction bill to tackle black money transaction in real estate soon

-Foreign Exchange Management Act To Allow For Seizure Of Foreign Assets

-FEMA Act to be amended to incorporate Black Money provisions: Finance Minister

-To Allow Tax Pass-through For Alternative Investment Funds

-To Tighten Reporting Of Cash Transactions

-To Have Benami Transaction Prohibition Bill For Domestic Black Money

-Quoting PAN a must for all purchases above One Lakh

-100% deduction allowed for all contributions in Swachh Bharat Abhiyan [except contribution in CSR]

-Proposes to rationalise capital gains tax regime for real estate investment trusts

-To defer GAAR by 2 years

-Tax pass through to be allowed in alternative investment funds to boost small firms, startups

-Propose To Rationalise Capital Gains Regime For REITs/InvITs

-TO reduce Custom Duty on 22 items

-Rental Income from REITS to have pass through facility

-Income Tax On Royalty Fees For Technical Reduced To 10%

-To abolish Wealth Tax;

2% Addl. Surcharge on Super Rich.

-Reduced taxes on Technical Services to 10% from 25%

-Tax reduce for foot wear above 1k per pair

-Service Tax increased to 14%

-80D Health insurance 15000 to 25000.  For senior citizens 30000

-80DDB increased to 80000

-Wealth Tax abolished

-Tax on royalty income decrease from 25% to 10%

-Transport Allowance exemption increased to 1600 pm

-Domestic Transfer Pricing limit increased from 5crores to 20 crores