Budget Highlights 2015-16

Share post:

-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

Annie Jones
Annie Jones
I'm Annie Jones, Megri contributor, cook healthy food and makeup obsessive. I write for health, fashion and finance sections of the site from past 7 years.

Related articles

10 Locations In Phoenix Where You Can Locate The Ideal Prom Gown

Having a Cinderella moment at prom is pretty much every little girl's dream. She fantasises about the ideal...

The benefits of using NFC tags in an event

Event planners are always seeking ways to improve the experience for event attendees. One technology that has become...

A Beginner’s Guide to Growing Lychee in Your Home Garden

Lychee, with its sweet and fragrant fruit, is a tropical to subtropical tree that has captivated gardeners and...

Boost Your Brainpower: Proven Strategies for Enhanced Cognitive Health

Table of Contents Healthy Eating Habits Regular Physical Exercise Engaging in Mental Exercises Effective Stress Management Getting Quality...