There has been no change in personal tax rates. The basic exemption limit continues at Rs.2.50 lacs. Tax Rebate of Rs. 2000 available to small tax payers under Section 87A has been increased from Rs. 2,000 to Rs. 5,000. This will benefit about around 2 crore marginal tax payers.
The Union Budget 2016 which shall be announced on 29th February 2016 is expected to be a reformist budget rather than a populist budget and could focus on the following aspects: a. Reduction in the tax litigation by bringing in clarity on taxation laws b. Incentivefor the ‘start-ups’ by providing tax breaks c. Rationalization of the corporate tax rates including Minimum Alternate Tax, Dividend Distribution Tax d. Deferment ofGAAR and ICDS regulations
Under the Indian Foreign Exchange Regulations, the limit for permissible remittance outside India (including for investing in property outside India) by resident individuals is cumulatively USD 250000 per financial year (April – March) per person as per the Liberalized Remittance Scheme. Since the aforesaid limit is per person, each member of family can remit out of his own balance USD 250,000 per financial year for purpose of acquisition of property.
To begin with, what constitutes an HNI is really a tricky question? In general parlance, HNIs are understood to be the individuals with ultrahigh net worth with deep pockets having surplus investible funds. As per the Credit Suisse Global Wealth Report, presently India is home to around 1,500 ultra-high net worth individuals with wealth of at least US$ 50 million and 700 who have more than US$ 100 million of assets.
The subject of Estate Planning has always engaged the kings and the common men alike. Estate planning requires a thoughtful plan weighing various alternatives and deciding whom to give, how much to give, when to give and in what form to give one’s estate.
Increase in the limit of deduction of Mediclaim- In view of continuous increase in medical expenditure, it is proposed to increase the limit of deduction under section 80D from Rs. 15,000 to Rs. 25,000. In case of senior citizens, the limit of deduction is proposed to be increased from Rs. 20,000 to Rs. 30,000.
Comment on Shell’s wins of transfer pricing tax dispute in Bombay HC The aggressive approach of tax authorities and the earlier government in case of Vodafone and Shell led to erosion of confidence of global investors. In this context, the favourable decision of H’ble Bombay High Court in case of Shell India Markets Private Limited […]
Recently, the Special Investigation Team (SIT) constituted on black money submitted its first report to the Supreme Court wherein indications are that certain changes like disclosure of foreign travel in a year in income tax return have been suggested. Over the past decade, Indians undertaking foreign visits have increased manifold due to holidaying, medical treatment, education […]
At present, the General Anti-Avoidance Regulations (GAAR) in India are set to kick in effective April 1, 2015. The Budget 2014 which was expected to recast and defer GAAR has remained silent. However, the subsequent announcement by the Finance Minister to revisit GAAR provisions in its current form and the effective date of its implementation […]
1.0 DIRECT TAXES No change in the tax rates. No change in applicable Surcharge and Education Cess. Personal income tax exemption limit increased by Rs. 50,000 i.e. from Rs. 2,00,000 to Rs. 2,50,000 in the case of individual taxpayers who are below the age of 60 years. Similarly, the exemption limit in case of senior […]
