The service tax rate is being increased from 12% plus Education Cesses to 14%. The ‘Education Cess’ and ‘Secondary and Higher Education Cess’ shall be subsumed in the new service tax rate. The revised rate shall come into effect from a date to be notified.
Excise duty structure on certain goods is being restructured as follows: 1) Wafers for use in the manufacture of integrated circuit (IC) modules for smart cards from 12% to 6%. 2) Inputs for use in the manufacture of LED drivers and MCPCB for LED lights, fixtures and LED lamps from 12% to 6%. 3) Mobiles […]
Reduction in duty on certain inputs to address the problem of duty inversion: 1) ‘Metal parts’ for use in the manufacture of electrical insulators. 2) Ethylene-Propylene-non-conjugated-Diene Rubber (EPDM), Water blocking tape and Mica glass tape for use in the manufacture of insulated wires and cables. 3) Magnetron upto 1 KW for use in the manufacture […]
The Finance Bill, 2015 proposes to make amendments in direct tax provisions by proposing amendments to the Income-tax Act, 1961, Wealth-tax Act, 1957, Finance Act, 1994 and Finance (No.2) Act, 2004. A gist of the main amendments is given below:- Direct Taxes 2. Rates of tax 2.1 It is proposed that there will be no […]
Key Features of Budget 2015-2016 Presented in Lok Sabha by Finance Minister 2015-16 INTRODUCTION Credibility of Indian economy has been re-established in the last nine months. Indian economy about to take-off on a fast growth trajectory. Most growth forecasts have upgraded Indian economic growth while downgrading global economic growth. Economically empowered States are equal partners […]
Finance Minister Arun Jaitley has Presented his First Full Union Budget for 2015-16 in Lok Sabha today. We have presented below the Finance Bill 2015 and Corrigenda to Finance Bill, 2015 Download Finance Bill, 2015 Download Corrigenda – Finance Bill, 2015
It is proposed that there will be no change in the rate of personal income-tax and the rate of tax for companies in respect of income earned in the financial year 2015-16, assessable in the assessment year 2016-17. It is further proposed to levy a surcharge @12% on individuals, HUFs, AOPs, BOIs, artificial juridical persons, firms, cooperative societies and local authorities having income exceeding ` 1 crore. Surcharge in the case of domestic companies having income exceeding ` 1 crore and upto ` 10 crore is proposed to be levied @ 7% and surcharge @ 12% is proposed to be levied on domestic companies having income exceeding ` 10 crore.
he Finance Minister has introduced the Finance Bill, 2015 in Lok Sabha today, i.e., 28th February, 2015. Changes in Customs and Central Excise law and rates of duty have been proposed through the Finance Bill, 2015 (clauses 80 to 89, 163, 164 for Customs and clauses 90 to 104, 163, 164, 184 and 188 for Central Excise). In order to prescribe effective rates of duty and to carry out changes in the Rules made under the respective Acts, the following notifications are being issued:
Tax proposals in Budget 2015-16 which benefits middle class tax payers. The proposals in this regard are as follows : Ø Increase in the limit of deduction in respect of health insurance premium from Rs. 15,000 to Rs. 25,000. o For senior citizens the limit will stand increased to Rs. 30,000 from the existing Rs. 20,000. […]
The Union Finance Minister Shri Arun Jaitley has said that a Bill to enact a new law to deal with black money is to be introduced in the current session of the Parliament. In his Budget Speech in the Lok Sabha here today, giving details of proposed key features of the law, the Finance Minister […]
