CA Deepak Rathore
1. 1 per cent service charge on purchase of luxury cars over Rs. 10 lakh and in-cash purchase of goods and services over Rs. 2 lakh.
2. Income tax surcharge for having income Rs. more than 1 crore increased to 15% (previously 12%)
3. Deduction u/s 80GG for RENT payment increased upto Rs. 5,000/- per month (previously Rs.2,000/-)
4. Service tax – 0.50% agriculture development krishi kalyan surcharge cess
5. Rebate u/s 87A increased from Rs.2,000/- to Rs.5,000/- (persons having taxable income upto Rs.5,00,000/-)
6. 10% Dividend tax for dividend receipt over Rs.10,00,000/- per annum
7. Additional exemption o Rs.50,000/- for first time house buyers on housing loan upto Rs.35.00 lakh, provided cost of house in not more than Rs.50.00 lakh
8. Companies with revenue less than Rs. 5 crore to be taxed at 29% plus surcharge and Cess
9. Service tax exemption for housing construction of houses less than 60 sq. mtr.
10. Tax Audit Limit revised to non professional Rs. 2.00 crore from Rs. 1.00 crore
11. Presumption taxation scheme for all professionals with gross receipts upto Rs.50 lakh if income declared @ 50%
12. Corporate tax for new manufacturing companies @ 25.00% + surcharge + cess
13. Withdrawal upto 40% from NPS to be exempted
14. LTCG on unlisted securities limited to 2 years
15. 100% tax deduction for companies building houses upto 30 sq. mtr.
16. TCS on purchase of assets over Rs. 2.00 lakh
17. Penalty for concealment of income reduced to 50% – 200% (previously 100% – 300%)
18. Excise duty on branded garments exceeding Rs. 1,000/-
19. Infrastructure and agriculture cess to be levied.
20. Excise duty raised from 10 to 15 per cent on tobacco products other than beedis
21. 1 per cent service charge on purchase of luxury cars over Rs. 10 lakh and in-cash purchase of goods and services over Rs. 2 lakh.
22. SUVs, Luxury cars to be more expensive. 4% high capacity tax for SUVs.
23. Limited tax compliance window from Jun 1 – Sep 30 for declaring undisclosed income at 45% incl. surcharge and penalties
24. Excise 1 per cent imposed on articles of jewellery, excluding silver.
25. 0.5 per cent Krishi Kalyan Cess to be levied on all services.
26. Pollution cess of 1 per cent on small petrol, LPG and CNG cars; 2.5 per cent on diesel cars of certain specifications; 4 per cent on higher-end models.
27. Securities transaction tax on option raised to 0.05%
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