Live Budget updates 2015-16 on Tax and Law Front

Taxguru team brings out live updates on tax Proposals from Union Budget 2015-16

100% deduction for contribution to Swachch Bharat and Clean Ganga schemes

Investment in Sukanya Samridhi Scheme will be fully exempted from tax

No Change in Tax Slabs and 80C Limit

Tax Benefits on Income upto Rs. 4.42 Lakh.

Yoga included in the ambit of charitable purposes under the Income Tax Act.

Service Tax Rate Increased to 14% from 12.36%

Transport Allowance Limit increased to Rs. 1600 per Month

Deduction for Contribution to Pension Fund- Limit increased to Rs. 1.50 lakh

Limit U/s. 80D raised to Rs. 25000 from existing Rs. 15000/- Further increase for Senior and Super Citizens

Specified Domestic Transaction Limit proposed to increase to 20 Crore from 5 Crore.

100% deduction to contribtions to Swachh Bharat funds

Retrospective tax provisions will be avoided.

Tax on Royalty from Technical Services cut to 10%

Reduced Custom Duty on 22 Items.

Wealth Tax act abolished and 2% Surcharge imposed on Super Rich having  Income above 1 Crore – Additional 9000 crore expected

GAAR to be resolved in 2 Years- Implementation of GAAR deferred by 2 Years. To be applied from April 2017

Law to Curb Black Money in Property Transactions- PAN Mandatory for all Transactions above Rs. 1 Lakh

More Power Under Fema Act to Fight Black Money

New law to deal with Black Money Stashed outside India

Up to 10 Year imprisonment for Black Money, Concealment of Income or Assets

Non Filing of Income Tax Return is proposed to make Punishable with Imprisonment

Fm proposes new law for dealing with Black Money

FM to Reduce Corporate tax rate from 30 to 25% over next 4 years.

Cut in corporate tax rates is accompanied by cut in Tax Exemption

Gross Tax Receipt Receipt Rs. 14.49 Lakh crore

Employee’s contribution to EPF below an income threshold will be optional without reducing employer’s contribution.

FM proposes to do away with different types of foreign investment and replace them with composite caps.

150 countries to be included in Visa for arrival facility:

Amendment in SEBI and RBI Laws

Proposed to merge commodities regulator with SEBI

Vision of a building direct regime which will be internationally competitive

Tax free infra bonds for road, rail and irrigation projects.

GST to be put in place by April 1, 2016

Govt allocates Rs 346.99 billion for NREGA scheme in Budget 2015 to insure no one is poor and without job

Bankruptcy law reform has been identified as a key to ease of doing business. Bring comprehensive Bankruptcy code in 2015-16.

Rs 5.20 lakh crore in taxes to go to states in 2015-16.

States get 62% of the total resources now