TMI BlogBudget Highlights - Quick reviewX X X X Extracts X X X X X X X X Extracts X X X X ..... Budget Highlights - Quick review - By: - CS Swati Dodhi - Other Topics - Dated:- 28-2-2015 - - 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 Blac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... k 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 Bena ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mi 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 boo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st small firms, startups Propose To Rationalise Capital Gains Regime For REITs/InvITs TO REDUCE CUSTOMS 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 WEATH TAX; 2% ADDL SURCHARGE ON SUPER-RICH Reduced taxes on Technical Services to 10% from 25% Tax reduce for foot wear above 1k per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 - Reply By Mathurthi RamKumar as = What is Transport Allowance ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... emption increased to 1600 pm? Dated: 28-2-2015 Reply By CA. Surender Gupta as = Yes it is proposed to be increased from ₹ 800/- to ₹ 1600/- pm Dated: 28-2-2015 Reply By CS Swati Dodhi as = Transport Allowance Exemption - Allowance to salaried personnel The hike in the tax-free transport allowance limit from ₹ 800 to ₹ 1,600 a month will cut tax by ₹ 2,966 in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the highest 30% tax bracket. The tax cut will be lower at ₹ 1,978 in the 20% tax bracket. In the lowest 10% bracket (those earning up to ₹ 5 lakh), the tax cut will be limited to ₹ 989, or just ₹ 82 per month. Dated: 28-2-2015 - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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