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TMI BlogHighlights Budget 2015-16X X X X Extracts X X X X X X X X Extracts X X X X ..... Highlights Budget 2015-16 X X X X Extracts X X X X X X X X Extracts X X X X ..... storages * Transport allowance increased upto ₹ 1600 p.m. * Contribution to National pension scheme upto ₹ 50000 will be exempt * Health insurance exemption increased upto ₹ 25000, for senior citizen upto ₹ 30000 * In case of senior citizens above 80 years, ₹ 30000 will be allowed even in case of medical treatment * Swatch Bharat Ceass @ 2% or less proposed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... * Service tax rate increased upto 14% * Online registration of excise and service tax will be complete in 2 days * MAT provision will be rationalized in case of FIIs * Retrospective provisions will be avoided * Wealth tax will be abolished * To compensate wealth tax, a surcharge @ 2% is proposed on individuals having income > 1 crore * Some Exemptions in service tax withdrawn to ext ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... end service tax base * SAD will be exempt in most of the articles imported to remove accumulation of Cenvat credit * Rate on royalty and technical income reduced to 10% * GAAR deferred by 2 years, Prospectively w.e.f. 01/04/2017 * CBDT and CBEC will use each other data base to access detailed informations * Merely presence of Fund manager in India will not be considered a PE i.e. permane ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt establishment * Filing of return in case having foreign asset even no income is taxable * Need to mention opening of foreign exchange account in return * Reduction in Corporate taxation in phased manner in 4 years. Reduced rate will be 23%. * Exemptions will be rationalized in income tax act * GST deadline set at 01/04/2016. * New IIMs and IITs are proposed * Visa on arrival will ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be extended to 150 countries * Further ₹ 1000 crores attributed to Nirbhaya fund * Special schemes for World heritage sites * FPI and FDI schemes will be merged * No change in 100% automatic route in foreign investment sectors * Gold monetised scheme will be launched * Indian gold coins will be launched with Ashok Chakra on this * Employees will be given option to choose EPF or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... National pension scheme * Same option will be in ESI or Health insurance * Bond market will be promoted by various measures to make it like a World class Equity market * ₹ 5000 crores attributed to MANERGA scheme * Post offices across country will be used to extend financial inclusion in rural areas * NBFC having net assets >500 crors will be treated as Financial Institution and w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ill be coverd in SARFASI act
* 6 crors more toilets will be made as a part of Swatch Bharat Abhiyan X X X X Extracts X X X X X X X X Extracts X X X X
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