TMI BlogBudget 2015 - Minimum Government Maximum GovernanceX X X X Extracts X X X X X X X X Extracts X X X X ..... Budget 2015 - Minimum Government Maximum Governance - By: - CS Swati Dodhi - Other Topics - Dated:- 28-2-2015 - - 1. Simplification of tax procedures. 2. Monetary limit for a case to be heard by a single member bench of ITAT increase from ₹ 5 lakh to ₹ 15 lakh. 3. Penalty provision in indirect taxes are being rationalised to encourage compliance and early dispute resolution. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. Central excise/Service tax assesses to be allowed to use digitally signed invoices and maintain record electronically. 5. Wealth-tax replaced with additional surcharge of 2 per cent on super rich with a taxable income of over ₹ 1 crore annually. 6. Provision of indirect transfers in the Income-tax Act suitably cleaned up. 7. Applicability of indirect transfer provisions to div ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idends paid by foreign companies to their shareholders to be addressed through a clarificatory circular. 8. Domestic transfer pricing threshold limit increased from ₹ 5 crore to ₹ 20 crore. 9. MAT rationalised for FIIs and members of an AOP. 10. Tax Administration Reform Commission (TARC) recommendations to be appropriately implemented during the course of the year. 11. Edu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cation cess and the Secondary and Higher education cess to be subsumed in Central Excise Duty. 12. Specific rates of central excise duty in case of certain other commodities revised. 13. Excise levy on cigarettes and the compounded levy scheme applicable to pan masala, gutkha and other tobacco products also changed. 14. Excise duty on footwear with leather uppers and having retail price o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f more than ₹ 1000 per pair reduced to 6%. 15. Online central excise and service tax registration to be done in two working days. 16. Time limit for taking CENVAT credit on inputs and input services increased from 6 months to 1 year. 17. Service-tax plus education cesses increased from 12.36% to 14% to facilitate transition to GST. 18. Donation made to National Fund for Control o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Drug Abuse (NFCDA) to be eligible for 100% deduction u/s 80G of Income-tax Act. 19. Seized cash can be adjusted towards assessees tax liability - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - 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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