The Finance Bill 2015, as introduced in the Lok Sabha today, 28.02.2015, is available for download.
BUDGET HIGHLIGHTS:
-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 Black 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 Benami 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 boost small firms, startups
-Propose To Rationalise Capital Gains Regime For REITs/InvITs
-TO reduce Custom 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 Wealth Tax;
2% Addl. Surcharge on Super Rich.
-Reduced taxes on Technical Services to 10% from 25%
-Tax reduce for foot wear above 1k per 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
seems over all okay but appears some way no finance act is not always comprehensive in the world right from the day the government budgets came into being. that way one cannot quarrel but only time is a better judge.