Saturday, 28 February 2015

Budget Highlights 2015

Budget 2015
No change in income tax
Tax on royalty to 10%
Cash advance of more than 20,000 against property to be banned.
Corporate tax to be reduced to 25% in next 4 years
Gaar deferred 2 years.
Wealth tax abolished
One lac and above consideration require to put PAN
From 25%
Threshold on TP increased to 20 cr from existing 5 cr
Surcharge increase by 2%
SAD exemption to all items
Excise registration in 2 days
Time limit to avail cenvat credit increased from 6 months to 1 year
Service tax rate total 14% no cess
Excise duty rate total 12.5% no cess
30k for senior citizens
Deduction of medical in premium increased to 25 K
80 ccd increase by 50000
Transport allowance 1600 per month

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