1.
Wealth Tax REPLACED with additional surcharge of 2 % on super rich with a
taxable income of over Rs. 1 crore annually.
2. NO
CHANGE in personal income tax slab rates.
3. Transport
allowance increased from Rs. 800 to Rs. 1600 pm (applicable for Salaried
employees only).
4. Corporate
tax to reduce from 30% to 25% over next four years.
5. Additional
investment allowance @ 15% and additional depreciation @ 35% to new manufacturing
units set up during 01.04.2015 to 31.03.2020 in backward areas of AP &
Telangana.
6.
Reduction in rate of tax on Income by way of Royalty and Fees for technical
services in case of non-residents from 25% to 10% w.e.f. A.Y. 2016-17.
7.
100% deduction for donations made to Swachh Bharat Kosh and Clean Ganga Fund.
8. NON
FILING OF RETURN / FILING OF RETURN WITH INADEQUATE DISCLOSURES TO HAVE A
RIGORIOUS IMPRISONMENT UPTO 7 YEARS.
9. Acceptance or repayment of an advance of Rs.
20000/- or more in cash for purchase of immovable property to be prohibited.
10.
PAN being made mandatory for any purchase or sale exceeding Rs. 1 lakh.
11.
The limit of deduction under Section 80D will be increased from Rs. 15,000 to
Rs. 25,000. Further, the limit of deduction for senior citizens is also
proposed to be increased from Rs. 20,000 to Rs. 30,000.
12.
As a welfare measure towards senior citizens aged 80 years and above, a
deduction under section 80D is proposed for any payment made on account of
medical expenditure in respect of a senior citizen, subject to a limit Rs.
30,000.
13.
The limit for deduction under section 80DDB is proposed to be increased to Rs.
80,000 in
respect
of amount paid for medical treatment of senior citizen aged 80 years and above.
14.
Section 80DD and section 80U is proposed to be amended to increase the limit
from Rs. 50,000 to Rs. 75,000 and from Rs. 1 lakh to Rs. 1.25 lakh, as the case
may be.
….to be
continued….
No comments:
Post a Comment