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Highlights Budget 2015-16

Deepak Aggarwal
Wealth tax abolition paired with new surcharge and phased corporate tax reduction to reshape direct tax framework. Yoga activities will be treated as charitable activities expanding tax exempt nonprofit scope. Proposals eliminate wealth tax with a compensatory surcharge on high income individuals, phase down corporate tax rates, rationalize exemptions and MAT (including for FIIs), defer GAAR prospectively, and amend PE and foreign asset reporting rules. Indirect tax measures include expanded service tax exemptions, selective withdrawal of exemptions to widen the base, a higher service tax rate, faster online registration, and enhanced interagency data sharing. (AI Summary)

Budget Highlights 2015-16

  • Yoga activities will be covered in Charitable activities under Sec. 2(15) of income tax Act.
  • Service tax exemption for senior citizens in Swasth Bima Yojana
  • Net gain in tax proposals - ₹ 15068 Crores
  • Service tax exemptions will be extended to Cold 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
  • 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  • Some Exemptions in service tax withdrawn to extend service tax base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. permanent 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 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 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 will be coverd in SARFASI act
  • 6 crors more toilets will be made as a part of Swatch Bharat Abhiyan
Budget - Tax Proposals
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