Budget Highlights..!!

                                                 

1. Corporate Tax Cut Down To 25% from 30% 
2. GST to be put in place by April 1, 2016
3. PAN Mandatory for all Immovable transactions above 1 LAC
4. Wealth Tax Remove

Tax Amendments

Direct Tax

23. No change in Slab Rates except Decease in Corporate Tax rate from 30% to 25% for 4         years.
24. Signals for Withdrawn of exemption related to corporate to compensate decrease in             corporate rate.
25. New Law on Black Money Monitoring
26. Prosecution (non- bailable) upto 10 years for persons avoiding money in foreign assets
27. Foreign assets related prosecution upto 7 years , return is required
28. FEMA to be amended for seizure of asset in India to compensate tax avoidance of                 foreign assets
29. Compulsory PAN for immovable property exceeding Rs. 1 Lac
30. 300% penal on foreign assets
31. Deferment GAAR for 2 years
32. Induce tax on royalty on tech services from 25% to 10%
33. Wealth Tax abolished, replaced with by 2% cess on super rich
34. Exemption on accidental insurance from Rs. 15 k to 20k, for senior citizen Rs. 30000/-
35. 100% exemption for contribution to Swach Bharat Fund
36. New exemption Rs. 50000/- for 80CCD for payment pension scheme
37. Transportation allowance exemption from 800 pm to 1600 pm
38. Contribution to pension scheme increased from Rs 1 lakh to Rs 1.5 lakh 

Indirect Tax

39. Reduce the excise duty on inputs
40. Increase in Ad volarum rate of 12.36% to 12.50%.
41. Increase in rate of Service tax from 12.36% to 14%
42. New Swayach Bharat (Clean Energy Cess) on Coal Rs. 200 per tonne
43. Extension of exemption to electricity vehicle part related
44. Service tax exemption to senior citizen
45. ST exemption to cold storages
46. Online service and excise registration in 2 working days.