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Indian Financial budget for 2015-16
Indian Financial Budget 2009-10
Courtesy: India Budget

Finance Minister Mr. Arun Jaitley presented today his first full budget for fiscal year 2015-16, terming it as a growth focused budget, without tripping on the fiscal deficit constraints. The Finance Minister said the GDP growth is expected to accelerate between 8 to 8.5 percent in the fiscal year starting 2015 aiming double digit growth rate achievable soon.

Relyon brings you the best and informative parts from the budget towards taxation. The due care has been taken while presenting the content over here

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Here are the some highlights from Finance Bill 2015 with related to Direct and Indirect Taxes:

  1. Corporate Tax Rates reduced from 30% to 25% for next four years starting from next financial year
  2. Basic exemptions to Individual Tax payers to remain unchanged to facilitate savings
  3. Wealth Tax abolished, instead 2% additional surcharge introduced for super rich with income more than Rs 1 Crore.
  4. Service Tax rate increased to 14% (all inclusive) to facilitate transition to GST
  5. GST to be in place from April 2016
  6. Income Tax on Royalty and Fees for technical services reduced from 25% to 10%
  7. Increase in limit of deduction of health insurance premium U/s 80D from Rs 15000 to Rs 25000, and for senior citizen limit increased from Rs 20000 to Rs 30000
  8. For senior citizen above 80 years of age, who are not covered by health insurance, tax deduction allowed for medical expenditure incurred upto Rs 30000; and for serious disease Rs 80000
  9. Sec 80DD and 80U deduction increased by Rs 25000
  10. Deduction on account of contribution to a pension fund and the new pension scheme increased to Rs 1.5 Lakh from Rs 1 Lakh earlier
  11. Additional deduction of Rs 50,000 for contribution to New Pension Scheme under Section 80CCD
  12. Interest on deposits in Sukanya Samriddhi Scheme to be fully exempt
  13. Transport allowance, which is currently Rs.800 per month, has been increased to Rs.1,600 per month
  14. 100% deduction for contribution for Swatch Bharta Abhiyan
  15. Proposes to rationalize capital gains tax regime for real estate investment trusts
  16. Quoting PAN made mandatory for transactions exceeding Rs 1 Lakh
  17. To enact new law for black money, concealment of income to attract 10 years of rigorous  imprisonment
  18. Customs duty reduced on 22 items
  19. Domestic transfer pricing threshold limit increased to Rs 20 Crores form Rs 5 Crores
  20. Donation to National Fund for Control of Drug Abuse (NFCDA) to be eligible for 100% deduction u/s 80G of Income-tax Act

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