The 2015 Finance Act has been passed and is now available for download here. Some interesting features are:
- Current account deficit for FY15 to be below 1.3 % of GDP.
- Expect CPI to remain close to 5% by year-end.
- To achieve 3.9% fiscal deficit in FY16.
- To put in place Direct Tax Regime.
- Increase in Visa On Arrival facility from 43 to 150 countries.
- To rationalise & remove exemptions for corporates.
- Basic rate of Corporate Tax reduced from 30% to 25% over next 4 years.
- Exemptions for Individual Tax payers to continue.
- Distinction between foreign direct investment and foreign portfolio investment will be abolished
- GAAR deferred by two years.
- To incentivise debit-credit card transactions.
- To exempt SAD on all items.
- To replace wealth tax with additional 2% surcharge on super rich with annual income of over 1 crore rupees.
- To increase central excise duty to 12.5%.
- Excise duty cut on footwears.
- Changes in Excise duty on cigarettes.
- To increase service tax rate from 12.36% to 14%.
- Transport Allowance exemption increased to Rs. 1600.
- To allow Exemption of Rs. 1.5 lakh under New Pension Scheme.
- Health insurance premium exemption raised to Rs 25,000 from Rs 15,000.
- Health Insurance premium limit for senior citizens to be Rs. 30,000.
- Giving the PAN number to be made mandatory for any purchases above Rs 1 lakh.
For more details, read the budget.
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