Finance Act 2015 available for download

The 2015 Finance Act has been passed and is now available for download here. Some interesting features are:

 

General Announcements

  • 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.

Taxes

  • 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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