Budget 2015
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Transcript of Budget 2015
RSP Summit - 2015
CA. PRAVEEN M R© RSP SUMMIT
14.03.2015
RSP Summit - 2015
INDIVIDUALS AGE< 60 YEARS
UPTO Rs.2,50,000 NIL
Rs.2,50,000 – Rs.5,00,000 10%
Rs.5,00,000 – Rs.10,00,000 20%
Above Rs.10,00,000 30%
SENIOR CITIZENS
UPTO Rs.3,00,000 NIL
Rs. 3,00,000 – Rs.5,00,000 10%
Rs.5,00,000 – Rs.10,00,000 20%
Above Rs.10,00,000 30%
UPTO Rs.5,00,000 NIL
Rs.5,00,000 – Rs.10,00,000 20%
Above Rs.10,00,000 30%
SUPER SENIOR CITIZENS * Surcharge of 12% applicable if income exceeds 1 Crore
TAX RATES “TAX THE SUPER RICH”
RSP Summit - 2015
Partnership Firm
TAX RATE 30%
* Surcharge of 12% applicable if income exceeds 1 Crore
Company
TAX RATE 30%
Minimum Alternate Tax 18.50%
• Surcharge of 7% applicable if income exceeds 1 Crore
• Surcharge of 12% applicable if income exceeds 10 Crore
• Tax rate to be reduced to 25% in the next 4 years
TAX RATES “TAX THE SUPER RICH”
RSP Summit - 2015
Wealth Tax abolished from AY 2016 - 2017
GAAR has been deferred by another 2 Years
GST to be introduced from 01.04.2016
Domestic transfer pricing to be applicable for transactions exceeding Rs. 20 Crores(increased from present Rs.5 Crores ]
Application for registration under service tax and central excise to be cleared within 2 days
KEY TAKEAWAYS OF THE BUDGET
RSP Summit - 2015
Service Tax increased from 12.36% to 14%.To be applicable from the date notified in official gazette
Swacch Bharath Cess at 2%To be charged over and above 14%. Total Service tax component to become 16%
Excise Duty rate to be increased from 12.36% to 12.50%To be applicable from 01.03.2015
KEY TAKEAWAYS OF THE BUDGET
RSP Summit - 2015
Concealment of income & assets - 10 years rigorous imprisonment and penalty of 300%
Non filing of income tax returns or filing with inadequate disclosure of foreign assets – 7 years rigorous imprisonment.
Benami Transactions bill
Restriction of cash transactions
LAW ON BLACK MONEY
RSP Summit - 2015
DEDUCTIONS FROM INCOME
SUKANYA SAMRUDHI SCHEME
• Can be invested by parents of a girl
child
• Maximum investment in an year is
Rs.1,50,000
• Account can be opened in Post office or
Bank
• Interest rate at 9.1%
• 50% of the Amount can withdrawn once
the girl achieves age of 18 and is
married
• Account can be closed on girl attaining
21 years.
At the time of investment
Interest Earned
At the time of withdrawl
“BETI BACHAO BETI PADAO”
RSP Summit - 2015
ASSESSEE PREVIOUS LIMIT PRESENT LIMIT
Individual Rs.15,000 Rs.25,000
Senior Citizen
Rs.20,000 Rs.30,000
For individuals whose age is more than 80 years, medical expenditure upto Rs.30,000/- shall be allowed as deduction
DEDUCTIONS FROM INCOME
SECTION 80 D : HEALTH INSURANCE
SUPER SENIOR CITIZENS
RSP Summit - 2015
ASSESSEE PREVIOUS LIMIT PRESENT LIMIT
Individual Rs.60,000 Rs.60,000
Senior Citizen
Rs.60,000 Rs.60,000
Super Senior Citizen
Rs.60,000 Rs.85,000
DEDUCTIONS FROM INCOME
SECTION 80 DDB : EXPENDITURE TOWARDS SPECIFIED DISEASES
RSP Summit - 2015
ASSESSEE PREVIOUS LIMIT
PRESENT LIMIT
Normal Disability Rs.50,000 Rs.75,000
Severe Disability Rs.1,00,000 Rs.1,25,000
DEDUCTIONS FROM INCOME
SECTION 80DD: MEDICAL EXPENDITURE OF DISABLED DEPENDANT
SECTION 80U: MEDICAL EXPENDITURE OF SELF
RSP Summit - 2015
Increase in transportation allowance from present Rs.800 per month to Rs.1600 per month.
No TAN requirement for deducting tax from Non Resident for purchase of immovable property
OTHERS
RSP Summit - 2015
EARLIER
Additional depreciation on machinery purchased by manufacturer @ 20% if used for more than 180 days.
If used for less than 180 days @ 10%
NOW
Additional depreciation on machinery purchased by manufacturer @ 20% if used for more than 180 days.
If used for less than 180 days @ 10% - Balance of 50% can be used in next year
DEPRECIATION “MAKE IN INDIA”
RSP Summit - 2015
FOR INVESTMENT IN ANDHRA & TELANGANA
Additional deduction for investment by way of Plant & Machinery in backward regions of Andhra & Telangana @ 15%
INVESTMENT ALLOWANCE “MAKE IN INDIA”
RSP Summit - 2015
REAL ESTATE INVESTMENT TRUSTs [REITs]
REITMinimum Investment 2 Lakhs Minimum Size
250 Crores
Commercial Establishments
Apartments
Warehouse
BASICS
RSP Summit - 2015
REIT
REAL ESTATE INVESTMENT TRUSTs [REITs]
RETURNS
INCOMEa) Rental Incomeb) Capital Gainsc) Dividend d) Interest
DISTRIBUTION
90% Payout
RSP Summit - 2015
REAL ESTATE INVESTMENT TRUSTs [REITs]
BENEFITS
REIT’sAdvantages
Developer
Investor
GO
vt
FII,
FD
I
• Liquidity • Capital raising opportunity
• Reduced ticket size• Easy entry & exit• Managed by Professionals
• Opportunity to enter real estate market
• Increase in revenue
RSP Summit - 2015
REAL ESTATE INVESTMENT TRUSTs [REITs]
TAXATION
Nature of Income In the hands of the Fund In the hands of the investor
Interest Exempt Taxable
Sale of Shares Taxable as Capital Gains Exempt
Rentals Exempt No TDS
Taxable
Any other Income Taxable at 33.99% [MMR] Exempt
RSP Summit - 2015
GOLD MONETISATION SCHEME
HOW IT WORKS?
GOLD METAL ACCOUNT
INVESTORS JEWELLERS
RSP Summit - 2015
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