INDIAN UNION BUDGET€¦ · The Indian Union Budget 2015 –Highlights 1 The Indian Union Budget...

INDIAN UNION BUDGET

2015

1The Indian Union Budget 2015 – Highlights

The Indian Union Budget 2015 - Foreword

• Famous US Actor & Comedian Bill Cosby said “I don't know the key to

success, but the key to failure is trying to please everybody” our

Finance Minister Mr. Arun Jaitley has followed the same line of

thinking while presenting the Union Budget 2015

• Mr. Pragmatic, as he was named during the last budget, has

continued on the path of slow and steady progress rather than block

buster big bang reforms which might please the majority in the short-

run but may have dire consequences in the long-run

• The Budget has a long-term vision and is aimed at strengthening the foundations of the Indian economy

which it is hoped will bring rich dividends in the future

• The focus of the Budget has been to promote measures to attract investments in key sectors, especially

focus on development of Infrastructure which acts as the backbone for growth, simplification and

stability of the tax regime, development of the financial sector, reduction of black money and maintaining

fiscal discipline over the long-run

• Overall the Budget is practical and puts forth the Finance Minister Mr. Arun Jaitley as a strategic

architect to fulfill the Prime Minister – Shri Narendra Modi's economic vision for a glorious India

• The godfather of Investing Warren Buffet says "Successful Investing takes time, discipline and patience”

and the same is true for Economic Growth and Progress of a country

The Indian Economy at a glance


The year that was

5.1%

6.9%7.4%

2012-13 2013-14 2014-15

3

Macro Overview

GDP Growth Rate1 Sector wise breakdown of GVA2

Rupee Vs Dollar GVA Growth Rate

The Indian Union Budget 2015 – Highlights

57.00

58.00

59.00

60.00

61.00

62.00

63.00

64.00

Apr-

14

May-1

4

Jun-1

4

Ju

l-14

Aug-1

4

Sep-1

4

Oct-

14

Nov-1

4

Dec-1

4

H

L

H LHigh during 14-15 (April

– Dec) at Rs. 62.75 per

dollar

Low during 14-15 (April –

Dec) at Rs. 59.31 per

dollar

4.90%

6.60%

7.50%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

2012-13 2013-14 2014-15

1Based on New Series Estimates, 2014-15 is an Advance Estimate (For more

information regarding new series estimate please refer to page 3)

19% 19% 19% 18%

33% 32% 31% 30%

48% 50% 51% 53%

2011-12 2012-13 2013-14 2014-15

Agriculture & Allied Activities Industry Services

2GVA : Gross Value Added, GDP = Ʃ GVA at basic prices + product taxes –

product subsidies (calculated at factor price)

Source : Economic Survey 2014-15, ** Data for month April- December

4

Accounting Changes : New Series GDP Estimates Vs. Old Series GDP Estimates


5.1%

6.9%7.4%

2012-13 2013-14 2014-15

Old Series GDP Growth Estimates New Series GDP Growth Estimates

Key Changes :

• The base year has been shifted to 2011-12 from 2004-05 to reflect structural changes in the economy

• The GDP is now measured by market prices instead of factor costs, to take into account gross value addition in goods and

services as well as indirect taxes

Why is the New Series better ?

• The new series captures, in large segments of the economy, the value chain more completely; and also updates in other

segments, the basis for computing value addition

• The new series also describes growth in value addition better, through its greater use of value linked indicators. This is

important because as an economy develops, growth in value added comes from improvements in the per unit value

addition rather than in growth of volume

• From this perspective, the new series better equips us to understand the changes which are taking place and will take

place in the years to come

4.5%4.7%

5.9%

2012-13 2013-14 2014-15

Source : Economic Survey 2014-15, ** Data for month April - December

5

Macro Indicators

Inflation & Monetary Factors Industrial Performance


8.90%7.40%

6.00%

3.40%

8.00%

7.75% 8.00%

7.75%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

10.00%

2011-12 2012-13 2013-14 2014-15**

Inflation and Repo rate

Inflation Rate Interest Rate

• The Average Headline WPI Inflation came down to a four

year low of ~3.4% in 2014-15 after averaging almost 7.5%

over the last 3 years on the back of the fall in global

commodity prices

• CPI Inflation also came down to ~6.2% from 9.7% from

last year

• Following a tight monetary policy, RBI reduced the Repo

rate once by 25 bps to 7.75% on account of decline in

inflation rate

Our Views : The cooling in inflation is a result of significant

drop in crude oil prices, but the RBI remains cautious and

has abstained from announcing any major cuts in repo rate

or given any further indication of doing so

• IIP of 2.1% suggests that the industrial sector is

recovering slowly

• Growth of 2.1% can be attributed to recovery in the

mining sector (1.7%) and impressive growth in the

electricity sector (10%)

• Advanced Estimates show industrial growth of 5.9% as

per the new series

Our Views – The government is in damage control &

repair mode to bring back confidence amongst the

business community and revive economic growth. Recent

initiatives such as Make In India and Digital India are its

triggers

8.2%

2.9%

1.1%

-0.1%

2.1%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2010-11 2011-12 2012-13 2013-14 2014-15**

IIP

Pe

rce

nta

ge %

Index of Industrial Production (IIP) %

Source : Economic Survey 2014-15, ** Data for month April - December

6

Fiscal and Current Account Deficit

Fiscal Deficit (as a % of GDP) Current Account Deficit (as a % of GDP)

Fiscal Deficit over the last 10 Years (as a % of GDP) Forex Reserves over the last 6 Years (in $ Bn)


4.1% 4.1%Budgeted vs. Actual

3.90% 4%3.30%

2.50%

6%6.50%

4.80%

5.70%

4.80% 4.60%4.10%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*

Our Views – In the July 2014 Interim Budget, the

government assumed its role with a challenge to bring

down the fiscal deficit from 4.6% to 4.1% and they have

achieved their target. Now the government is aiming to

reduce it further to 3% as planned in FRBM (Amendment)

Act 2012. This plan of action is to be supported by

subsidy reductions and moving towards the golden rule

of borrowing only for public investment

1.7% 1.3%2013-14 vs. 2014-15

Our Views – It is a remarkable achievement to maintain the

Current Account Deficit (CAD) at such levels when

compared to the levels of ~4.5% in the year 2012-13. CAD

Stood at US$ 17.9 billion (April – September) as against

US$ 26.9 billion in the same period of 2013-14. This has

been achieved through lower trade deficits along with

moderate growth in invisibles, fortuitous decrease in crude

oil prices, and a surge in capital inflows enabled by higher

portfolio investment, foreign direct investment and lower

external commercial borrowings

$279

$305

$294 $292

$304

$314

$260

$270

$280

$290

$300

$310

$320

2010 2011 2012 2013 2014 2015*

Source : Economic Survey 2014-15, *Data for month April - December * 2015 : Data is for April2014 - September2014

Big Policy Announcements


The year to come

8

Big Policy Announcements – the year to come (1/2)


• Major game changing reforms announced in the current budget are :

- Efforts to continue on various fronts to implement GST from April 1, 2016 which will be a game changer

for the country

- Jan Dhan Yogna, Aadhar and Mobile (JAM Trinity) - for direct benefit transfer (to allow direct subsidy

transfer to bank accounts of beneficiaries)

• Micro Units Development Refinance Agency (MUDRA) Bank, with a corpus of Rs. 20,000 crores, and

credit guarantee corpus of Rs. 3,000 crores to be created

• NBFCs registered with the RBI and having an asset size of R. 500 crore and above may be considered

for notifications as a „Financial Institution‟ in terms of the SARFAESI Act, 2002

• Pradhan Mantri Jeevan Jyoti Bima Yojana to cover both natural and accidental death risk of Rs. 2

lakhs at premium of Rs. 330 per year for the age group of 18-50

• National Investment and Infrastructure Fund (NIIF), to be established with an annual flow of Rs.

20,000 crores to it

• Gold monetization scheme to allow the depositors of gold to earn interest in their metal accounts and

the jewelers to obtain loans in their metal account to be introduced (Indian gold coin to be introduced)

• Public Debt Management Agency (PDMA) bringing both external and domestic borrowings under one

roof to be set up in fiscal 2015-16

9

Big Policy Announcements – the year to come (2/2)


• Comprehensive Bankruptcy Code of Global standards to be brought in during fiscal 2015-16 towards

ease of doing business

• Bill for a comprehensive new law to deal with Black Money parked abroad to be introduced in the

current session of Parliament. PML Act, 2002 and FEMA to be amended to enable administration of

new Act on black money

• Benami Transactions (Prohibition) Bill to curb domestic black money to be introduced in the current

session of Parliament.

• Removal of distinction between Foreign Portfolio Investment (FPI) and Foreign Direct Investment

(FDI) for making it easier for overseas investors to invest in Alternative Investment Funds (AIFs)

• Pass through status extended to other AIF categories i.e. Real Estate, Private Equity and Hedge

Funds

• Modification of the Permanent Establishment (PE) norms such that mere presence of a fund manager

in India would not constitute PE of the offshore funds resulting in income attribution in India

• Implementation of General Anti Avoidance Rule (GAAR) has been deferred by 2 years

• Abolition of Wealth Tax Act, 1957 & the burial of the Direct Tax Code (DTC)

• Proposal to reduce peak tax rate from 30% to 25% over the next four years

Sectoral Highlights


What does it mean for your business?

11

Agriculture

Real Estate

Infrastructure

What does this mean for your business? (1/6)

Expectations Announcement Impact


• A cut in excise duty for agro-chemicals

in order to support better yield by

making them more affordable for the

farmers

• The purchase of Micro Irrigation

equipment/systems by farmers should

be eligible for priority lending by banks

to agriculture sector

• Rs.5,300 crore to support micro-

irrigation and watershed development

• Rs. 25,000 crore in 2015-16 to the

corpus of Rural Infrastructure

Development Fund (RIDF) and Rs.

15,000 crore for Short Term RRB fund

• To take major steps towards

initiatives like smart cities and

housing for all

• Increase in interest loan deduction

limit for housing loan and other

criteria to be made lenient for

availing housing loans

• Vision housing for all, with the aim to

build 2 crores houses in urban areas

and 4 crores houses in rural areas by

2022

• Rationalization of capital gains regime

for the sponsors exiting at the time of

listing of the units of REITs *

• Introduction of „single–window

clearance„ system for businesses

engaged in infrastructure

development

• Heavy spending on Infrastructure

and taking out projects from the trap

of delays and red tape

• 5 new Ultra Mega Power Projects, each

of 4000 MW in the Plug and Play mode

• Expert committee to draft legislation to

replace multiple-permission mechanism

by pre-existing regulatory mechanism

• Tax free infrastructure bonds for the

projects in the rail, road and irrigation

sectors

* Refer Direct Tax - Financial Sector Highlights for details

12

Banking Sector

Insurance Sector

Mutual Funds


Impact


• Dilution of government stake in

Public Sector banks (PSBs) up to

51% in near future to meet capital

requirement

• Higher autonomy to PSBs while

making them more accountable for

performance and consolidation of

banks

• A separate limit in section 80CCE for

deduction up to Rs. 1.5 Lakh for

insurance premium payments

• The deduction limit under section

80D for health insurance premium to

be increased from Rs 15,000 to Rs

50,000

• Switching of investment under various

plans of a mutual fund scheme or inter-

scheme should be exempted from

capital gains tax

• The industry is demanding tax

concessions for unit linked pension

plans under section 80CCD of the

Income tax act

• An autonomous Bank Board Bureau

to be set up to improve the

governance of public sector banks

• Micro Units Development Refinance

Agency (MUDRA) Bank, with a

corpus of Rs. 20,000 crores, and

credit guarantee corpus of Rs. 3,000

crores to be created

• Service tax exemption on service

provided by way of Varishtha Pension

Bima Yojna

• Limit of individual health insurance

deduction of the health insurance

premium increased from Rs. 15,000 to

Rs. 25,000 & for senior citizens limit

increased from Rs. 20,000 to Rs.

30,000 *

• Tax neutrality on merger of similar

schemes of mutual funds

• Service Tax exemption for Mutual

Fund Agents of Asset Management

Companies (AMCs) withdrawn

Expectations Announcement

* Refer Direct Tax - Personal Taxation Highlights for details

13

Defence

Auto Sector

Renewable Energy


Impact


• „Make in India‟ initiative to

encourage domestic production of

defense equipment instead of

buying them from overseas

• Introduction of various exemption

schemes to the businesses involved

in domestic equipment production

• „Make in India‟ policy is being pursued

to achieve greater self-sufficiency in the

area of defence including air-crafts

• Budget for the defence sector

increased by 10.95% to Rs 2.46 lakh

crore as compared to the revised

estimates of Rs. 2.22 lakh crore for

2014-15

• To boost the „Make in India‟ initiative

and provide much needed impetus to

the commercial vehicle industry

• Cut in excise duty

• Increase in basic custom duty tariff rate

on commercial vehicles from 10% to

40%

• Concessions on custom and excise duty

available to electric vehicles and hybrid

vehicles extended up to March 2016.

• Allocation of more funds towards the

green energy projects so as to have

more focus on the cleaner and greener

sources of energy and ensure

sustainable growth

• Strengthening of the distribution and

transmission system in rural areas

• Strong government focus on Clean

Energy and making India self sufficient.

Renewable energy targets announced till

2022 which comprise of 100,000 MW for

solar energy, 60,000 for wind

energy, 10,000 MW for bio-mass and 500

MW for small hydro


14

Tourism and

Hospitality

Metals and Mining

Healthcare


Impact


• Expected to increase visa on arrival

to more countries to boost tourism

• Give infrastructure status to hotels

and resorts so as to allow them to

take benefit of section 80-IA of the

Income Tax Act

• Visa on arrival to be increased to 150

countries in stages

• Major Initiative taken to promote

Swach Bharat will increase tourism in

the country

• Reducing export duty on low grade

iron ore (<50%)

• Increasing import duty on steel in

view of increase in import from china

to boost domestic production

• Basic Custom Duty tariff rate on iron

and steel and article of iron and steel

increased from 10% to 15%

• Clean energy cess increased from Rs.

100 to Rs. 200 metric tone of coal

• Basic custom duty on metallurgical

coke is increased from 2.5% to 5%

• Income tax write-offs for 250% of R&D

expenses

• Setting up medical technology parks

• Steps to create a health data base

linked to „Aadhar‟ numbers to enable

access to the person‟s medical history

across health care institutions

• All ambulance services provided are

exempt from service tax

• Providing social security system for all

Indians specially for poor, but no

specific announcements to boost the

healthcare sector


15

IT & ITES


Impact


• To include IT/ITES in the list of

specified services for availing 150%

deduction on expenditure incurred

on skill development projects

• Tax incentives for software products

originating from India to promote the

„Make in India‟ campaign

• Fast-track implementation of

National Electronics Policy 2012

• Rs. 1,000 Crores have been set aside

for Self Employment and Talent

Utilization (SETU), a Techno-

financial, incubation and facilitation

program to support start –ups

• Expert committee to examine possibility

of replacing multiple prior permissions

by pre-existing regulatory mechanism

for star-ups

• Removal of Special Additional Duty

(SAD) from IT hardware manufacturing

industry

Food Processing

• Announcement of incentives for

setting up ware houses, cold

storage facilities, food processing

clusters in order to achieve the twin

objectives of lower food inflation

and higher realization for the

farmers

• Service Tax exemption provided to

services of pre-conditioning, pre-

cooling, ripening etc. of fruits and

vegetables

• Transportation of agricultural produce

to remain exempt from Service Tax


16


Impact

Consumer Electronics

Education


• Extension of tax benefits to principal

repayment of higher education loan

• Interest subvention on education

loans

• Grant of infrastructure status to the

higher education sector

• Removal of Special Addition Duty

since it is not aligned with the “Make

in India” initiative

• Reduction is excise duty from 12% to

10%

• Reduction is custom duty on certain

imported parts for manufacturing Air

Conditioners, Washing Machines and

Refrigerators

• All goods except populated printed

circuit boards, fully exempted from

Special Addition Duty

• Basic Custom Duty on Black Light

Unit Module, Organic LED for

LCD/LED TV panels reduced to Nil

• Excise duty structure for mobile

phones changed

• National skill mission to consolidate

skill initiatives spread across

several ministries to be launched

• A student Financial Aid Authority to

administer and monitor the front end

all scholarship as well Educational

Loan Schemes, through the

Pradhan Mantri Vidya Lakshmi

Karyakram


Direct & Indirect Tax Highlights


18

Changes in the Tax laws – affecting Individuals (Personal Taxation)

Personal

Taxation

Taxation – All

assessees‟

FDI - Taxation

measuresService Tax

Cross Border

Taxation &

Transfer Pricing


• Tax deduction allowed u/s 80C for contribution made to the girl child under the

Sukanya Samriddhi Account Scheme, the interest income thereon and the

withdrawal of the contribution as per the rules there-under would be tax free

• Increase in deduction on health insurance premiums paid under Sec 80D from

from Rs.15,000 to Rs. 25,000

• In case of senior citizens - Health Insurance Premium limits u/s 80D enhanced

from Rs. 20,000 to Rs. 30,000 or Special tax benefit for health expenses

incurred allowed upto Rs.30,000

• Raising limit of deduction for pension schemes under Sec 80CCC & 80CCD by

Rs.50,000.

• The total exemption available from AY 16-17 under section 80C, 80 CCC and 80

CCD combined has accordingly been enhanced from Rs 100,000 to Rs.

150,000

• Exemption limits for Transport Allowance in case salaried employees increased

from Rs. 800 per month to Rs. 1600 per month, having an incremental impact of

Rs. 9,600, making the total annual deduction Rs. 19,200

• Increase in surcharge on Taxable Income above Rs. 1 crore from 10% to 12%

Excise and

Customs

No increase in basic

exemption limit for

individual taxpayers

19

Changes in the Tax laws – affecting all assessees


• Wealth Tax abolished with effect from AY 2016-17. However, disclosure of assets to be made in Income tax return

• Any payment or advance given for transfer of immovable property included in Sec 269SS & 269T as a measure

to curb black money

• PAN being made mandatory for any notified purchase or sale exceeding Rupees 1 lakh. (yet to be notified)

• Procedural mechanism for processing TDS extended to TCS statements

• Taxation under MAT - share of profit from AOP received by a Company exempted bringing the tax treatment at par

with taxation of share of profit from a AOP received by a Partner of a Partnership Firm

Category / Income Non-corporate Tax payer

(Domestic)

Non-Residents (Excl.

Foreign Co)

Domestic Companies

Taxable Income < Rs. 1 Cr. Nil Nil Nil

Taxable Income between

Rs. 1 Cr. To Rs. 10 Cr.

From 10% to 12%

ETR – 33.99% to 34.608%

From 10% to 12%

ETR – 33.99% to 34.608%

From 5% to 7%

ETR – 32.445% to 33.063%

Taxable Income above

Rs. 10 Cr.

From 10% to 12%

ETR – 33.99% to 34.608%

Increased from 10% to 12%

ETR – 33.99% to 34.608%

Increased from 10% to 12%

ETR – 33.99% to 34.608%

• Surcharge on Income has been increased affecting effective tax rates (ETR) - summarized as below:

No change in tax rates

No change in tax exemption

slabs for non corporate taxpayers

Personal

Taxation

Taxation – All

assessees‟

FDI - Taxation

measuresService Tax

Cross Border

Taxation &

Transfer Pricing

Excise and

Customs

20

Changes in the Tax laws – affecting Cross Border Transactions & Transfer Pricing


• Reporting compliances in Form 15CA / 15CB extended to all remittances

including non taxable remittances u/s 195(6) – Rules to be notified

• The scope of residency status widened by introduction of “Place of Effective

Management” (POEM) under section 6

• Deferment of General Anti Avoidance Rules (GAAR) by 2 years to AY 18-19

• Reduction in the tax rate on Royalty and FTS from 25% to 10% u/s 115A in

case of non-residents from AY 16-17

• Clarification on tax provisions applicable on indirect transfer of assets -

Substantial interest defined – under section 9

• Domestic Transfer Pricing threshold limits for specified domestic transactions

(SDT) u/s 92BA increased from Rs. 5 Cr. To Rs. 20 Cr. – Compliance burden

reduced on small assesses

• CBDT to notify rules for giving foreign tax credit

No change in tax rates &

surcharge applicable to

Foreign Companies

Personal

Taxation

Taxation – All

assessees‟

FDI - Taxation

measuresService Tax

Cross Border

Taxation &

Transfer Pricing

Excise and

Customs


While the direct tax proposals are not sector specific, in line with the

Make in India vision and the ease of Doing Business certain measures

have been brought into the Direct Tax Proposals to promote the

investment climate in India

• Pass through status has been given to Cat-I and Cat-II Alternative Investment

Funds (AIF) through the introduction of a special tax regime

• Fund managers presence in India not to constitute business connection for

income attribution of offshore funds

• Taxation regime for Real Estate Investment Trusts (REITs) & Infrastructure

Investment Trusts (Invit) simplified by allowing benefit to unit-holders at exit

and allowing pass through status to income of the Trusts

• MAT not applicable on Long term Capital Gains of FIIs in India

Changes in the Tax laws – affecting Foreign Direct Investment in India

Personal

Taxation

Taxation – All

assessees‟

FDI - Taxation

measuresService Tax

Cross Border

Taxation &

Transfer Pricing

Excise and

Customs

22

Changes in the Tax laws for Indirect Taxes


• Increase in the rate of service tax to 14% from 12.36%

• Service-tax exemption to construction, erection, commissioning or installation

of original works pertaining to an airport or port withdrawn

• Possibility of imposition of Swachh Bharat Cess on taxable services @ 2%

• Transport & Logistics: service tax hike of 2.4% for non economy class air-

travel

• Service-tax to be levied on service provided by way of access to amusement

facility, entertainment events or concerts, pageants, non recognized sporting

events etc.

• Online registration of service tax in 2 working days

• Allow credit of service tax under partial reverse charge without linking it to the

payment to the service provider

• Transportation of agricultural produce to remain exempt from Service-tax

• New Service tax exemption on transport of goods for export by road from

factory to land customs station, pre-conditioning and pre-cooling etc. of fruits

and vegetables, life insurance service provided through Varishtha Pension

Bima Yojana, ambulance services and admission to zoo, national park and wild

life sanctuary etc.

Personal

Taxation

Taxation – All

assessees‟

FDI - Taxation

measuresService Tax

Cross Border

Taxation &

Transfer Pricing

Excise and

Customs

23

Changes in the Tax laws for Indirect Taxes


• Excise duty on cigarettes increased by 25% for sub 65mm cigarettes

• Food processing: Excise Duty on mineral water and aerated drinks increased

to 18%

• Excise duty on sacks and bags of polymers of ethylene other than for

industrial use increased from 12% to 15%

• Import tax on met coke increased to 5% from 2.5%

• While EC and SHEC presently applicable to petroleum products, including petrol

and HSD are being exempted, the Additional Duty of Excise has been increased

on them by Rs. 6 per litre.

• Auto – LCV‟s & HCV‟s: Import Duty on vehicles with capacity more than 10

seats increased to 40% from 10% - protects domestic industry for Make in India

• Customs duty on Import of LED, LCD panels made Nil

• Special Additional Duty on iron, steel scrap cut by 2%

• Govt. reduces excise duty on leather footwear to 6%

• Basic Custom duty on certain inputs, raw materials, inter mediates and

components in 22 items, reduced to minimise the impact of duty inversion

• Excise duty on chassis for ambulance reduced from 24% to 12.5%

Personal

Taxation

Taxation – All

assessees‟

FDI - Taxation

measuresService Tax

Cross Border

Taxation &

Transfer Pricing

Excise and

Customs

No change in Basic rate of

excise & custom duty

24

Conclusion

• India has gone from the days of gloom and doom to mass euphoria in the last 10 months. The way both

Indians and global investors look at India today and what they expect from it in the short-run, is somewhat

unrealistic. But this Euphoria has put India back on the Global map as the Destination To Do Business. There

are initiatives that are being taken to enhance the “Make in India” mission with impetus being given to

improve manufacturing capacities, undertake technological improvements, increase productivity and provide

employment to its masses coupled with social security.

• While, the macro indicators of the economy, the impact on the different sectors of the Policy initiatives and

the direct and indirect tax proposals have been discussed in this presentation made by the S.R.D.

Knowledge Team, the detailed analysis of the fine print of the budget and our views will be available on the

S.R. Dinodia & Co. LLP. website soon.


S.R. Dinodia & Co. LLP – Your Intelligent Connect

For more information on how S.R. Dinodia & Co. LLP can provide business solutions that work for you,

Contact us at [email protected] or visit us at www.srdinodia.com

For our blog – Intellinsight, you may visit intellinsight.srdinodia.com

Sources

Speech of Hon‟ble Finance Minister Shri Arun Jaitely

Finance Bill, 2015

Memorandum to Finance Bill, 2015

Economic Survey of India 2015

This information contained herein is in summary form and is therefore intended for general guidance only. This publication is not intended to address the circumstances of any particular

individual or entity. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. This publication is not a substitute for

detailed research and opinion. Before acting on any matters contained herein, reference should be made to subject matter experts and professional judgment needs to be exercised. S.R.

Dinodia & CO. LLP cannot accept any responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication.

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