Simplifying Taxation in India
There is some amount of emphasis on the health care sector across the Finance Bill, 2015. The imprint for the most part is consistent across Customs, Excise and Service tax with various benefits given and concerns addressed of this sector. At the outset, early on in his speech itself the Finance Minister proposed to set … Read more
The Union Finance Minister Shri Arun Jaitley has announced that with respect to Employees Provident Fund (EPF), the employee needs to be provided two options. Firstly, the employee may opt for EPF or the New Pension Scheme (NPS). Secondly, for employees below a certain threshold of monthly income, contribution to EPF should be optional, without affecting … Read more
Fund Managers in India not to constitute business connection of offshore funds It is proposed that mere presence of a fund manager in India would not constitute PE of the offshore funds, as this is resulting in adverse tax consequences currently.In order to facilitate location of fund managers of off-shore funds in India a specific … Read more
Rate of excise duty Education Cess and Secondary & Higher Education Cess leviable on excisable goods fully exempted. Further, standard ad valorem rate of excise duty increased from 12% to 12.5%. Amendments in the Central Excise Act, 1944 Section 11A proposed to be amended to provide as follows: (i) category of cases where extended period … Read more
Budget Speech In pdf Format By Finance Minister Arun Jaitely on 28.02.2015Finance Bill 2015 CorrigendaMemorandum for above Finance BillExplanatory NotesIndirect Tax Changes Summary By ICAIDirect Tax Changes in Budget 2015 By ICAIE book on Budget By ICAI (33MB) Miscellaneous:Medicinal and Toilet Preparartions Clean Energy Cess Changes In Custom & Excise analysis By Alok ShuklaJoint Secretary (TRU-I) Changes In … Read more
SERVICE TAX: Amendments to be effective from a date to be notified after Finance Bill receives the assent of the President 1. Service Tax Rate: The rate of Service Tax is being increased from 12% plus Education Cesses i.e. 12.36% to 14%. The ‘Education Cess’ and ‘Secondary and Higher Education Cess’ shall be subsumed in … Read more
Tax Rates No change in the basic exemption limit and the tax rates of individualsCorporate tax rates proposed to be reduced from 30% to 25% over the next four years, starting from next financial year.The existing rate of tax on Income by way of Royalty and Fees for technical services in case of nonresidents @25% proposed … Read more
IN last twenty years of doing budget analysis, I have still to see a Finance Minister who has been able to give all appeasing and perfect budget. Some ordinary looking budgets have led to high growth whereasat least one dream budget led to a mediocre growth. One budget allowed India to come out of clutches … Read more
Central Excise:Rate1. Existing rate of 12% ad valorem will be @12.5% adv. from 01.03.2015 under the head CENVAT (Basic) duty. Levy of Primary Education Ccess and S&H Education Cess @ 2% and 1% respectively on the quantum of Cenvat (Basic) duty will be exempted from 01.03.2015. Other basic excise duty ad valorem with a few … Read more
BUDGET 2015 has introduced numerous changes with respect to Service Tax. These changes are discussed in chronological order i.e. changes applicable from 1 st March 2015,changes applicable from 1 st April 2015, changes applicable from date of assent to Finance Bill & changes applicable from the date of notification after assent to Finance Bill. At the … Read more