2015-16 tax changes final

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Presented by ;- Irfan saleem (PA-1319) Hirak (PB-1316) Shreya (PB-1339) Khushboo (PB-1321)

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2015-16 tax changes final

Transcript of 2015-16 tax changes final

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Presented by ;-Irfan saleem (PA-1319)Hirak (PB-1316)Shreya (PB-1339)Khushboo (PB-1321)

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BUDGET:-A budget is a quantitative expression of a plan for a defined period of time. It may include planned sales volumes and revenues, resource quantities, costs and expenses, assets, liabilities and cash flows. It expresses strategic plans of business units, organizations, activities or events in measurable terms.

TAX:A tax is a financial charge or other levy imposed upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state to fund various public expenditures.

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Presented By:- Mr. Arun Jaitley honorable Finance Minister of India Date :- February 28th 2015 Venue:- PARLIAMENT OF INDIA MAIN OBJECTIVES :- Improve quality of life and to pass benefits to common man. TARGETD GROWTH OF GDP:- 7.4 %

UNION BUDGET 2015-16

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The honourable Finance Minister (FM) ended his budget speech with the Upanishad-inspired mantra :-

“Om Sarve Bhavantu Sukhinah” (OM! May All Be Happy)

Let's try to understand the overall impact of the budget and endeavour to decipher how the FM has really managed to keep the Aam Admi happy.

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The objective of this Budget is to improve quality of life and to pass benefits to common man.

Direct Tax collection is going to be 14.49 lakh crore rupees

Basic rate of Corporate Tax to be reduced from 30% to 25% in next 4 years and will be accompanied by reducing exemptions.

Exemptions to individual tax payers will remain same

Highlights:

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Wealth Tax Abolished, instead super rich will pay extra 2% extra surcharge for people with income over 1 Crore. This will lead to additional 9,000 cr to Tax kitty.

Consolidated Service Tax increased from 12.36% to 14%!

Tax exemption for transport allowance increased from Rs 800 to Rs 1600 per month. .

Direct tax proposals will lead to 8315 cr loss and an increase of Rs. 23,000 cr in indirect tax gains.

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No change in rate of personal income tax.

TAX PROPOSAL:

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Rationalisation and removal of various tax exemptions and incentives to reduce tax disputes and improve administration.

Stable taxation policy and a non-adversarial tax administration.

Fight against the scourge of black money to be taken forward. Exemption to individual tax payers to continue to facilitate

savings.

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1) Sukanya Samriddhi account scheme(Section 80C ) - focus on the girl child and commitment towards this worthy cause of upliftment / empowerment of women in our society

2) Health Insurance/ Medical Insurance(u/s 80D)-contributions to health insurance have been increased from Rs 15,000 to 25,000 For senior citizens, the limit has been increased from 20,000 to 30,000.

3) Medical expenditure for self and dependant (Section 80DDB of the Act)-deduction for medical treatment with respect to certain diseases, has been increased from Rs 60,000 to Rs 80,000 in the case of very senior Citizens

Seven measures that will make the tax payer happy

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4) Expenditure for the medical treatment / deduction for disabled persons u/s 80DD and 80 U 5) Contribution to Pension Scheme u/S 80CCC-A deduction Of Rs 150,000 to the pension scheme6) Contribution to National Pension Scheme (NPS) u/s 80CCD - old age retirement 7) Exemption for Transportation allowance-increased from Rs 800 per month to Rs 1,600 per month.

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THANK YOU