- Posted By: KCA Haldwani
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INSIGHT-A NEW BEGINNING BUDGET 2016
OVERVIEW
IMPACT
SUMMATION
PERSPECTIVE
KEY POSITIVES/NEGATIVES
KEY THEMES
TAXATION
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OVERVIEW
IMPACT
SUMMATION
PERSPECTIVE
KEY POSITIVES/NEGATIVES
KEY THEMES
TAXATION
- DISINVESTMENT
- RBI RATE CUT
- INFRASTRUCTURE INVESTMENTS
- UPLIFTMENT OF RURAL SECTOR,
- CREATION OF EMPLOLYMENT OPPORTUNITIES,
- UPLIFTING A LARGER PERCENTAGE ABOVE THE POVERTY LINE,
- INCREASED SPENDING ON HEALTH CARE
- START-UPS
- POWER & RENEWABLE ENERGY
- FISCAL DEFICIT
- GST
- WANING EXPORTS
- HIKE-IN-ANTI-DUMPING-DUTIES
- BLACK MONEY AND MOUNTING NPAs
- MOBILISATION OF TAXES
- INDIVIDUAL TAX RELIEFS
DISINVESTMENT
• China………..continues to puzzle
• World………..at the crossroads
• Indian Economy…………what is the true state
Taxation Updates
• Income Tax
• Service Tax…………..additional Clean Cess-new rate14.50%
• Central Excise
Company Law…………..annual return date extended till 30.11.15
Payment of Bonus Act…….amended
MUDRA
• FCRA
• GST
• E COMMERECE
• IND AS
• GROWTH SECTORS
• RISE & FALL
• FOOD FOR THOUGHT
CHINA
CHINA
• China continues to hold the World economy in suspense.
• Consumption of commodities has dropped on account of a slowdown sin consumption and the question is upto what extent are the Chinese Banks are saddled with Bad Debts.Non performing Loans are 140 Billion Yuan.
• An estimate puts the figure of public debt at 23 Trillion ‘Renminbi’.ie. US$ 3.70 Trillion.
• This is 208% of China’s GDP.The foreign reserves are 3.50
Trillion US$.
NEWSLETTER
Breaking News
Corruption-Black Money:
Stamp Duty and Registration Charges can claim under deduction: The amount you pay as stamp duty when you buy a new residential house, and the amount you paid for the registration of the documents of the house can be claimed as deduction under section 80C in the year of purchase of the house.This deduction can claim for the financial year 2014-15 only. Expense for earlier year cannot be claimed.For claiming deduction, you must possess the house also i.e. Payment for under-construction house is not allowed.
F.No.225/154/2015/ITA.II
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
North Block, ITA.II Division
New Delhi, the 10th June, 2015.
Order under section 119 of the Income-tax Act 1961
Deduction u/s 80D for Senior Citizens
Section 80D limit raised to Rs 30,000 – Deductions under section 80D are allowed on health insurance premium paid. In case of premium paid for senior citizens the deduction allowed shall be up to Rs. 30,000. This is a great relief to Senior Citizens who may have to shell out a higher premium. This limit was Rs 20,000 earlier.