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Important Points From Budget 2016

These are some important points from budget 2016:-
1. relief to small tax payers
Rebate of rs 5000 from 2000 for income below 500000
2. presumptive taxation for business limit increased to 2cr
3. presumptive income for professionals - profit being 50% of turnover - limit 50L
4. phasing out of exemptions
additional depreciation to be curtailed, r&d benefit to be curtailed to 150%
5. new mfg companies taxed at @25%, if no profit linked deduction
6. business with turnover less than 5cr to be taxed at 29% from next year
7. 10% income in respect of patent registered in India
8. long term capital gain term for unlisted shared down to 2 years
9. country by country reporting applicable for company having turnover of 750 billion euro
11. no change in exemption limit for individuals
12. General anti avoidance time to be implemented from April 1, 2017
13. first time home buyer - additional interest deduction subject to limits
14. if income from dividend greater than 10 lakh, additional tax @10%
15. surcharge @15% up from 12% for super rich - income exceeding 1cr
16. infrastructure cess on cars
17. excise duty on jewellery and silver items without input credit
18. excise duty on branded garments exceeding rs. 1000
19. excise duty increased on tobacco products by 10 to 15%
20. limited period compliance window for domestic resident @ 45% of undisclosed income 1 St June to 30 September 2016
21. 3 lakh case pending before first appellate authority, new scheme for reduction of litigation (eligible under both direct and indirect tax)
22. dispute amendment for cases affected by retrospective amendment
23. penalty rates changed from 50% & 200% in specified circumstances
24. disallowance u/s 14A - rule 8d to be modified to not increase expenditure incurred
25. recommendation of eashwar committee accepted
26. TDS provision rationalised
27. 206AA not apply if non resident has tax identification number (in absence of pan)
28. scope of e-assessment to be widened
29. interest u/s 244A - interest rate hiked to 9% from 6% - officer to be held accountable
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