Union budget 2016 highlights_ home buyers to get rs 50,000 more deduction on interest; no change in income tax slabs _ zee news

The Budget also proposes to extend the presumptive taxation scheme to professionals with gross receipt up to Rs 50 lakh with the presumption of profit being half of the gross receipt.

Cigarette and tobacco products will become costlier with the hike in excise duty by 10 to 15 percent. Gas numbers stove temperature Key Highlights of Union Budget 2016 RELIEF TO SMALL TAX PAYERS

-Increase the limit of deduction of rent paid under section 80GG from Rs 24000 per annum to Rs 60000, to provide relief to those who live in rented houses.

-New manufacturing companies incorporated on or after 1.3.2016 to be given an option to be taxed at 25% + surcharge and cess provided they do not claim profit linked or investment linked deductions and do not avail of investment allowance and accelerated depreciation.

-Lower the corporate tax rate for the next financial year for relatively small enterprises i.e companies with turnover not exceeding Rs 5 crore (in the financial year ending March 2015), to 29% plus surcharge and cess.

-Complete pass through of income-tax to securitization trusts including trusts of ARCs. 9gag Securitisation trusts required to deduct tax at source.

-Period for getting benefit of long term capital gain regime in case of unlisted companies is proposed to be reduced from three to two years.

-Non-banking financial companies shall be eligible for deduction to the extent of 5% of its income in respect of provision for bad and doubtful debts.

-Exemption of service tax on services provided under Deen Dayal Upadhyay Grameen Kaushalya Yojana and services provided by Assessing Bodies empanelled by Ministry of Skill Development & Entrepreneurship.

-‘Niramaya’ Health Insurance Scheme launched by National Trust for the Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disability.

-Additional tax at the rate of 10% of gross amount of dividend will be payable by the recipients receiving dividend in excess of Rs 10 lakh per annum.

-Tax to be deducted at source at the rate of 1 % on purchase of luxury cars exceeding value of Rs ten lakh and purchase of goods and services in cash exceeding Rs two lakh.

-Krishi Kalyan Cess, @ 0.5% on all taxable services, w.e.f. Gas pedal lyrics 1 June 2016. Electricity generation by source by state Proceeds would be exclusively used for financing initiatives for improvement of agriculture and welfare of farmers. A gas is compressed at a constant pressure of Input tax credit of this cess will be available for payment of this cess.

-Infrastructure cess, of 1% on small petrol, LPG, CNG cars, 2.5% on diesel cars of certain capacity and 4% on other higher engine capacity vehicles

-Excise duty of ‘1% without input tax credit or 12.5% with input tax credit’ on articles of jewellery [excluding silver jewellery, other than studded with diamonds and some other precious stones], with a higher exemption and eligibility limits of Rs 6 crores and Rs 12 crores respectively.

-‘Clean Energy Cess’ levied on coal, lignite and peat renamed to ‘Clean Environment Cess’ and rate increased from `200 per tonne to Rs 400 per tonne.

-Assignment of right to use the spectrum and its transfers has been deducted as a service leviable to service tax and not sale of intangible goods.

-Domestic taxpayers can declare undisclosed income or such income represented in the form of any asset by paying tax at 30%, and surcharge at 7.5% and penalty at 7.5%, which is a total of 45% of the undisclosed income. Electricity song Declarants will have immunity from prosecution.

-New Dispute Resolution Scheme to be introduced. Gas utility austin No penalty in respect of cases with disputed tax up to Rs 10 lakh. Lafayette la gas prices Cases with disputed tax exceeding Rs 10 lakh to be subjected to 25% of the minimum of the imposable penalty. Electricity laws physics Any pending appeal against a penalty order can also be settled by paying 25% of the minimum of the imposable penalty and tax interest on quantum addition.

-Disallowance will be limited to 1% of the average monthly value of investments yielding exempt income, but not exceeding the actual expenditure claimed under rule 8D of Section 14A of Income Tax Act.

-Mandatory for the assessing officer to grant stay of demand once the assesse pays 15% of the disputed demand, while the appeal is pending before Commissioner of Income-tax (Appeals).

-Rs 2.87 lakh crore will be given as Grant in Aid to Gram Panchayats and Municipalities as per the recommendations of the 14th Finance Commission

-District Level Committees under Chairmanship of senior most Lok Sabha MP from the district for monitoring and implementation of designated Central Sector and Centrally Sponsored Schemes.

-New health protection scheme will provide health cover up to ` One lakh per family. Hp gas online booking For senior citizens an additional top-up package up to 30,000 will be provided.

-Allocation of Rs 100 crore each for celebrating the Birth Centenary of Pandit Deen Dayal Upadhyay and the 350th Birth Anniversary of Guru Gobind Singh.

-Regulatory architecture to be provided to ten public and ten private institutions to emerge as world-class Teaching and Research Institutions

-GoI will pay contribution of 8.33% for of all new employees enrolling in EPFO for the first three years of their employment. Gas in california Budget provision of Rs 1000 crore for this scheme.

-To provide calibrated marketing freedom in order to incentivise gas production from deep-water, ultra deep-water and high pressure-high temperature areas.

-Amendments in the SARFAESI Act 2002 to enable the sponsor of an ARC to hold up to 100% stake in the ARC and permit non institutional investors to invest in Securitization Receipts.

-States and Districts in an annual programme that connects people through exchanges in areas of language, trade, culture, travel and tourism.