Benefits to middle class tax-payers , indian budget 2015-16

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The information provided here is part of Export Import Online Tutorial

Customs duty tariff rate changes as per Indian Budget 2017-18


Central Excise Duty changes as per Indian Budget 2017-18


Service Tax rate tariff Changes under Indian Budget 2017-18



(Updating soon after Budget 2017-18 on 1st February,2017 under text format and pdf format)

Budget 2016-17 changes in customs import duty tariff,excise duty and service tax

Indian Union Budget 2016-2017, changes in import customs tax tariff, chapter wise

Indian Budget 2016-17, Excise duty tariff changes, chapter wise

Changes in Service Tax as per Budget 2016-17 


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Benefits to middle class tax-payers

Limit of deduction of health insurance premium increased from `15000 to ` 25000,

for senior citizens limit increased from `20000 to `30000.

Senior citizens above the age of 80 years, who are not covered by health insurance, to

be allowed deduction of ` 30000 towards medical expenditures.

Deduction limit of ` 60000 with respect to specified decease of serious nature enhanced

to ` 80000 in case of senior citizen.

Additional deduction of `25000 allowed for differently abled persons.

Limit on deduction on account of contribution to a pension fund and the new pension

scheme increased from ` 1 lakh to `1.5 lakh.

Additional deduction of ` 50000 for contribution to the new pension scheme u/s 80CCD.

Payments to the beneficiaries including interest payment on deposit in Sukanya Samriddhi

scheme to be fully exempt.

Service-tax exemption on Varishtha Bima Yojana.

Concession to individual tax-payers despite inadequate fiscal space.

Lot to look forward to as fiscal capacity improves.

Conversion of existing excise duty on petrol and diesel to the extent of ` 4 per litre into

Road Cess to fund investment.

Service Tax exemption extended to certain pre cold storage services in relation to

fruits and vegetables so as to incentivise value addition in crucial sector.

Negative List under service-tax is being slightly pruned to widen the tax base.

Yoga to be included within the ambit of charitable purpose under Section 2(15) of the

Income-tax Act.

To mitigate the problem being faced by many genuine charitable institutions, it is proposed

to modify the ceiling on receipts from activities in the nature of trade, commerce or

business to 20% of the total receipts from the existing ceiling of ` 25 lakh.13

Most provisions of Direct Taxes Code have already been included in the Income-tax

Act, therefore, no great merit in going ahead with the Direct Taxes Code as it exists

today.

 

 

Direct tax proposals to result in revenue loss of ` 8315 crore, whereas the proposals

in indirect taxes are expected to yield ` 23383 crore. Thus, the net impact of all tax

proposals would be revenue gain of `15068 crore.

 

The above information is a part of Import Export Training online


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Click below for:    

Indian Budget 2015-16, Import Customs Duty Changes, chapter wise  


Indian Budget 2015-16, Central Excise Duty Changes, chapter wise

Service Tax Changes as per Indian Union Budget 2015-16


Also read;


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