Indian Budget 2016-17 Tax proposals for Pensioners

 

Customs duty tariff rate changes as per Indian Budget 2017-18
Central Excise Duty changes as per Indian Budget 2017-18
Service Tax rate 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

 

Indian Budget 2016-17 proposals for Pensioners

 

Pension schemes offer financial protection to senior citizens. I believe that the tax treatment should be uniform for defined benefit and

defined contribution pension plans. I propose to make withdrawal up to 40% of the corpus at the time of retirement tax exempt in the case of National

Pension Scheme.

 

In case of superannuation funds and recognized provident funds, including EPF, the same norm of 40% of corpus to be tax free will apply in

respect of corpus created out of contributions made after 1.4.2016.

 

Further, the annuity fund which goes to the legal heir after the death of pensioner will not be taxable in all three cases. Also, we are proposing a

monetary limit for contribution of employer in recognized Provident and Superannuation Fund of `1.5 lakh per annum for taking tax benefit.

 

Budget 2016-17 proposes to exempt from service tax the Annuity services provided by the National Pension System (NPS) and Services provided by EPFO to

employees.

 

Budget 2016-17 proposes to reduce service tax on Single premium Annuity (Insurance) Policies from 3.5% to 1.4% of the premium paid in certain cases.

 

 

 

 

Exemption of excise duty on non manufacturers of goods for installation of cold storage

 

Exemption on goods financed by UN and Intl agency extends to sub contractors

 

Area based excise duty exemption presently available to the North Eastern States

 

BED and NCCD on pan masala, tobacco products, crude petroleum, mobile phones and motor vehicles

 

Clarification to Department of Scientific and Industrial Research (DSIR)

 

Customs duty exemption clarification for aircraft engines and parts

 

OLP and PTCR for manufacture of refrigerator compressor exemption clarification

 

clarification on exemption of Liquefied Natural Gas (LNG) for SEZ

 

Exemption of Excise duty of BCD and CVD on power project

 

No refund of SAD under notification No.102/2007-Customs dated 14.09.2007

 

Tax changes for specified goods imported for petroleum exploration under Indian Budget 2016-17

 

Direct imports by Government will attract customs duties

 

Exemption for disposable sterilized dialyzer and micro barrier of artificial kidney

 

Excise duty CENVAT is being levied on articles of jewellery under Indian Budget 2016-17

 

Excise duty CENVAT for readymade garments and made up articles of textiles

 

Tax changes in sectors of Agriculture, rural economy and environment under Indian Budget 2016-17

 

1% CESS on petrol cars and 2.5% CESS on diesel cars, Union Budget 2016-17

 

4% High Capacity Tax on SUV'S , Indian budget 2016-17.

 

No change in Income tax slabs, Indian Budget 2016-17

 

Additional levy of 1% on luxury cars, Indian Budget 2016-17

 

200% penalty on misreporting income, Union Budget 2016-17

 

EXCISE DUTY of 1% UP on JEWELRIES, Indian budget 2016-17

 

Tobacco tax goes up to 10-15%, Indian Budget 2016-17

 

1% increase on cess on CNG and PETROL cars, Indian budget 2016-17

 

Tobacco products except beedi goes on hike, Indian Budget 2016-17

 

Budget 2016-17, 9 categories of Tax reforms introduced

 

Latest Indian budget changes for import of clocks, watches and parts

 

Import tax tariff changes for vehicles and parts other than railway or tramway as per Indian Union Budget 2016-17

 

Duty tariff changes for import of antiques, work of art collectors peices as per latest Indian Budget 2016-17

 

Latest Indian budget changes for import of miscellaneous manufactured articles as per HS code 96

 

Import duty changes for toys, games and sports equipments under HS code 95 as per Indian Budget 2016-17

 

 

 

Import tariff changes for furniture,lamps and lighting fittings,nameplates & the like under HS code 94 as per new Indian budget

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