Budget Highlights 2015

BUDGETBUDGETBUDGETBUDGET
2015201520152015----16161616
28/02/2015

M/S Mukesh Bajaj & Associates
Chartered Accountants Page 2
The budget looked to be
a very dynamic one indeed….
On an overall note, it was
observed that the Finance Minister
appears to be a little more inclined
towards collection of taxes from the
Indirect sources rather than concentration
or relying upon the Direct Tax Collection…
The only thing that remain unanswered..
Acche Din Kab Aayenge!!!!!!

Chartered Accountants
ACCHE DIN AANE WAALE HAINDIN AANE WAALE HAIN
Page 3
DIN AANE WAALE HAIN

TAX SLAB
Income Slab
Total Income <=2,50,000
Total Income >2,50,000 and <=5,00,00
Total Income >5,00,000 and
<=10,00,000
Total Income >
SLAB RATES
INDIVIDUALS & HUF
Income Slab
Total Income >2,50,000 and <=5,00,000
<=10,00,000
Total Income >10,00,000
WOMEN -- Below 60 Years
Income Slab
Total Income >2,50,000 and <=5,00,00
<=10,00,000
Page 4
RATES
INDIVIDUALS & HUF
Rate Of Tax
Nil
0 10%
Rs.25,000 +20%
Rs.1,25,000 + 30%
Below 60 Years
Rate Of Tax
Nil
Total Income >2,50,000 and <=5,00,000 10%
Rs.25,000 +20%
Rs.1,25,000 +
30%

SENIOR CITIZENS- Above 60 Years But
Below 80 Years
Income Slab
Total Income >2,50,000 and <=5,00,00
<=10,00,000
VERY SENIOR CITIZENS- Above 80 Years
Income Slab
<=10,00,000
Page 5
Above 60 Years But
0 Years
Rate Of Tax
Nil
Total Income >2,50,000 and <=5,00,000 10%
Rs.25,000 +20%
Rs.1,25,000 +
30%
Above 80 Years
Rate Of Tax
Nil
20%
Rs.50,000 + 30%

SURCHARGE
Surcharge at the rate 10% if income is
above Rs. 1 crore - applicable for
Individual/ HUF/ Firms/ Co-operative
Societies/ Local Authorities continued
as before .
Domestic Companies
Surcharge at the rate 5% to be
continued if Taxable Income exceeds
Rs. 1 crore but up to Rs. 10
crore.
Surcharge 10% if Taxable Income
exceeds Rs. 10 crore.
Foreign Comapnies
continued as before if Taxable
Income exceeds Rs. 1 crore but
up to Rs. 10 crore.
continued as before if Taxable
Income exceeds Rs. 10 crore.

BASIC EXEMPTION LIMITS
There has been no change in the Personal Income
Tax Exemptions as the same stands similar to
Previous Year. The Exemption Limit remains to
Rs.2,50,000 for Individuals below the age of 60
Years and Rs.3,00,000 for Individuals above the age
of 60 Years.
DEDUCTION UNDER SEC.80D
Sec 80 D
Tax Free Health Insurance Limit raised
from Rs.15,000 to Rs.25,000.
The limits of Tax Free Health Insurance for
Senior Citizen has raised from Rs.10,000
to Rs.30,000
For very senior citizens, who do not qualify for
health insurance, Rs 30000 in medical
expenses will qualify for deduction.

TRANSPORT ALLOWANCE
ENHANCED
Transport Allowance
Transport allowance, which is currently
Rs 800 per month, has been
increased to Rs 1600 per month.
Applicable from A.Y. 2016-17
NATIONAL PENSION SCHEME
Sec 80 CCC
For contribution toward National
Pension Scheme, exemption limit has
been raised from current
exemption of Rs.1,00,000 to
revised exemption limit of
Rs.1,50,000.

DEDUCTIONDEDUCTION UNDER SEC.80
Sec 80 DD
For expenditure expended towards
the medical treatment (including
nursing), training and rehabilitation of
a dependant, being a person with
disability under the above section,
deduction has be
from Rs.50,000 to revised
deduction limit of Rs.75,000
For Expenditure towards Severe
Disability, the deduction
been raised from Rs.75,000 to
revised deduction limit of
Rs.1,50,000
Applicable from A.Y. 2016
Page 9
80DD
For expenditure expended towards for
the medical treatment (including
nursing), training and rehabilitation of
a dependant, being a person with
y under the above section, the
been raised
from Rs.50,000 to revised
Rs.75,000
For Expenditure towards Severe
deduction has
en raised from Rs.75,000 to
revised deduction limit of

DEDUCTION
Let’s hear it from the speech..
DEDUCTION UNDER SEC.80
Sec 80 DDB
medical treatment of specific disease or
ailment under the above section,
deduction limit available for
very senior citizens has
raised from current deduction
of Rs.40,000 to revised
Applicable from A.Y. 2016
“ Individual Tax Payers will benefit
to the Extent of Rs.4,44,200
the exemptions announced ”
- Finance Minister during the
Budget 2015 Deliverable…
Page 10
80DDB
medical treatment of specific disease or
ailment under the above section, the
deduction limit available for
senior citizens has been
d from current deduction
0,000 to revised
“ Individual Tax Payers will benefit
to the Extent of Rs.4,44,200 from
the exemptions announced ”
Finance Minister during the
Budget 2015 Deliverable…

SUKANYA SAMRIDHI YOJNA
Sec 10 clause 11A
A big leap forward towards the Dream
Vision of Beti Bachao Beti
Padhao, wherein any contributions
made under the above
mentioned Yojana would be now
tax free as against the earlier cap
of contribution up to Rs.1,50,000
SWACH BHARAT YOJNA
Sec 10, clause (23C)(iiia) & (iiiaa)
Any Contributions towards the Funds of Swach Bharat and
Clean Ganga Campaign would be available for 100% deduction.

CORPORATE
TAXATION
With the Budget Speech came an announcement, surprise
to all indeed...
The Corporate Tax rate has been reduced
to 25% from the current existing tax rate
of 30% over the next 4 years.
“Tax is an Instrument of Socio- Economic engineering”..
- - Finance Minister, during the Budget 2015 speech ….
Acche Din aane wale
hain moto was similar
to a morning prayer
during the Election
Campaign…
Guess Corporate
World’s seems to be
celebrating more.
Ironical!!
Finance Minister must
be congratulated for
“this pro-poor, pro-
growth, pro-middle
class, pro-youth &
paradigm shifting
budget”!!
- Prime Minister Tweets

Introduction of Yoga as a Charitable Activity
Amendment in the clause 15 of Sec.2
Defines Charitable Purpose as :
includes relief of the poor,
education,
yoga,
medical relief,
and the advancement of any other object of general
public utility.
Provided further:
(ii) The following Proviso is added to the Definition as follows:
Provided that the advancement of any other object of general public utility
shall not be a charitable purpose,
if it involves the carrying on of any activity in the nature of trade,
commerce or Business,
or any activity of rendering any service in relation to any trade,
commerce or business,
for a cess or fee or any other consideration,
irrespective of the nature of use or application, or retention, of the
income from such activity,
unless—
i. such activity is undertaken in the course of actual carrying out of such
advancement of any other object of general public utility; and
ii. the aggregate receipts from such activity or activities during the
previous year, do not exceed twenty per cent. of the total receipts, of
the trust or institution undertaking such activity or activities, of that
previous year;”

Amendment in meaning of Resident in India
For Companies
Sec 6 Clause 3
A Company would be considered to be
Resident in India if.
It is an Indian Company
Place of Effective
Management, AT ANY
TIME IN THAT YEAR is
in India.
As amended against “during that year,
the control and management of its
affairs is situated wholly in India.”
For the purposes of this clause
“place of effective
management”
means a place where key
management
and commercial decisions
that are necessary
for the conduct of the
business of an entity as a
whole are,
in substance made.

Amendment in Reliefs to Charitable Trusts.
• Sec 13 sub section 9 introduced
• According to this new
from the Total Income of the Previous Year of a person in
Receipt of same u/s
the statement referred to in clause (a)
in respect of such income
is not furnished on or before the due date
specified under sub
for furnishing the return of income for the previous year;
the return of income for the previous year
is not furnished by such person on or before the due date
specified under sub
for furnishing the return of income for the said previous year.”.
ec 13 sub section 9 introduced
According to this new subsection No Income shall be excluded
Receipt of same u/s 11 (2) IF-
statement referred to in clause (a) of the said sub
in respect of such income
not furnished on or before the due date
specified under sub-section (1) of section 139
for furnishing the return of income for the previous year;
return of income for the previous year
not furnished by such person on or before the due date
specified under sub-section (1) of section 139
Page 15
No Income shall be excluded
of the said sub-section
for furnishing the return of income for the previous year; or
not furnished by such person on or before the due date

Amendment in Calculation of Depreci
In regards to the benefit of Additional Depreciation made available to the
Assessee under the Income Tax Act,
Earlier wherein if the asset was put in use for less than 180 days, the
Additional Depreciation benefit was limited to 50% in the Year in which
the asset was put to use.
Correspondingly, the remaining 50% benefit couldn’t be utilized by the
Assessee.
With the Introduction of Finance Bill, 2015
The Finance Minister has provided the much needed relief to the
assessee in respect of the same by introducing the following:
The balance amount of the additional depreciation which
remain un utilized in the year
The same can now be availed in the
IMMIDIATELY SUCCEDING PREVIOUS
YEAR IN RESPECT OF SUCH ASSET.
Amendment in Calculation of Depreciation.
Assessee under the Income Tax Act,
the asset was put to use.
h the Introduction of Finance Bill, 2015
remain un utilized in the year of put to use,
Page 16
ation.

Further, the Finance Minister added…
• Sec 32 clause (iia) (B) before the proviso, the foll
where an assessee,
sets up an undertaking or enterprise
production of any article or thing
on or after the 1st day of April, 2015
notified by the Central Government in this behalf,
in the State of Andhra Pradesh or in the State of
and acquires and installs any new machinery or plant
(other than ships and aircraft)
for the purposes of the said undertaking or enterprise
during the period
and ending before the 1st day of April, 2020
in the said backward area, then,
the provisions of clause (iia) shall have effect, as if for the
words “twenty per cent.”, the words “thirty
had been substituted:”
i.e. Additional Depreciation available to such companies would be 35% of
the value of Plant and Machinery rather than the normal 20% of the
value.
Sec 32 clause (iia) (B) before the proviso, the following proviso shall be inserted
where an assessee,
sets up an undertaking or enterprise for manufacture or
production of any article or thing,
on or after the 1st day of April, 2015 in any backward area
State of Andhra Pradesh or in the State of Telangana
acquires and installs any new machinery or plant
(other than ships and aircraft)
during the period beginning on the 1st day of April, 2015
and ending before the 1st day of April, 2020
“twenty per cent.”, the words “thirty-five per cent.”
had been substituted:”
Page 17
owing proviso shall be inserted
for manufacture or
in any backward area
Telangana,
acquires and installs any new machinery or plant
beginning on the 1st day of April, 2015
five per cent.”

Insertion of New Sec 32 AD
A new Section has been inserted by the Finance Act 2015, which envisages as follows:
Where an assessee,
sets up an undertaking or enterprise
any article or thing,
notified by the Central Government in this behalf
in the State of Andhra Pradesh or in the State of Telangana
and acquires and installs any new asset for the purposes of the said
undertaking or enterprise
during the period beginning on the 1st day of April, 2015 and ending before the
1st day of April, 2020
there shall be allowed
a sum equal to fifteen per cent
asset for the assessment year relevant to the previous year in
which such new asset is installed
Insertion of New Sec 32 AD
Where an assessee,
sets up an undertaking or enterprise for manufacture or production of
any article or thing,
State of Andhra Pradesh or in the State of Telangana,
undertaking or enterprise
1st day of April, 2020
shall be allowed a deduction of
a sum equal to fifteen per cent of the actual cost of such new
which such new asset is installed.
Page 18
cture or production of
of the actual cost of such new

For the Purpose of this Section,
“new asset” means any new plant or machinery
aircraft) but does not include
any plant or machinery, which before its installation by the
assessee, was used either within or outside India by any other
person;
any plant or machinery installed in any office premises or any
residential accommodation, including accommodation in the nature
of a guest house;
any office appliances including computers or computer software;
any vehicle; or
any plant or machinery,
allowed as deduction (whether by way of depreciation or otherwise)
in computing the income chargeable under the head “Profits and
gains of business or profession” of any previous year.’
• However If any new asset ac
otherwise transferred,
• except in connection
referred to in clause (xiii) or clause (xiiib) or clause (xiv) of section 47,
• within a period of five years from the date of its installation
• the amount of deduction allowed under sub
asset
• shall be deemed to be the income of the assessee chargeable
• under the head “Profits and gains of business or profession” of
previous year
• in which such new asset is sold or otherwise transferred
• in addition to taxability of gains, arising on account of transfer of such new
asset.
For the Purpose of this Section,
“new asset” means any new plant or machinery (other than a ship or
but does not include-
any plant or machinery, the whole of the actual cost of which is
gains of business or profession” of any previous year.’
However If any new asset acquired and installed by the assessee is
otherwise transferred,
except in connection with the amalgamation or demerger or re-organization of business
referred to in clause (xiii) or clause (xiiib) or clause (xiv) of section 47,
five years from the date of its installation,
the amount of deduction allowed under sub-section (1) in respect of such new
deemed to be the income of the assessee chargeable
“Profits and gains of business or profession” of
in which such new asset is sold or otherwise transferred,
taxability of gains, arising on account of transfer of such new
Page 19
(other than a ship or
the whole of the actual cost of which is
quired and installed by the assessee is sold or
organization of business
,
section (1) in respect of such new
deemed to be the income of the assessee chargeable
“Profits and gains of business or profession” of the
taxability of gains, arising on account of transfer of such new

DEDUCTION UNDER
SEC.80JJAA
Sec 80 JJAA
Amendment in Deduction in respect of Employment of New
Workmen
For sub section of the section, prior to amendment, the benefit
of this deduction was available only to INDIAN
COMPANIES.
With the Finance Bill 2015 rolling, the words INDIAN COMPANY have
been omitted, thereby giving the benefit of Deduction to all assessee wherever
eligible.

Amendmen
Sec 92 BA
A much needed relief provided by Finance Act , 2015 comes our way by
increasing the Threshold Limit of all the
transactions entered into by the Assessee from
The Existing Limit of Rs.5 Crores to the Revised Limit of
Rs.20 Crores.
Effective From Assessment Year 2016
Amendment in Taxation in case of Foreign Company
Sec 115A
Tax on dividends, royalty and technical service fees in the case of
foreign companies{ a non
foreign company } HAS BEEN REDUCED
The Existing Rate of 25% to the Revised Rate of 10%
Effective From Assessment Year
Amendment in Transfer Pricing
increasing the Threshold Limit of all the Aggregate value of the
transactions entered into by the Assessee from –
Rs.20 Crores.
Effective From Assessment Year 2016-2017
t in Taxation in case of Foreign Company
dividends, royalty and technical service fees in the case of
{ a non-resident (not being a company) or of a
HAS BEEN REDUCED from –
The Existing Rate of 25% to the Revised Rate of 10%
Effective From Assessment Year 2016-2017
Page 21
t in Transfer Pricing
Aggregate value of the
t in Taxation in case of Foreign Company
dividends, royalty and technical service fees in the case of
resident (not being a company) or of a
The Existing Rate of 25% to the Revised Rate of 10%.

Amendment in Computation of M.A.T.
Sec 115 JB
For computation of Book Profit as per MAT, the following
amendments are proposed as follows :
income of the AOP, on
payable
86 of the Act,
member under 115JB of the Act
Further, the Expenses if any debited to Profit &
Loss account corresponding to such income are also
be added back to the Book Profit for the purpose of computation
of MAT.
With the Finance Minister more determined to allow Foreign Investments in India,
further has proposed to amend the provisions as follows in respect of Foreign
Institutional Investors:
Income arising from transactions in Securities
Other than short term capital gains on which S.T.T is not
chargeable
Arising to a F.I.I.
Shall be excluded from the Chargeability of MAT.
Applicable from AY 2016
t in Computation of M.A.T.
amendments are proposed as follows :
The share of a member of an AOP , in the
income of the AOP, on which no Income Tax is
payable in accordance with the provisions of Sec
86 of the Act,
should be Excluded
while computing the MAT liability of the
member under 115JB of the Act
Loss account corresponding to such income are also
Income arising from transactions in Securities
Arising to a F.I.I.
Applicable from AY 2016-17
Page 22
t in Computation of M.A.T.
The share of a member of an AOP , in the
which no Income Tax is
in accordance with the provisions of Sec
while computing the MAT liability of the
Loss account corresponding to such income are also proposed to

Amendment in
With the Earlier Finance Minister making dramatic steps towards
simplification of the Compu
Minister has made the Calculations for Wealth Tax much easier than it
was in years before…
An Additional
Surcharge of 2% on the
Income if it Exceeds
Rs.1 Crore
Applicable from AY
2016-17
Amendment in Wealth Tax.
G.A.A.R
General Anti Avoidance Regulations which
were earlier deferred have further been
deferred by 2 more years and now will be
applicable only from F.Y. 2017
simplification of the Computation of Wealth Tax, our
was in years before…
An Additional
on the
Income if it Exceeds
Applicable from AY
The Finance Minister
has abolished the
existing Provisions of
Wealth Tax.
Applicable from AY
2016-17
Page 23
Anti Avoidance Regulations which
were earlier deferred have further been
deferred by 2 more years and now will be
applicable only from F.Y. 2017-18.
tation of Wealth Tax, our Current Finance
The Finance Minister
has abolished the
existing Provisions of
Wealth Tax.
Applicable from AY

Insertion of New Section in Central Excise Act.
Sec 11 AC
Penalty of Short Levy or Non Levy or Non Payment or Short Payment of Excise
Duty.
where any duty of excise
has not been levied or paid or has been short-levied or
short paid or erroneously refunded,
for any reason other than the reason of fraud or
collusion or any willful miss-statement or suppression of facts or
contravention of any of the provisions of this Act
or of the rules made there under
with intent to evade payment of duty,
the person who is liable to pay duty as determined under sub-
section (10) of section 11A
shall also be liable to pay a
penalty not exceeding
• ten per cent of the duty so determined or
• rupees five thousand, whichever is higher
Provided that where such duty and interest payable under section
11AA is paid either before the issue of show cause notice or within
thirty days of issue of show cause notice, no penalty shall be payable
by the person liable to pay duty or the person who has paid the duty
and all proceedings in respect of said duty and interest shall be
deemed to be concluded.

Amendment in Rates of Service Tax.
Sec 66 B
The amount of Service tax rate charged
14% against the existing rates of 12%
No additional Education Cess shall be chargeable as the revised rates of 14%
would be including the Education Cess and Secondary Higher Education Cess.
nt in Rates of Service Tax.
f Service tax rate charged shall be at the rate of
14% against the existing rates of 12%
Education Cess shall be chargeable as the revised rates of 14%
Page 26
nt in Rates of Service Tax.
shall be at the rate of
Education Cess shall be chargeable as the revised rates of 14%

AMENDMENT UNDER SEC.67
Sec 67 of the 1994 Act
Definition of Consideration would now include the following:
any amount that is payable for the taxable services provided or to be
provided
any reimbursable expenditure or cost incurred by the service
provider and charged, in the course of providing or agreeing to
provide a taxable service, except in such circumstances, and subject
to such conditions, as may be prescribed
the difference in the face value of lottery ticket and the price at which the
distributor or selling agent gets such ticket

PENALTY FOR FAILURE TO PAY
SERVICE TAX
Where service tax has
not been levied or paid,
or has been short-levied or
short-paid, or
erroneously refunded,
for any reason,
other than the reason of
fraud or collusion or willful
misstatement
or suppression of facts or contravention of any of the provisions of
this Chapter or
of the rules made there under
with the intent to evade payment of service tax,
the person who has been served notice under sub-section (1) of
section 73 shall,
in addition to the service tax and interest specified in the notice,
be also liable to pay a penalty
not exceeding ten per cent of the amount of such service tax

Provided that where such service tax and interest is paid within a
period of thirty days of––
(i) the date of service of notice under sub-section (1) of section 73, no
penalty shall be payable
(ii) the date of receipt of the order of the Central Excise Officer
determining the amount of service tax under sub-section (2) of
section 73, the penalty payable shall be twenty-five per cent of the
penalty imposed in that order, only if such reduced penalty is also
paid within such period.

Amendment in Rates of Excise Duty.
Amendments have been sought in the First Schedule
to Central Excise Tariff Act.
The rate of Excise Duty charges has been raised from the
Current rate of 12% to the Revised Rates of 12.5% making
articles costlier.

AMENDMENTS TO CURB BLACK MONEY
The Finance Minister in his Speech has stated various measures to curb black
money, particularly held in foreign assets, which are as under:
- Rigorous Imprisonment upto 10 years.
- Penalty equivalent to 300% of tax.
- Non-filing return or giving inade
imprisonment upto 7 years.
- Taxability of undisclosed income at maximum marginal rate.
- Amendments in Prevention of Money
money, particularly held in foreign assets, which are as under:-
Rigorous Imprisonment upto 10 years.
Penalty equivalent to 300% of tax.
filing return or giving inadequate disclosure will entail rigorous
imprisonment upto 7 years.
Taxability of undisclosed income at maximum marginal rate.
Amendments in Prevention of Money-Laundering Act, FEMA
Page 31
quate disclosure will entail rigorous
Taxability of undisclosed income at maximum marginal rate.
Laundering Act, FEMA

FEW OTHER AMENDMENTS
In case of search, the Assessing Officer having jurisdiction over the
person who has been searched, has the power to pass on the
documents etc. belonging to any other assessee to the Assessing
Officer having jurisdiction over such assessee. There has been
controversy as regards the meaning of “belonging to”. It is being
provided that if the Assessing Officer is satisfied that such
documents etc. belong to another assessee, he would be empowered
to pass on the documents etc. to other Assessing Officer to make the
assessment on such person.
Section 151 of the Act provides for approval in case of different
circumstances for reopening the assessment by Joint Commissioner
or the Commissioner. With a view to simplify the requirement, it is
being provided that in case reopening is within 4 years from end of
the assessment year approval will be required of Joint Commissioner
and in case of reopening beyond 4 years, approval will be required of
the Principal Chief Commissioner or Commissioner.
Section 234B, which provides for chargeability of interest on short
payment of advance tax till the date of regular assessment is being
amended to provide for chargeability of interest till the date of order
passed in case of Settlement Commission, search case etc

Under Section 263 of the Act Commissioner has the power for
revision of an assessment order if the order is erroneous and
prejudicial to the Revenue. There has been lot of litigation in regard
to the scope of above section. To overcome the judicial
pronouncements certain circumstances are being specified in the
section in which the order will be deemed to be erroneous and
prejudicial to the interest of Revenue.
Under the provisions of Income Tax Act accounts are required to be
audited and number of other certificates is required to be obtained
from Chartered Accountants. By way of amendment in section 288
of the Income Tax Act, it is being provided that no Chartered
Accountant who is not eligible for appointment as auditor under
section 141(3) of the Companies Act and who in any manner, as have
been provided in the Section, is related to or is interested in the
business of the assessee will not be eligible for audit / certification
function under the Act. Further, any Chartered Accountant who has
been convicted by a Court for an offence involving fraud shall not be
eligible to represent the assessee for a period of 10 years.
Certain other procedure amendments are also being made in TDS
and TCS provisions.

Monetary limit for deciding the appeal by Single Member of
Income Tax Appellate Tribunal is being increased from Rs. 5
lacs to Rs. 15 lacs of total income as computed by the Assessing
Officer.
Section 158A of the Act provides that if in case of an assessee an
identical question of law for another year is pending before High
Court or Supreme Court, he may furnish a Declaration before the
Assessing Officer or the Appellate Authority agreeing to apply the
final decision on question of law and accordingly he may not pursue
the matter and decision in the matter pending will be applied to this
year also. Now, with a view to make the corresponding provision to
check the repetitive appeals, a new section 158 AA is proposed to be
inserted providing that after the order of Commissioner (Appeals)
the Department would not file appeal before the Tribunal if similar
question is pending before the Supreme Court for another
assessment year, subject to assessee agreeing to the position.
Against order of Commissioner rejecting the application for approval
or renewal under section 10(23C) of educational institution or
hospital, so far there was no specific provision for appeal to Income
Tax Appellate Tribunal and, therefore, only Writ petition could be
filed in the High Court. Now the provision is being made for filing
the appeal to Income Tax Appellate Tribunal.

M/S MUKESH BAJAJ & ASSOCIATES
C/O N. K. SOM & CO
1, C.R.AVENUE, 1ST
FLOOR,
KOLKATA- 700 072
033- 4007 0620
9830078620
info@mukeshbajaj.net
abhishek@mukeshbajaj.net

Budget Highlights 2015

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