HIGHLIGHTS of FINANCE BILL 2015 3 1. Income Tax Slab rates17. Threshold for SDT- Sec 92BA 2. Definition of Charitable purpose -Sec 1118. Deferment of GAAR 3. Residency status of companies -Sec 619. Second Proviso to 111A(1) 4. Interest Payments to Foreign Bank -Sec920. Royalty/FTS- Sec 115A 5. Sukanya Samriddhi Scheme- Sec 80C21. Rationalisation of 115JB 6. Tax benefits – 80G & 10(23C)22. Procedure for Appeal-Sec 158AA 7. Return for accumulation of income- Sec 11&Form 1023. Rationalisation of TDS/TCS provisions 8. 50% Additional Depreciation-Sec 32(1)(iia)24. Payment to Contractors- Sec 194C 9. Addl. Investment Allowance- Sec 32AD25. TDS on interest to FII/QFI - 194LD 10. Conditions for In-house R&D- Sec 352AB)26. Form 15G/15H 11. Limit raised for 80CCC27. Obtaining TAN-Sec 203A 12. Additional Deduction for Pension Scheme- S.80CCD28. Settlement Commission-Sec 245 13. Limits for Health Insurance Premia- Sec 80D29. Rationalisation of TDS/TCS procedures 14. Limits for 80DD and 80U30. Taxation of REITs and INVITs 15. Medical Treatment 80DDB31. Indirect Transfers-Sec 9 16. Deduction for New Workmen- Sec 80JJA32. Orders u/s. 10(23C) appealable before ITAT- S.253
HIGHLIGHTS of FINANCE BILL 2015 4 33. Single Member Bench- Sec 255(3)37. Fund Managers and Business Connection- Sec 9 34. Revision of Orders- Sec.26338. “Accountant”– Sec 288 35. 269SS & 269T39. Foreign Tax Credit –Sec 295(2) 36.Tax Sought to evaded- Sec 271(1)(c)40. Abolition of Wealth Tax
5 Existing Proposed as per Finance Bill Rate <2,50,000 Nil 2,50,000-5,00,000 10% 5,00,000-10,00,000 20% Above 10,00,000 30% Existing Proposed as per Finance Bill Rate <3,00,000 Nil 3,00,000-5,00,000 10% 5,00,000-10,00,000 20% Above 10,00,000 30%
11 ParticularsTax benefit Investments madeu/s. 80C Interest accruing on depositsExempt from income tax Withdrawal from the schemeExempt from income tax Any payment from the account New clause (11A) to be inserted in section 10 to provide for non-inclusion of such payment in total income of the assessee
20 Sub sectionParticulars Existing provisions Proposed 1ALimit on contribution to NPS 1,00,000/10% of GTI or Salary 10% of GTI or Salary 1B Additional deduction (in addition to deduction allowed u/s. 80CCD(1)) NIL50,000
21 Previous limitsProposed limits Rs. 15,000 for the assesseeRs. 25,000 for the assessee Rs. 20,000 if the assessee or if the contribution is made w.r.to a Senior Citizen Rs. 30,000 if the assessee or if the contribution is made w.r.to a Senior Citizen
26 Previous Date of Implementation as per the Finance Act, 2013 Proposed Date of Implementation as per Finance Bill 2015 01/04/2015 i.e. from Assessment Year 2016-17 and subsequent years 01/04/2017 i.e. from Assessment Year 2018-19 and subsequent years
49 SectionParticulars 269SS The earlier provisions of accepting any loan or deposit or any sum of money, whether as advance or otherwise from any person, otherwise than by an account payee cheque or account payee bank draft or by electronic clearing system through a bank account, amounting to twenty thousand rupees or more has now been amended to include transactions in relation to transfer of an immovable property. 269T Similarly, the earlier provisions of repayment of any loan or deposit otherwise than by an account payee cheque or account payee bank draft or by electronic clearing system through a bank account, amounting to twenty thousand rupees or more has now been amended to include loan or deposit and any specified advance received by it, the specified advance meaning any sum of money in the nature of an advance by whatever name called in relation to transfer of an immovable property. Penal provisions amended Consequential amendments to be made in: 271D and 271E to provide penalty for failure to comply with the amended provisions of Section 269SS and 269T respectively.