SIGN IN SUBSCRIBE

News Update

IndiGo orders 30 Airbus A350s for long haulsFiling of Form 10A & 10AB: CBDT extends due date to June 30RBI to issue fresh guidelines for banks to freeze suspected bank accounts being used for cyber crimesCPGRAMS recognized as best practice in Commonwealth Secretaries of public serviceIsrael-Iran War: A close shave for Global Economy but for how long?KABIL, CSIR ink MoU for Advancing Geophysical InvestigationsI-T - If income from stock-in-trade are held as investments, then provisions of section 14A would apply to such income: ITATTRAI recommends on Infra Sharing, Spectrum Sharing & Spectrum LeasingI-T- Revisionary powers u/s 263 can't be exercised when AO has neither assumed facts incorrectly nor there is incorrect application of law : ITATTechnology Board okays funding of Dhruva Space's Solar Array ProjectI-T- Issue of interest is debatable issue on which two views are possible and AO accepted one of views for which PCIT cannot assume revisional jurisdiction: ITATHealth Secy visits Bilthoven Biologicals, discusses production of Polio VaccineI-T - Estimation of profit element from purchases should be done reasonably if assessee could not conclusively prove that purchases made are from parties as claimed, in absence of confirmations from them: ITATStudy finds Coca-Cola accounts for 11% of branded plastic pollution worldwideI-T- Triplex flats purchased are interconnected and can be considered as 'a residential unit'' as per definition of section 54F of Act : ITATDelhi HC says conspiracy against PM is a crime against StateI-T- AO omitted to probe issue of cash payments made over specified limit; revisionary power u/s 263 is rightly exercised: ITATBrazil makes new rules to streamline consumption taxesI-T-Power of revision unnecessarily exercised where AO had no scope to examine creditworthiness & genuineness of assessee's creditors: ITATBiden signs rules mandating airlines to give automatic refunds for delayed or cancelled flightsI-T-As per settled law, in absence of enabling powers, no disallowance can be made : ITATBYD trying to redefine luxury for new EV variantsGST - On the one hand, the order states registration is liable to be cancelled retrospectively and on the other hand mentions that there are no dues - Order modified: HCSC asks EC to submit more info on reliability of EVMsRight to Sleep - A Legal lullaby
 
Wealth tax gone but 2% surcharge levied on super rich; Medical allowance hiked to Rs 25000

By TIOL News Service

NEW DELHI, FEB 28, 2015: ALTHOUGH the focus of Mr Jaitley today was predominantly on the India Inc and foreign investors, the tax relief to individual taxpayers may not appear substantial but some of the historically low exemption limits have been hiked under the heads such as transport allowance, medical allowance and others.

The key highlights are as follows:

- A total benefit of approx Rs 4.44 lakhs has been given to an individual through this budget.

- With a view to curb black money practice, acceptance or re-payment of advance in cash of Rs. 20,000 or more for any transaction in immovable property has been prohibited.

- Rental income from REITS and Infrastructure Investment Trust has been given a pass through and the income would directly be taxed in the hands of units holders.

- 100% deduction for contributions, other than by way of CSR contributions, to the Swachh Bharat Kosh.

- Increase in deduction of Health insurance premium u/s 80D from Rs 15000 to Rs 25000.

- Investment in Sukanya Samriddhi Scheme will be eligible for deduction u/s 80C.

- Limit of deduction in case of very senior citizens u/s 80DDB on account of specified diseases has been increased from Rs 60,000 to Rs 80,000.

- Limit of deduction u/s 80DD in respect of maintenance, including medical treatment of a dependant who is a person with disability, has been increased from 50,000 to 75,000.

- Limit of deduction u/s 80U in case of a person with disability, hiked from Rs 50,000 to Rs 75,000.

- Limit of deduction u/s 80CCC on account of contribution to a pension fund of LIC or IRDA approved insurer has been raised from Rs 1 lakh to Rs 1.5 lakh.

- In case an Individual or HUF purchases an immovable property from a non-resident, the requirement of obtaining TAN by the individual or HUF who is required to deduct tax on acquisition of immovable property from a non-resident has been done away with.

- For the benefit of salaried employees, limit of transport allowance has been doubled from present Rs 800 to Rs 1600.

- Donations other than the CSR contributions made to Swachch Bharat Kosh, both by resident and nonresident, and Clean Ganga Fund (by resident) shall be eligible for 100% deduction u/s 80G.

- Wealth tax abolished and the same is to be compensated with an extra levy of 2% surcharge on domestic companies and all non corporate taxpayers.


POST YOUR COMMENTS
   

TIOL Tube Latest

TIOL Tube
Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.

TOP NEWS

AR not Afar by SK Rahman

VISION 360



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.

TII LATEST

TIOLCORPLAWS LATEST