Union Budget 2016 - Tax
Posted on: 29/Feb/2016 2:25:44 PM
- No changes have been made to existing income tax slabs
- Infrastructure and agriculture cess to be levied.
- Excise duty raised from 10 to 15 per cent on tobacco products other than beedis
- 1 per cent service charge on purchase of luxury cars over Rs. 10 lakh and in-cash purchase of goods and services over Rs. 2 lakh.
- SUVs, Luxury cars to be more expensive. 4 per cent high capacity tax for SUVs.
- Companies with revenue less than Rs 5 crore to be taxed at 29 per cent plus surcharge
- Limited tax compliance window from Jun 1 - Sep 30 for declaring undisclosed income at 45 per cent incl. surcharge and penalties
- Excise 1 per cent imposed on articles of jewellery, excluding silver.
- 0.5 per cent Krishi Kalyan Cess to be levied on all services.
- Pollution cess of 1 per cent on small petrol, LPG and CNG cars; 2.5 per cent on diesel cars of certain specifications; 4 per cent on higher-end models.
- Dividend in excess of Rs. 10 lakh per annum to be taxed at additional 10 per cent.
