Personal Finance
-No changes have been made to existing income Tax slabs.
-Rs 1,000 crore allocated for new EPF (Employees’ Provident Fund) scheme.Govt. will pay EPF contribution of 8.33% for all new employees for first three years
-Deduction for rent paid will be raised from Rs 24,000 to Rs 60,000 to benefit those living in rented houses.
-Additional exemption of Rs. 50,000 for housing loans up to Rs. 35 lakh, provided cost of house is not above Rs. 50 lakh.ST exempted for housing construction of houses less than 60 sq. m. 15 % surcharge on income above Rs. 1 crore.
Tax
-1 % sc 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% high capacity Tax for SUVs.Companies with revenue less than Rs 5 crore to be taxed at 29% plus surcharge.
-Limited tax compliance window from Jun 1 – Sep 30 for declaring undisclosed income at 45% 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.
*********************************************
AIBSNLEA, CHTD 