Smt Nirmala Sitharaman provides major relief in the personal income tax. The indirect tax proposals contained in the budget aim to promote exports enhance domestic value addition, encourage green energy and mobility.

Personal Income Tax

There are five major announcements relating to the personal income tax. The rebate limit in the new tax regime has been increased to ₹ 7 lakh, meaning that peons in the new tax regime with income upto ₹ 7 lakh will not have to pay any tax. The tax structure in the new personal tax regime has been changed by reducing number of slabs to five and increasing the tax exemption limit to ₹ 3 lakh. This will provide major relief to all tax payers in the new regime.

The benefit of standard deduction has been extended to the salaried class and the pensioners including family pensioner under the new tax regime. Salaried individual will get standard deduction of ₹ 50,000 and pensioner ₹ 15,000 as per the proposal. Each salaried person with an income of ₹ 15.5 lakh or more will thus gain ₹ 52,500, from the above proposals.

The highest surcharge rate in personal income tax has been reduced from 37% to 25% in the new tax regime for income above ₹2 crore. This would result in maximum tax rate of personal income tax come down to 39% which was earlier 42.74%.

The limit of tax exemption on leave encashment on retirement of non-government salaried employees has been increased from ₹3 lakh to ₹25 lakh.

The new income tax regime has been made the default tax regime. However, the citizens will continue to have the option to avail the benefit of the old tax regime.

Indirect Tax Proposals

The indirect tax proposals announced in the budget by the Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman emphasized on simplification of tax structure with fewer tax rates so as to help in reducing compliance burden and improving tax administration. The number of basic customs duty rates on goods, other than textiles and agriculture, has been reduced from 21 to 13. There are minor changes in the basic customs duties, cesses and surcharges on items including toys, bicycles, automobiles and naphtha.

To avoid cascading of taxes on blended compressed natural gas, excise duty on GST-paid compressed bio-gas contained in it has been exempted from excise duty. Customs duty exemption has been extended to import of capital goods and machinery required for manufacture of lithium-ion cells for batteries used in electric vehicles.

To further deepen domestic value addition in manufacture of mobile phones, the Finance Minister announced relief in customs duty on import of certain parts and inputs like camera lens. The concessional duty on lithium-ion cells for batteries will continue for another year. Basic customs duty on parts of open cells of TV panels has been reduced to 2.5%. The Budget also proposes changes in the basic customs duty to rectify inversion of duty structure and encourage manufacturing of electrical kitchen chimneys.

Denatured ethyl alcohol has been exempted from basic customs duty. Basic customs duty has also been reduced on acid grade fluorspar and crude glycerin. Duty is being reduced on key inputs for domestic manufacture of shrimp feed. Basic customs duty on seeds used in the manufacture of Lab Grown Diamonds has also been reduced. The import duty on silver dore, bars and articles has been increased to align them with that on gold and platinum. The basic customs duty rate on compounded rubber has been increased. National Calamity Contingent Duty on specified cigarettes has been revised upwards by about 16%. The basic customs duty on crude glycerin for use in manufacture of epicholorhydrin is proposed to be reduced from 7.5% to 2.5%.

Common IT Return Form

The Union Budget also proposes to roll out a next-generation common IT return form for tax payer convenience. It also stipulates a plan to strengthen the grievance redressal mechanism for direct taxes. The Finance Minister also announced deployment of about 100 Joint Commissioners for disposals of small appeals in direct tax matters. She also said that the department will be more selective in taking up cases for scrutiny of returns already received this year.

Better targeting of tax concessions

For better targeting of tax concessions and exemptions, deduction from capital gains on investment in residential house has been capped at ₹ 10 crore. Income tax exemption from proceeds of insurance policies with very high value will also have limit. There are a number of proposals relating to rationalization and simplification of direct taxes in the Union Budget.

Other major proposals in the Budget relate to Extension of period of tax benefits to funds relocating to IFSC, GIFT City till 31.03.2025; Decriminalisation under section 276A of the Income Tax Act; Allowing carry forward of losses on strategic disinvestment including that of IDBI Bank; and Providing EEE status to Agniveer Fund.

Proposals relating to MSMEs

Describing MSMEs as growth engines of our economy, the Budget proposes enhanced limits for micro enterprises and certain professionals for availing the benefit of presumptive taxation. To support MSMEs in timely receipt of payments, the Budget allows deduction for expenditure incurred on payments made to them only when payment is actually made.

Cooperation

The Budget has a slew of proposals for the cooperative sector. New cooperatives that commence manufacturing activities till 31st March next year shall get the benefit of a lower tax rate of 15%. The Budget provides an opportunity to sugar cooperatives to claim payments made to sugarcane farmers for the period prior to assessment year 2016-17 as expenditure. A higher limit of ₹ 2 lakh per member has been provided for cash deposits to and loans in cash by Primary Agricultural Cooperative Societies and Primary Cooperative Agriculture and Rural Development Banks. The Budget proposes a higher limit of ₹ 3 crore for TDS on cash withdrawal for cooperative societies.

Start-ups

The Budget proposes to extend the date of incorporation for income tax benefits to start-ups from 31.03.2023 to 31.03.2024. It also provides the benefit of carry forward of losses on change of shareholding of start-ups from 7 years of incorporation to 10 years.

Amendments in CGST Act

The Budget provides for amending the CGST Act so as to raise the minimum threshold of tax amount for launching prosecution under GST from ₹ 1 crore to ₹ 2 crore, except for the offence of issuance of invoices without supply of goods and services or both. The compounding amount will be reduced from the present range of 50 to 150% of tax amount to the range of 25 to 100%. It will also decriminalize certain clauses of the Act like obstruction and preventing of any officer from discharge of his duties, deliberate tempering of evidence or failure to supply the information.

Implications of tax changes

Announcing the changes in the direct and indirect taxes, the Finance Minister said that revenue of about ₹ 38,000 crore will be foregone as a result of these proposals, while revenue of about ₹3,000 crore will be additionally mobilised. She said thus the total revenue foregone is about ₹35,000 crore annually on account of these proposals.

PIB

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Finance Minister Piyush goyal has proposed that individuals with income upto Rs 5 lakh will not have to pay any income tax for FY2019-20.

In the previous budgets also, the Narendra Modi led-government provided tax relief to taxpayers. In Budget 2014, the minimum tax-exemption limit was raised from Rs 2 lakh to Rs 2.5 lakh. Along with that deduction, limit under section 80C was hiked by Rs 50,000 to Rs 1.5 lakh and deduction on interest paid on a housing loan to Rs 2 lakh.

Currently, income up to Rs 2.5 lakh for resident individuals (age below 60 years) is exempt from tax. Similarly, for senior citizens aged 60 years and above but below 80 years, income up to Rs 3 lakh is exempt from tax. Income up to Rs 5 lakh is exempt from tax for super senior citizens (age 80 years and above).

In Budget 2017, Jaitley slashed the tax rate for income between Rs 250,001 and Rs 5 lakh to 5 per cent from 10 per cent earlier. This rate cut gave a tax relief of Rs 12,500 to every taxpayer.

Income tax rates for individuals below 60 years is as follows: No tax on income up to Rs 2.5 lakh, 5 per cent tax on income between Rs 250,001 to Rs 5 lakh; 10 per cent tax on income between Rs 500,001 and Rs 10 lakh; and 30 per cent tax on income above Rs 10 lakh.

For senior citizens (aged 60 years or above but less than 80 years), income up to Rs 3 lakh is exempt from tax. Income from Rs 300,001 to Rs 5 lakh is taxed at 5 per cent, from Rs 500,001 to Rs 10 lakh at 20 per cent and above Rs 10 lakh at 30 per cent.

For super senior citizens, aged 80 years and above, income up to Rs 5 lakh is exempt from tax. Income from Rs 500,001 to Rs 10 lakh is taxed at 20 per cent and above Rs 10 lakh is taxed at 30 per cent.

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New Delhi: Trade unions today asked the government to increase the income tax exemption limit to Rs 5 lakh and the minimum wage to Rs 18,000 besides raising the minimum monthly pension to Rs 3,000 for all.

They also sought a special package for victims of the recent Tamil Nadu floods.

These demands were raised under a 15-point charter submitted by 11 central trade unions to Finance Minister Arun Jaitley during pre-Budget consultations held here. The Union Budget for the next financial year, 2016-17, is slated to be presented in Parliament in February end. It will take effect from April 1.

“We have demanded a minimum wage of Rs 18,000 per month which is higher than our earlier demand of Rs 15,000,” Bharatiya Mazdoor Sangh Zonal Organisation Secretary Pawan Kumar said after the meeting.

The Seventh Pay Commission has recommended Rs 18,000 as minimum monthly wage for central government employees and it should be the benchmark, he said.

All Indian Trade Union Congress Secretary D L Sachdev said: “We have also demanded Rs 3,000 minimum monthly pension for all and asked for a special package for flood ravaged Tamil Nadu to provide relief to workers as well as industry in the next Budget.”

Sachdev said that in view of price rise “we have also demanded from the government to increase the income tax exemption limit to Rs 5 lakh per annum”.

The union have also asked that fringe benefits like housing, medical and educational facilities and running allowances in railways should be exempted from Income Tax.

Unions also demanded that PSUs should be strengthened and expanded and the disinvestment of government shares in profit making PSUs should be stopped.

Besides, they said that the budgetary support should be provided for revival of potentially viable sick PSUs.

On the price rise, the charter said: “Take effective measures to arrest the spiralling price rise especially of food and essential items of daily use. Ban speculative forward trading in essential commodities, check on hoarding and universalise and strengthen Public Distribution System.”

Expressing concerns over steel and aluminium sectors, the unions said: “Relentless and increasing flow of import of industrial commodities including capital goods must be contained and regulated to prevent dumping and also to protect and promote domestic industries and prevent loss of employment.”

It also said that “FDI should not be allowed in crucial sectors like defence production, Railways, financial sector, retail trade and other strategic sectors. In other areas, terms and conditions for FDI should be made public.”

PTI

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Tax Relief To Family Members of Differently Abled: Section 80DD of IT Act

Press Information Bureau

Tax Relief To Family Members of Differently Abled

• Incurs expenditure for the medical treatment (including nursing), training and rehabilitation of a dependant, being a person with disability; or
• Pays any amount to LIC or any other insurer in respect of a scheme for the maintenance of a disabled dependant.

The section provides for a deduction of fifty thousand rupees if the dependant is suffering from disability and one hundred thousand rupees if the dependant is suffering from severe disability.

PIB

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The rates for deduction of income-tax at source from “Salaries” during the financial year 2015-2016 and also for computation of “advance tax” payable during the said year in the case of all categories of assessees have been specified in Part III of the First Schedule to the Bill. These rates are also applicable for charging income-tax during the financial year 2015-2016 on current incomes in cases where accelerated assessments have to be made, for instance, provisional assessment of shipping profits arising in India to non-residents, assessment of persons leaving India for good during the financial year, assessment of persons who are likely to transfer property to avoid tax, assessment of bodies formed for a short duration, etc.
The salient features of the rates specified in the said Part III are indicated in the following paragraph—

A. Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person. Paragraph A of Part-III of First Schedule to the Bill provides following rates of income-tax:-

(i) The rates of income-tax in the case of every individual (other than those mentioned in (ii) and (iii) below) or Hindu undivided family or every association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act (not being a case to which any other Paragraph of Part III applies) are as under:—

Upto Rs.2,50,000 Nil.
Rs. 2,50,001 to Rs. 5,00,000 10 per cent.
Rs. 5,00,001 to Rs. 10,00,000 20 per cent.
Above Rs. 10,00,000 30 per cent.

(ii) In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year,—

Upto Rs.3,00,000 Nil.
Rs. 3,00,001 to Rs. 5,00,000 10 per cent.
Rs. 5,00,001 to Rs.10,00,000 20 per cent.
Above Rs. 10,00,000 30 per cent.

(iii) in the case of every individual, being a resident in India, who is of the age of eighty years or more at anytime during the previous year,—

Upto Rs. 5,00,000 Nil.
Rs. 5,00,001 to Rs. 10,00,000 20 per cent.
Above Rs. 10,00,000 30 per cent.

The amount of income-tax computed in accordance with the preceding provisions of this Paragraph shall be increased by a surcharge at the rate of twelve percent. of such income-tax in case of a person having a total income exceeding one crore rupees.

However, the total amount payable as income-tax and surcharge on total income exceeding one crore rupees shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

Source: http://indiabudget.nic.in/ub2015-16/memo/mem1.pdf

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A survey carried out by industry body Assocham has found that a majority of salaried employees want Finance Minister Arun Jaitley to increase the income tax exemption in the forthcoming Budget.

A hike in income tax exemption from Rs. 2.5 lakh to Rs. 3 lakh will lead to savings of up to Rs. 5,000 for those who fall in the Rs. 2.5 lakh to Rs. 5 lakh tax bracket. Those in the Rs. 5 lakh to Rs. 10 lakh tax bracket will save up to Rs. 10,000, while those in the highest tax bracket can save up to Rs. 15,000.

Any increase in exemption in income tax would leave more money in the hands of people and will increase their purchasing power, Assocham said.

If Mr Jaitley hikes income tax exemption limit, it will be for the second time in two years that salaried employees will get a relief on taxes.

The other big expectation is about exemption on housing loans. 78 per cent of those surveyed want interest exemption on home loans to go up to Rs. 5 lakh from Rs. 2 lakh.

Property prices in the country have gone up sharply over the years and many individuals have to pay large amounts as interest for home loans. Exemption on interest on home loan was hiked by Rs. 50,000 to Rs. 2 lakh in the previous Budget.

A large number of respondents in the survey also voted for hiking exemption limit under section 80C of the Income Tax Act; the section makes investments worth Rs. 1.5 lakh on saving instruments such as fixed deposits, national saving certificates and public provident funds exempt from taxes.

“Hike in exemption limits will boost the savings rate in the Indian economy to 35 per cent of GDP from below 30 per cent currently,” said Assocham secretary general D S Rawat.

88 per cent of respondents want the government to reduce the record-high duty on gold import. Import duty on gold was hiked to 10 per cent in 2013 when the economy was struggling with a high current account deficit and volatile rupee.

Nearly 82 per cent of the salaried class expects a separate deduction of Rs. 50,000 for the payment towards annuity or pension plans. Deduction of the amount paid towards annuity plans u/s 80CCC and NPS u/s 80CCD come under the threshold limit of section 80C currently.

Around 55 per cent of the survey respondents were between 25 and 29 year-old; 26 per cent fell between 30 and 39 years; 16 per cent were between 40 and 49 years. The survey was carried out among employees from 18 broad sectors, with maximum share contributed by employees from IT/ITes sector (17 per cent). It was conducted across Delhi, Mumbai, Kolkata, Chennai, Ahmedabad, Hyderabad, Pune, Chandigarh, Dehradun, etc. About 500 salaried employees from the different sectors were covered by the survey from each city on an average.

Read at NDTV

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The National Mazdoor Conference today asked Union Finance Minister Arun Jaitley to raise the income tax exemption limit to Rs 5 lakh.

Read at: http://economictimes.indiatimes.com/

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Finance minister Arun Jaitley may announce during the Budget

The Modi government may declare a raise in the Income Tax Exemption limit from the current 2.5 lacs to 3 lacs.

Finance Minister Arun Jaitley may announce an increase in the Income Tax Exemption limit to 3 lacs in the 2015-16 budget meeting, which will be a great relief to the taxpayers, particularly for Central Government Employees.

If this proposal is accepted, then there are chances that changes are made in the Income Tax Rate slab, which may also provide relief to the people of the High Income group.

It is being understood that the government can give a tax exemption up to an annual income of Rs 3 lacs; where a 10% tax was paid for an income between 2.5 to 5 lacs, there it is expected that people with an annual income of Rs 3 lacs to 10 lacs will have to pay a tax of 10%. Similarly, where people with an annual income of Rs 5-10 lacs had to pay a tax of 20%, it is expected that this tax rate would be extended for the income group of 10-20 lacs.

Similarly, the 30% tax rate for the income above 10 lacs is expected to be increased to a limit between 20 lacs and 1 crore for implementation. It has been told that the government is making easy the path of the High Income group and for above 1 crore, and is in the process of collecting a lump sum of 33% instead of the interest over 30% and surcharge of 10%.

According to sources, the special Investigation team formed in relation to black money has recommended a maximum cash possession limit of approximately 15 lacs which may also be declared.

Expected Potential Relief in Income Tax

Present Income Tax Slab

Proposed Income Tax Slab

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Good news for salaried women! Narendra Modi Government is considering higher income tax exemption limit for women in the budget for 2014-15.

Finance minister Arun Jaitley is restructuring tax slabs and is thus set to approve a proposal to raise the tax exemption limit to Rs 3 lakh from existing Rs 2 lakh.

The Modi government will ease the tax burden on the middle class and impose a higher tax on the super rich in its first Budget to be presented by Union finance minister Arun Jaitley next month.

According to the proposal, under consideration of the new government, there would also be a tax on the super- rich bracket, comprising those earning Rs 10 crore or more of 35 per cent. This category would be above the Rs 1 crore, class which currently pays an effective tax of 33 per cent inclusive of a surcharge that the earlier government had introduced.
India’s tax regime is being overhauled by Finance minster

Women will be offered a higher tax relief — the threshold income below which individuals are not liable to pay taxes—for women could be fixed at between Rs. 3,25,000 to Rs. 3,50,000.
Rs. 1 lakh annual tax deduction allowed under Section 80C of the Income-tax Act has not kept pace with the rising inflation and needs revision.

A separate deduction of at least Rs 1 lakh per year specifically for education is being considered
Exemption on home loans:  To reduce the burden on households for the interest paid on housing loan for a self-occupied house property a deduction of up to Rs 1.5 lakh is allowed. It can be increased to Rs 5 lakh per year.
Moreover, a proposal to reduce the age for tax exemption for senior citizens to 60 years from 65 years is also under consideration.
EXISTING TAX STRUCTURE

Income of less than Rs. 2 lakh a year are exempt from paying taxes.

Earning between Rs. 2 lakh and Rs. 5 lakh annually are taxed at 10%,

Between Rs. 5 lakh and Rs. 10 lakh at 20%

Earning more than Rs. 10 lakh pays a tax of 30%.

Source: Sahara Samay News
[http://www.saharasamay.com/nation-news/676555821/salaried-women-to-get-higher-income-tax-exemption-in-the-budget-.html]

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Shiva Gopal Mishra
Secretary

National Council (Staff Side)
Joint Consultative Machinery
Central Government Employees
13-C, Ferozshah Road, New Delhi – 110001

No.NC/JCM/2014

Dated: June 17, 2014

Hon’ble Minister of Finance,
(Government of India), Ministry of Finance,
North Block, New Delhi

Respected Sir,
Reg.: Pre-budget consultation

I, on behalf of National Council (Joint Consultative Machinery), representing more than 36 lakh Central Government Employees’, once again congratulate and welcome you on your taking over as Finance Minister of the new government, recently formed on the verdict of the people of this country.

We take this opportunity to bring to your kind notice some important major issues that need to be taken into consideration while finalising the General Budget of our country for the year 2014-15. This would definitely boost the morale of the Central Government Employees and simultaneously help a lot in overall development of our nation.

Some of the important issues are appended below for your kind consideration;

(i) Effective measures need to be taken to arrest the skyrocketing price rice, particularly of essential commodities effecting common man and to contain inflation, ban speculative forward trading in commodities, strengthen the Public Distribution System, ensure proper check on unlawful hoardings and rationalise the tax dutylcess on petroleum products with a view to minimise burden on common people.

(ii) Adequate allocation be ensurd in infrastructure development in order to stimulate the economy for job creation. Necessary measures are required to be taken for strengthening the Public Sector for job creation and rapid development of the country as this sector plays vital role in this regard. Plan and non-plan expenditure should be adequately increased to stimulate job creation and ensuring consistent income of the people.

(iii) Minimum Wage linked to Consumer Price Index need to be guaranteed to all workers, complying the recommendation of the 15 Indian Labour Conference as envisaged by the apex court of the country and reiterated in the 44th Indian Labour Conference held in 2012, and it should be minimum Rs 15000 p.m.

(iv) In the context of huge job losses and mounting unemployment problem, the ban imposed on recruitment in Government Departments, Public Sector Undertakings and Autonomous Bodies should be lifted as per recommendation of the 43 Session of the Indian Labour Conference, Instructions of the Finance Ministry to abolish the posts which are not filled for one year should be withdrawn and thumb rule surrender of posts in Government Departments and Public Sector Undertakings be stopped, while new posts be created fornew assets and increased workload without imposing any conditn of “Matching Saving” etc.

(v) In the wake of appointment of VII CPC by the former government, allocation of requiste funds be made for Interim Relief and to implement the recommendations of the VII CPC.

(vi) All the restrictive provisions based on poverty line in respect of eligibility coverage of the schemes under the Unorganised Workers’ Social Secuñty Act, 2008 need to be done awaywith and adequate resources be allocated for the National Fund for Unorganised Workers with a view to provide Social Security to all Unorganised Workers, including Contractual/Casual Workers in ne with the recommendations of the Parliamentary Standing Committee on Labour as also the 43rd Session of the Indian Labour Conference, for which the word “Below Poverty Line” need to be re-defined at the earliest.

(vii) Necessary provision in the budget be made for providing essential services, viz, housing, public transport, sanitation, water, schools/colleges, creche for children, healthcare for the workers in the new emerging industrial areas as also separate women hostels for women workers where their participation is high.

(viii) Budget provision is required to be increased for elementary education, particularly in the wake of implementation of the justify to Education, as the same can be proved an effective tool to combat Child Labour.

(ix) The prevalent system of computation of Consumer Pñce Index needs to be reviewed owing to heavy financial loss to the workers in the present system.

(x) The ceiling limit for exemption of Income Tax for the salaried employees be raised to atleast 5 lakh per annum and fringe benefits, like housing, medical aid education facilities, Running Allowances, be exempted from Income Tax net in totality.

(xi) New Pension Scheme be withdrawn, being detrimental for Social Security, and all employees under the Central Government, State Government, PSUs, Autonomous Bodies etc. recruited on or after 01.01.2004 be covered under Old Pension Scheme. Any National Pension Scheme should be made optional in addition to Old Pension Scheme.

(xii) The genuine demand for Merger of Dearness Allowance with Pay be accepted and adequate allocation of funds for this purpose be made in the budget.

We also put-forth the following suggestions in regard to resource mobilisation for the purpose of fulfilment of the aspirations of the common people of the country in general and the working class in particular:-

• A Progressive Taxation System should be put in place to ensure taxing the rich and the affluent sections who have the capacity to pay at a higher degree. Corporate service sector, traders, wholesale business, private hospitals and institutions etc. should be brought under broader and higher tax net Increase taxes on luxury goods and reduce Indirect Taxes on essential commodities, as at present overwhelming majority of the population are subjected lo Indirect Taxes that constitute 86% of the revenue.
• Concrete steps must be taken to recover huge accumulated unpaid tax arrears which has already crossed more than Rs.5 lakh crore on Direct and Corporate Tax account alone, and has been increasing at a geometric proportion. Such huge tax evasion over and above the liberal tax concessions, already given in the last two budgets, should not be allowed to continue.
• The steps taken by the new Central Government, constituting Special Investigation Team(SIT) for recovering black money are praiseworthy and we urge for speedy action in the matter.
• Effective measures need to be taken to unearth huge accumulation of black money in the economy, including heavy amount of uncounted money in the tax heavens abroad and within the country, and necessary provisions be made to bring back illicit flow from India, which are at present more than twice current external debt of US$ 230 billion. This huge money be directed towards providing Social Security lo the working class.

We do hope, the above-mentioned views would receive due consideration from your good-self. Besides the, there is an urgent need for continuous dialogue with the Central Government Employees, for which, the National Council(JCM), being ai effective tool, has always played a vital role during the past, however., it is quite unfortunate that the same has been made ineffective during the recent years. It is our considered view that, in the larger interest of the development of the nation, continuous dialogue on the problems of the Central Government Employees through the JCM is necessary.

It is, therefore, earnestly requested that, dialogue in the pre-budget discussion with the JCM(Staff Side) should also be ensured, so that the views expressed by them can also be taken Into account while finalising the Budget.

With kind regards!

Yours faithfully,
sd/-
(Shiva Gopal Mishra)

Source: http://ncjcmstaffside.com/wp-content/uploads/2014/06/Pre-Budget-Consultations_17.06.2014.pdf

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