NEWS & EVENTS

UNION BUDGET HIGHLIGHTS 2015-16:

  • Proposal to reduce corporate tax from 30% to 25% over the next four years, starting from next financial year.
  • No change in rate of personal tax slabs. Surcharge increased to 12% in case income exceeds Rs.1 Crore. 3% Cess to continue.
  • Deduction for Contribution to Pension Fund- Limit increased to Rs. 1.50 lakh. Health insurance premium (80D) increased from Rs.15000 to Rs.25000 , for senior citizens it is increased from Rs.20000 to Rs.30000, Transport allowance increased from Rs.800 to 1600 per month. Additional deduction of Rs.25000/- for differently abled persons.
  • Non disclosure / Evasion of tax in relation to foreign assets to have punishment of rigorous Imprisonment upto 10 yrs , penalty 300% & noncompoundable offence. Non-filing of returns/filing of returns with inadequate disclosure – 7 yrs imprisonment. property raised from Rs.1.5 lakh to Rs.2 lakh.
  • Voluntary Disclosure Scheme expected in 3 months time for disclosure of foreign Assets
  • Additional investment allowance (15%) & Additional Depreciation (35%) for new units in AP& Telengana.
  • Rate of Income tax on Royalty & fees for technical services paid to non residents reduced to 10% from 25%.
  • Domestic Transfer pricing limit increased to Rs.20 Cr from 5 Cr.
  • As promised, GST to come into effect from 01.04.2016. Service Tax Rates Increased to 14% from 12.36% (No more Education Cess & SHE Cess).Time limit for taking CENVAT Credit on inputs and input services is being increased from six months to one year. Online Central Excise/Service Tax Registration within two working days.

 

Clients

Our client profile includes domestic and international organizations in various fields of work, individuals and partnership firms. We have experience in serving a diversified clientele belonging to fields as under:

  • Manufacturing industries – Engineering, Garments, Food, Chemicals, Automobiles, and civil industries, computer hardware, electrical and electronic industries, infrastructure etc.
  • service industries – catering and hotels, human resource development, health and medical services, financial service providers, education and training sector, social welfare organizations, software service providers, Transport and Communication services etc.
  • Trading sector – iron and steel components, electrical and electronic components, food products and groceries etc.