Highlights of Union Budget 2015

Here are the highlights of Jaitley's Budget for the fiscal year that begins on April 1.
TAXATION
* To abolish wealth tax
* Replaces wealth tax with additional 2% surcharge on super rich
* Proposes to cut to 25 percent corporate tax over next four years
* Corporate tax of 30 percent is uncompetitive
* Net gain from tax proposals seen at Rs 150.68 billion
* Jaitley proposes modification of permanent establishment norms so that the mere presence of a fund manager in India would not constitute a permanent establishment of the offshore fund, resulting in adverse tax consequences.
* Proposes to rationalise capital gains tax regime for real estate investment trusts
* Expects to implement goods and services tax by April 2016
* To reduce custom duty on 22 items
* Proposes to increase service tax rate and education cess to 14 percent from 12.36 percent
* Plans to introduce direct tax regime that is internationally competitive on rates without exemptions
* Exemptions for individual tax payers to continue
* To enact tough penalties for tax evasion in new bill
* Tax dept to clarify indire

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