Budget 2016 – Highlights-7


  • Cars to be expensive with infra cess on Cars, Vehicles, SUVs:
  • Services provided by EPFO exempted from service tax
  • Dividend taxed at 10% in the hands of individual receiving income in excess of INR 10 lakhs (in addition to DDT paid by the company)
  • Luxury cars exceeding INR 1 crores, and Products worth INR 200,000
  • Collect at source of tax 1%
  • STT on options increased to 0.05 per cent
  • Instead of 12 per cent, 15 per cent surcharge on income tax for those with incomes exceeding 1 crore per annum
  • Security transaction tax on options to be raised from 0.017 per cent to 0.05 per cent: Service tax exempted for housing construction of houses less than 60 sq. m
  • 100% deduction for profits of undertakings from housing projects in cities during Jun ’16-Mar ’19
  • Proposed to withdrawal upto 40 per cent of corpus under National Pension scheme to be tax free. Annuity also to be tax free
  • Tax treatment should be uniform for defined benefits and contribution of pension scheme and plans
Medaram Jathara

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