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Union Budget 15-16

Too much of topic-less writing. So here i am presenting to u all in the capacity of a CA student the key highlights of this budget. Special thanks to my bro Sai who helped me with this.

Here we go...

The first full budget of the NDA government was announced on 28^th February 2015 in Lok Sabha by Finance Minister. Unless otherwise stated the provisions of the Finance Act, 2015 shall come into effect from 1^st of April 2015.

DIRECT TAX:

Income Tax slab and rates of tax remains unchanged for Individuals / HUF. However, an additional surcharge of 2% will be levied for taxable income more than 1 crore for individuals / HUF. The existing slab and rates of tax are as follows:

Income Slab (in Rs.)	Rates of Tax (in %)
0 to 2,50,000	-
2,50,000 to 5,00,000	10%
5,00,000 to 10,00,000	20%
10,00,000 and above	30%

Tha amendments made are as stated below:

INCOME TAX:

Ø  Transport Allowance u/s 10(14) has been increase to Rs.1,600 p.m as against Rs.800 p.m currently.

Ø  Deduction u/s 80D for Mediclaim insurance has been increased by Rs.10,000 w.e.f 1^st April 2016.

Ø  Deduction of Rs.30,000 available u/s 80D for Super Senior citizens not covered under Mediclaim insurance towards medical expenditure incurred. Deduction is also allowed on such expenditures incurred on Super Senior parents w.e.f 1^st April 2016.

Ø Deduction  u/s 80DD for dependents with Normal disability has been increased to Rs.75,000 from Rs.50,000 w.e.f 1^st April 2016.

Ø Deduction u/s 80DD for dependents with severe disability has been increased to Rs.1,25,000 from Rs.1,00,000 w.e.f 1^st April 2016.

Ø Deduction u/s 80U where the assesse himself is normally disabled is increased to Rs.75,000 from Rs.50,000 w.e.f 1^st April 2016.

Ø Deduction u/s 80U where the assesse himself is severely disabled is increased to Rs.1,25,000 from Rs.1,00,000 w.e.f 1^st April 2016.

Ø ThedeductionlimitunderSection80CCC have been increased to Rs.1,50,000 fromRs.1,00,000foranyamountreceivedunderLICAnnuityPensionPlan.

Ø Deduction u/s 80DDB in case of specified disease of serious nature has been increased by Rs.40, 000 w.e.f 1^st April 2016.

Ø Additional deduction of Rs.50,000 is made available from 1^st April 2016 for investment in new pension scheme u/s 80CCD.

Ø  Donation made to Swachh Bharat Kosh, Clean Ganga fund and National fund for Control of Drug Abuse shall be eligible for deduction u/s 80G w.e.f 1^st April 2016.

Ø  Individual Tax payers can now plan tax upto Rs.4.44 lakhs.

Ø  Additional Surcharge of 2% applicable for taxable income more than 1 crore.

Ø  Tax rate on income by way of Royalty or fees for Technical Service has reduced from 25% to 10% for Non-Residents.

Ø  Threshold for Domestic Transfer pricing increased to Rs.20 crores from Rs.5 crores.

Ø  Corporate tax to be reduced to 25% over the next four years.

Ø  Amendment in 269ss and 269t of the Income tax Act, 1961 to prohibit acceptance or repayment of advance in cash or Rs. 20,000 or more for any transaction in immovable property with a view to curb black money.

Ø  The threshold of minimum workmen u/s 80JJAA is reduced to 50 from 100. This section provides deduction for a person manufacturing goods in a factory and paying wages to new regular workmen.

Ø  Amendments to Section 197A to provide the facility of Self declaration of non-deduction of Tax by the recipient of Taxable maturity proceeds of LIP.

WEALTH TAX:

Wealth Tax has been abolished and replaced by a provision for additional Surcharge of 2%  on Super Rich Tax payers.

INDIRECT TAX:

Ø  SERVICE TAX:

§  Service Tax rates to be increased from 12.36% to 14%.

§  Education Cess and Secondary and higher Education Cess shall be included in the 14%.

§  Cess of 2% towards Swachh Bharat initiative shall be levied on all or certain taxable services from a date yet to be notified.

§  EXCISE DUTY:

The following amendments in rates of Excise duty have been made:

§  Wafers for use in the manufacture of integrated circuit (IC) modules for smart cards from 12% to 6%.

§  Inputs for use in the manufacture of LED drivers and MCPCB for LED lights, fixtures and LED lamps from 12% to 6%.

§  Mobiles handsets, including cellular phones from 1% without CENVAT credit or 6% with CENVAT credit to 1% without CENVAT credit or 12.5% with CENVAT credit.

§  Tablet computers from 12% to 2% without CENVAT credit or 12.5% with CENVAT credit.

§  Specified raw materials [battery, titanium, palladium wire, eutectic wire, silicone resins and rubbers, solder paste, reed switch, diodes, transistors, capacitors, controllers, coils (steel), tubing (silicone)] for use in the manufacture of pacemakers to Nil.

§  Pig iron SG grade and Ferro-silicon-magnesium for use in the manufacture of cast components of wind operated electricity generators to Nil, subject to certification by MNRE.

§  Solar water heater and system from 12% to Nil without CENVAT credit or 12.5% with CENVAT credit.

§  Excise duty on cigarettes is being increased by 25% for cigarettes of length not exceeding 65 mm and by 15% for cigarettes of other lengths. Similar increases are proposed on cigars, cheroots and cigarillos

§  Round copper wire and tin alloys for use in the manufacture of Solar PV ribbon for manufacture of solar PV cells to Nil subject to certification by Department of Electronics and Information Technology (DeitY).

OTHER AMENDMENTS:

Ø  Online Central Excise/Service Tax Registration within two working days.

Ø  Time limit for taking CENVAT Credit on inputs and input services is being increased from six months to one year.

Ø  Central Excise/Service Tax assesses are being allowed to issue digitally signed invoices and maintain other records electronically.

Ø  Excise duty of 2% without CENVAT credit or 6% with CENVAT credit is being levied on condensed milk put up in unit containers. It is also being notified under section 4A of

the Central Excise Act for the purpose of valuation with reference to the Retail Sale Price with an abatement of 30%.

Ø  Excise duty of 2% without CENVAT credit or 6% with CENVAT credit is being levied on peanut butter. Relief Measures.

Ø  Full exemption from excise duty is being extended to captively consumed intermediate compound coming into existence during the manufacture of Agarbattis. Agarbattis attract Nil excise duty.

GST:

GST to come into force by 01.04.2016.

EDUCATION SECTOR:

• AIIMS in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam

• IIT in Karnataka, Indian School of Mines in Dhanbad to be upgraded to IIT

• PG institute of Horticulture in Amritsar.

• Kerala to have University of Disability Studies

• Centre of film production, animation and gaming to come up in Arunachal Pradesh

• IIM for Jammu and Kashmir and Andhra Pradesh

REAL ESTATE SECTOR:

·   In respect of Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (INViTs), it is proposed to provide that the sponsor will be given the same treatment on offloading of units at the time of listing as would have been available to him if he had offloaded his shareholding of special purpose vehicle (SPV) at the stage of direct listing.  Further, the rental income arising from real estate assets directly held by the REIT is also proposed to be allowed to pass through and to be taxed in the hands of the unit holders of the REIT.

·   Establishment of National Investment and Infrastructure Fund (NIIF), and an ensured annual flow of Rs.20,000 crores to it.

·   Establishment of Atal Innovation Mission (AIM), in NITI.AIM will be an Innovation Promotion Platform involving academics, entrepreneurs, and researchers and draw upon national and international experiences to foster a culture of innovation, R&D and scientific research in India. The platform will also promote a network of world-class innovation hubs and Grand Challenges for India.  Initially, a sum of Rs.150 crore will be earmarked for this purpose.  

AGRICULTURE SECTOR:

Ø  Rs. 5,300 crore for Micro Irrigation Programme.

Ø  Farm credit of Rs.8.5 lakh crores has been ear-marked.

Ø  Creation of Unified National Agricultural market.

Ø  Launch of Soil Health Card Scheme to improve soil fertility.

DEFENCE SECTOR:

Ø  FDI in defence raised from 26% to 49%

Ø  100% FDI allowed in defence sector for modern technology

Ø  Portfolio investment in defence sector permitted upto 24% under automatic route.

Ø  Allocation of Rs.2,46,727 crores to defence sector

Ø  Extension of Make in India Policy to defence sector to achieve greater self-sufficiency including in aircraft.

MONETIZING GOLD:

Ø  Gold Monetization Scheme, which will replace both the present Gold Deposit and Gold metal Loan Schemes has been introduced.

Ø  To develop an Indian gold Coin, which will carry the Ashok Chakra on its face, to reduce the demand for foreign coins and recycle the gold available in the country.

Ø  Sovereign Gold Bond, as an alternative to purchasing metal gold.

SWACHH BHARAT INITIATIVE:

Ø  Improvement of Quality of life and public health through Swachh Bharat Initiatives.

Ø  100% deduction for contributions, other than by way of CSR contributions, to the Swachh Bharat Kosh.  A similar tax treatment is also proposed for the Clean Ganga Fund.

Ø  Cess of 2% towards Swachh Bharat initiative shall be levied on all or certain taxable services from a date yet to be notified.

MAKE IN INDIA AND SKILL DEVELOPMENT INITIATIVE:

Ø  Job creation through revival of growth and investment and promotion of domestic ‘manufacturing’ and ‘Make in India’.

Ø  The Skill India and the Make in India programmes are aimed at ensuring that the young people of India get proper jobs.

Ø  The Make in India programme is aimed at meeting the challenge posed by decline in manufacturing sector from 18% to 17% of GDP and stagnated exports manufacturing at 10% of GDP.

Ø  The second pillar of taxation proposals this year is job creation through revival of growth and investment and promotion of domestic manufacturing and ‘Make in India’. 

SAFE INDIA:

Ø  Allocation of Rs.1000 crores to the Nirbhaya Fund.

GREEN INDIA:

Ø  Target of renewable energy capacity revised to 175000 MW till 2022, comprising 100000 MW Solar, 60000 MW Wind, 10000 MW Biomass and 5000 MW SmallHydro.

Ø  Proposal to introduce a public Contracts (resolution of disputes) Bill to streamline theinstitutional arrangements for resolution of such disputes.

Ø  Proposal to introduce a regulatory reform Bill that will bring about a cogency of approachacross various sectors of infrastructure.

TOURISM:

Ø  Resources to be provided to start work along landscape restoration, signage and interpretation centres, parking, access for the differently abled, visitors’ amenities,including securities and toilets, illumination and plans for benefiting communities around them at various heritage sites.

Ø  Visas on arrival to be increased to 150 countries in stages.

OTHER ANNOUNCEMENTS:

Ø  Country's fiscal deficit target for the 2015/16 fiscal year at 3.9% of GDP and the target to gradually reduce to 3 percent by 2017/18.

Ø  Growth in 2015-16 is expected to be between 8-8.5 per cent.

Ø  Revenue Deficit to be 2.8% in 2015-16.

Ø  Current Account Deficit for 2014-15 to be below 1.3% of GDP.

Ø  Unclaimed deposits of about Rs.3,000 crores in the PPF, and approximately Rs.6,000 crores in the EPF corpus. Theamounts to be appropriated to a corpus, which will be used to subsidize the premiums on social security schemes.

RELIGIONS THAT YOU HAVE SELDOM OR NEVER HEARD!!

Since time immemorial, the concept of religion has existed among human folk. Various ancient civilizations prove the fact that men have always followed religion and prayed to God and it is only the form that has varied. In other words, Religion is nothing but realization of God. In a country like ours, there is no dearth of religions. We come across lot of religions and its followers in our everyday life. But here are some religions that you may have seldom or never heard about.

YAZDANISM:
The followers of this religion, called Yezidis (Also spelt Yazidis) belonging to the Kurdish ethno-religious community are believed to have originated from “Zoroastrianism”- another religion that originated in the present day Iran. The Yezidis are also considered the only “Dharmic – Cousins” of Hinduism, (a religion with more than 900 million followers) owing mainly to the similarities in their style of worship. The Yezidis worship “Melek-Taus”- The Peacock Angel whose resemblance to Lord Muruga of Hinduism is quite striking. The Yezidis are found in Iraq, Syria, Germany, Russia and some other European countries. It is very unfortunate that the Yezidis were targeted and Persecuted by the Islamic State declaring them to be “Satan” and devil worshippers, brutally murdering the men and capturing the women, who are being treated as slaves.

JAINISM:
Jainism is an ancient religion that originated in the Indian Sub-continent around 2500 years back. The Jains’ primary goal in life is to attain “Moksha” or freedom from the cycle of Re-birth. They practice immense tolerance towards other living beings. The Jain Diet is an extremely spiritually motivated diet that supports Veganism. Jains are found mostly in India apart from Belgium, Canada, Hong Kong and The United States. Jainism revolves around five central beliefs of
Non-Violence
Truth
Non-Stealing
Celibacy
Non-Possession

ZOROASTRIANISM:
Zoroastrians believe in one Universe and One Supreme God “Ahura-Mazda” which means Being Mindful in the Avestan Language. In India, the followers of this religion are called “Parsees” or “Parsis” who are predominantly found in the state of Gujarat. In the Zoroastrian tradition, special care is taken to ensure that a corpse does not pollute the good creation. The Parsis in India neither cremate the corpse nor burn it, because fire is extremely pure and by burning a corpse, it is made impure.

The world has seen many religions, and every religion has taught something. But no religion teaches hatred. So whatever religion you may follow, love all and be loved by all.

Counting my blessings :)

It is always in the mid-night or when i am supposed to do something very important the urge to write arises within me. This time it is mid-night...
Whenever anything begins i always pray for it to be nice. But March 2015 has begun on a rocking note even without my prayers. My heart felt thanks to the almighty for this.
Though i crib unnecessarily a lot about my work place, it is an undeniable truth that i have had great opportunities  here to do things that i enjoy doing. I sometimes feel that i couldnt have got a better learning environment. As a client co-ordinator i get to meet different people. Some would nod their head at anything i say. Some would interrogate me like a CBI officer. But anyway i thoroughly enjoy it. As an article student in an extremely reputed firm there is no dearth of exposure as well as work which keeps you busy round the clock. And i am no less than a genie. U better keep me occupied with work or i become extremely destructive (pun intended :p) The part that i have enjoyed the most is writing both subject oriented and non subject oriented articles for websites, blogs and newsletters because as i hv already said writing is more than love or passion to me. Latest addition to this list is the discussion on Union budget with extremely learned and experienced people that i was given an opportunity to join and put forth my take on the budget. I am running out of words when i try thanking my sir for all these wonderful opportunities that he has given me. I just wish i had used these in a little more effective manner. Anyway i am glad that i have benefitted atleast a bit if not completely. This feeling of ecstasy is also accompanied by a sense of fear that at any cost i don't commit an act that will disappoint any one. It is for them to realize that my actions may be wrong but my intentions are always honest and i would never bring disgrace to my institution.  There would not be a person more fortunate than me if i would get a similar kind of work place wen i start my career(fingers crossed).

March 2015 has also given me some sweet  surprises. After a long time i logged into my blof to jot down my nerve wrecking experience on facing the camera for the first time ( barring a few reality show auditions) but i got to see a comment awaiting moderation :D :D :D. First comment on my blog. If this was facebook i would have liked it. If this was twitter i would have starred it, retweeted it. Since these were not possible i just replied to it :)

And a lot of other things like my bestie's bday, getting something tat was.worrying me a lot, patch up with a friend turned enemy who has now again turned a friend etc. etc

So once again thank u god fr all these.... :) :)
(Keep calm and comment below :p)

Pouring out my heart!!

If you thought bonded slavery ended long ago, then i am sure you would want to change your mind after reading this. Bonded slavery has taken a new high-Profile dimension and the slaves are no longer called Slaves... They are called TRAINEES... Welcome to the new era slavery!!!

                      Why do i call this Slavery?? Not just because you work for your boss without any kind of appreciation but also because you have to put up with a lot of Sarcasms and a "You are fit for nothing" expression yet happily(??) get back to work the next day. 

                      You may be extremely good at a lot of things that your senior sucks at. But never mind (s)he is your senior and (s)he is good at the subject. If you are bad at something it could be because of  your lack of knowledge in the subject and it is for the seniors to realize that you need some help with the subject. But Alas that will never happen. Let alone appreciation for your work, you would be thankful if they don't make fun of you when you make a mistake. After all to err is human.

                       Being a trainee is not an easy task. You leave office early - you will have to face your seniors' wrath and you stay late - they don't understand what you do for so long?? And as if all these are not enough you also get caught in the dirty politics. And don't be surprised if you have to do a bit of unofficial work for your seniors. After all you are their slave... Oops Trainee...

                       My honest plea to all seniors - Please remember that you were not born intelligent. Years of experience has made you whatever you are. Even though i may never become as intelligent as you, there is no need for this sarcasm. And Please don't UNDERESTIMATE.

                                                                                                                             Yours Sincerely,

                                                                                                                        An irritated Trainee who                                                                                                                                has had enough.      

Random musings...

With the 5:00 AM breeze against my face, the smell of mayflowers for my nose, hot tea by my side for my taste buds,
when darkness is the only light and silence is the only noise-
I am here, in absolute solitude wondering about a lot of things, wishing for a lot of things to happen and as usual hoping to come up with a good post. If i could ignore the mosquitoes sucking my blood here, i am in total BLISS. At no other time of the day would i be given such freedom to sit simply and do nothing constructive owing to the fact that i have less than a month for my exams.
   Everytime i contemplated writing a post, something had been stopping me big time. That is nothing but want of a topic. But thankfully this time i am ready with a topic.  Actually with lot of topics. Do i write about Xenoglossy or my first time voting experience. Or should i write a review of a movie i saw or pour out my heart here or just stick to my forte- writing without a point.
   Pointless writing - Yes, i have aced it because i write not to bring about a change in the world but because i love doing it. Writing for the love of it... Because it is way better to keep things simple than to complicate and make a laughing stock out of yourself.
  Who knows someday i might even come up with an article on current affairs like the earth quake in Afghanisthan or 2014 lok sabha elections. But for now all i can say about the lok sabha elections is tat i voted this time for the first time :):) So till then we ll just watch the space.
   After a point there is no point in writing without a point. So winding up is the only option. But before that let me just share an inspirational PROVOKING thought - " Don't panic if you find a cockroach in your sandwich. You must panic only when you find half of it in your sandwich". What exactly does this provoke? Well, in me laughter and in you...???. God knows :)  :)

My Incredible India...

Once I set on an Expedition,

To know about the Indian Tradition,

Where I found,

Amazing Andhra and Busy Bangalore,

Kindness of Kerala & Paintings of Tanjore.

Hi-Tech Hyderabad and Bhubaneshwar’s beauty,

With Silicon Valley and companies of IT.

Kashmir as Head and Madhya Pradesh its heart,

“Athithi Sathkar” is its culture’s part.

Benaras still with ancient bullock cart,

Temples revealing the amazing Indian Art.

The beautiful Gopuram of Thirupathi,

And the sweet smell of Agarbathi.

Golden temple of Amritsar,

Warmth of the yak fur.

Ayurveda and yoga relaxes body and mind

And people of India are really kind.

With the high ranges of Mount Vindhya

My country becomes Incredible India.