overview of union budget 2015
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Overview of Budget 2015
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli
Economic Highlights
GDP growth in 2015-16 projected 8 to 8.5%
Real GDP growth to be 7.4%
Monetary policy framework with RBI
MUDRA Bank to finance small & Medium entrepreneurs
GAAR implementation deferred – to apply prospectively on or after 1.4.2017
Jan dhan, Aadhar and Mobile (JAM) for direct benefit transfer
GDP growth in 2015-16 projected 8 to 8.5%
Real GDP growth to be 7.4%
Monetary policy framework with RBI
MUDRA Bank to finance small & Medium entrepreneurs
GAAR implementation deferred – to apply prospectively on or after 1.4.2017
Jan dhan, Aadhar and Mobile (JAM) for direct benefit transfer
GDP growth in 2015-16 projected 8 to 8.5%
Real GDP growth to be 7.4%
Monetary policy framework with RBI
MUDRA Bank to finance small & Medium entrepreneurs
GAAR implementation deferred – to apply prospectively on or after 1.4.2017
Jan dhan, Aadhar and Mobile (JAM) for direct benefit transfer
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli
Economic Highlights… cont’d
Move to amend the RBI act this year and provide monetary policy committee.
To allow foreign investment in alternative investment funds
To establish an autonomous bank board bureau to improve management of publicsector banks
To launch national skills mission soon to enhance employability in rural youth
Plans to revamp direct tax regime to make it internationally competitive with ratecuts and sans exemption
Move to amend the RBI act this year and provide monetary policy committee.
To allow foreign investment in alternative investment funds
To establish an autonomous bank board bureau to improve management of publicsector banks
To launch national skills mission soon to enhance employability in rural youth
Plans to revamp direct tax regime to make it internationally competitive with ratecuts and sans exemption
Move to amend the RBI act this year and provide monetary policy committee.
To allow foreign investment in alternative investment funds
To establish an autonomous bank board bureau to improve management of publicsector banks
To launch national skills mission soon to enhance employability in rural youth
Plans to revamp direct tax regime to make it internationally competitive with ratecuts and sans exemption
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli
Economic Highlights… cont’d
Tax-free infrastructure bonds for projects in roads, rail and irrigation projects
Employees PF contributions to be made optional. However employer’s contribution tothe PF to continue
To do away with different types of foreign investment and replace them withcomposite caps
Govt to make Indian Gold Coins to reduce demand of foreign coins
Tax-free infrastructure bonds for projects in roads, rail and irrigation projects
Employees PF contributions to be made optional. However employer’s contribution tothe PF to continue
To do away with different types of foreign investment and replace them withcomposite caps
Govt to make Indian Gold Coins to reduce demand of foreign coins
Tax-free infrastructure bonds for projects in roads, rail and irrigation projects
Employees PF contributions to be made optional. However employer’s contribution tothe PF to continue
To do away with different types of foreign investment and replace them withcomposite caps
Govt to make Indian Gold Coins to reduce demand of foreign coins
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli
General Provisions Direct Tax Code is not going to be implemented as most of the aspects are covered n the current
Income Tax act itself
Benami Transactions (Prohibition) Bill to be introduced later.
Wealth tax abolished (for all types of assessees)
PAN to be made mandatory for purchase of immovable property above Rs.1 lakh. Advance orreturn of advance by cash above Rs.20,000 for purchase of immovable property prohibited.
Carrying on Yoga activity is included as an object of general public utility for charitablepurposes.
Ceiling on receipts from trading activities to be 20% of total receipts instead of Rs.25 lakhs forcharitable organizations
Direct Tax Code is not going to be implemented as most of the aspects are covered n the currentIncome Tax act itself
Benami Transactions (Prohibition) Bill to be introduced later.
Wealth tax abolished (for all types of assessees)
PAN to be made mandatory for purchase of immovable property above Rs.1 lakh. Advance orreturn of advance by cash above Rs.20,000 for purchase of immovable property prohibited.
Carrying on Yoga activity is included as an object of general public utility for charitablepurposes.
Ceiling on receipts from trading activities to be 20% of total receipts instead of Rs.25 lakhs forcharitable organizations
Direct Tax Code is not going to be implemented as most of the aspects are covered n the currentIncome Tax act itself
Benami Transactions (Prohibition) Bill to be introduced later.
Wealth tax abolished (for all types of assessees)
PAN to be made mandatory for purchase of immovable property above Rs.1 lakh. Advance orreturn of advance by cash above Rs.20,000 for purchase of immovable property prohibited.
Carrying on Yoga activity is included as an object of general public utility for charitablepurposes.
Ceiling on receipts from trading activities to be 20% of total receipts instead of Rs.25 lakhs forcharitable organizations
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli
Individuals, HUF… Tax
No change in rate of personal tax slabs. Surcharge increased to 12% in caseincome exceeds Rs.1 Crore. 3% Cess to continue.
Health insurance premium (80D) increased from Rs.15000 to Rs.25000 , for seniorcitizens it is increased from Rs.20000 to Rs.30000
Seniors citizens above the age of 80 yrs who are not / could not be covered byhealth insurance be allowed a deduction of Rs.30000 towards medicalexpenditures. (80D)
Transport allowance increased from Rs.800 to 1600 per month
Additional deduction of Rs.25000/- for differently abled persons.
No change in rate of personal tax slabs. Surcharge increased to 12% in caseincome exceeds Rs.1 Crore. 3% Cess to continue.
Health insurance premium (80D) increased from Rs.15000 to Rs.25000 , for seniorcitizens it is increased from Rs.20000 to Rs.30000
Seniors citizens above the age of 80 yrs who are not / could not be covered byhealth insurance be allowed a deduction of Rs.30000 towards medicalexpenditures. (80D)
Transport allowance increased from Rs.800 to 1600 per month
Additional deduction of Rs.25000/- for differently abled persons.
No change in rate of personal tax slabs. Surcharge increased to 12% in caseincome exceeds Rs.1 Crore. 3% Cess to continue.
Health insurance premium (80D) increased from Rs.15000 to Rs.25000 , for seniorcitizens it is increased from Rs.20000 to Rs.30000
Seniors citizens above the age of 80 yrs who are not / could not be covered byhealth insurance be allowed a deduction of Rs.30000 towards medicalexpenditures. (80D)
Transport allowance increased from Rs.800 to 1600 per month
Additional deduction of Rs.25000/- for differently abled persons.
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli
Individuals, HUF Tax… cont’d
Contribution to pension fund and new pension scheme increased from Rs.1 lakhs toRs.1.5 lakhs
Non disclosure / Evasion of tax in relation to foreign assets to have punishment ofrigorous Imprisonment upto 10 yrs , penalty 300% & non-compoundable offence.
Non-filing of returns/filing of returns with inadequate disclosure – 7 yrsimprisonment.
Voluntary Disclosure Scheme expected in 3 months time for disclosure of foreignAssets
100% tax deduction for donation to clean ganga Yojan and Swatch Bharath Yogan(for all assessees)
Contribution to pension fund and new pension scheme increased from Rs.1 lakhs toRs.1.5 lakhs
Non disclosure / Evasion of tax in relation to foreign assets to have punishment ofrigorous Imprisonment upto 10 yrs , penalty 300% & non-compoundable offence.
Non-filing of returns/filing of returns with inadequate disclosure – 7 yrsimprisonment.
Voluntary Disclosure Scheme expected in 3 months time for disclosure of foreignAssets
100% tax deduction for donation to clean ganga Yojan and Swatch Bharath Yogan(for all assessees)
Contribution to pension fund and new pension scheme increased from Rs.1 lakhs toRs.1.5 lakhs
Non disclosure / Evasion of tax in relation to foreign assets to have punishment ofrigorous Imprisonment upto 10 yrs , penalty 300% & non-compoundable offence.
Non-filing of returns/filing of returns with inadequate disclosure – 7 yrsimprisonment.
Voluntary Disclosure Scheme expected in 3 months time for disclosure of foreignAssets
100% tax deduction for donation to clean ganga Yojan and Swatch Bharath Yogan(for all assessees)
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli
Corporate Tax
Rate of corporate tax rate to be reduced from 30% to 25% over next 4 years.
Provision to tackle splitting of reportable transactions
Additional investment allowance (15%) & Additional Depreciation (35%) for newunits in AP& Telengana
Rate of Income tax on Royalty & fees for technical services paid to non residentsreduced to 10% from 25%
Rate of corporate tax rate to be reduced from 30% to 25% over next 4 years.
Provision to tackle splitting of reportable transactions
Additional investment allowance (15%) & Additional Depreciation (35%) for newunits in AP& Telengana
Rate of Income tax on Royalty & fees for technical services paid to non residentsreduced to 10% from 25%
Rate of corporate tax rate to be reduced from 30% to 25% over next 4 years.
Provision to tackle splitting of reportable transactions
Additional investment allowance (15%) & Additional Depreciation (35%) for newunits in AP& Telengana
Rate of Income tax on Royalty & fees for technical services paid to non residentsreduced to 10% from 25%
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli
Corporate Tax… cont’d
Domestic Transfer pricing limit increased to Rs.20 Cr from 5 Cr
Confidence is given that no retrospective taxation as far as possible
Donation to NFCDA to be eligible for 100% deduction u/s 80G
Mere presence of Fund Manager of Offshore Funds shall not constitute ofPermanent Establishment
Domestic Transfer pricing limit increased to Rs.20 Cr from 5 Cr
Confidence is given that no retrospective taxation as far as possible
Donation to NFCDA to be eligible for 100% deduction u/s 80G
Mere presence of Fund Manager of Offshore Funds shall not constitute ofPermanent Establishment
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli
Goods & Service Tax (GST)
As promised, GST to come into effect from 01.04.2016As promised, GST to come into effect from 01.04.2016
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli
Service Tax
Service Tax Rates Increased to 14% from 12.36% (No more Education Cess & SHECess)
Enabling provision to levy Swachh Bharat Cess at 2% of the value of taxableservice is empowered
Time limit for taking CENVAT Credit on inputs and input services is being increasedfrom six months to one year
Service Tax to be levied on service by way of admission to entertainment event ofconcerts, non-recognized sporting events, pageants, music concerts, award functions,if the amount charged is more than Rs 500 for right to admission to such an event
Service Tax Rates Increased to 14% from 12.36% (No more Education Cess & SHECess)
Enabling provision to levy Swachh Bharat Cess at 2% of the value of taxableservice is empowered
Time limit for taking CENVAT Credit on inputs and input services is being increasedfrom six months to one year
Service Tax to be levied on service by way of admission to entertainment event ofconcerts, non-recognized sporting events, pageants, music concerts, award functions,if the amount charged is more than Rs 500 for right to admission to such an event
Service Tax Rates Increased to 14% from 12.36% (No more Education Cess & SHECess)
Enabling provision to levy Swachh Bharat Cess at 2% of the value of taxableservice is empowered
Time limit for taking CENVAT Credit on inputs and input services is being increasedfrom six months to one year
Service Tax to be levied on service by way of admission to entertainment event ofconcerts, non-recognized sporting events, pageants, music concerts, award functions,if the amount charged is more than Rs 500 for right to admission to such an event
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli
Service Tax… cont’d
Support Services provided by the Government or local authority to a business entitywill be taxable now
Service tax on Services provided by amusement facilities, water parks etc is removedfrom Negative List. These services will be taxable now
Uniform abatement for transport of Goods by Rail, Road & Vessel. Servicetax shallbe payable on 30% wherein CENVAT Credit on Inputs, Capital Goods and Serviceswill not be available (w.e.f 1.4.15)
Transportation of agricultural produce to remain exempt from Service-tax
Support Services provided by the Government or local authority to a business entitywill be taxable now
Service tax on Services provided by amusement facilities, water parks etc is removedfrom Negative List. These services will be taxable now
Uniform abatement for transport of Goods by Rail, Road & Vessel. Servicetax shallbe payable on 30% wherein CENVAT Credit on Inputs, Capital Goods and Serviceswill not be available (w.e.f 1.4.15)
Transportation of agricultural produce to remain exempt from Service-tax
Support Services provided by the Government or local authority to a business entitywill be taxable now
Service tax on Services provided by amusement facilities, water parks etc is removedfrom Negative List. These services will be taxable now
Uniform abatement for transport of Goods by Rail, Road & Vessel. Servicetax shallbe payable on 30% wherein CENVAT Credit on Inputs, Capital Goods and Serviceswill not be available (w.e.f 1.4.15)
Transportation of agricultural produce to remain exempt from Service-tax
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli
Service Tax… cont’d
Service tax under Reverse Charge Mechanism (RCM) for supply of Manpower to betaxed at 100% instead of 75%
Provision for issuing digitally signed invoices are being added along with the optionof presentation of records in electronic form.
Due to increase in ST Rate from 12.36% to 14%, ST on air travel agent, insuranceservice and service provided by lottery distributor and selling agent will increaseproportionately
RCM is applicable on Service tax on Mutual fund agents and lottery distributors
Abatement on Service tax on Air travel other than economy class will be reducedfrom 60% to 40% (w.e.f 1.4.15)
Service tax under Reverse Charge Mechanism (RCM) for supply of Manpower to betaxed at 100% instead of 75%
Provision for issuing digitally signed invoices are being added along with the optionof presentation of records in electronic form.
Due to increase in ST Rate from 12.36% to 14%, ST on air travel agent, insuranceservice and service provided by lottery distributor and selling agent will increaseproportionately
RCM is applicable on Service tax on Mutual fund agents and lottery distributors
Abatement on Service tax on Air travel other than economy class will be reducedfrom 60% to 40% (w.e.f 1.4.15)
Service tax under Reverse Charge Mechanism (RCM) for supply of Manpower to betaxed at 100% instead of 75%
Provision for issuing digitally signed invoices are being added along with the optionof presentation of records in electronic form.
Due to increase in ST Rate from 12.36% to 14%, ST on air travel agent, insuranceservice and service provided by lottery distributor and selling agent will increaseproportionately
RCM is applicable on Service tax on Mutual fund agents and lottery distributors
Abatement on Service tax on Air travel other than economy class will be reducedfrom 60% to 40% (w.e.f 1.4.15)
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli
Service Tax… cont’d
As per the Negative list, ST is not levied on any process amounting to manufactureor production of goods. However, now Service Tax will be levied on contractmanufacturing/job work for production of potable liquor for a consideration.
Condition of availing CENVAT Credit on RCM only after making payment to theservice provider is deleted. Accordingly, CENVAT Credit can be claimed on accrualbasis.
Service-tax exemption to construction, erection, commissioning or installation oforiginal works pertaining to an airport or port withdrawn
Penalty provisions under Section 73 & Section 76 & Section 78 has been amendedto bring in more clarity
As per the Negative list, ST is not levied on any process amounting to manufactureor production of goods. However, now Service Tax will be levied on contractmanufacturing/job work for production of potable liquor for a consideration.
Condition of availing CENVAT Credit on RCM only after making payment to theservice provider is deleted. Accordingly, CENVAT Credit can be claimed on accrualbasis.
Service-tax exemption to construction, erection, commissioning or installation oforiginal works pertaining to an airport or port withdrawn
Penalty provisions under Section 73 & Section 76 & Section 78 has been amendedto bring in more clarity
As per the Negative list, ST is not levied on any process amounting to manufactureor production of goods. However, now Service Tax will be levied on contractmanufacturing/job work for production of potable liquor for a consideration.
Condition of availing CENVAT Credit on RCM only after making payment to theservice provider is deleted. Accordingly, CENVAT Credit can be claimed on accrualbasis.
Service-tax exemption to construction, erection, commissioning or installation oforiginal works pertaining to an airport or port withdrawn
Penalty provisions under Section 73 & Section 76 & Section 78 has been amendedto bring in more clarity
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli
Excise Duty Online Central Excise/Service Tax Registration within two working days
Ad Valorem Duty of Excise Increased to 12.50% from 12% (Education Cess & SHE Cessis no more applicable)
Excise duty on leather footwear, of Retail Sale Price of more than Rs.1000 per pair isbeing reduced from 12% to 6%.
Duty of Excise on Mineral water and aerated waters, containing sugar or othersweetening matter or flavoured increased form 12% to 18%
Duty of excise on cigarettes is being increased by 25% for cigarettes of length notexceeding 65 mm and by 15% for cigarettes of other lengths. Increase in duty rates isalso proposed on cigars, cheroots and cigarillos
Online Central Excise/Service Tax Registration within two working days
Ad Valorem Duty of Excise Increased to 12.50% from 12% (Education Cess & SHE Cessis no more applicable)
Excise duty on leather footwear, of Retail Sale Price of more than Rs.1000 per pair isbeing reduced from 12% to 6%.
Duty of Excise on Mineral water and aerated waters, containing sugar or othersweetening matter or flavoured increased form 12% to 18%
Duty of excise on cigarettes is being increased by 25% for cigarettes of length notexceeding 65 mm and by 15% for cigarettes of other lengths. Increase in duty rates isalso proposed on cigars, cheroots and cigarillos
Online Central Excise/Service Tax Registration within two working days
Ad Valorem Duty of Excise Increased to 12.50% from 12% (Education Cess & SHE Cessis no more applicable)
Excise duty on leather footwear, of Retail Sale Price of more than Rs.1000 per pair isbeing reduced from 12% to 6%.
Duty of Excise on Mineral water and aerated waters, containing sugar or othersweetening matter or flavoured increased form 12% to 18%
Duty of excise on cigarettes is being increased by 25% for cigarettes of length notexceeding 65 mm and by 15% for cigarettes of other lengths. Increase in duty rates isalso proposed on cigars, cheroots and cigarillos
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli
Excise Duty… cont’d Excise duty on cut tobacco is being increased from Rs 60 per kg to Rs 70 per kg
Additional Duty of Excise (commonly known as Road Cess) levied on Petrol and HighSpeed Diesel Oil is being increased from Rs 2 per litre to Rs 8 per litre
Excise duty on wafers for manufacture of integrated circuit (IC) modules for smart cardsis being reduced from 12% to 6%,
Excise duty structure for mobiles phones is being changed from 1% without CENVATcredit or 6% with credit to 1% without credit or 12.5% with credit
Excise duty on Tablet Computers 2% without CENVAT credit or 12.5% with credit
Artificial heart exempt from basic custom duty of 5% and CVD.
Excise duty on cut tobacco is being increased from Rs 60 per kg to Rs 70 per kg
Additional Duty of Excise (commonly known as Road Cess) levied on Petrol and HighSpeed Diesel Oil is being increased from Rs 2 per litre to Rs 8 per litre
Excise duty on wafers for manufacture of integrated circuit (IC) modules for smart cardsis being reduced from 12% to 6%,
Excise duty structure for mobiles phones is being changed from 1% without CENVATcredit or 6% with credit to 1% without credit or 12.5% with credit
Excise duty on Tablet Computers 2% without CENVAT credit or 12.5% with credit
Artificial heart exempt from basic custom duty of 5% and CVD.
Excise duty on cut tobacco is being increased from Rs 60 per kg to Rs 70 per kg
Additional Duty of Excise (commonly known as Road Cess) levied on Petrol and HighSpeed Diesel Oil is being increased from Rs 2 per litre to Rs 8 per litre
Excise duty on wafers for manufacture of integrated circuit (IC) modules for smart cardsis being reduced from 12% to 6%,
Excise duty structure for mobiles phones is being changed from 1% without CENVATcredit or 6% with credit to 1% without credit or 12.5% with credit
Excise duty on Tablet Computers 2% without CENVAT credit or 12.5% with credit
Artificial heart exempt from basic custom duty of 5% and CVD.
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli
Excise Duty… cont’d Excise duty structure of NIL without CENVAT credit or 12.5% with credit is being
prescribed for solar water heater and system
Excise duty on sacks and bags of polymers of ethylene, other than for industrial use, isbeing increased to 15%.
Inputs for use in the manufacture of LED drivers and MCPCB for LED lights, fixtures andLED lamps from 12% to 6%
Concessional customs and excise duty rates on specified parts of Electrically OperatedVehicles and Hybrid Vehicles, presently available upto 31.03.2015, is being extendedupto 31.03.2016
Excise duty on chassis for ambulances is being reduced from 24% to 12.5%
Excise duty structure of NIL without CENVAT credit or 12.5% with credit is beingprescribed for solar water heater and system
Excise duty on sacks and bags of polymers of ethylene, other than for industrial use, isbeing increased to 15%.
Inputs for use in the manufacture of LED drivers and MCPCB for LED lights, fixtures andLED lamps from 12% to 6%
Concessional customs and excise duty rates on specified parts of Electrically OperatedVehicles and Hybrid Vehicles, presently available upto 31.03.2015, is being extendedupto 31.03.2016
Excise duty on chassis for ambulances is being reduced from 24% to 12.5%
Excise duty structure of NIL without CENVAT credit or 12.5% with credit is beingprescribed for solar water heater and system
Excise duty on sacks and bags of polymers of ethylene, other than for industrial use, isbeing increased to 15%.
Inputs for use in the manufacture of LED drivers and MCPCB for LED lights, fixtures andLED lamps from 12% to 6%
Concessional customs and excise duty rates on specified parts of Electrically OperatedVehicles and Hybrid Vehicles, presently available upto 31.03.2015, is being extendedupto 31.03.2016
Excise duty on chassis for ambulances is being reduced from 24% to 12.5%
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli
Customs Duty
With the change in excise rates, the effective customs duty would increase from28.85% to 29.44% from 1.3.2015
Motor vehicle for transport of ten or more person including vehicle for transportgoods, including driver increased from 10% to 20%
The tariff rate of basic customs duty on goods that is iron and steel and articles ofiron or steel, is being increased from 10% to 15%
The tariff rate of Basic Customs Duty on Commercial Vehicles is being increasedfrom 10% to 40%
With the change in excise rates, the effective customs duty would increase from28.85% to 29.44% from 1.3.2015
Motor vehicle for transport of ten or more person including vehicle for transportgoods, including driver increased from 10% to 20%
The tariff rate of basic customs duty on goods that is iron and steel and articles ofiron or steel, is being increased from 10% to 15%
The tariff rate of Basic Customs Duty on Commercial Vehicles is being increasedfrom 10% to 40%
With the change in excise rates, the effective customs duty would increase from28.85% to 29.44% from 1.3.2015
Motor vehicle for transport of ten or more person including vehicle for transportgoods, including driver increased from 10% to 20%
The tariff rate of basic customs duty on goods that is iron and steel and articles ofiron or steel, is being increased from 10% to 15%
The tariff rate of Basic Customs Duty on Commercial Vehicles is being increasedfrom 10% to 40%
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli
Customs Duty… cont’d
Basic Customs Duty and CVD is being fully exempted on artificial heart (leftventricular assist device)
Improving the quality of life and public health through Swachh Bharat Initiatives.
The Schedule rate of Clean Energy Cess levied on coal, lignite and peat is beingincreased from Rs. 100 per tonne to Rs. 300 per tonne. The effect rate of CleanEnergy Cess is being increased from Rs. 100/- tonne to 200/tonne
Basic Customs Duty and CVD is being fully exempted on artificial heart (leftventricular assist device)
Improving the quality of life and public health through Swachh Bharat Initiatives.
The Schedule rate of Clean Energy Cess levied on coal, lignite and peat is beingincreased from Rs. 100 per tonne to Rs. 300 per tonne. The effect rate of CleanEnergy Cess is being increased from Rs. 100/- tonne to 200/tonne
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli
Prevention of Money Laundering Act
Definition of “proceeds of crime” to include property taken or held outside India
Limit specified under Part B for Scheduled offences increased from Rs.30 lakhs ormore to Rs.100 lakhs or more
False declaration, false documents, etc. under section 132 of Customs Act, 1962have been included as Part B of Scheduled offence
Definition of “proceeds of crime” to include property taken or held outside India
Limit specified under Part B for Scheduled offences increased from Rs.30 lakhs ormore to Rs.100 lakhs or more
False declaration, false documents, etc. under section 132 of Customs Act, 1962have been included as Part B of Scheduled offence
Definition of “proceeds of crime” to include property taken or held outside India
Limit specified under Part B for Scheduled offences increased from Rs.30 lakhs ormore to Rs.100 lakhs or more
False declaration, false documents, etc. under section 132 of Customs Act, 1962have been included as Part B of Scheduled offence
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli
Contact UsChennai
+ 91 44 24618778 assurance@rvkassociates.com
Bangalore
+9 1 80 23418753 mohan@rvkassociates.com
Hyderabad
+91 40 66620039 suresh@rvkassociates.com
Salem
+91 42 74554458 ganesh.ns@rvkassociates.com
Devanahallai
+9 1 80 27682480 subbu.c@rvkassociates.com
Contact UsChennai
+ 91 44 24618778 assurance@rvkassociates.com
Bangalore
+9 1 80 23418753 mohan@rvkassociates.com
Hyderabad
+91 40 66620039 suresh@rvkassociates.com
Salem
+91 42 74554458 ganesh.ns@rvkassociates.com
Devanahallai
+9 1 80 27682480 subbu.c@rvkassociates.com
http://www.rvkassociates.com
Disclaimer
This information contained herein is of general nature and is not an exhaustive analysis ofthe topics covered. Further, contents of this document are subject to approval of FinanceBill by the Parliament and its assent by the President of India.
This document is prepared only as guiding tool reflecting highlights of Union Budget2015. While every care has been taken in the preparation of this document, it maycontain inadvertent errors for which we shall not be held responsible. No one should act onsuch information without appropriate professional advice. We accept no responsibility forloss arising from any action taken or not taken by anyone using this material andinformation.
This information contained herein is of general nature and is not an exhaustive analysis ofthe topics covered. Further, contents of this document are subject to approval of FinanceBill by the Parliament and its assent by the President of India.
This document is prepared only as guiding tool reflecting highlights of Union Budget2015. While every care has been taken in the preparation of this document, it maycontain inadvertent errors for which we shall not be held responsible. No one should act onsuch information without appropriate professional advice. We accept no responsibility forloss arising from any action taken or not taken by anyone using this material andinformation.
This information contained herein is of general nature and is not an exhaustive analysis ofthe topics covered. Further, contents of this document are subject to approval of FinanceBill by the Parliament and its assent by the President of India.
This document is prepared only as guiding tool reflecting highlights of Union Budget2015. While every care has been taken in the preparation of this document, it maycontain inadvertent errors for which we shall not be held responsible. No one should act onsuch information without appropriate professional advice. We accept no responsibility forloss arising from any action taken or not taken by anyone using this material andinformation.
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli
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