union budget 2016 · implementation of defence orop (7th pay commission) will result in extremely...
TRANSCRIPT
Union Budget 2016
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ForewordThe Finance Minister (‘FM’) presented his third budget with a view to enhance India’s economic
growth.
The budget was presented amidst serious crisis in global economy. Financial markets have been
battered and global trade has contracted. In spite of all these India remained firm primarily due to
lower crude oil prices, inflation and account deficits. However, downward trends in
manufacturing and exports were seen throughout the year.
GDP has now accelerated to 7.6% and inflation has come down to 5.4%. Current account deficit
is projected to be at 1.4% of GDP at the end of this year. This was accomplished during
contraction of global exports by 4.4% and monsoon shortfall of 13%.
Reduced Central share of taxes (14th Finance Commission) and additional burden through
implementation of Defence OROP (7th Pay Commission) will result in extremely challenging
year for Government Expenditure.
Given this backdrop, the Government has decided to prioritise expenditure namely in farm and
rural sector, the social sector, the infrastructure sector and recapitalisation of the banks. FM has
also proposed a distant dream of doubling farmers income by 2022.
The Budget did not provide mammoth proposals in the Corporate sector but still managed to
work towards the road map of abolishing deduction / exemption and bringing down the effective
tax rate. Further, Budget has simplified income tax procedures by allowing belated returns to be
revised, additional bench for ITAT, dispute resolution scheme and income declaration scheme.
On personal taxation it was a mixed bag. Higher rebate for employees with income lesser than ₹
5 Lakhs, partial PF contribution for new employees for first 3 years, introduction of taxation on
retirement benefits, higher surcharge on super rich assessee and tax on dividends in excess of ₹
10 Lakhs.
On the indirect tax front, GST is still a work in progress. In addition to widening the
service tax net, an additional surcharge of 0.5% is to be levied on all taxable services.
Proposal to amend the CENVAT Credit Rules to improve credit flow and reduce the
compliance burden.
Overall, considering the future prospects in India (economically and politically), FM has
struck a balance by offering numerous reforms to farmers, rural & social sectors on one
hand, and on the other providing direction to economy through various tax proposals.
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State of Economy
Policy Proposal
Direct Tax Proposal
Indirect Tax Proposal
4
7
9
15
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State of EconomyLast year, Indian economy was in a sweet spot, arising from a combination of strong political mandate and a favourable external environment. This year, Indian economy is surrounded by an unusually volatile external environment with significant risks of weaker global activity.
According to Central Statistics Office the growth rate of GDP at constant market prices is projected to increase to 7.6% (advance estimates) in 2015-16 from 7.2% from 2014-15, mainly because of acceleration in private final consumption expenditure. Real GDP growth for 2015-16 is expected to be in the 7 to 7.75 range, reflecting various and largely offsetting developments on the demand and supply sides of Indian economy.
CPI-New Series inflation has fluctuated around 5.5%. Meanwhile, Most part of the year, inflation was hovering within RBI’s target rage of 4 to 6%. WPI has been in negative territory from November 2014 due to result of huge drop in international commodityprices (namely oil).
Industry has shown significant improvement primarily on account of acceleration in manufacturing and services. However, agriculture registered low growth for the second year in a row and remained to be a concern.
Foreign Exchange Reserves at US$ 351.5 Billion is well above standard norms for reserve adequacy. Net FDI inflows at US$ 27.7 Billion in April-December 2015-16 and have grown by 26.5%.
In 2015-16, Government tax revenues are expected to be higher than budgeted levels. Direct tax grew by 10.7% and Indirect tax by 34.2%.
Current account deficit has declined. Government will meet its fiscal deficit target of 3.9% of GDP and has set a target of 3.5%.
Though the International Monetary Fund has outlined India as the fastest growing major economy, declining exports, exchange fluctuation, weak monsoons, weak financial sector and global economic slowdown could possess has a major challenge. Further, increased spending due to Seventh Pay Commission and OROP Scheme could pose a challenge to achieve the fiscal deficit target.
However, India can look forward to stay firm in the bright spot owing to stable macroeconomic growth, banking reform, infrastructure spending and other reforms agenda by the Government.
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Policy ProposalsAgriculture (Allocation – ₹ 35,984 Crores)
• ‘Pradhan Mantri Krishi Sinchai Yojana’ to bring. 28.5 lakh hectares will be brought under irrigation.
• A dedicated Long Term Irrigation Fund will be created in NABARD with an initial corpus of about ₹ 20,000 crore
• Programme for sustainable management of ground water resources with an estimated cost of ₹ 6,000 crore will be implemented through multilateral funding
• 2,000 model retail outlets of Fertilizer companies will be provided with soil and seed testing facilities during the next three years
• Unified Agricultural Marketing e-Platform to provide a common e-market platform for wholesale markets
• To reduce the burden of loan repayment on farmers, a provision of ₹ 15,000 crore has been made towards interest subvention in the Budget Expenditure 2016-17
Rural Sector (Allocation - ₹ 87,765 Crores)
• ₹ 2.87 lakh crore will be given as Grant in Aid to Gram Panchayats and Municipalities as per the recommendations of the 14th Finance Commission
• 300 Rurban Clusters will be developed under the Shyama Prasad Mukherjee Rurban Mission
• 100% village electrification by 1st May, 2018
• A new Digital Literacy Mission Scheme for rural India to cover around 6 crore additional household within the next 3 years
Social Sector including Education and Health Care (Allocation - ₹ 151,581 Crores)
• ₹ 2,000 crore allocated for initial cost of providing LPG connections to BPL families
• New health protection scheme will provide health cover up to ₹ 1,00,000 per family. For senior citizens an additional top-up package up to ₹ 30,000 will be provided
• ‘National Dialysis Services Programme’ to be started under National Health Mission through PPP mode
• “Stand Up India Scheme” to facilitate at least two projects per bank branch. This will benefit at least 2.5 lakh entrepreneurs
• National Scheduled Caste and Scheduled Tribe Hub to be set up in partnership with industry associations
• Higher Education Financing Agency to be set-up with initial capital base of ₹ 1,000 Crores
• Digital Depository for School Leaving Certificates, College Degrees, Academic Awards and Mark sheets to be set-up
• GoI will pay contribution of 8.33% for of all new employees enrolling in EPFO for the first three years of their employment. Budget provision of ₹ 1,000 Crores for this scheme.
• Deduction under Section 80JJAA of the Income Tax Act will be available to all assesses who are subject to statutory audit under the Act
• Model Shops and Establishments Bill to be circulated to States
Infrastructure (Allocation - ₹ 2,21,246 Crores)
• 10,000 Kms of national highways to be awarded in 2016-17
• Amendments to be made in Motor Vehicles Act to open up the road transport sector in the passenger segment
• Action plan for revival of unserved and underserved airports to be drawn up in partnership with State Governments
• To provide calibrated marketing freedom in order to incentivise gas production from deep-water, ultra deep-water and high pressure-high temperature areas
• Comprehensive plan, spanning next 15 to 20 years, to augment the investment in nuclear power generation to be drawn up
• New credit rating system for infrastructure projects to be introduced
• Reforms in FDI policy in the areas of Insurance and Pension, Asset Reconstruction Companies, Stock Exchanges
• 100% FDI to be allowed through FIPB route in marketing of food products produced and manufactured in India
Financial Sector Reforms
• A comprehensive Code on Resolution of Financial Firms to be introduced
• Statutory basis for a Monetary Policy framework and a Monetary Policy Committee through the Finance Bill 2016
• A Financial Data Management Centre to be set up
• RBI to facilitate retail participation in Government securities
• New derivative products will be developed by SEBI in the Commodity Derivatives market
• Increasing members and benches of the Securities Appellate Tribunal
• Allocation of ₹ 25,000 crore towards recapitalisation of Public Sector Banks
• Target of amount sanctioned under Pradhan Mantri Mudra Yojana increased to ₹ 1,80,000 crore
• General Insurance Companies owned by the Government to be listed in the stock exchanges
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Notes:
For resident senior citizens (60 years but less than 80 years) and very senior citizens (80
years or more), the basic exemption limit remains unchanged at ₹ 300,000 and ₹ 500,000,
respectively.
It is proposed to increase the surcharge from 12% to 15% on taxable income above ₹ 1
crore for individuals/HUF.
Education cess will continue to be levied at the rate of 3% of Income Tax (including
surcharge).
The maximum marginal rate will be 35.535%, where taxable income is above ₹ 1 crore.
Companies
Income Slabs
(Rs.)
Domestic Company Foreign Company
Normal
Provision
MAT / AMT Normal
Provision
MAT
Up to 5 Crore 29.00 18.50 40.00 18.50
Exceeding 5
Crore
30.00 18.50 40.00 18.50
Firm / Local Authority
• Tax rates to remain at 30% for firm / local authority. Surcharge to be chargeable at 12%
where total income exceeds ₹ 1 Crore. Education cess will continue to be levied at the
rate of 3% of Income Tax (including surcharge).
Income Slabs (Rs.) Rate of tax (%)
Upto 250,000 Nil
250,001 – 500,000 10%
500,001 – 10,00,000 20%
10,00,001 and above 30%
Individuals / HUF
There is no change in the basic exemption limit and tax rates for individuals/HUF.
Direct Tax Rates
Maximum rebate u/s 87A for resident with taxable
income less than ₹ 5 Lakhs increased to ₹ 5,000
New Manufacturing Companies which are
incorporated on or after 1st March 2016 will be
taxed at 25%
Surcharge :
Domestic companies - 7% on taxable income above ₹ 1 crore but up to ₹ 10 crores and 12%
on taxable income above ₹ 10 crores.
Foreign Companies - 2% on taxable income above ₹ 1 crore but up to ₹ 10 crores and 5% on
taxable income above ₹ 10 crores.
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Direct Tax Proposals – Personal TaxationHouse Property
• Addition deduction of ₹ 50,000 for fist home buyers (loan taken during FY 2016-17)
• Deduction for house rent paid u/s. 80GG increased from ₹ 24,000 to ₹ 60,000
• Period of construction of self occupied increased from 3 years to 5 years
• Deduction of 30% to be allowed even on unrealised rent and rent arrears
Capital Gain
• Avail capital gain exemption if:
• LTCG are invested units of specified funds to promote start-up, subject to a cap of ₹ 50 Lakhs
• LTCG from residential house property is invested in shares of start-up company in which the individual owns more than 50% shares
• LTCG earned on sale of unlisted securities of closely held companies to be taxed at 10% instead of 20%
• Securities Transaction tax in case of ‘Options’ is proposed to be increased from 0.017% to 0.05%
• Capital asset definition amended o exclude deposit certificates issued under ‘Gold Monetization’ scheme. Further, interest earned on those is exempt
Retirement and Pension
• GoI will pay contribution of the PF contribution of 8.33% for all new employees with salary up to ₹ 15,000 enrolling in PF scheme (first three years)
• Currently PF contribution in excess of 12% is taxable, it is further proposed to fix an upper ceiling limit of ₹ 150,000 on such contributions
• Withdrawal from provident fund, superannuation fund and NPS to the extent of 40% of the accumulated balance shall be tax free for contributions made after 1 April 2016.
• However, payment from NPS to legal heir / nominee on death of tax payer is exempt from tax.
• Transfer of accumulated balances from superannuation fund to pension scheme is exempt from tax
• Increase in exemption limit on contribution to an approved superannuation fund by the employer from ₹ 1 Lakh to ₹ 1.50 Lakh
Income Declaration Scheme
• Opportunity to be provided to individuals with respect to undisclosed income. Such income shall be taxed at 45% (30% tax + 7.5% surcharge + 7.5% penalty)
• The disclosure shall provide immunity from litigation under various statute
• The scheme will be open from 1 June 2016 to 30 September 2016
Dividend Taxation
• It is proposed to levy an additional income tax of 10% in the hands of shareholders, being an individual, Hindu undivided family (HUF) or a firm, being resident in India, in case amount of dividend received exceeds ₹ 10 lakhs on gross basis.
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Direct Tax Proposals – Corporate TaxationPlace of Effective Management (‘POEM’)
• Applicability POEM based residency test was introduced in Finance Act, 2015. However the applicability of the same has been deferred by a year (i.e. 1 April 2017)
Non-compete Fees
• Non-compete fees is extended to activities in relation to any profession
Presumptive Taxation
• Threshold turnover limit for presumptive taxation increased from ₹ 1 Crore to ₹ 2 Crore. Whole amount of advance tax to be paid on or before March 15
• Presumptive taxation has been brought in for professionals. Professional having total gross receipts of ₹ 50 Lakhs or less can opt for presumptive taxation. Profits and gains from profession to be minimum of 50% of total gross receipts.
• Further, limit on audit of accounts of person carrying on profession has been doubled to ₹ 50 Lakhs
Equalisation Levy
• Equalisation Levy to be levied at 6% on the consideration of any specified service received / receivable by a non-resident from
• a resident carrying on business or profession in India
• a non-resident having a permanent establishment in India (service not effectively connected with such PE)
• ’Specified services’ has been defined to mean online advertising or any provision for digital advertising space or any other facility or service for the purpose of online advertisement, or any other service as may be notified by the Central Government.
• Levy is not chargeable where consideration does not exceed ₹ 1 Lakh
• Equalisation levy shall be deducted and remitted before 7th of every month
• Procedures pertaining to furnish a statement annually to be prescribed
• Failure to deduct and make the payment on or before the due date of filing return will result in disallowance of entire consideration
Spectrum Fees
• Capital expenditure on Spectrum Fees to be amortized over the period of right to use of spectrum
Start-ups
• 100% tax holiday has been proposed for 3 consecutive years out of first 5 years for business set-up during 1 April 2016 to 31 March 2019.
• However MAT will apply in such cases
Skill Development
• Extension of deduction provided in respect of employment of new workmen to all assessee who are subject to audit their accounts under this Act.
Non-availability of PAN for Non-Resident
• Non-Resident (not being a Company) or a Foreign Company will not be subject to higher withholding tax at 20% on non-furnishing PAN. However the same would be subject to such conditions as may be prescribed.
Royalty
• Income by way of royalty in respect of patents developed and registered in India by a resident in India is to be taxed at 10% on a gross basis.
• MAT will not apply for such income
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Direct Tax ProposalsPhase out of profit linked deductions
Phase out of profit linked deductions
Return Filing
• Time limit to file belated return has been reduced from 1 year from end of the relevant assessment year to end of relevant assessment year
• However, it is proposed to give an option to revise the belated return on or before 1 year from end of the relevant assessment year
Section Phase out plan w.e.f. FY
10AA – SEZ 2019-20
35AC – Social Projects 2017-18
80IA, 80IAB, 80IB – Specified Business 2017-18
Section Phase out plan
32 – Accelerated Depreciation Maximum of 40% w.e.f. FY 2017-18
35(1) (ii) / (2AA) / (2AB) – Scientific
Research
FY 2017-18 to 19-20 – 150%
From 2020-21 – 100%
35(1)(iia) / (iii) – Scientific Research
35AD – Specified Business
35CCC – Agriculture Projects
From FY 2017-18 – 100%
35CCD – Skill Development Project FY 2017-18 to 19-20 – 150%
From 2020-21 – 100%
Dispute Resolution
• New tax dispute resolution scheme to be introduced for reducing tax disputes in relation to tax determined consequent to retrospective amendments or disputes with tax arrears (tax, interest and penalty) which are pending before Appeals.
Revised Timelines
• Time limit of completing scrutiny assessment u/s. 143(3) or 144 reduced to 21 months from the end of the relevant assessment year
• Time limit of completing assessment / reassessment / re-computation u/s. 147 to be 9 months from the end of the financial year in which notice was served
• Fresh assessment in pursuance of an order u/s 254 /263 / 264 may be made within 9 months from the end of the financial year in which order u/s 254 is received or order u/s. 263 / 264 is passed by the concerned commissioner
• Giving effect order in pursuance of certain orders should be passed before 3 months from the end of the month in which order is received or passed by the relevant authority. Wherever assessment or reassessment limit is 12 months from the end of the month in which order is received.
• Expansion in the scope of e-assessments to all assessee in 7 mega cities in the coming years.
• Interest at the rate of 9% p.a against normal rate of 6% p.a for delay in giving effect to Appellate order beyond ninety days.
• As it was earlier, tax department will not be able to appeal against the order of the assessing officer in pursuance of directions issued by DRP.
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Direct Tax ProposalsLLP Conversion
• Total book value of assets of the Company must not exceed ₹ 5 Crores in any of the 3 preceding previous years to claim an exemption on conversion of company into LLP
Rationalisation of penal provisions
• Section pertaining to concealment of income has been overhauled to provide 50% for under reporting and 200% for misreporting.
Transfer Pricing
• It is proposed to introduce ‘Country by Country’ reporting requirement and the concept of master file in Indian transfer pricing regulations.
• It is in line with proposal to implement recommendation contained in Organisation for Economic Cooperation and Development’s (‘OECD’) report on Action 13 of the Base Erosion and Profit Shifting (‘BEPS’) project
• The provisions will be applicable for reporting requirement of FY 2016-17
• Threshold for whom it would be applicable is to be prescribed
• Penalty u/s 271GB to be ₹ 5,000 per day for the first one month and ₹ 15,000 per day beyond one month
• Further a sum of ₹ 5 Lakhs to be levied for providing inaccurate information
• Detailed rules to be prescribed and would be in line with OECD BEPS Action 13
• Commitment to implement General Anti Avoidance Rules (GAAR) from 1 April 2017
Changes in withholding taxes
Section Existing Rate Proposed Rate
194DA 2% 1%
194EE 20% 10%
194D 10% 5%
194G 10% 5%
194H 10% 5%
194K Omitted w.e.f 1st April 2016
194L Omitted w.e.f 1st April 2016
• No tax will be deducted on rental payments on self-certification, if the income
of the payee does not exceed the maximum amount not chargeable to tax.
• DTAA benefits to be extended by allowing for rate in force being applicable for
withholding tax purposes in respect of distribution by Category-I and II
Alternate Investment Funds to the non-resident investors.
• The income of securitisation trust is to be taxed in the hands of investor. Such
Income shall be exempt and that the securitisation trust shall effect tax
deduction at source.
• TCS to levied @ 1% on sale of motor vehicle exceeding ₹ 10 lakhs and cash
sales of any goods (other than bullion and jewellery) or providing any services
other than payments on which TDS applies exceeding ₹ 2 lakhs
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Indirect Tax ProposalsService Tax
• Krishi Kalyan Cess (KKC) at 0.5% of value of all taxable services to be levied from 1 June 2016. Rate of service tax with cess would be at 15%.
• Service tax exemptions withdrawn on
• Construction, erection, commissioning or installation or original works pertaining to monorail or metro, I respect of contracts on or after 1 March 2016
• Services provided by senior advocate to an advocate or partnership firm of advocates or business entity having turnover up to 10 Lakhs. Such services to be applicable on reverse charge basis.
• Services provided by a person represented on an arbitral tribunal to an arbitral tribunal
• Services by way of transportation of goods by a vessel from a place outside India
• Services of transport of passengers by ropeway, cable car or aerial tramway
• Service tax exemptions provided for
• Life insurance business provided by way of annuity under the National Pension
• Services provided by SEBI for protecting the interests of the investors and promoting / regulating securities market
• Services provided by EPFO to persons governed under the Employees Provident Funds and Miscellaneous Provisions Act
• Services of cold chain knowledge dissemination provided by the National Centre for Cold Chain Development under the Department of Agriculture, Cooperation and Farmer’s Welfare, GoI
• Services by the IRDA to insurers under Insurance Regulatory and Development Authority of India Act, 1999
• Services of general insurance provided under the Niramaya Health Insurance scheme launched by the National Trust for the Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disability Act, 1999
• Skill or vocational courses certified by the National Council for Vocational Training provided under the Deen Dayal Upadhyay Grameen Kaushalya Yojana
• Services of assessment provided by empanelled bodies under the Skill Development Initiative Scheme
• Services by way of construction, erection, etc. of a civil structure or any other original work pertaining to low cost houses up to a carpet area of 60 Sq.m. per house
• Services provided by Indian Institute of Management for specified programmes
Other amendments
• Benefit of quarterly payment of service tax extended to ‘One Person’ Company and HUF
• Facility of payment of service tax on a receipt basis is currently available to individuals and firms. It is proposed to be extended to a ‘one person company’.
• A reverse charge has been introduced on all services provided by the government or local authority to business entities.
• Assignment of spectrum on a right to use basis by the government and subsequent transfers declared as a ‘service’
• Limitation period for recovery of service tax in cases not involving fraud, collusion, suppression, etc. enhanced from 18 months to 30 months.
CENVAT Credit
• Definition of Capital Goods extended to goods physically located outside the factory for pumping of water for captive use of factory
• CENVAT credit shall not be utilised for payment of infrastructure cess levied with effect from 1 March 2016
• CENVAT Credit reversal is not required in case of services provided by transportation of goods by a vessel to a place outside India
• Annual return to replace filing of information relating to principal inputs
• CENVAT Credit Rules, 2004 being amended, to improve credit flow, reduce the compliance cost and litigation, particularly those relating to apportionment of credit between exempted and non exempted final products / services.
• Changes are also being made in the provisions relating to input service distributor, including extension of this facility to transfer input services credit to outsourced manufacturers, under certain circumstances.
• Amendments will also enable manufacturers with multiple manufacturing units to maintain a common warehouse for inputs and distribute inputs with credits to the individual manufacturing units. This will come into effect from 01 April 2016.
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Indirect Tax ProposalsExcise
• Standard rate of excise duty remains at 12.5%
• Increase in Excise duty rates in respect of tobacco products, aerated beverages, branded readymade garments, disposable aluminium foil containers, jewellery, accessories of mobile phone with effect from1 March 2016
• Decrease in Excise duty rates in respect of refrigerated containers, fertilizers, footwear, specific parts for wind power blades, specified IT products, centrifugal pump, parts and engine for electric vehicles, ready mix concrete manufactured at site, parts for use by railways, with effect from 1 March 2016
• On customized information technology software recorded on media without Retail Sale Price, Central Excise Duty or Additional Custom Duty will be required to be paid only on the value of such media, along with freight and insurance, subject to fulfilment of specified conditions, Therefore, service tax will not be required to be paid on such value.
• Clean environment cess (erstwhile clear energy cess) applicable on coal, lignite and peat is increased to ₹ 400 per tonne.
• Infrastructure cess of 1% on small cars - Petrol, LPG, CNG ; 2.5% on diesel cars of certain capacity and 4% on other higher engine capacity vehicles and SUVs. No credit of this cess will be available nor credit of any other tax or duty be utilized for paying this cess.
• Aluminium foils, smart watches and motor vehicle accessories liable to Central Excise Duty based on Retail Selling Price (RSP) and subject to specified abatement
• Number of statutory returns reduced from 27 to 13. E-filing of annual returns proposed. Further, provision for revision of Central Excise returns introduced with effect from 1 April 2016.
• Single registration for multiple premises of same manufacturer located in close proximity is permitted subject to conditions, with effect from 1 March 2016
Customs
• Standard rate of basics customs duty remains at 10%
• Rate of import duty reduced for cold chain storage, mineral oils and fuels, chemicals and petrochemicals, wood chips or particles for manufacture of paper, fibre, yarn and fabrics, certain electronics/hardware, disposable sterilized dialyzer, micro barrier of artificial kidney, engine for hybrid vehicles
• Rate of duty increased for plans, drawings and designs, e-readers and parts of e-readers, mobile charger/adapter, battery and wired headsets/speakers for manufacture of mobile phone, specified telecommunication equipment, populated PCBs for manufacture of personal computers, PCBs for manufacture of mobile phone/ tablet computer, aluminium products, specified machinery required for construction of roads
• Revised baggage rules simplifying and rationalising multiple duty free allowances have been introduced with effect from 1 April 2016
• Filing of Customs declaration required only for those passengers who carry dutiable or prohibited goods
Central Sales Tax
• Purchase/sale of gas which gets mingled with other gases during the course of its movement through a pipeline, etc., shall be deemed to be interstate, if the same is introduced into the pipeline in one state and is taken out in another state
Goods and Service Tax
• GST is still a work in progress and Government is continuing its efforts to pass the GST bill.
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Vinodh & MuthuChartered Accountants
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