Budget 2015: Tax Sops Galore, both India Inc and people cheer

Finance Minister Arun Jaitley, who presented the Modi government’s first full-fledged Union Budget on Saturday, seems to strike the right chord with both India Inc as well as individuals.
While Finance Minister Jaitley decided to keep income tax slabs unchanged, however, he announced that individual tax payers would be benefited to the extent of Rs 4,44,200 from the exemptions announced.
BI India lists down the key announcements in the taxation policy announced in the Union Budget 2015.

1. The government announced an increase service tax rate and education cess to 14% from 12.36%.
2. Bringing relief to the super-rich of the country, FM Jaitley has abolished wealth tax and instead has put a 2% surcharge on individuals with income over Rs 1 crore.
3. The transport allowance exemption has been hiked from Rs 800 per month to Rs 1,600
4. The government also announced an exemption of Rs 50,000 for pension under Sec 80C of the Income Tax Act
5. He has raised the tax emption in the National Pension Scheme to Rs 1,50,000 from its present level of Rs 1,00,000.
6. The government also announced an exemption of Rs 50,000 for pension under Sec 80C of the Income Tax Act
7. The transport allowance exemption has been hiked from Rs 800 per month to Rs 1,600
8. In a bid to promote health insurance in the country, the Centre announced an increase in health insurance premium deduction upto Rs 25,000 from Rs 15,000
9. The health insurance premium deduction for senior citizen has been increased from Rs 10,000 to Rs 30,000.
On the corporate tax front, Finance Minister Jaitley made a slew of announcements.
10. Corporate tax has been reduced from 30% to 25%
11. The government will continue to reduce corporate tax by 5% over the next four years
12. CSR activities for ‘Clean Ganga Fund’ and Swacch Bharat Kosh will enjoy 100% tax exemption
13. Defers GAAR by two years
14. GST to be implement in next fiscal year

15. Recognising yoga as a part of the Indian culture, the government has announced tax relief for yoga instructions, institutions
16. Slash in custom duty on raw materials and intermediaries
17. The government increased consolidated service tax to 14%
18. The government has announced a cut by 6% in the excise duty levied on footwear that have a retail price of over Rs 1000 per pair
19. The income tax department will bring in more clarity on indirect transfer of assets and dividends paid by foreign firms
20. Any sale transaction exceeding Rs 1 lakh will require PAN numberPAN must for any sale exceeding Rs 1 lakh
21. Tax on technical goods reduced to 10% from 25%
22. The Centre also reduced custom duty on 22 items
23. The Clean energy cess has been increased to Rs 200 from Rs 100 per metric ton of coal in order to finance Green Energy Fund
On the issue of black money, the government announced some stringent reforms.
24. Rigourous 10 year imprisonment for concealment of income
25. The Centre will also be able to seize foreign properties and assets through Foreign Exchange Management Act
26. In a bid to tackle illegal transactions in the real estate sector, the government will also introduce Benami Property Bill
Other key highlights include:
27. Direct tax proposals to result in a loss of Rs 8,315 crore
28. The indirect proposals will yield Rs 23,383 crore
29. The government will also rationalize MAT rules for FIIs