Budget 2015 – Highlight on Direct Taxation

Budget 2015 – Highlight on on direct taxation

1.Surcharge increase by 2% in all cases except in case of foreign company which is continue to be at the rate of 2% if taxable income exceeds Rs. 1 crore & 5% if taxable income exceeds Rs. 10 crore.

Now effective rate of surcharge w.e.f AY 2016-17 will be 7% if taxable income exceeds Rs. 1 crore & 12% if taxable income exceeds Rs. 10 crore.


2. Dealing in cash in immovable property transactions is covered under section 269SS & T.

Consequential amendments in section 271D and section 271E to provide penalty for failure to comply with the amended provisions of section 269SS and 269T, respectively. Continue reading