Overview of Budget 2015 - 2016 Economy, Direct Tax, Indirect Tax, Money Laundering etc

1. 2015 UNION BUDGET2015 UNION BUDGET
R. Venkatakrishnan & Associates

2. Overview of Budget 2015
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli

3. 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

4. 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 public
sector 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 rate
cuts 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 public
sector 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 rate
cuts 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 public
sector 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 rate
cuts and sans exemption
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli

5. 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 to
the PF to continue
 To do away with different types of foreign investment and replace them with
composite 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 to
the PF to continue
 To do away with different types of foreign investment and replace them with
composite 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 to
the PF to continue
 To do away with different types of foreign investment and replace them with
composite caps
 Govt to make Indian Gold Coins to reduce demand of foreign coins
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli

6. Direct Tax Proposals
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli

7. 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 or
return 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 charitable
purposes.
 Ceiling on receipts from trading activities to be 20% of total receipts instead of Rs.25 lakhs for
charitable organizations
 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 or
return 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 charitable
purposes.
 Ceiling on receipts from trading activities to be 20% of total receipts instead of Rs.25 lakhs for
charitable organizations
 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 or
return 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 charitable
purposes.
 Ceiling on receipts from trading activities to be 20% of total receipts instead of Rs.25 lakhs for
charitable organizations
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli

8. Individuals, HUF… Tax
 No change in rate of personal tax slabs. Surcharge increased to 12% in case
income exceeds Rs.1 Crore. 3% Cess to continue.
 Health insurance premium (80D) increased from Rs.15000 to Rs.25000 , for senior
citizens it is increased from Rs.20000 to Rs.30000
 Seniors citizens above the age of 80 yrs who are not / could not be covered by
health insurance be allowed a deduction of Rs.30000 towards medical
expenditures. (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 case
income exceeds Rs.1 Crore. 3% Cess to continue.
 Health insurance premium (80D) increased from Rs.15000 to Rs.25000 , for senior
citizens it is increased from Rs.20000 to Rs.30000
 Seniors citizens above the age of 80 yrs who are not / could not be covered by
health insurance be allowed a deduction of Rs.30000 towards medical
expenditures. (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 case
income exceeds Rs.1 Crore. 3% Cess to continue.
 Health insurance premium (80D) increased from Rs.15000 to Rs.25000 , for senior
citizens it is increased from Rs.20000 to Rs.30000
 Seniors citizens above the age of 80 yrs who are not / could not be covered by
health insurance be allowed a deduction of Rs.30000 towards medical
expenditures. (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

9. Individuals, HUF Tax… cont’d
 Contribution to pension fund and new pension scheme increased from Rs.1 lakhs to
Rs.1.5 lakhs
 Non disclosure / Evasion of tax in relation to foreign assets to have punishment of
rigorous Imprisonment upto 10 yrs , penalty 300% & non-compoundable offence.
 Non-filing of returns/filing of returns with inadequate disclosure – 7 yrs
imprisonment.
 Voluntary Disclosure Scheme expected in 3 months time for disclosure of foreign
Assets
 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 to
Rs.1.5 lakhs
 Non disclosure / Evasion of tax in relation to foreign assets to have punishment of
rigorous Imprisonment upto 10 yrs , penalty 300% & non-compoundable offence.
 Non-filing of returns/filing of returns with inadequate disclosure – 7 yrs
imprisonment.
 Voluntary Disclosure Scheme expected in 3 months time for disclosure of foreign
Assets
 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 to
Rs.1.5 lakhs
 Non disclosure / Evasion of tax in relation to foreign assets to have punishment of
rigorous Imprisonment upto 10 yrs , penalty 300% & non-compoundable offence.
 Non-filing of returns/filing of returns with inadequate disclosure – 7 yrs
imprisonment.
 Voluntary Disclosure Scheme expected in 3 months time for disclosure of foreign
Assets
 100% tax deduction for donation to clean ganga Yojan and Swatch Bharath Yogan
(for all assessees)
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli

10. 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 new
units in AP& Telengana
 Rate of Income tax on Royalty & fees for technical services paid to non residents
reduced 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 new
units in AP& Telengana
 Rate of Income tax on Royalty & fees for technical services paid to non residents
reduced 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 new
units in AP& Telengana
 Rate of Income tax on Royalty & fees for technical services paid to non residents
reduced to 10% from 25%
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli

11. 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 of
Permanent 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 of
Permanent Establishment
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli

12. Indirect Tax Proposals
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli

13. 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

14. Service Tax
 Service Tax Rates Increased to 14% from 12.36% (No more Education Cess & SHE
Cess)
 Enabling provision to levy Swachh Bharat Cess at 2% of the value of taxable
service is empowered
 Time limit for taking CENVAT Credit on inputs and input services is being increased
from six months to one year
 Service Tax to be levied on service by way of admission to entertainment event of
concerts, 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 & SHE
Cess)
 Enabling provision to levy Swachh Bharat Cess at 2% of the value of taxable
service is empowered
 Time limit for taking CENVAT Credit on inputs and input services is being increased
from six months to one year
 Service Tax to be levied on service by way of admission to entertainment event of
concerts, 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 & SHE
Cess)
 Enabling provision to levy Swachh Bharat Cess at 2% of the value of taxable
service is empowered
 Time limit for taking CENVAT Credit on inputs and input services is being increased
from six months to one year
 Service Tax to be levied on service by way of admission to entertainment event of
concerts, 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

15. Service Tax… cont’d
 Support Services provided by the Government or local authority to a business entity
will be taxable now
 Service tax on Services provided by amusement facilities, water parks etc is removed
from Negative List. These services will be taxable now
 Uniform abatement for transport of Goods by Rail, Road & Vessel. Servicetax shall
be payable on 30% wherein CENVAT Credit on Inputs, Capital Goods and Services
will 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 entity
will be taxable now
 Service tax on Services provided by amusement facilities, water parks etc is removed
from Negative List. These services will be taxable now
 Uniform abatement for transport of Goods by Rail, Road & Vessel. Servicetax shall
be payable on 30% wherein CENVAT Credit on Inputs, Capital Goods and Services
will 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 entity
will be taxable now
 Service tax on Services provided by amusement facilities, water parks etc is removed
from Negative List. These services will be taxable now
 Uniform abatement for transport of Goods by Rail, Road & Vessel. Servicetax shall
be payable on 30% wherein CENVAT Credit on Inputs, Capital Goods and Services
will 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

16. Service Tax… cont’d
 Service tax under Reverse Charge Mechanism (RCM) for supply of Manpower to be
taxed at 100% instead of 75%
 Provision for issuing digitally signed invoices are being added along with the option
of presentation of records in electronic form.
 Due to increase in ST Rate from 12.36% to 14%, ST on air travel agent, insurance
service and service provided by lottery distributor and selling agent will increase
proportionately
 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 reduced
from 60% to 40% (w.e.f 1.4.15)
 Service tax under Reverse Charge Mechanism (RCM) for supply of Manpower to be
taxed at 100% instead of 75%
 Provision for issuing digitally signed invoices are being added along with the option
of presentation of records in electronic form.
 Due to increase in ST Rate from 12.36% to 14%, ST on air travel agent, insurance
service and service provided by lottery distributor and selling agent will increase
proportionately
 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 reduced
from 60% to 40% (w.e.f 1.4.15)
 Service tax under Reverse Charge Mechanism (RCM) for supply of Manpower to be
taxed at 100% instead of 75%
 Provision for issuing digitally signed invoices are being added along with the option
of presentation of records in electronic form.
 Due to increase in ST Rate from 12.36% to 14%, ST on air travel agent, insurance
service and service provided by lottery distributor and selling agent will increase
proportionately
 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 reduced
from 60% to 40% (w.e.f 1.4.15)
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli

17. Service Tax… cont’d
 As per the Negative list, ST is not levied on any process amounting to manufacture
or production of goods. However, now Service Tax will be levied on contract
manufacturing/job work for production of potable liquor for a consideration.
 Condition of availing CENVAT Credit on RCM only after making payment to the
service provider is deleted. Accordingly, CENVAT Credit can be claimed on accrual
basis.
 Service-tax exemption to construction, erection, commissioning or installation of
original works pertaining to an airport or port withdrawn
 Penalty provisions under Section 73 & Section 76 & Section 78 has been amended
to bring in more clarity
 As per the Negative list, ST is not levied on any process amounting to manufacture
or production of goods. However, now Service Tax will be levied on contract
manufacturing/job work for production of potable liquor for a consideration.
 Condition of availing CENVAT Credit on RCM only after making payment to the
service provider is deleted. Accordingly, CENVAT Credit can be claimed on accrual
basis.
 Service-tax exemption to construction, erection, commissioning or installation of
original works pertaining to an airport or port withdrawn
 Penalty provisions under Section 73 & Section 76 & Section 78 has been amended
to bring in more clarity
 As per the Negative list, ST is not levied on any process amounting to manufacture
or production of goods. However, now Service Tax will be levied on contract
manufacturing/job work for production of potable liquor for a consideration.
 Condition of availing CENVAT Credit on RCM only after making payment to the
service provider is deleted. Accordingly, CENVAT Credit can be claimed on accrual
basis.
 Service-tax exemption to construction, erection, commissioning or installation of
original works pertaining to an airport or port withdrawn
 Penalty provisions under Section 73 & Section 76 & Section 78 has been amended
to bring in more clarity
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli

18. 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 Cess
is no more applicable)
 Excise duty on leather footwear, of Retail Sale Price of more than Rs.1000 per pair is
being reduced from 12% to 6%.
 Duty of Excise on Mineral water and aerated waters, containing sugar or other
sweetening matter or flavoured increased form 12% to 18%
 Duty of excise on cigarettes is being increased by 25% for cigarettes of length not
exceeding 65 mm and by 15% for cigarettes of other lengths. Increase in duty rates is
also 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 Cess
is no more applicable)
 Excise duty on leather footwear, of Retail Sale Price of more than Rs.1000 per pair is
being reduced from 12% to 6%.
 Duty of Excise on Mineral water and aerated waters, containing sugar or other
sweetening matter or flavoured increased form 12% to 18%
 Duty of excise on cigarettes is being increased by 25% for cigarettes of length not
exceeding 65 mm and by 15% for cigarettes of other lengths. Increase in duty rates is
also 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 Cess
is no more applicable)
 Excise duty on leather footwear, of Retail Sale Price of more than Rs.1000 per pair is
being reduced from 12% to 6%.
 Duty of Excise on Mineral water and aerated waters, containing sugar or other
sweetening matter or flavoured increased form 12% to 18%
 Duty of excise on cigarettes is being increased by 25% for cigarettes of length not
exceeding 65 mm and by 15% for cigarettes of other lengths. Increase in duty rates is
also proposed on cigars, cheroots and cigarillos
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli

19. 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 High
Speed 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 cards
is being reduced from 12% to 6%,
 Excise duty structure for mobiles phones is being changed from 1% without CENVAT
credit 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 High
Speed 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 cards
is being reduced from 12% to 6%,
 Excise duty structure for mobiles phones is being changed from 1% without CENVAT
credit 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 High
Speed 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 cards
is being reduced from 12% to 6%,
 Excise duty structure for mobiles phones is being changed from 1% without CENVAT
credit 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

20. 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, is
being increased to 15%.
 Inputs for use in the manufacture of LED drivers and MCPCB for LED lights, fixtures and
LED lamps from 12% to 6%
 Concessional customs and excise duty rates on specified parts of Electrically Operated
Vehicles and Hybrid Vehicles, presently available upto 31.03.2015, is being extended
upto 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 being
prescribed for solar water heater and system
 Excise duty on sacks and bags of polymers of ethylene, other than for industrial use, is
being increased to 15%.
 Inputs for use in the manufacture of LED drivers and MCPCB for LED lights, fixtures and
LED lamps from 12% to 6%
 Concessional customs and excise duty rates on specified parts of Electrically Operated
Vehicles and Hybrid Vehicles, presently available upto 31.03.2015, is being extended
upto 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 being
prescribed for solar water heater and system
 Excise duty on sacks and bags of polymers of ethylene, other than for industrial use, is
being increased to 15%.
 Inputs for use in the manufacture of LED drivers and MCPCB for LED lights, fixtures and
LED lamps from 12% to 6%
 Concessional customs and excise duty rates on specified parts of Electrically Operated
Vehicles and Hybrid Vehicles, presently available upto 31.03.2015, is being extended
upto 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

21. Customs Duty
 With the change in excise rates, the effective customs duty would increase from
28.85% to 29.44% from 1.3.2015
 Motor vehicle for transport of ten or more person including vehicle for transport
goods, including driver increased from 10% to 20%
 The tariff rate of basic customs duty on goods that is iron and steel and articles of
iron or steel, is being increased from 10% to 15%
 The tariff rate of Basic Customs Duty on Commercial Vehicles is being increased
from 10% to 40%
 With the change in excise rates, the effective customs duty would increase from
28.85% to 29.44% from 1.3.2015
 Motor vehicle for transport of ten or more person including vehicle for transport
goods, including driver increased from 10% to 20%
 The tariff rate of basic customs duty on goods that is iron and steel and articles of
iron or steel, is being increased from 10% to 15%
 The tariff rate of Basic Customs Duty on Commercial Vehicles is being increased
from 10% to 40%
 With the change in excise rates, the effective customs duty would increase from
28.85% to 29.44% from 1.3.2015
 Motor vehicle for transport of ten or more person including vehicle for transport
goods, including driver increased from 10% to 20%
 The tariff rate of basic customs duty on goods that is iron and steel and articles of
iron or steel, is being increased from 10% to 15%
 The tariff rate of Basic Customs Duty on Commercial Vehicles is being increased
from 10% to 40%
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli

22. Customs Duty… cont’d
 Basic Customs Duty and CVD is being fully exempted on artificial heart (left
ventricular 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 being
increased from Rs. 100 per tonne to Rs. 300 per tonne. The effect rate of Clean
Energy Cess is being increased from Rs. 100/- tonne to 200/tonne
 Basic Customs Duty and CVD is being fully exempted on artificial heart (left
ventricular 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 being
increased from Rs. 100 per tonne to Rs. 300 per tonne. The effect rate of Clean
Energy Cess is being increased from Rs. 100/- tonne to 200/tonne
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli

23. Other Laws
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli

24. 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 or
more to Rs.100 lakhs or more
 False declaration, false documents, etc. under section 132 of Customs Act, 1962
have 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 or
more to Rs.100 lakhs or more
 False declaration, false documents, etc. under section 132 of Customs Act, 1962
have 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 or
more to Rs.100 lakhs or more
 False declaration, false documents, etc. under section 132 of Customs Act, 1962
have been included as Part B of Scheduled offence
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli

25. Contact Us
Chennai
+ 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 Us
Chennai
+ 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

26. Disclaimer
This information contained herein is of general nature and is not an exhaustive analysis of
the topics covered. Further, contents of this document are subject to approval of Finance
Bill by the Parliament and its assent by the President of India.
This document is prepared only as guiding tool reflecting highlights of Union Budget
2015. While every care has been taken in the preparation of this document, it may
contain inadvertent errors for which we shall not be held responsible. No one should act on
such information without appropriate professional advice. We accept no responsibility for
loss arising from any action taken or not taken by anyone using this material and
information.
This information contained herein is of general nature and is not an exhaustive analysis of
the topics covered. Further, contents of this document are subject to approval of Finance
Bill by the Parliament and its assent by the President of India.
This document is prepared only as guiding tool reflecting highlights of Union Budget
2015. While every care has been taken in the preparation of this document, it may
contain inadvertent errors for which we shall not be held responsible. No one should act on
such information without appropriate professional advice. We accept no responsibility for
loss arising from any action taken or not taken by anyone using this material and
information.
This information contained herein is of general nature and is not an exhaustive analysis of
the topics covered. Further, contents of this document are subject to approval of Finance
Bill by the Parliament and its assent by the President of India.
This document is prepared only as guiding tool reflecting highlights of Union Budget
2015. While every care has been taken in the preparation of this document, it may
contain inadvertent errors for which we shall not be held responsible. No one should act on
such information without appropriate professional advice. We accept no responsibility for
loss arising from any action taken or not taken by anyone using this material and
information.
RVK Associates Location – Chennai, Bangalore, Hyderabad, Salem & Devanahalli