BUDGET HIGHLIGHTS

-Corporate Tax Rate reduced to 25% for over next four years

-Exemptions For Individual Tax Players To Continue

-Yoga to be included as Charitable Purpose

-To Enact New Law For Black Money

-Concealment of income will attract 10 yrs of rigorous imprisonment

-Stringent penalties and jail for Black Money holders and evaders

-Benami property transaction bill to tackle black money transaction in real estate soon

-Foreign Exchange Management Act To Allow For Seizure Of Foreign Assets

-FEMA Act to be amended to incorporate Black Money provisions: Finance Minister

-To Allow Tax Pass-through For Alternative Investment Funds

-To Tighten Reporting Of Cash Transactions

-To Have Benami Transaction Prohibition Bill For Domestic Black Money

-Quoting PAN a must for all purchases above One Lakh

-100% deduction allowed for all contributions in Swachh Bharat Abhiyan [except contribution in CSR]

-Proposes to rationalise capital gains tax regime for real estate investment trusts

-To defer GAAR by 2 years

-Tax pass through to be allowed in alternative investment funds to boost small firms, startups

-Propose To Rationalise Capital Gains Regime For REITs/InvITs

-TO reduce Custom Duty on 22 items

-Rental Income from REITS to have pass through facility

-Income Tax On Royalty Fees For Technical Reduced To 10%

-To abolish Wealth Tax;

2% Addl. Surcharge on Super Rich.

-Reduced taxes on Technical Services to 10% from 25%

-Tax reduce for foot wear above 1k per pair

-Service Tax increased to 14%

-80D Health insurance 15000 to 25000
For senior citizens 30000

-80DDB increased to 80000

-Wealth Tax abolished

-Tax on royalty income decrease from 25% to 10%

-Transport Allowance exemption increased to 1600 pm

-Domestic Transfer Pricing limit increased from 5crores to 20 crores more  

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RAM NIWAS GOEL JE--MANY THANKS AND WILL TAKE THIS OFFER TO MEET YOU SOME TIME. more  
Thanks Mr. T.R. Walia Jee. You and your friends are most welcome on any issue and problem. more  
YOU ARE REALLY VERY PROMPT AND COMMITTED. more  
Domestic Transfer Pricing : Domestic Transfer Pricing net:
As per the newly-inserted section 92BA of the IT Act, “Specified Domestic Transaction” in case of an assessee means any of the following transactions (the aggregate of which exceeds INR 5 crore in previous year and which is not an international transaction), namely:—
(1) any expenditure incurred between related parties referred to in section 40A(2)(b);
(2) any transaction referred to in section 80A;
(3) any transfer of goods or services referred to in section 80-IA(8);
(4) any business transacted between the assessee and other person as referred to in section 80-IA(10);
(5) any transaction, referred to in any other section under Chapter VI-A or section 10AA, to which section 80-IA(8) or section 80-IA(10) are applicable; or
(6) any other transaction as may be prescribed,
If a transaction is an International Transaction, then the same will not be a Specified Domestic Transaction
- See more at: http://taxguru.in/income-tax/analysis-domestic-transfer-pricing-provisions-india.html#sthash.FidUbvWT.dpuf more  
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