INDIA BUDGET 2016-17SNAPSHOTdhc.co.in/uploadedfile/1/2/-1/India Budget 2016-17 - Snapshot.pdf · INDIA BUDGET 2016-17 SNAPSHOT INNOVATION. VALUE. GROWTH INNOVATION. VALUE. GROWTH

INDIA BUDGET 2016-17

SNAPSHOT

1INDIA BUDGET 2016-17 SNAPSHOT

INNOVATION. VALUE. GROWTH INNOVATION. VALUE. GROWTH

INDIRECT TAX – AT A GLANCE2.1 Central Excise

2.2 CENVAT Credit Rules

2.3 Customs

2.4 Service Tax

DIRECT TAX – AT A GLANCE1.1 Personal Taxation

1.2 Corporate Taxation

1.3 International Taxation and Transfer Pricing

1.4 Other relevant Proposals

1.5 General and administrative


INNOVATION. VALUE. GROWTH

1.1 Personal Taxation

l No increase in Income-tax basic exemption limit.

l Increase in Surcharge from 12% to 15%, if the total income exceeds R1 Cr.

l Rebate u/s 87A increased to R5,000 from existing R2,000 for a resident individual with income up to R5 lakh.

l Time period for acquisition or construction of self-oc-cupied house property for claiming deduction of inter-est u/s 24(b) increased to 5 years from existing 3 years.

l Dividend income in excess of R10 lakh shall be chargeable to tax in the case of a resident individual, HUF or Firm @ 10% on gross basis.

l Deduction u/s 80GG for rent paid increased to R5,000 per month from existing R2,000 per month.

l Any shares received by Individual or HUF as a conse-quence of demerger or amalgamation of a company shall not attract the provisions of Sec. 56(2)(vii) of the Act.

l New Sec. 44ADA to provide for estimating the in-come of an assessee, who is engaged in any profession referred to in Sec. 44AA(1) and whose total gross

Direct Tax – at a glanceIncentivising industrial development in the state of Andhra Pradesh & Telangana(Sec. 32AD & Sec. 32111(iial) (me., AY 2t716-17)



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receipts does not exceed R50 lakh in a FY, at a sum equal to 50% of the total gross receipts.

l Threshold limit of total gross receipts, specified u/s 44AB for getting accounts audited, increased to R50 lakh from the existing R25 lakh in the case of persons carrying on profession.

l Turnover Limit under the presumptive taxation scheme u/s 44AD increased to R2 Crs from R1 Cr. subject to certain conditions.

l TCS u/s 206C @ 1% on purchase of luxury cars ex-ceeding value of R10 lakh and purchase of goods and services (other than bullion and jewellery) or provid-ing any service (other than services not liable to TDS) in cash exceeding R2 lakhs.

l Exemption u/s 54EE up to R50 lakhs in respect of the LTCG arising on account of transfer of a capital asset, if such gain are invested in units of funds to be established to finance the start-ups, subject to lock-in period of 3 years.

l Exemption u/s 54GB to be extended so as to pro-vide exemption to the LTCG arising on transfer of a residential property, if such gains are invested in subscription of shares of a company which qualifies as an eligible start-up, subject to the condition that such Individual or HUF holds more than 50% shares of the company and such company utilises the amount to purchase new asset before due date of filing of re-turn by the investor.

l Additional deduction of R50,000 u/s 80EE for interest on housing loan taken for acquiring 1st House Property till the year of repayment of loan [maximum loan of R35 lakhs sanctioned during FY 2016-17 for house property having value of less than R50 lakhs].

l Interest on Deposit Certificates issued under the Gold Monetization Scheme, 2015 shall be exempt from tax u/s 10(15) from AY 2016-17.

l Withdrawal upto 40 % of the accumulated balance

attributable to contributions made on or after 01-04-2016 by an employee participating in a recognised provident fund or superannuation fund shall be ex-empt from tax.

l Any payment from NPS Trust to an employee on account of closure or his opting out of the pension scheme referred to in Sec. 80CCD, to the extent of 40% of the total amount payable to him at the time of closure or his opting out of the scheme, shall be exempt from tax.

Corporate Taxation

l No change in the Corporate tax rates except in the following cases:

In case of a domestic company, the corporate tax rate shall be 29% (plus surcharge & cess) if the total turnover/gross receipts of the company in FY 2014-15 does not exceed R5 Crs.

Option granted u/s 115BA to newly set up man-ufacturing companies to pay tax @ 25% (plus surcharge & cess) subject to specified conditions.

l Benefit of Investment Allowance u/s 32AC(1A) to be allowed in the year of installation even if eligible plant & machinery acquired during the FY is installed in subsequent year but before 31-03-2017.

l Deduction u/s 36(1)(viia)(c) in respect of provision for bad & doubtful debts to the extent of 5% of total income extended to NBFCs.

l Benefit of additional depreciation u/s 32(1)(iia) ex-tended to the business of transmission of power.

l Phasing out of tax incentives/dedcutions: Sec. 10AA – Income of units in SEZ [w.e.f AY

2021-22] Sec. 35AC - Expenditure on eligible projects or

schemes[w.e.f AY 2018-19] Sec. 35CCD - Expenditure on skill development

project[w.e.f AY 2021-22] Sec. 80-IA – Tax Holiday on profit derived from

development, operation & maintenance of infra-structural facility [w.e.f AY 2018-19]



Sec. 80-IAB – Tax Holiday on profit derived from development of SEZ[w.e.f AY 2018-19]

Sec. 80-IB(9) - Tax Holiday on profit derived from production of mineral oil and natural gas. [w.e.f AY 2018-19]

l Maximum rate of depreciation shall be restricted to 40% from AY 2017-18.

l Phasing out of weighted deduction in respect of ex-penditure on scientific research u/s 35(1)(ii), 35(1)(iia), 35(1)(iii), 35(2AA) and 35(2AB).

l New Sec. 35ABA has been inserted to provide for deduction in equal instalments in respect of capital expenditure incurred for acquisition of any right to use spectrum for telecommunication services over the period of right to use.

l Sec. 28(va) has been amended to cover non-compete fees in relation to profession as taxable income.

l Amendment in Sec. 47(xiiib) to provide for additional

condition that conversion of a company into LLP shall not be regarded as transfer, if the book value of the total assets of the company in any of the 3 preced-ing FYs in which conversion into LLP takes place does not exceed R5 Crs.

l Amendment in Sec. 50C to provide that where the date of the agreement fixing the amount of consider-ation for the transfer of immovable property and the date of registration are not the same, the stamp duty value on the date of the agreement may be taken for the purposes of computing the full value of consider-ation subject to prescribed conditions.

l Tax incentive for deduction of wages paid to addition-al workers u/s 80JJAA extended to all taxpayers.

l New Sec. 115BBF proposed to provide tax rate of 10% on on royalty income received in respect of pat-ent developed and registered in India.

l New Sec. 270A proposed to provide for levy of pen-alty in cases of under reporting and misreporting of income @ 50% and 200% respectively.



l DDT exemption proposed on dividend distributed by SPV in case of Real Estate Investment Trust (‘REITs’) and Infrastructure Investment Trust (‘Invits’) and their investors.

l No appeal by revenue against order of DRP.

l STT on sale of unexercised option in securities in-creased to 0.05% from 0.017%.

l Introduction of new Income Declaration scheme 2016 w.e.f. 01-06-2016 to provide for declaration of undisclosed income up to FY 2015-16. Income tax (@30%), surcharge (@25% of tax i.e. 7.5%) and pen-alty (@25% of tax i.e. 7.5%) aggregating to 45% on such undisclosed income.

l It is proposed to make following modification in Sec. 244A w.e.f. 01-06-2016 Where return of income is filed after due date,

interest u/s 244A to be granted from the date of filing of return to the date on which the refund is granted.

Interest u/s 244A to be granted on self assessment tax, from the date of payment of tax or filing of return, whichever is later, to the date on which the refund is granted.

l Additional interest @ 3% p.a to be granted for delay in grant of order effect to appellate & revisional orders.

l As per the Budget Speech, disallowance u/s 14A r.w.

Rule 8D will be limited to 1% of the average monthly value of investments yielding exempt income, but not exceeding the actual expenditure claimed under rule 8D

l New Sec. 80-IBA is proposed to be inserted to provide 100% deduction of profits from a housing project approved between June 2016 to March 2019 and completed in three years and subject to other conditions prescribed.

l New Sec. 80-IAC is proposed to be inserted to provide 100% deduction of gross total income of an ‘eligible start up’ from business which involves inno-vation, development, deployment or commercialisa-

tion of new products, processes or services driven by technology or intellectual property, for 3 consecutive AYs out of 5 AYs beginning with the AY in which the eligible start-up is incorporated.

‘Eligible start-up’ would mean a company incorporated after 01-04-2016 but before 31-03-2021, engaged in eligible business having turnover less than 25 Crs. in any of the PY beginning after 01-04-2016 but before 31-03-2021 and holds certificate of eligible business from the Inter-Ministerial Board of Certification as notified in the Official Gazette by the Central Government.

International Taxation and Transfer Pricing

l Date of applicability of POEM based residence test deferred by 1 year i.e. 01-04-2017. Central Government to be empowered to issue notification relating to exceptions, modification and adaptation for applicability of provisions of the Act to such resident companies for the first year.

l No income in hands of foreign mining company from activities confined to display of uncut and unassorted diamonds in a Special Zone notified by Central Govt. – applicable retrospectively from AY 2016-17.

l Rationalisation of special taxation regime for Off-shore Funds by modification in the conditions for eligibility for such regime

l No income in the hands of foreign national oil companies and MNCs on account of storage of crude oil in a facility in India and sale of crude oil therefrom to any person resident in India subject to conditions.

l No further deferment of GAAR provisions - to be implemented from 01-4-2017 (AY 2018-19)

l Royalty Income in the hands of Indian resident patentee in respect of patents developed and registered in India to be taxed at a concessional rate of 10% on gross amount – MAT provisions u/s 115JB not to apply on such income.

l Based on recommendations of the Justice A P Shah

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1.4

Committee, MAT provisions proposed not to apply to certain foreign companies w.r.e.f AY 2001-02.

l Non-residents exempted from furnishing PAN card on furnishing of alternative documents as may be prescribed.

l Requirement of Country by Country reporting pro-posed to be prescribed for multinational enterprises with a consolidated revenue threshold to be notified (more than Euro 750 Mln. as per present International Consensus) in line with the OECD Base Erosion and Profit Shifting (BEPS) Action Plan 13 recommenda-tions – Penal provisions for non-compliance.

l Equalization levy @ 6% to be deducted from the consideration towards specified services payable by a resident or non-resident having PE in India, to foreign e-commerce provider [not having Permanent Establishment (PE) in India or services are not effec-tively connected with PE in India], if the aggregate amount of such consideration exceeds Rs. 1 Lacs - ap-plicable from the date appointed in the notification to be issued by the Central Govt.

l Exemption in respect of capital gains arising in case of appreciation of rupee between the date of issue and the date of redemption of Rupee Denominated Bonds against the foreign currency in which the investment is made.

l Amendment in Sec. 194LBB to enable claim of DTAA for non-resident in case of payments by Alternate Investment Funds.

l Extension of time limit to the Transfer Pricing Officer for completion of assessment where assessment pro-ceedings are stayed by any court or where a reference for exchange of information has been made by the competent authority

Other relevant Proposals

l Penalty proposed to be levied u/s 272A(1) @ 10,000 for each default or for failure to comply with the notice issued under sub-section (1) of section 142 or sub-sec-tion (2) of section 143 or failure to comply with a

direction issued under sub-section (2A) of section 142.

l Scope of Sec. 43B extended to include the amount payable to the Indian Railways for use of railway assets.

l Threshold limit for non deduction of tax at source proposed [w.e.f 01-06-2016] as under

l Rate of tax deduction at source proposed to be revised w.e.f 01-06-2016

Section Particulars Existing Modified Limit Limit

192A Accumulated 30,000 50,000 balance due to an employee

194BB Winnings from 5,000 10,000 horse race

194C Payment 75,000 1,00,000 to contractors

194LA Compensation 2,00,000 2,50,000 on acquisition of certain immoveable property

194D Insurance 20,000 15,000 Commission

194G Commission on sale 1,000 15,000 of lottery tickets

194H Commission or 5,000 15,000 Brokerage

Section Particulars Existing Modified Rate Rate

194DA Payment in respect 2% 1% of LIC

194EE Payment in respect 20% 10% of NSS Deposits

194D Insurance 10% 5% Commission

194G Commission on 10% 5% sale of lottery tickets

194H Commission or 10% 5% Brokerage



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l Others TDS on income in respect of units u/s 194K and

on payment of compensation on acquisition of capital asset u/s 194L to be omitted [w.e.f 1st June 2016.]

l Long-term capital gains arising from transfer of shares of an unlisted company shall be chargeable to tax @10%.

l Provisions of lower deduction or no deduction of TDS is also applicable on Rent.

l Direct Tax Dispute Resolution Scheme 2016 is being introduced for dispute resolution on payment of tax at applicable rate plus interest up to the date of assessment.

General and administrative

l Non set off of any loss against deemed undisclosed in-come as referred to in Sec. 68, 69, 69A, 69B, 69C or 69D.

l Scope of adjustments u/s 143(1)(a) proposed to be extended by including disallowance of loss/expendi-ture on the basis of audit report, returns of income of earlier years, 26AS statement, form 16 and form 16A.

l For automation of various process and paperless assessment, notices and documents required to be issued by income tax authority can be either in paper form or in electronic form.

l ‘Hearing’ to include communication of data and doc-uments through electronic mode.

l Provisional attachment of property can be substituted by a bank guarantee subject to fulfillment of certain conditions.

l Time limit for rectification of mistakes by the ITAT has been reduced from four years to six months.

l Power of the AO to file appeal before ITAT against order of DRP has been withdrawn.

l Return of income is mandatory to be processed u/s. 143(1) before making assessment u/s 143(3).

l Return of income filed belated u/s 139(4) can also be revised u/s. 139(5).

l Penalty on undisclosed income shall be 60%.

l Time limit for completion of assessment etc. has been proposed to be modified as follows :

Assessment u/s 143(3) - From 24 months to 21 months

Assessment u/s 147 - From 12 months to 9 months.

Assessment in pursuance of an order u/s 254/263/264 - From 12 months to 9 months.

Order giving effect to an order u/s 250/254/260/262/263/264 or an order u/s 245D(4) - 3 months.

Order giving effect to any finding or direction in order u/s 250/254/260/262/263/264 or order u/s 245D(4) - 12 months

Assessment of partner of firm in consequence of assessment made on the firm u/s. 147 - 12 months.



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Indirect Tax – at a glance Central Excise

l Standard rate of BED remain unchanged at 12.5%

l Excise Duty increased on: Mineral water and aerated water, containing add-

ed sugar from 18% to 21% Aviation turbine fuel [ATF] from 8% to 14% Clean Energy Cess increased from Rs. 200/MT to

400/MT - Renamed as Clean Environment Cess

l Excise Duty reduced on: Parts and components, subparts for manufacture

of Routers, broadband Modems, Set-top boxes from 12.5% to NIL

Disposable sterilized dialyzer and micro barrier of artificial kidney from 12.5% to NIL

lInfrastructure Cess has been introduced on goods falling under Chapter heading 8703 [motor vehicles] leviable @1%-4%

l Exemption on ready mix concrete manufactured at the site of construction for use in construction work at such site

l Benefit of settling cases pending before Commission-er (Appeals) under Indirect Tax Dispute Resolution Scheme, 2016 introduced - Assessse may opt for pay-ment of duty, interest and penalty equivalent 25% of duty and proceedings shall be deemed to be closed Similar provisions under Service tax and Customs

introduced

l Interest rates for delayed payment of Excise duty - Re-duced from 18% to 15% - Similar amendments made in Service and Customs laws.

l Section 11A is being amended to increase period of one year to two years in cases not involving fraud, suppression of facts etc.

l Procedure for issuance of self attested copy of invoice in



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case of digitally signed invoice has been done away with

l Procedure provided for revision of Excise returns including Annual Returns

l Claim for rebate for export of goods shall be filed in terms of timelines specified under Section 11B of the Central excise Act, 1944

l Personal penalty would be deemed to be concluded with the conclusion of proceedings against the main notice

l Procedural changes made under Central Excise (Re-moval of Goods at Concessional Rate of Duty for Manufacture of Excisable and Other Goods) Rules, 2016. Different form of intimation (Form I) notified

then the one specified earlier (Annexure 45) Need to submit bond has dispensed with in case

of manufacturer subject to conditions Manufacturer availing exemption is required to

file quarterly return in form II.

lInterest on finalization of provisional assessment to be paid from the original date of payment of duty under provisional assessment

l Levy of excise duty imposed on articles of jewellery - 1% without CENVAT & 12.5 % with CENVAT - Silver jewellery, other than studded with diamonds/other precious stones excluded – Threshold limit R12 Crs. during the preceding FY to be considered for exemption of clearances less than R6 crs

CENVAT Credit Rules

lProposed amendment under definition of Capital Goods to include the following goods eligible to CENVAT credit: Open railway or tramway goods vans and wagons

with non removable sides of height exceeding 60 cms

Equipment or appliance used in an office

lCENVAT credit on inputs and capital goods extended for use outside the factory for pumping of water for

captive use in the factory

lDefinition of exempted services for the purposes of CENVAT credit has been amended to exclude service by way of transportation of goods by a vessel from customs station of clearance in India to a place out-side India – Effective from 01-03-2016. No reversal of CENVAT credit under Rule 6(7) of CCR required on provision of services by way of transportation of goods by a vessel from customs station of clearance in India to a place outside India

lCENVAT credit of capital goods having value up to Rs. 10,000/- per piece allowed in full in the same year itself as input

l CENVAT credit cannot be utilised for payment of infrastructure cess leviable on vehicles falling under chapter 8703 of the First Schedule to the Excise Tariff Act - Effective from 01-03-2016

l CENVAT credit for manufacture of specified jewellery admissible in cases of manufacturer clearing goods for home consumption in the previous year exceeding R12 Crs. - Effective from 01-03-2016

l Proposal for distribution of input service credit by an ISD extended to an outsourced manufacturing unit in addition to its own manufacturing units.

l Rule 9 amended to included invoice issued by a service provider for clearance of inputs or capital goods as valid document for availing CENVAT credit

l Time limit for filing annual return by a manufacturer of final products or provider of output services pre-scribed to be 30 November of the succeeding year - Form to be notified

l Permission for removal of goods for Job work will now be available for 3 financial years instead of one

l Rule 4(7) has been amended to provide for CENVAT credit in relation to assignments of right to use any natural resource received from the government or any



2.3

other person. The Service tax paid maybe availed as credit amortised over the life of the assignment- In case of reassignment, CENVAT on the input service available in full by the transferor of the right and is adjustable against his output liability.

l Rule 6 of the CCR which governs reversal of credit

for use of credit relatable to on exempted finished goods and services has been completely recast more or less keeping the earlier structure with the objective of simplifying the procedures.

l Option provided to Banking company or NBFC to either avail 50% of the credit or follow the amended Rule 6 of the CCR as available for other service providers

l Credit on capital goods used exclusively for manu-facture of exempted goods or provision of exempted service will not be available for two years of commer-cial production or provision of service. This facility is not available for a manufacturer in whose case the exemption on his final production is available on the basis of a notification based upon value or quantity of clearance.

l Significant procedural changes for ISD distribution has also been brought in the budget for maintaining the credit chain.

Customs

l Peak rate of duty remains unchanged.

l BCD increased on: Solar tempered glass for use in manufacture of

solar cells/modules/panels from 0% to 5% Imitation Jewellery from 10% to 15%. Primary aluminium products from 5% to 7.5%

and other aluminium products from 7.5% to 10% Industrial solar water heater from 7.5% to 10%. Charger/adapter, battery & wired headsets / speak-

ers for use in manufacture of mobile handsets from 0% to 7.5%

Battery pack, battery charger, AC or DC motor and AC or DC motor controller from 0% to 6%.



2.4

l BCD reduced on: Ethanol from 5% to 2.5%. Aluminium oxide used in manufacture of Wash

Coat from 7.5% to 5%. Specified fibres, filaments/yarns from 5% to 2.5% Disposable sterilized dialyzer and micro barrier of

artificial kidney to NIL

Other amendmentsl Exemption to goods required for Mega Power Pro-

ject further extended subject to fulfilment of certain conditions.

lThe importers and exporters with proven track record permitted to defer payment of duty subject to fulfill-ment of conditions to be prescribed.

l Interest rate for delayed payment of Custom duty has been reduced from 18% to 15%. Similar amendments have been brought under Central Excise and Service Tax laws.

l Section 28 is being amended to increase period of one year to two years in cases not involving fraud, sup-pression of facts etc.

l Importer of any goods filing bill of entry for ware-house shall be required to execute bond in a sum equal to thrice of the amount of duty assessed instead of twice of the amount of duty

lPeriod for which goods may remain in warehouse has been amended as under: In case of Capital goods intended for use in 100%

EOU, ETTP/STPU from existing five years to till their clearance from the warehouse

In case of Capital goods intended other than above existing three years to till their consump-tion/ clearance from the warehouse

Service Tax

l Service Tax rate kept unchanged at 14.5% [inclusive of SBC]

l Introduction of Krishi Kalyan Cess chargeable @ 0.5% on value of taxable service w.e.f 01-06-2016 and

credit for the same would be admissible for payment of such cess.

lExemption from service tax granted/continued vide Mega Exemption: Restoration of construction services exemption

on services to an airport or port Transportation of passengers with or without

accompanied belongings by non air-conditioned stage carriage

Transportation of goods by an aircraft from a place outside India upto Customs station of clearance in India

Construction, erection etc. of original works per-taining to low cost housing projects approved by competent authority up to a carpet area of 60 sq. m.

Service by a non-air-conditioned stage carriage

lExemption to services: Regulatory services by RBI

Employees Provident Fund Organisation to em-ployees

Biotechnology Industry Research Assistance Council to incubators

IRDA to insurers General insurance under “Niramaya” Health In-

surance scheme Construction, erection etc., of a civil structure

or any other original works pertaining to the beneficiary-led individual house construction/ enhancement.

lAssignment by the Government of the Right to Use the radio frequency spectrum and subsequent transfers thereof is leviable to service tax as Declared Service.

lLimitation period for recovery of service tax not levied or paid or short levied or short paid or erro-neously refunded for cases not involving fraud, col-lusion, suppression etc. is increased from 18 months to 30 months.

lInterest rates for delayed payment of Service Tax - Reduced to 15% from earlier slab rates prescribed – Defaulter of service tax who collects service tax but fails to deposit liable to pay interest @ 24%



lMonetary limit for filing complaints in case of punish-able offences enhanced from R50 lakhs to R2 crores.

lMutual fund agents/distributors liable to pay service tax in case of services provided to an asset manage-ment company.

lLegal services provided by senior advocate to any person carrying out any activity relating to industry, commerce or any other business or profession taxable.

lServices taxable by withdrawal from on following services:Services provided by a senior advocate to an advo-

cate or partnership firm of advocates; A person represented on an arbitral tribunal to an

arbitral tribunal; Transport of passengers by ropeway, cable car or

aerial tramwayConstruction, erection, commissioning or instal-

lation of original works pertaining to monorail or metro.

lAmendment in Abatement NotificationsAbatement in respect of transport of used house-

hold goods by Goods Transport agency reduced to 60% from 70%.

70% abatement available in respect of transport of goods by vessel with availment of CENVAT Credit on input services.

70% abatement available in respect of transport

of goods in containers by Indian Railways with availment of CENVAT Credit on input services.

60% abatement available in respect of transport of goods in containers by rail other than Indian railways with availment of CENVAT Credit on input services.

70% abatement available in respect of transport of passengers by rail with availment of CENVAT Credit on input services.

Uniform abatement of 70% for construction of complex, building, civil structure or a part thereof.

30% abatement in case of services provided by foreman to chit fund in relation to chit on the condition of non availment of CENVAT Credit.

l Benefit of quarterly payment of service tax extended to One Person Company (OPC) and HUF

lPayment of service tax on receipt basis extended to OPC

lInformation technology software recorded in media and sold at RSP in terms of Legal Metrology Act has been kept out of service tax

l Service tax under composition scheme for single premium annuity rationalised @ 1.4% of total pre-mium charged, in cases where amount allocated for investment or savings on behalf of policy holder is not intimated at the time of provision of service.



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INDIA BUDGET 2016-17SNAPSHOTdhc.co.in/uploadedfile/1/2/-1/India Budget 2016-17 - Snapshot.pdf · INDIA BUDGET 2016-17 SNAPSHOT INNOVATION. VALUE. GROWTH INNOVATION. VALUE. GROWTH