Finance Bill 2015 passed By Lok Sabha after amendments

Finance Bill 2015 has been passed by the Lak Sabha.The original Finance Bill was pesented by Finance Minister on 28.02.2015.Thereafter many changes has been proposed in Lok Sabha ,Many changes has been approved and many were removed .

Major changes in Lok Sabha are

1.    Capital gains from transfer of securities, interest, royalty and FTS accruing or arising to foreign company has been proposed to be excluded from chargeability of MAT if tax payable on such income is less than 18.5% in finance bill 2015 this exemption was given to FII only

2.    MAT exemption on notional gain arising on transfer of share of SPV

3.    Residential status of company in India only effective management in India.The word any time is removed 

4.    Meaning of 'Beneficial owner' and beneficiary has been added for mandatory return by person having foreign assets.

5.    Subsidies are now treated a Revenue Income 

6.    Bad debts could be claimed without writing off debt in books of account

7.    Additional Depreciation and Investment Allowance allowed to industries set-up in Bihar and West Bengal

Note :Please note that even after passing of Finance Bill 2015 in Lok Sabha ,the service tax rates are not going to Increase wef 01.05.2015 and it will be changed with a notification after assent from President.

Read  Changes in Service Tax Excise dutyCustom duty in Finance Bill Passed by Lok Sabha

You May download the amendment in Finance Bill 2015 from link given below.

Download Amendment in Finance Bill 2015 (1 Mb File)