• Corporate Tax rates remain unchanged.
• Investment in Plant and machinery by manufacturing companies greater than Rs.25crores eligible for investment allowance @ 15% upto 31.03.2017.
• Concessional rate of 15% on foreign dividend continues.
• Basic Income Tax exemption increased by Rs.50,000/- for both Individuals and senior citizens.
• Tax exemption savings limit is Rs. 1,50,000/-
• PPF saving limit increased to Rs.1,50,000/-
• Housing loan rebate raised to Rs. 2,00,000/-
• And a few more changes…….

  Customs Duty

• To increase domestic manufacture and investment, Basic custom duty (BCD) reduced on certain specified items (Electronic, chemicals and petrochemicals etc).
• Duty on LED and LCD TVs below 19 inches exempted to increase production.
• BCD on imported products of stainless steel increased to 7.5%.
• BCD on coal products and metallurgical coke increased.
• Free baggage allowance for passenger facilitation up from Rs. 35,000 to Rs. 45,000.
• And a few more changes…….

• Duty on Footwear and food packages reduced.
• Additional duty of 5% levied on aerated drinks with added sugar.
• Duty hike on Cigarattes – 72%, pan masala – 16%, Tobacco unmanufactured – 55% and Gutkha – 70%.
• E-payment by all assesses made mandatory subject to certain exceptions.
• CENVAT Credit restricted to 6 months.
• And a few more changes…….

• The Interest rates raised upto 30% for delay in payment of Service Tax.
• Service provided by radio-taxis brought under service tax ambit.
• Service provided or agreed to be provided by Director to a Body Corporate is brought under the Reverse Charge Mechanism. Service receiver is liable to pay service tax.
• Resident Private Limited Company is eligible as a person to file application for Advance Ruling.
• And a few more changes…….

• Upto 49% FDI will be allowed in Insurance and Defense sector subject to certain conditions.
• MNCs with manufacturing facility in India allowed retail business including e-com retail.

• Rules relating to Companies Cost records and Audit released.
• MGT-14 made through STP mode except for Change in Name, Object clause, conversion of Company and further issue of capital.
• ‘No Objection Certificate’ from Forward Markets Commission (FMC) required both from existing companies and new ones proposing to incorporate with the words “Commodity Exchange” in the name.
• Time limit for filing Form DPT-4 relating to (Outstanding Advances treated as Deposits) extended to 31.08.2014.
• Clarification issued relating to applicability of Resident Director Provisions for existing Companies, Companies incorporated during April – September 2014 and thereafter.
• In case of Offer or invitation for Non-convertible debentures special resolution can be passed within 6 months from the commencement of these Rules (from 01.04.2014).

• Acquisition and Transfer of Immovable Property in India by NRIs / PIOs / Foreign Nationals of Non-Indian Origin.
• Compounding of Contravention under FEMA,1999.
• Direct Investment by residents in Joint Venture (JV) & Wholly Owned Subsidiary (WOS) Abroad.
• Establishment of Liaison / Branch / Project Offices in India by Foreign Entities.
• Exports of Goods and Services.
• External Commercial Borrowings (ECBs) and Trade Credits.
• Financial Commitment (FC) by Indian Party under Overseas Direct Investments (ODI) – Restoration of Limit
• Foreign Investment in India
• Import of Goods and Services.
• Miscellaneous Remittances from India – Facilities for Residents.
• Non-Resident Ordinary Rupee (NRO) Account.
• Remittance Facilities for Non-Resident Indians / Persons of Indian Origin / Foreign Nationals.
• Foreign Direct Investment (FDI) in India – Revised pricing guidelines for Issue/Transfer of Shares or Convertible Debentures.