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CHARTERED ACCOUNTANCYChartered Accountants with their education, training, analyticalmind and experience is best to qualify to provide multipleneed-based services to the society can do full justice not onlyin matters relating to corporate taxation, costing,management, financial reporting, company legislation,auditing, statutory procedures and budgetary policies.Role of Chartered Accountant• To act as an accountant to maintain the proper booksWhich portray the accurate and fair view.• To provide information reports to management.• To act as a statutory auditor• To provide financial advice• To act as a service provider to assist in shareregistration, arbitration• To act as an internal auditor• To act as a tax consultant• To act as a management consultanttherefore this course is not overated rather CA course in chennai is worth studying

What to Do After Becoming Chartered Accountant, What to do after CA, After the Passing CA Final, the first decision to trouble CA’s is to choose the career option of their choice. Confusion is created by choices and options. No other profession gives such versatility to you career. While audit and taxation are fields commonly associated with Chartered Accountants.Hard work, talent, Luck, market conditions, opportunities, contacts, location, field of interest and ‘being at the right place at the right time’ will play a very significant role in your career.Don’t take up a career only for the remuneration or the glamour attached to it. Do something that interests you. A job or practice is something that you will be doing day in and day out. If you don’t enjoy what you are doing, it will become difficult to sustain yourself.What to Do After Becoming Chartered AccountantA good Chartered Accountant has sound business skills and numerical ability. Also good communication skills, objectivity, independence of thought and integrity coupled with the ability to work under the pressure of deadlines form the ingredients of your magic potion. The profession is highly challenging as a career choice.I have discussed here are just some of the popular opportunities available for CAs. Like we read in many of our books, ‘this list is just illustrative and not exhaustive’. So let us evaluate and understand some of the conventional career options available for Chartered Accountants.1. Practice:Practice is the real world of chartered accountant. In practice Audit, Taxation & Accounting is the main area of work, lot of CA’s firms earn main revenue from these area. A practicing chartered accountant gets more reputation compare to those who are in jobs. With the increasing trends of outsourcing huge opportunity in practice for CA’s. Many CA’s worked in the industry as employee for some years & than start their own practice when they able to get work. Practice required a lot of patience in starting years. The success of practice depends on the following factors:Quality of work we provide to your client.Links in the industryPatienceUnder Audit, you can go for Statutory Audit, Internal Audit, Tax Audit, System Audit in Banks, SOX Audit, Information Technology Audit, Certification related work, etc. Taxation is again divided into Direct Taxation and Indirect Taxation. Under Direct Taxation, there is Tax filings & Compliances, Appeals & Proceedings, International Taxation, Transfer Pricing, Taxation Advisory with respect to Mergers & Acquisitions, etc. Those interested in Indirect Tax can explore the areas like excise & customs, service tax, M&A Advisory, valuation for duty purposes, IDT Compliances, Appeals & Proceedings, etc.Auditors and Tax advisers command a significant amount of respect from their clients. On the flip side, professionals often complaint that Audit tends to get monotonous over a period of time and that there is little room for creativity and innovation. Taxation requires you to be updated with all the latest amendments, notifications and judgments that keep coming on a daily basis.Main works of CA’s in practice: Auditing, Taxation, Accounting means preparing Balance sheet etc, Management Consultant, Investment Banker, CMA (Credit Monitoring Arrangement) Report, Search Report, Financial Management planning, Conducting Feasibility studies, Inventory Management, Advisor, Preparing Profitability statement, ROC filling Work, Incorporation of companies, liquidation of companies, Sales tax, CST related work and certification etc these are just some examples.Main advantages of starting practicing are: You will build a base of clients for your future generation also, in job there is time limit of up to age you will work like 65 etc but in practice you can work up to u want. Practice always give a satisfaction that you are working for your own firm and the growth of which depend upon your hard work so you always try more and more hard work.2. JOB:Job is also a better option for CA’s. With the increasing trend of globalization large No. of MNC’s are coming to India so scope for CA’s are also increasing. However in slowdown in economies sometime create lower demands but always remember that ‘’WITH THE PASSING OF NIGHT A DAY WILL ALWAYS COME’’. Always hope for better is the key to growth. The people who are at the post of CFO in MNC’s or local companies are getting remuneration in Crores yearly. In job CA’s are getting a huge competition from M.B.A. (Fin).Always remember that CA’s are always better than M.B.A. (Fin).There are lot of CA’s who are working in aboard because Indian CA’s recognised as best world class professionals. When all the country adopted same Accounting Method like IFRS etc the demand for CA’s increase tremendously still huge demand for Indian CA’s in aboard like USA, CANADA, and AUSTRAILA etc. The post occupy by CA’s are:Finance ManagerAccounts ManagerInternal AuditorThese jobs lead to senior management roles such as:Financial ControllersAdvisorsDirectorsCEO,CFO, Head of FinanceMore conventional profiles for CA’s in the corporate sector are Finance & Accounts, Corporate Finance, Internal Audit, Book-Keeping, Treasury, Restructuring, Business Development etc. Remuneration in corporate Sector in different industries is widely different. Again, many CAs find it Difficult to move out of a particular profile or industry in the corporate Sector. Top recruiters for CA’s in the industry are: Banks, KPO, Investment Banking Firms, Big 4 i.e. PWC, E & Y, KPMG, Deloitte3. Teaching:Teaching is a noble profession. It not only provides you money only but reputation also like CA. Parveen Sharma Sir, CA. Vinod Gupta Sir and CA. Bhagwan Lal sir. Some CA’s are teaching with doing job or practice. One can take up teaching jobs in educational institutions for CAs, commerce graduation coaching classes, certain post graduation institutes or ICAI. Also, this need not even be a full time thing. You may get into academics along with your job/practice. There is also the option of starting up your own coaching institution with very reasonable investment. The job satisfaction in this sector is tremendous. It may not be financially rewarding in the initial stages, but in the long run it is at par or at times even better than any other sector. This field only for those people, who understand the problem of students, will want to continue in studies.4. COMPETITIVE EXAMS:Many CA’s preparing for competitive exams like Civil services however it’s not easy job but always think that CA is also not an easy job. In civil services IAS, IRS, IPS main reputed services. This is the field where you directly serve the Society. Civil services exams are most difficult or reputed exam in India. CA.Ruchika Katyal from Rothak (Haryana) is recent example she gets all India 3rank in CA-FINAL & than selected in civil services by getting all India 176 rank. Now civil services demanded math & English like other competitive exams in India. Indian civil services are considered as one of the premier services. All IAS or IPS or IFS aspirants must first clear examinations conducted by union public service commission (upsc) or state civil services commissions. Stages of exams is as follow:The Preliminary examination is an objective type of examination and is held in two papers viz. Paper-I and Paper-II. The syllabus of Paper-I comprises ¨ Current Events of National and International importance ¨ History of India and Indian National Movement ¨ Indian and World Geography ¨ Indian Polity and Governance ¨ Economic and Social Development ¨General Issues on Environmental Ecology ¨ General Science.The syllabus for Paper-II consists of Comprehension ¨ Interpersonal skills including communication skills ¨ Logical reasoning and analytical ability ¨ Decision making and problem solving ¨ General mental ability ¨ Basic numeracy. ¨English language skills.The Preliminary examination is normally held in the month of May/ June for which the notification is released in the month of November/ December of the previous year. Approximately two lakh candidates appear at the examination, the results of which are announced in the month of August. Approximately and 10000-12000 qualify for Main Examination.The Main Examination is divided into two parts – the written and the personality test. The written test, held in October/November comprises three compulsory parts, which are General Studies, General Essay an India Language and English. Apart from this, the candidate must choose two optional subjects for the examination. The question papers are of conventional essay type. Candidates who qualify at the written part of the main Examination have to appear for the personality test held in April/May.The personality test is the final stage where the candidate is interviewed to asses his/her personal suitability for a carrier in public service. The test is intended to judge the mental calibre of the candidate. The marks scored in the written test and the personality tests are added to determine the final order of merit. Usually about 700 to 800 aspirants are certified for appointment. The selected aspirants, after training, are assigned to various positions.5. Business:You can go for self business or if you have family business than it is better option. There is a one of famous thought with self business is ‘’Apna business to apna he hota h’’ means there is no such other better option like self business it may be trading or manufacturingMany CA’s join their family business to grow it & to make it better however starting own business if you have not any background is very difficult. Always think about the great businessmen’s of India like Dhirubhai ambani, Dhirubhai was not borne in a rich family & he was not so studied but he was a great businessman.‘’If you think you will do it you definitely do it.’’6. FURTHER STUDY:if you think CA’s is not sufficient than go for MBA from IIM’s or reputed institute in India like FMS Delhi, MDI Gurgaon. It will added value to your job & you can start practice in Management Consultancy.You can go for Ph.D. from IIM’s or reputed university in India. All IIM’s or university given on ICAI website are recognised CA’s for PH.D. This qualification added value to your profile.CISA (Certified Information System Auditors) from America will certainly added value to your job if you want expert in IT related field.DISA from ICAI added value to your profession if you are practicing in India you will get system Audits if you are DISA qualified.LLB from a reputed university like Delhi University (DU). In DU a time of 6 to 9 P.M. is available for classes in south campus where some CA’s are studying in LLB.There is some other professional course like CPA from America, CIMA from London, CFA, CS in India, and CMA in India.These given above all course definitely added value not to your profile but in terms of money also.

Key Features of Budget 2016-2017INTRODUCTIONGrowth of Economy accelerated to 7.6% in 2015-16.India hailed as a ‘bright spot’ amidst a slowing global economy by IMF.Robust growth achieved despite very unfavourable global conditionsand two consecutive years shortfall in monsoon by 13%Foreign exchange reserves touched highest ever level of about 350 billion US dollars.Despite increased devolution to States by 55% as a result of the 14thFinance Commission award, plan expenditure increased at RE stage in2015-16 – in contrast to earlier years.CHALLENGES IN 2016-17Risks of further global slowdown and turbulence.Additional fiscal burden due to 7th Central Pay Commissionrecommendations and OROP.ROADMAP & PRIORITIES'Transform India' to have a significant impact on economy and lives ofpeople.Government to focus on –ensuring macro-economic stability and prudent fiscalmanagement.boosting on domestic demandcontinuing with the pace of economic reforms and policyinitiatives to change the lives of our people for the better.Focus on enhancing expenditure in priority areas of - farm and ruralsector, social sector, infrastructure sector employment generation andrecapitalisation of the banks.Focus on Vulnerable sections through:Pradhan Mantri Fasal Bima YojanaNew health insurance scheme to protect against hospitalisationexpenditurefacility of cooking gas connection for BPL familiesContinue with the ongoing reform programme and ensure passage ofthe Goods and Service Tax bill and Insolvency and Bankruptcy lawUndertake important reforms by:giving a statutory backing to AADHAR platform to ensure benefits reach the deserving.freeing the transport sector from constraints and restrictionsincentivising gas discovery and exploration by providingcalibrated marketing freedomenactment of a comprehensive law to deal with resolution offinancial firmsprovide legal framework for dispute resolution andre-negotiations in PPP projects and public utility contractsundertake important banking sector reforms and public listing ofgeneral insurance companies undertake significant changes in FDIpolicy.AGRICULTURE AND FARMERS’ WELFAREAllocation for Agriculture and Farmers’ welfare is ₹ 35,984 crore‘Pradhan Mantri Krishi Sinchai Yojana’ to be implemented in missionmode. 28.5 lakh hectares will be brought under irrigation.Implementation of 89 irrigation projects under AIBP, which arelanguishing for a long time, will be fast trackedA dedicated Long Term Irrigation Fund will be created in NABARD withan initial corpus of about ₹ 20,000 croreProgramme for sustainable management of ground water resourceswith an estimated cost of ₹ 6,000 crore will be implemented through multilateral funding5 lakh farm ponds and dug wells in rain fed areas and 10 lakh compostpits for production of organic manure will be taken up under MGNREGASoil Health Card scheme will cover all 14 crore farm holdings by March2017.2,000 model retail outlets of Fertilizer companies will be provided withsoil and seed testing facilities during the next three yearsPromote organic farming through ‘Parmparagat Krishi Vikas Yojana’ and 'Organic Value Chain Development in North East Region'.Unified Agricultural Marketing ePlatform to provide a common e- market platform for wholesale marketsAllocation under Pradhan Mantri Gram Sadak Yojana increased to `19,000 crore. Will connect remaining 65,000 eligible habitations by2019.To reduce the burden of loan repayment on farmers, a provision of ₹15,000 crore has been made in the BE 2016-17 towards interestsubventionAllocation under Prime Minister Fasal Bima Yojana ₹ 5,500 crore.850 crore for four dairying projects - ‘Pashudhan Sanjivani’, ‘NakulSwasthya Patra’, ‘E-Pashudhan Haat’ and National Genomic Centre forindigenous breedsRURAL SECTORAllocation for rural sector - ₹ 87,765 crore.₹ 2.87 lakh crore will be given as Grant in Aid to Gram Panchayats andMunicipalities as per the recommendations of the 14th FinanceCommissionEvery block under drought and rural distress will be taken up as anintensive Block under the Deen Dayal Antyodaya MissionA sum of ₹ 38,500 crore allocated for MGNREGS.300 Rurban Clusters will be developed under the Shyama Prasad Mukherjee Rurban Mission100% village electrification by 1st May, 2018.District Level Committees under Chairmanship of senior most Lok SabhaMP from the district for monitoring and implementation of designatedCentral Sector and Centrally Sponsored Schemes.Priority allocation from Centrally Sponsored Schemes to be made toreward villages that have become free from open defecation.A new Digital Literacy Mission Scheme for rural India to cover around 6 crore additional household within the next 3 years.National Land Record Modernisation Programme has been revamped.New scheme Rashtriya Gram Swaraj Abhiyan proposed with allocationof ₹ 655 crore.SOCIAL SECTOR INCLUDING HEALTH CAREAllocation for social sector including education and health care –₹1,51,581 crore.₹ 2,000 crore allocated for initial cost of providing LPG connections toBPL families.New health protection scheme will provide health cover up to ` Onelakh per family. For senior citizens an additional top-up package up to `30,000 will be provided.3,000 Stores under Prime Minister’s Jan Aushadhi Yojana will beopened during 2016-17.‘National Dialysis Services Programme’ to be started under National Health Mission through PPP mode“Stand Up India Scheme” to facilitate at least two projects per bankbranch. This will benefit at least 2.5 lakh entrepreneurs.National Scheduled Caste and Scheduled Tribe Hub to be set up inpartnership with industry associationsAllocation of ₹ 100 crore each for celebrating the Birth Centenary ofPandit Deen Dayal Upadhyay and the 350th Birth Anniversary of GuruGobind Singh.EDUCATION, SKILLS AND JOB CREATION62 new Navodaya Vidyalayas will be openedSarva Shiksha Abhiyan to increasing focus on quality of educationRegulatory architecture to be provided to ten public and ten privateinstitutions to emerge as world-class Teaching and Research InstitutionsHigher Education Financing Agency to be set-up with initial capital baseof ₹ 1000 CroresDigital Depository for School Leaving Certificates, College Degrees,Academic Awards and Mark sheets to be set-up.SKILL DEVELOPMENTAllocation for skill development – ₹ 1804. crore.1500 Multi Skill Training Institutes to be set-up.National Board for Skill Development Certification to be setup inpartnership with the industry and academiaEntrepreneurship Education and Training through Massive Open OnlineCoursesJOB CREATIONGoI will pay contribution of 8.33% for of all new employees enrolling inEPFO for the first three years of their employment. Budget provision of₹ 1000 crore for this scheme.Deduction under Section 80JJAA of the Income Tax Act will be availableto all assesses who are subject to statutory audit under the Act100 Model Career Centres to operational by the end of 2016-17 underNational Career Service.Model Shops and Establishments Bill to be circulated to States.INFRASTRUCTURE AND INVESTMENTTotal investment in the road sector, including PMGSY allocation, wouldbe ₹ 97,000 crore during 2016-17.India’s highest ever kilometres of new highways were awarded in 2015.To approve nearly 10,000 kms of National Highways in 2016-17.Allocation of ₹ 55,000 crore in the Budget for Roads. Additional `15,000 crore to be raised by NHAI through bonds.Total outlay for infrastructure - ₹ 2,21,246 crore.Amendments to be made in Motor Vehicles Act to open up the roadtransport sector in the passenger segmentAction plan for revival of unserved and underserved airports to bedrawn up in partnership with State Governments.To provide calibrated marketing freedom in order to incentivise gasproduction from deep-water, ultra deep-water and high pressure-hightemperature areasComprehensive plan, spanning next 15 to 20 years, to augment theinvestment in nuclear power generation to be drawn up.Steps to re-vitalise PPPs:Public Utility (Resolution of Disputes) Bill will be introduced during2016-17Guidelines for renegotiation of PPP Concession Agreements will beissuedNew credit rating system for infrastructure projects to beintroducedReforms in FDI policy in the areas of Insurance and Pension, AssetReconstruction Companies, Stock Exchanges.100% FDI to be allowed through FIPB route in marketing of foodproducts produced and manufactured in India.A new policy for management of Government investment in PublicSector Enterprises, including disinvestment and strategic sale, approved.FINANCIAL SECTOR REFORMSA comprehensive Code on Resolution of Financial Firms to beintroduced.Statutory basis for a Monetary Policy framework and a Monetary PolicyCommittee through the Finance Bill 2016.A Financial Data Management Centre to be set up.RBI to facilitate retail participation in Government securities.New derivative products will be developed by SEBI in the CommodityDerivatives market.Amendments in the SARFAESI Act 2002 to enable the sponsor of an ARCto hold up to 100% stake in the ARC and permit non institutionalinvestors to invest in Securitization Receipts.Comprehensive Central Legislation to be bought to deal with themenace of illicit deposit taking schemes.Increasing members and benches of the Securities Appellate Tribunal.Allocation of ₹ 25,000 crore towards recapitalisation of Public SectorBanks.Target of amount sanctioned under Pradhan Mantri Mudra Yojanaincreased to ₹ 1,80,000 crore.General Insurance Companies owned by the Government to be listed inthe stock exchanges.GOVERNANCE AND EASE OF DOING BUSINESSA Task Force has been constituted for rationalisation of human resources in various Ministries.Comprehensive review and rationalisation of Autonomous Bodies.Bill for Targeted Delivery of Financial and Other Subsidies, Benefits and Services by using the Aadhar framework to be introduced.Introduce DBT on pilot basis for fertilizer.Automation facilities will be provided in 3 lakh fair price shops byMarch 2017.Amendments in Companies Act to improve enabling environment for start-ups.Price Stabilisation Fund with a corpus of ₹ 900 crore to help maintainstable prices of Pulses.“Ek Bharat Shreshtha Bharat” programme will be launched to linkStates and Districts in an annual programme that connects peoplethrough exchanges in areas of language, trade, culture, travel andtourism.FISCAL DISCIPLINEFiscal deficit in RE 2015-16 and BE 2016-17 retained at 3.9% and 3.5%.Revenue Deficit target from 2.8% to 2.5% in RE 2015-16Total expenditure projected at ₹ 19.78 lakh crorePlan expenditure pegged at ₹ 5.50 lakh crore under Plan, increase of15.3%Non-Plan expenditure kept at ₹ 14.28 lakh croresSpecial emphasis to sectors such as agriculture, irrigation, social sectorincluding health, women and child development, welfare of ScheduledCastes and Scheduled Tribes, minorities, infrastructure.Mobilisation of additional finances to the extent of ₹ 31,300 crore byNHAI, PFC, REC, IREDA, NABARD and Inland Water Authority by raisingBonds.Plan / Non-Plan classification to be done away with from 2017-18.Every new scheme sanctioned will have a sunset date and outcomereview.Rationalised and restructured more than 1500 Central Plan Schemesinto about 300 Central Sector and 30 Centrally Sponsored Schemes.Committee to review the implementation of the FRBM Act.RELIEF TO SMALL TAX PAYERSRaise the ceiling of tax rebate under section 87A from ₹2000 to ₹5000to lessen tax burden on individuals with income upto `5 laks.Increase the limit of deduction of rent paid under section 80GG from₹24000 per annum to ₹60000, to provide relief to those who live inrented houses.BOOST EMPLOYMENT AND GROWTHIncrease the turnover limit under Presumptive taxation scheme undersection 44AD of the Income Tax Act to ₹ 2 crores to bring big relief to alarge number of assessees in the MSME category.Extend the presumptive taxation scheme with profit deemed to be 50%,to professionals with gross receipts up to ₹50 lakh.Phasing out deduction under Income Tax:Accelerated depreciation wherever provided in IT Act will belimited to maximum 40% from 1.4.2017Benefit of deductions for Research would be limited to 150% from1.4.2017 and 100% from 1.4.2020Benefit of section 10AA to new SEZ units will be available to thoseunits which commence activity before 31.3.2020.The weighted deduction under section 35CCD for skill developmentwill continue up to 1.4.2020Corporate Tax rate proposals:New manufacturing companies incorporated on or after 1.3.2016to be given an option to be taxed at 25% + surcharge and cessprovided they do not claim profit linked or investment linkeddeductions and do not avail of investment allowance andaccelerated depreciation.Lower the corporate tax rate for the next financial year forrelatively small enterprises i.e companies with turnover notexceeding ₹ 5 crore (in the financial year ending March 2015), to29% plus surcharge and cess.100% deduction of profits for 3 out of 5 years for startups setup during April, 2016 to March, 2019. MAT will apply in such cases.10% rate of tax on income from worldwide exploitation of patentsdeveloped and registered in India by a resident.Complete pass through of income-tax to securitization trusts includingtrusts of ARCs. Securitisation trusts required to deduct tax at source.Period for getting benefit of long term capital gain regime in case ofunlisted companies is proposed to be reduced from three to two years.Non-banking financial companies shall be eligible for deduction to theextent of 5% of its income in respect of provision for bad and doubtfuldebts. .Determination of residency of foreign company on the basis of Place ofEffective Management (POEM) is proposed to be deferred by one year.Commitment to implement General Anti Avoidance Rules (GAAR) from1.4.2017.Exemption of service tax on services provided under Deen DayalUpadhyay Grameen Kaushalya Yojana and services provided byAssessing Bodies empanelled by Ministry of Skill Development &Entrepreneurship.Exemption of Service tax on general insurance services provided under‘Niramaya’ Health Insurance Scheme launched by National Trust for theWelfare of Persons with Autism, Cerebral Palsy, Mental Retardation andMultiple Disability.Basic custom and excise duty on refrigerated containers reduced to 5%and 6%.MAKE IN INDIAChanges in customs and excise duty rates on certain inputs to reducecosts and improve competitiveness of domestic industry in sectors likeInformation technology hardware, capital goods, defence production,textiles, mineral fuels & mineral oils, chemicals & petrochemicals,paper, paperboard & newsprint, Maintenance repair and overhauling[MRO] of aircrafts and ship repair.MOVING TOWARDS A PENSIONED SOCIETYWithdrawal up to 40% of the corpus at the time of retirement to be taxexempt in the case of National Pension Scheme (NPS). Annuity fundwhich goes to legal heir will not be taxable.In case of superannuation funds and recognized provident funds,including EPF, the same norm of 40% of corpus to be tax free will applyin respect of corpus created out of contributions made on or from1.4.2016.Limit for contribution of employer in recognized Provident andSuperannuation Fund of ₹ 1.5 lakh per annum for taking tax benefit. Exemption from service tax for Annuity services provided by NPS andServices provided by EPFO to employees.Reduce service tax on Single premium Annuity (Insurance) Policies from3.5% to 1.4% of the premium paid in certain cases.PROMOTING AFFORDABLE HOUSING100% deduction for profits to an undertaking in housing project for flatsupto 30 sq. metres in four metro cities and 60 sq. metres in other cities,approved during June 2016 to March 2019 and completed in threeyears. MAT to apply.Deduction for additional interest of ₹50,000 per annum for loans up to₹35 lakh sanctioned in 2016-17 for first time home buyers, wherehouse cost does not exceed ₹ 50 lakh.Distribution made out of income of SPV to the REITs and INVITs havingspecified shareholding will not be subjected to Dividend DistributionTax, in respect of dividend distributed after the specified date.Exemption from service tax on construction of affordable houses up to60 square metres under any scheme of the Central or StateGovernment including PPP Schemes.Extend excise duty exemption, presently available to Concrete Mixmanufactured at site for use in construction work to Ready MixConcrete.RESOURCE MOBILIZATION FOR AGRICULTURE, RURAL ECONOMY AND CLEAN ENVIRONMENTAdditional tax at the rate of 10% of gross amount of dividend will bepayable by the recipients receiving dividend in excess of ₹ 10 lakh perannum.Surcharge to be raised from 12% to 15% on persons, other thancompanies, firms and cooperative societies having income above ₹ 1crore.Tax to be deducted at source at the rate of 1 % on purchase of luxurycars exceeding value of ₹ 10 lakh and purchase of goods and services incash exceeding ₹ 2 lakh.Securities Transaction tax in case of ‘Options’ is proposed to beincreased from .017% to .05%.Equalization levy of 6% of gross amount for payment made to non- residents exceeding ₹1 lakh a year in case of B2B transactions.Krishi Kalyan Cess, @ 0.5% on all taxable services, w.e.f. 1 June 2016.Proceeds would be exclusively used for financing initiatives forimprovement of agriculture and welfare of farmers. Input tax credit ofthis cess will be available for payment of this cess.Infrastructure cess, of 1% on small petrol, LPG, CNG cars, 2.5% on dieselcars of certain capacity and 4% on other higher engine capacity vehicles and SUVs. No credit of this cess will be available nor credit of any othertax or duty be utilized for paying this cess.Excise duty of ‘1% without input tax credit or 12.5% with input taxcredit’ on articles of jewellery [excluding silver jewellery, other thanstudded with diamonds and some other precious stones], with a higherexemption and eligibility limits of ₹6 crores and ₹12 croresrespectively.Excise on readymade garments with retail price of ₹1000 or moreraised to 2% without input tax credit or 12.5% with input tax credit.‘Clean Energy Cess’ levied on coal, lignite and peat renamed to ‘CleanEnvironment Cess’ and rate increased from ₹200 per tonne to ₹400 pertonne.Excise duties on various tobacco products other than beedi raised byabout 10 to 15%.Assignment of right to use the spectrum and its transfers has beendeducted as a service leviable to service tax and not sale of intangiblegoods.PROVIDING CERTAINITY IN TAXATIONCommitted to providing a stable and predictable taxation regime andreduce black money.Domestic taxpayers can declare undisclosed income or such incomerepresented in the form of any asset by paying tax at 30%, andsurcharge at 7.5% and penalty at 7.5%, which is a total of 45% of theundisclosed income. Declarants will have immunity from prosecution.Surcharge levied at 7.5% of undisclosed income will be called KrishiKalyan surcharge to be used for agriculture and rural economy.New Dispute Resolution Scheme to be introduced. No penalty inrespect of cases with disputed tax up to ₹10 lakh. Cases with disputedtax exceeding ₹10 lakh to be subjected to 25% of the minimum of theimposable penalty. Any pending appeal against a penalty order can also be settled by paying 25% of the minimum of the imposable penalty andtax interest on quantum addition.High Level Committee chaired by Revenue Secretary to oversee freshcases where assessing officer applies the retrospective amendment.One-time scheme of Dispute Resolution for ongoing cases underretrospective amendment.Penalty rates to be 50% of tax in case of under reporting of income and200% of tax where there is misreporting of facts.Disallowance will be limited to 1% of the average monthly value ofinvestments yielding exempt income, but not exceeding the actualexpenditure claimed under rule 8D of Section 14A of Income Tax Act.Time limit of one year for disposing petitions of the tax payers seekingwaiver of interest and penalty.Mandatory for the assessing officer to grant stay of demand once theassesse pays 15% of the disputed demand, while the appeal is pendingbefore Commissioner of Income-tax (Appeals).Monetary limit for deciding an appeal by a single member Bench ofITAT enhanced from ₹15 lakhs to ₹50 lakhs.11 new benches of Customs, Excise and Service Tax Appellate Tribunal(CESTAT).SIMPLIFICATION AND RATIONALIZATION OF TAXES13 cesses, levied by various Ministries in which revenue collection isless than ₹50 crore in a year to be abolished.For non-residents providing alternative documents to PAN card, higherTDS not to apply.Revision of return extended to Central Excise assesses.Additional options to banking companies and financial institutions,including NBFCs, for reversal of input tax credits with respect to non- taxable services.Customs Act to provide for deferred payment of customs duties for importers and exporters with proven track record.Customs Single Window Project to be implemented at major ports andairports starting from beginning of next financial year.Increase in free baggage allowance for international passengers. Filingof baggage only for those carrying dutiable goods.TECHNOLOGY FOR ACCOUNTABILITYExpansion in the scope of e-assessments to all assessees in 7 megacities in the coming years.Interest at the rate of 9% p.a against normal rate of 6% p.a for delay ingiving effect to Appellate order beyond ninety days.‘e-Sahyog’ to be expanded to reduce compliance cost, especially forsmall taxpayers.