Rotary Bangalore South has organised the talk on Union Budget 2015, specially the Direct Taxes proposals tabled by Union Finance Minister Sri Arun Jatiley. Our own PP Rtn. K. Ramanath was the guest speaker on the above subject. Rtn. K.Ramanath does not need introduction as he is well known practicing Chartered Accountant. He presented through PPT the budget proposals on Direct Taxes in simple language.
He explained that Government has not  increased either the basic exemption or 80C savings. He also informed that Government has increased the deduction under section 80D for mediclaim from 15000 to 25000 and for senior Citizens from 20000 to 30000. He also explained that withholding tax for transporters with PAN number is zero provided the fleet is less than 10 vehicles. TDS on interest on deposits is now extended even to cooperative societies and banks. All immovable transactions above 20000 to be through cheque/bank transfer only. Service tax is now increased to 14% and the effective date to be announced.
He also explained other important amendments about payments to non residents, abolition of wealth tax and change in return form to include assets, increase in surcharge of 2% for above 1 crore taxable income,, etc.He clarified the various points raised by members.