Highlights of Union Budget 2015-16 (Part 10)

Finance Minister Arun Jaitley on Saturday announced 100 percent tax exemption in Corporate Social Responsibility (CSR) activities for the Clean Ganga Fund and the Swachh Bharat Kosh, as he presented his first full-fledged budget in the Lok Sabha.

The highlights of his speech are as follows:

100 percent tax exemption in Corporate Social Responsibility activities for Clean Ganga Fund and Swachh Bharat Kosh.

I propose to reduce rate of basic custom duty on certain imports to minimize impact of duty inversion.

In order to boost domestic leather industry, excise duty on footwear having retail price of more than 1000 per pair reduced by 6 percent.

Reduced taxes on Technical Services to 10 percent from 25 percent.

Propose to abolish wealth tax and replace it with an additional two percent surcharge on the super rich with above Rs 1 crore annual income.

The excise duty on footwear having retail price of more than Rs 1,000 per pair has been reduced by six percent.

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