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What to Do Ban on high denomination currency notes of Rs 500 and Rs 1000?

Government from yesterday mid-night that’s 8th November 2016 declared circulation of old currency note of Rs 500 and Rs 1000 denomination as illegal, meaning there by will not be accepted as legal tender so the business man should refrain from accepting these bane currency notes from mid-night of 8th November 2016.

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Union Budget 2015 cont….taxes

 

  • FM increases rate of Service tax from 12.36% to 14% (all inclusive)
  • Services of Common Effluent Treatmennt Plant shall be out of the purview of Service Tax
  • Rs. 30,000 deduction for expenditure on health treatment for super senior citizens: FM
  • Deduction for health insurance premium increased from Rs. 15,000 to Rs. 25,000: FM
  • Wealth Tax abolished and replaced with 2% additional tax on super-rich with income of above Rs. 1 crore
  • EC and SHEC to be subsumed in Excise Duty; Excise Duty rounded off to 12.5%
  • Additional deduction of Rs. 50,000 under Section 80CCD for contribution to Pension Contribution Scheme
  • Additional deduction for differently abled person of 25,000 under Sections 80DD and Section 80U, says FM

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