These items are going to be costlier in 2015-16 :-
1) Your Telephone Bill (Increase of 1.64% in Service tax)
2) Your Mobile Bill (Increase of 1.64% in Service tax)
3) Your Restaurant outing Cost (Increase of 1.64% in Service tax)
4) Cost of your New House/Flat (Increase of 1.64% in Service tax)
5) Courier Service
6) Internet Charges
7) Air Travel
8) Cable/DTH Charges
9) Beauty Parlor Service Charges
10) Gym Service Charges
These items are going to be cheaper in 2015-16 :-
- Leather Goods
These items may not have any change in their prices in 2015-16 :-
- Two Wheelers
- Motor Cars
Some Positives in Common man’s Perspective :-
- Increase in exemption for Local Conveyance for salaried employees from Rs. 800/- to Rs. 1600/-
- Increase in Deduction on account of mediclaim insurance premium from Rs.15000/- to Rs. 25000/- incase of Individuals and from Rs. 20000/- to Rs. 30000/- for Senior Citizens
- Investment in Sukanya Samriddhi Scheme will qualify for deduction u/s. 80C and Income from this scheme will be exempt from tax.
- Deduction for differently abled persons increased from Rs. 50000/- to Rs.75000/-.
- Deduction for contribution to New pension Scheme u/s. 80 CCD increased from Rs. 1 Lakh to Rs. 1.5 Lakhs.
- Excise duty on Cigerrates hiked.
- GST mostlikely from 1st April 2016 will enable ease of doing business in India.
These are the some of the bitter pills :-
- Cash Transactions in excess of Rs. 20000/- hitherto allowed for Property transactions will not be allowed from now on. Any payment in excess of Rs. 20000/- should necessarily be by way of Crossed Cheque/Demand Draft/Net Banking.
- Increase in Steel prices & Service Tax rate is a double blow for Home/Flat buyers as this move will increase the cost of the same.
- Cost of Flying to be costlier
- Wealth tax abolished. However, the details of the assets and liabilities to be provided in the Income-tax return itself.