Corporate India's quick guide to Budget

1 MSMEs can rejoice. Companies having a turnover less than Rs 50 crore during FY 2015-16 will pay effective tax rate of 28.84% instead of existing 34.6%

2 Debt results in a deduction from business profits. However, cap on deductibility has been introduced. Interest payment will be allowed as a deduction only up to 30% of profits or the actual interest paid to related parties, whichever is lower

3 Boost to markets as FPIs Category 1 and 2 are exempt from indirect transfer provisions and the resultant capital gains with retrospective effect from FY 2012-13

4 Non-resident taxpayers to rejoice.

Concessional tax rate of 10% will now apply retrospective from FY 2012-13. The downside tax rectification process will have to be undertaken for past years

5 Digital incentive given to small traders and businessmen having a turnover of Rs 2 crore or less who have opted for presumptive tax. If they receive payments via digital mode, they will pay tax at 6% instead of 8%

6 Provisions of MAT proposed to be rationalised in line with Indian Accounting Standard (Ind-AS) which is to be adopted by India Inc.Further, carry forward and utilisation of MAT credit is extended to 15 years from 10 years

7 Expenses claimed against income from other sources (such as interest, rent) will not be allowed as a deduction if TDS has not been done on such payments

8 Boost to rupee-denominated bonds (RDBs) as the reduced rate of 5% will be available to its investors.Further, capital gains arising on transfer of RDBs between nonresidents will not be subject to tax

9 If dividend received is above Rs 10 lakh it is taxable in the hands of resident individuals, HUFs and firms. The scope has been widened to cover non-charitable trusts (domestic companies, charitable trusts continue to be out of the ambit)

10 You cannot receive any sum in cash in excess of Rs 3 lakh from any person in a day whether by way of a single transaction or related to a single event (wedding planners need to keep this in mind). Else the penalty is equal to the entire sum received