union budget 2015.pdf

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Highlights of Union Budget 2015

States to be equal partners in economic growth; move to making India cashless society; social

sector programmes to continue. Some of the challenges mentioned by the Finance Minister are:

poor agricultural income, decline in manufacturing ; and the need for fiscal discipline.

Here are sector-wise highlights:

TAXATION

1Abolition of Wealth Tax.

2Additional 2% surcharge for the super rich with income of over Rs. 1 crore.

3Rate of corporate tax to be reduced to 25% over next four years.

4No change in tax slabs.

5Total exemption of up to Rs. 4,44,200 can be achieved.

6100% exemption for contribution to Swachch Bharat, apart from CSR.

7Service tax increased to14 per cent. AGRICULTURE

1Rs. 25,000 crore for Rural Infrastructure Development Bank.

2Rs. 5,300 crore to support Micro Irrigation Programme.

3Farmers credit - target of 8.5 lakh crore.

INFRASTRUCTURE

1Rs. 70,000 crores to Infrastructure sector.

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2Tax-free bonds for projects in rail road and irrigation

3PPP model for infrastructure development to be revitalised and govt. to bear majority of the risk.

4Atal Innovation Mission to be established to draw on expertise of entrepreneurs, and researchers to foster

scientific innovations; allocation of Rs. 150 crore.

5Govt. proposes to set up 5 ultra mega power projects, each of 4000MW.

EDUCATION

1AIIMS in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam.

2IIT in Karnataka; Indian School of Mines in Dhanbad to be upgraded to IIT.

3PG institute of Horticulture in Amritsar.

4Kerala to have University of Disability Studies

5Centre of film production, animation and gaming to come up in Arunachal Pradesh.

6IIM for Jammu and Kashmir and Andhra Pradesh.

DEFENCE

1Allocation of Rs. 2,46,726 crore; an increase of 9.87 per cent over last year.

2Focus on Make in India for quick manufacturing of Defence equipment. WELFARE SCHEMES

1 GST and JAM trinity (Jan Dhan Yojana, Aadhaar and Mobile) to improve quality of life and to pass

benefits to common man.


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2 Six crore toilets across the country under the Swachh Bharat Abhiyan.

3 MUDRA bank will refinance micro finance orgs. to encourage first generation SC/ST entrepreneurs.

4 Housing for all by 2020.

5 Upgradation 80,000 secondary schools.

6 DBT will be further be expanded from 1 crore to 10.3 crore.

7 For the Atal Pension Yojana, govt. will contribute 50% of the premium limited to Rs. 1,000 a year.

8 New scheme for physical aids and assisted living devices for people aged over 80 .

9 Govt. to use Rs. 9,000 crore unclaimed funds in PPF/EPF for Senior Citizens Fund.

10Rs. 5,000 crore additional allocation for MGNREGA.

11Govt. to create universal social security system for all Indians.

RENEWABLE ENERGY

1Rs. 75 crore for electric cars production.

2Renewable energy target for 2022: 100K MW in solar; 60K MW in wind; 10K MW in biomass and 5K

MW in small hydro

TOURISM

1Develpoment schemes for churches and convents in old Goa; Hampi, Elephanta caves, Forests of

Rajasthan, Leh palace, Varanasi , Jallianwala Bagh, Qutb Shahi tombs at Hyderabad to be under the new

toursim scheme.

2Visa on Arrival for 150 countries.


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GOLD

1Sovereign Gold Bond, as an alternative to purchasing metal gold.

2New scheme for depositors of gold to earn interest and jewellers to obtain loans on their metal accounts.

3To develop an Indian gold voin, which will carry the Ashok Chakra on its face, to reduce the demand for

foreign coins and recycle the gold available in the country.

FINANCIAL SECTOR

1Forward Markets Commission to be merged with the Securities and Exchange Board of India

2NBFCs registered with the RBI and having asset size of Rs 500 crore and above to be considered as

financial institution under Sarfaesi Act, 2002, enabling them to fund SME and mid-corporate businesses

3Permanent Establishment norms to be modified to that mere presence of offshore fund managers in the

country does not lead to adverse tax consequences.

Budget 2015: Key highlights for middle class tax-payers

* No change in tax slabs or minimum taxable limit

* The transport allowance exemption hiked to Rs 1,600 per month from Rs 800 per month.

* Limit of deduction of health insurance premium increased from Rs. 15000 to Rs. 25000. For

senior citizens limit increased from Rs 20000 to Rs 30000.

* Senior citizens above the age of 80 years, who are not covered by health insurance, to be

allowed deduction of Rs 30000 towards medical expenditures.

* Deduction limit of Rs 60000 with respect to specified decease of serious nature enhanced to Rs

80000 in case of senior citizen.

*Additional deduction of Rs 25000 allowed for differently abled persons.

*Limit on deduction on account of contribution to a pension fund and the new pension scheme

increased from Rs 1 lakh to Rs 1.5 lakh.

*Additional deduction of Rs 50000 for contribution to the new pension scheme u/s 80CCD.


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*Payments to the beneficiaries including interest payment on deposit in Sukanya Samriddhi

scheme to be fully exempt.

*Service-tax exemption on Varishtha Bima Yojana.

*FM says concession to individual tax-payers despite inadequate fiscal space.

*Lot to look forward to as fiscal capacity improves


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union budget 2015.pdf

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