Indian Union Budget 2015-16 Highlights
Posted on: 28/Feb/2015 11:23:57 AM
Indian Finance Minister Mr.Arun Jaitley presents the Union Budget for 2015-16 financial year in Lok sabha.
Highlights of Union Budget 2015-16:
- Individual tax exemption hiked to Rs 4.44 lakh.
- Individual tax payer to get benefited up to Rs 4,00,000.
- Defense allocation for this fiscal is Rs 2,46,727 cr.
- Custom duty on raw materials and intermediaries face cuts.
- Tax relief for yoga instructions, institutions.
- Govt to replace wealth tax with additional 2% surcharge on super rich.
- Contribution to pension scheme increased from Rs 1 lakh to Rs 1.5 lakh.
- Transport allowance up from Rs 800 to Rs 1600.
- Additional deduction of Rs 50,000 on social safety schemes.
- Tax ease on serious diseases for seniors raised to Rs 80,000.
- Rs 150 core to create world class IT hub in India.
- For senior citizens: Tax-free cap on medical expenses raised to Rs 30,000.
- Tax-free cap on medical expenses raised to Rs 25,000.
- Clean energy cess upped to Rs 200/tn of coal.
- Service tax upped to 14%.
- 100% contributions to Swacch Bharat, Clean Ganga get tax ease.
- Leather footwear to get 6% excise relief.
- Wealth tax to be replaced with 2% additional surcharge.
- 10% tax ease on royalty fee on tech services.
- Tax pass through to be allowed in alternative investment funds to boost small firms, startups.
- PAN must for any sale exceeding Rs 1 lakh.
- Benami properties will face more tax heat.
- Tax evasion in relation to foreign asset will be predicate offence.
- Atal Pension Yojana to be launched.
- Hiding of income will face penalty of 300% of asset value.
- Penalty for evaders will be 10 years in jail.
- Electronic filing of statements to track evaders and take action.
- Govt to launch PM Suraksha Bhima Yojana.
- Exemptions of individual tax payers to continue.
- Launching new measures to tackle black money.
- Finance Minister Arun Jaitley announces plan for "ultra mega" power projects.
- Corporate Taxation to be cut in 4 year.
- Corporate tax trimmed to 25% from 30% for next year.
- FY16 health sector allocation at Rs 3,31,500 cr.
- Total expenditure estimated at crore Rs 17.70 lakh crore.
- Rs 1,200 crore for fast track corridor between Ahmedabad and Mumbai.
- Armed forces to get cash boost of Rs 2 lakh crores.
- Rs 346.99 billion for NREGA scheme.
- Defence purchases to get Make in India boost.
- Rs 10,000 crore for women and child development.
- National Optical Fibre Network to be extended.
- 3 new pharma institutes in Maharashtra, Rajasthan and Chattishgarh.
- AIIMS-like institutions in J&K, Punjab, Himachal and Assam.
- IIMs in J&K and Andhra Pradesh, IIT in Karnataka.
- Rs 15,000 crore scheme to skill rural India.
- National Skills Mission planned to power youth.
- Regulatory reform law for infrastructure.
- Public dispute bill to ease tussle over projects.
- Green plan gets Rs 75 crore for 2015-16 cash boost.
- Rs 1000 crore boost to Nirbhaya Fund.
- Tax-free infra bonds for railways & roads announced.
- Foreign investment in alternate investment funds.
- Employees EPF may become optional.
- New scheme to help investors to earn interest on metal account.
- Gold monetisation scheme to replace deposit and metal loans.
- Direct Tax plan to get competitive edge.
- New Job will be created in software sector.
- FMC to be merged with Sebi to strengthen regulation.
- Section 6 of Fema to be amended.
- Expert panel to prepare draft on easing permissions for doing business.
- 5 UMPPs in power sector to unlock investments of Rs 1 lakh crore.
- Second unit of Kodanakulam N plan to be commissioned in 2015-16.
- Investing Rs 20,000 crore in Infrastructure Fund.
- PM farm plans get Rs 3,000 crore extra allocation.
- Spending of extra amount of Rs 70,000 crore on boosting Infra this year.
- Public Sector Ports to be made firms under Companies Act.
- Rs 150 crore earmarked for Atal Innovation Mission.
- Capex for state PSUs to be Rs 3.17 lakh crore.
- Outlay upped by 24,000 cr for rail, road.
- Objective is to improve quality of life and to pass benefits to common man.
- Jan Dhana Yojana makes our aim of financial inclusion visible.
- Three achievements of government: a) Success of Jan Dhan Yojana b) Coal Auctions c) Swach Bharat
- Rupee value become stronger by 6.4%
- Our new game-changers are GST and JAM trinity(Jandhan, AADHAR, Mobile No.).
- Indian Peoples want to end the scam scandal corruption.
- Expect CPI inflation to remain close to 5% by end of the year.
- Our achievement is to conquer inflation: FM
- Room for Each Family Plan: 2 crore houses in rural India, 4 crore houses in urban India by 2022.
- Aiming for a double digital growth rate is seeming feasible.
- Electrification of villages by 2020.
- Government has embraced states as equal partners of growth.
- Sanction 1 lakh km of new roads.
- Up-gradation of 80,000 secondary schools.
- Our youth`s will have to focus on Education and skills.
- Our objective is to keep inflation below 6 percent.
- Removal of Urban and Rural form of Dividing.
- Agriculture income, investment boost in infra, manufacturing, fiscal discipline, key challenges.
- Aim to make India manufacturing hub of the world.
- Total transfer of states will be 62% of the Center`s receipts.
- Govt plans to build 6 crore toilets.
- Govt firm on achieving medium-term GDP target of 3%.
- Capital Expenditure outlay seen at Rs 1.25 lakh crore.
- FY16 target revised from 3.6% to 3.9%.
- Well-off should give up their LPG subsidy voluntarily.
- At least 1 member of every family should have a job.
- Allocating Rs 5300 crore for micro irrigation.
- Roadmap to achieve Fiscal deficit of 3% of GDP in three years: Target is 3.9% in 2015-16, 3.5% in 2016-17, 3% in 2017-18.
- National agri market to increase income of farmers.
- MNREGA gets initial allocation of Rs 34,000 crore.
- A universal social security system for poor and unpriviliged.
- Budget aims at constructing roads push infrastructure stocks.
- Will utilise postal network for its banking venture.
- 30,000 crore allocation for SC welfare schemes.
