Union
Budget 28 February 2015 By Finance Minister Mr. Arun Jaitley
Finance Minister Mr. Arun Jaitley presents the full
year budget on 28 February 2015 at New Delhi. It is the first Union Budget of
PM Narendra Modi's government. We give you highlights of union budget 2015.
1) Net
impact of tax proposals Rs. 15,068
crore.
2) Yoga included under charitable activites.
3) Individual
Taxpayer can get benefits up to Rs. 4,44,200.
4) Transport
allowance exemption to be increased to Rs. 1,600 per month.
5) "To
make India a pensioned society." Rs. 50,000 contribution to new pension
scheme.
6) Additional
deduction of Rs. 25,000 for differently abled persons.
7) Increase
in limit of deduction of health insurance premium of Rs. 15,000 to Rs. 25,000.
8) For
senior citizens is Rs. 30,000.
9) For
Very senior citizens - Rs. 30,000 deduction on expenses incurred.
10) Two
percent on services for Swachch Bharat.
11) 100
per cent deduction for contribution to Swachch Bharat and Clean Ganga schemes.
12) Service
Tax rate increased to 14 %.
13) Educational
Cess and higher educational cess to be subsumed as a part of GST.
14) Wealth
tax to be abolished and replaced with a super-rich tax for those with income of
over Rs. 1 crore. Wealth tax Rs. 1,008
crore in 2013-14.
15) Basic
custom duty rate reduced for 22 items.
16) General
Anti Avoidance Rule (GAAR) applicability to be deferred by two years.
17) Coporate
tax rate will be reduced to 25 percent from30 percent over the next four years.
18) Expenditure
19) Non-plan
expenditure - Rs. 13,12,200 crore
20) Plan
expenditure - Rs. 4,65,277 crore
21) Fiscal deficit
22) Fiscal
deficit seen at 3.9 % of GDP in 2015/16
23) Will
meet the challenging fiscal target of 4.1 % of GDP
24) Remain
committed to meeting medium term fiscal deficit target of 3%of GDP
25) Current
account deficit below 1.3 percent of GDP
26) Make
in India policy for defence equipment Rs. 2,46,727 crore allocation for
defence.
27) Rs.
68,968 crore for education sector.
28) AIIMS
in Jammu and Kashmir, Punjab, Tamil Nadu, Assam.
29) AIIMS-like
institution in Bihar.
30) IIT
in Karnataka.
31) IIMs
in Jammu and Kashmir, and Andhra Pradesh.
32) Centre
for Film Production and Animation in Arunachal Pradesh.
33) Fully
IT based student financial aid scheme for higher education.
34) Rs.
1,500 crore for National Skills Mission for skill development and
entrepreneurship.
35) Rs.
75 crore for electric cars production.
36) Visa
on arrival scheme increased to 150 countries in different stages.
37) World
Heritage Sites like churches and convents of old Goa, Hampi, Elephanta caves,
Leh palace, Varanasi temple town, Jallianwala Bagh etc. will be developed to
make them more tourist friendly.
38) Rs.
1,000 crore additional allocation to the Nirbhaya fund.
39) Will
do away with different types of foreign investment like FPI and FDI and replace
them with a comprehensive type.
40) Making
India a cashless society by incentivising card transactions.
41) Merge
Forward Markets Commision with SEBI.
42) Rs.
5,000 crore additional allocation for MGNREGA.
43) The
govt. is establishing a mechanism for techno-financial incubation and facilitation
program Rs. 1,000 crore set aside for this.
44) Investment
in Infrastructure will go up by Rs 70,000 crore in 2015-16.
45) Annual
inflow of Rs. 20,000 crore by way of a trust, to use this extra equity to
leverage investment in infrastructure.
46) PPP
model to be revisited and revitalised.
47) Atal
Innovation Mission for entrepreneurs and researchers to foster a culture of
innovation R.s 150 crore for this purpose.
48) Nayi
Manzil scheme to enable minority youth to obtain school leaving certificate and
gain better employment.
49) Pradhan
Mantri Jeevan Jyoti Bima Yojana Rs. 1 per day premium, Rs. 2 lakh coverage.
50) Accident
death risk Rs 2 lakhs for a premium of Rs. 12 per year. Atal Pension Yojana -
defined pension depending on contribution. Govt. will contribute 50 per cent of
the amount.
51) NBFCs
registered with RBI above Rs. 5,000 crore to be considered financial
institutions.
52) Comprehensive
bankruptcy code in 2015-16.
53) Create
Mudra Bank with corpus of Rs. 20,000 crore for microfinance. "We are
banking the unbanked and funding the unfunded."
54) For
MGNREGA Rs. 34,699 crore
55) Rs.
8.5 lakh crore of rural credit for the year.
56) To
improve soil health, the Agriculture Ministry's organic farming programme, Rs.
5,300 crore for micro-irrigation watershed projects.
57) DBT
(Department of Biotechnology) expanded from 1 crore to 10.3 crore.
58) Devolved
a 42 per cent share of divisible taxes to States. Devolution will be Rs. 5.2
lakh crore in 2015.
59) Total
transfer to States will 62 per cent."
60) Upgrade
80,000 secondary schools.
61) Housing
for all by 2022 announced 2 crore in rural areas and 5 crore in urban areas.
62) GDP
for 2015-16 will be between 8 and 8.5 per cent. "Aiming for a double-digit
growth rate seems feasible."
63) GST
take place in April 2016 : FM Mr. Jaitley.
64) Quoting
PAN a must for all purchases above Rs 1,00,000
