Major Highlights of Union Budget 2015
Following Are The Highlights Of The Union Budget 2015-16 Presented By Finance Minister Arun Jaitley In Parliament On Saturday:
PTI
| Updated on: 28 Feb 2015, 01:54:32 PM
New Delhi:
Following are the highlights of the Union Budget 2015-16 presented by Finance Minister Arun Jaitley in Parliament on Saturday:
- No change in personal Income Tax
- Health Insurance Premium deduction hiked from Rs 15,000 to Rs 25,000; for senior citizens to Rs 30,000
- Transport allowance exemption hiked to Rs 1,600, from Rs 800 per month
- Additional 2% surcharge on people earning over Rs 1 cr; to fetch Rs 9,000 cr
- Wealth tax abolished
- Direct Taxes Code (DTC) dropped
- Rs 50,000 deduction for contribution to New Pension Scheme
- To lower Corporate Tax to 25% over next four years
- GAAR implementation deferred by 2 years to April 2017
- Service Tax rate hiked to 14%, from 12.36%
- Tax free bonds for roads, railways, irrigation projects
- 2015-16 growth between 8-8.5%, double digit growth feasible
- Retail inflation close to 5% by March, room for monetary policy easing
- To achieve fiscal deficit of 3% of GDP by 2017-18
- Fiscal Deficit target 3.9% in 2015-16, 3.5% in 2016-17
- Revenue Deficit to be 2.8% in 2015-16
- Current Account Deficit for 2014-15 to be below 1.3% of GDP
- To introduce comprehensive law to deal with black money
- Benami property transaction bill to tackle black money transaction in real estate soon
- 100% deduction for contribution to Swachh Bharat, Clean Ganga projects
- GST to be put in place by April 1, 2016
- Internationally competitive direct tax regime to be put in place to incentivise saving
- Incentivise use of credit, debit cards; disincentivise cash transaction to curb black money
- 7 pc surcharge on firm earning Rs 1 crore to Rs 10 cr
- Disinvestment target pegged at Rs 69,500 cr
- Net borrowings pegged at Rs 4.56 lakh cr
- AIIMS to be set up in J&K, Punjab, Assam, Tamil Nadu and Himachal Pradesh
- Indian Gold Coin with Ashok Chakra, Gold Bond, gold monetisation scheme proposed to check gold import
- Forward Markets Commission to be merged with SEBI
- PPP model in infrastructure to be revised and revitalised
- MGNREGA allocation hiked by Rs 5,000 cr
- Nirbhaya Fund allocation hiked by Rs 1,000 crore
- 5 Ultra Mega power projects to be set up at Rs 1 lakh cr
- To create world class IT hub; Rs 150 cr
- States to be equal partners in economic growth
- To bring a new bankruptcy code in 2015-16
- Committed to subsidy rationalisation by cutting leakages
- National Skill Mission to be launched, to develop employability of youth
- Rural infra development fund to have Rs 25,000 cr corpus
- Visa on arrival scheme to be expanded to 150 countries
- PSU ports to be encouraged to become companies
- Non Plan expenditure at Rs 13.12 lakh cr, Plan expenditure at Rs 4.65 lakh cr
- Gross tax mop up at Rs 14.49 lakh cr
- Direct tax proposals will lead to a loss of Rs 8,315 cr; indirect tax proposal gain will be over Rs 23,000 cr
- Tax payers to get income tax benefit of Rs 4.44 lakh
- To introduce 2 pc Swachh Bharat cess on Service Tax
- Customs duty on OLED TV abolished
- Excise duty on leather shoes costing Rs 1,000 lowered to 6 pc from 12 pc
- New tax proposals to bring revenue gain of Rs 15,068 cr
- 50 lakh toilet built under Swachh Bharat Abhiyan, 6 crore toilet targeted
First Published : 28 Feb 2015, 01:28:00 PM
