Major Highlights of Union Budget 2015

New Delhi, PTI | Updated : 28 February 2015, 01:54 PM

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: Saturday, February 28, 2015 01:28 PM
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