Finance Minister Arun Jaitley presented in Parliament the Union Budget; we present here the best of the Union Budget 2015 in a short and succinct manner:
* Individual tax payers to get income tax benefit of Rs 4,44,200 in a year. (Read Full Report: Union Budget 2015)
* Income Tax exemptions to individual tax payers to continue: FM.
* Income Tax reduction from 25 per cent to 10 per cent on royalty for providing technical services: FM
* Service tax rate increased from 12%, plus education cesses to 14%
* Direct tax proposals to lead to Rs 8315 cr revenue loss; indirect tax proposals to yield Rs 23,383 cr
* Negative list in service tax has been pruned by bringing some services under tax net: FM.
* Transport allowance exemption increased from Rs 800 to Rs 1,600
* Addl deduction of Rs 50,000 for contribution in NPS
* Increase in health insurance premium tax benefit from Rs 15,000 to Rs 25,000 and for Sr citizens Rs 30,000
* Wealth tax abolished, addl 2% surcharge on super-rich
* GAAR deferred by 2 years
* PAN quoting to be mandatory for sale over Rs 1 lakh
* Non-filing or wrong filing of tax returns related to foreign assets will lead to prosecution
* To enact a comprehensive law on black money, bill in this session
* Corp tax rate to be reduced from 30% to 25% in next 4 years
Check tax calculator:
* Corp tax exemptions to be phased out from next year
* GST to be implemented from next year
* Non tax revenues in FY16 to be 2,21,733 cr
* Fiscal deficit of 3.9% for FY 16
* Exclusive commercial divisions in high courts to be set up
* Defence allocation for FY16 raised to Rs 2,46, 727 cr
* Spl assistance for Bihar and West Bengal
* IIT in Karnataka and IIMs in J&K and Andhra
* AIIMS in Punjab, J&K, Tamil Nadu, HP and Assam this year
* Set up a fully IT based student aid and loan facility through PM scheme
* Launch national skills mission soon
* Introduce a regulatory reform law for infra
* Parliament needs to take a look at the need to have a procurement law
* Visa on arrival facility to be extended to 150 countries
* To allow foreign investment in alternate investment funds
* Will introduce sovereign gold bonds
* Will introduce gold monetisation scheme
* Employees must be allowed to opt for EPF or NPS
* Public debt management agency to be set up this year
*FMC to be merged with Sebi
* Five ultra mega power projects, each of 5,ooo MW coming, this will bring Rs 1 lakh cr investment
* Ports in public sector will be allowed to be corporatised
* Tax-free bonds in Rail and roads
* Infra investment to go up by Rs 70,000 cr in FY 16
* Atal Pension Yojana for defined pension
* Universal social security system for all Indians to be launched
* Fiscal deficit targets for next 3 years will be 3.9% for FY16, 3.5% for FY17 and 3% for FY18
* We need a well targetted system of subsidies
* Rs 34,699 cr allocation for MGNREGA in FY16; addl 5K cr can be given in MNREGA if there is tax buoyancy
* Will bring comprehensive bankruptcy code in FY16
* We inherited a sense of gloom and doom
* 3 achievements of NDA govt: 1. Jan Dhan Yojana, 2. Coal Auctoions, 3. Swachch Bharat Abhiyaan
* Targetting CPI inflation close to 5% by end of year
* Aiming for a double-digit growth seems feasible very soon
* At least 1 member of every family should have jobs
* Will meet 4.1% fiscal deficit target for FY15
* Cabinet approves Union Budget for 2015-16.
Union Budget 2015: All You Need to Know
Ahead of the presentation of the Union Budget 2015-16, on Saturday, the Economic Survey 2014 has hinted at some policy proposals of the PM Narendra Modi govt, will it lead to something bigger? Take a look:
Fiscal deficit: Target of 4.1 % of the GDP retained in FY15, gross deficit of Centre and states may be new norm
CVD: Eliminate all exemptions to countervailing duties to boost ‘make in India’ and end teh negative protection of Indian manufacturers
Gold imports: with improved CAD, “opportune time” to withdraw restrictions on gold imports, cut import duty
Multi-brand Retail: Livberalisation of FDI in retail can help meet investment nd infra deficit which results in supply chain inefficiencies
Infra: Restructure framework for public parivate partnership (PPP) to evaluate risk and financing
Trade: Become a part of the global integrated market by joining Trans-Pacific Partnership or RCEP
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