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Union Budget Highlights 2015-16

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Indian Finance Minister Arun jaitley announced the budget on saturday, 28th feb. Here is the recapitulation:

Budget Highlights 2015

  1.  Reduction in rate of Corp. tax from 30% to 25% for next 4 years.
  2.  Increment in Service tax from 12.36% to 14 %
  3. Increment in Excise duty from 12.36% to 12.50%.
  4. Abolition of wealth tax. Instead increment in 2% additional surcharge on super rich people
  5. Contribution to P.F by employee share optional to certain class of labor
  6.  Increment in tax deduction in health insurance from Rs 15000 to Rs 20000
  7. Rs 15,000 crore scheme to skill rural India. Poor students get fund aid through PM scheme.
  8.  Rs 15,000 crore scheme to skill rural India. Poor students get fund aid through PM scheme.
  9.  Public Sector Ports to be made firms under Companies Act.
  10. Yoga related services are under charitable services.
  11.  Indiviual taxpayer can get benefits up to Rs. 4,44,200.
  12. Transport allowance exemption increased 800 pm to 1600/- pm
  13. Increase in limit of deduction of health insurance premium of Rs. 15,000 to Rs. 25,000. For senior citizens, limit will be Rs. 30,000. Very senior citizens – Rs. 30,000 deduction on expenses incurred.
  14. GAAR – applicability to be deferred by two years.
  15. All contributions to Sukanya Samridhi Scheme to be tax free.
  16. Additional deduction of Rs. 50k for pension contribution
  17. 100% deduction for contribution to swachch Bharat and clean Ganga schemes
  18.  Retrospective tax provisions to be avoided.
  19. Additional deduction of Rs. 50k for pension contribution
  20. 150 Crore set aside to create world class IT hub in India
  21.  2 per cent cess on services for Swachch Bharat.
  22. Indiviual taxpayer can get benefits up to Rs. 4,44,200
  23.  AIIMS in J&K, Punjab, TN, HP and Assam.
  24. Another AIIMS like institute in Bihar. IIT in Karnataka. Postgrad institute of horticulture in Punjab. IIM in J&K and AP.
  25.  NBFCs registered with RBI above Rs. 5,000 crore to be considered financial institutions.
  26. Pradhan Mantri Jeevan Jyoti Bima Yojana – Rs. 1 per day premium, Rs. 2 lakh coverage.
  27.  Bankruptcy law reform has been identified as a key to ease of doing business. Bring comprehensive Bankruptcy code in 2015-16.
  28.  GST will be implemented by April 2016

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