Budget 2015 Highlighted In Details - CA Spot Exclusive!

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Highlights Of Budget 2015 are given below :

Finance minister Arun Jaitley concludes presentation of Union Budget 2015. Here are the highlights:

•Expectations from this budget had been high, says FM

•We have been consistent in what we said and did: Jaitley

•Taxation: To provide social safety net, pension, additional deduction of Rs.50,000 to be provided for new pension scheme

•Taxation: To raise limit of deduction of health insurance premium to Rs.25,000

•Taxation: 100% tax deduction for Swachh Bharat, Clean Ganga schemes

•Taxation: To increase clean energy cess to Rs.200 per metric tonne of coal

•Taxation: To increase service tax plus education cess to 14%

•Taxation: To increase threshold for transfer pricing to Rs.20 crore

•Taxation: To increase excise duty to 12.5%; excise duty cut on leather footwear

•Taxation: To defer GAAR by two years

•Taxation: To reduce customs duty on 22 items

•Taxation: Rich and wealthy must pay more tax

•Taxation: To abolish wealth tax; Two percent additional surcharge on super-rich tax

•Taxation: To rationalize capital tax regime

•Taxation: Quoting of PAN number mandatory for any transaction over Rs.1 lakh

•Taxation: To allow tax pass-through for Alternative investment funds

•Taxation: Binami transaction prohibition bill to introduced in current session

•Taxation: To enact law to deal with black money stashed abroad

•Taxation: Strict measures including imprisonment, hefty fines to deal with tax evasion with regard to foreign assets

•Taxation: corporate tax rate to be cut to 25% over next four years

•Taxation:To rationalize, remove exemptions for corporates over four years

•Taxation: Fight against black money to get stronger

•Taxation: GST expected to play transformative role

•To modify permanent establishment norms

•Taxation: Considered as having high corporate tax regime

•Transport allowance, which is currently Rs.800 per month, has been increased to Rs.1,600 per month

•Defence sector allocation of Rs.2,46,000 crore

•Pursuing Make in India policy in defence sector

•Rs.68,960 crore to eduction sector, Rs.33,000 crore to health sector

•Propose to provide similar special assistance to Bihar and West Bengal as in the case of Andhra 

Pradesh

•Making good progress on Digital India

•To set up AIIMS IN Jammu and Kashmir, Punjab, Tamil Nadhu, Himachal Pradesh and Assam

•To set up another AIIMS-like institution in Bihar, IIT in Karnataka, IIMs in J&K and Andhra Pradesh

•Good progress of BMIC corridor

•To launch National Skills Missions

•To set up film institute in Arunachal Pradesh

•To set up autonomous bank board bureau to select PSU heads

•To celebrate 100th birth anniversary of Deendayal Upadhyay

•Regulatory reform law for infrastructure to be taken up

•Public contracts (resolution of disputes) bill to be introduced

•Parliament should discuss need to have a procurement law

•To launch scheme for faster adoption of electric vehicles: Rs.75 crore

•To increase visa-on-arrival scheme coverage to 150 countries in stages

•Propose to do away with different types of foreign investment, specially FPI and FDI

•To allocate Rs.1,000 crore to Nirbhaya fund

•To develop churches and convents of old Goa, Hampi, Elephanta caves, Varanasi, Jallianwalla Bagh

•To work towards making India a cashless society to curb black money

•To produce Indian gold coin with Ashoka Chakra

•To set up public debt management authority: FM

•To amend Section 6 of FEMA

•For employees below certain section of income, EPF contribution should be voluntary

•Introduce gold monetization scheme to let depositors to earn interest in metal accounts

•Develop sovereign gold bonds as alternative with fixed rate of interest

•Propose to merge FMC with Sebi

•Five ultra-mega power projects, each of 4,000MWs

•To increase MGNREGA allocation by Rs.5,000 cr; This year’s allocation highest ever in 

MGNREGA

•Rs.1,400 crore to Integrated Child development Scheme

•Rs.5,000 crore to new infra fund

•To appoint committee to explore replacing multiple project permissions with single regulatory 

system

•Kudankulam nuclear plant to be functional in 2015-16

•To permit tax-free infra bonds for projects in roads, railways

•R&D and scientific research: Rs.150 crore to be set aside

•Seeing growing interest in start-ups

•New scheme called Nayi Manzil for minority youth

•Govt to support exhibition in support of Parsi community: Rs.3,738 crore

•Major slippage in last decade has been infrastructure front

•Raise budgetary support to both roads and railways

•Investment in infra will go up by Rs.70, 000 crore in FY16

•To establish National Investment and Infra fund

•Credibility of Indian economy has been reestablished: Arun Jaitley

•We have embraced states as equal partners of growth: Jaitley

•Economic environment far more positive than in recent years: Jaitley

•Current account deficit for FY15 seen below 1.3% of GDP

•Investors seeing us with renewed hope

•Will attain target of building 6 crore toilets

We are a round the clock, round the year government

•See CPI to remain close to 5% by end of year

•GST to be in place by 1 April 2016

•We inherited sentiment of gloom and doom, we have come a long way from there, says Jaitley

•Monetary policy committee will look to keep CPI below 6%

•Rupee has gained by 6.4%

•Should commit to increasing irrigated area

•GDP expected to accelerate to 7.4%, making India the fastest growing economy in the world: FM

•Coal bearing states will get several lakhs of crores of rupees as royalty following transparent auction process: FM

•Completing 1 lakh km of roads a priority

•Have to be mindful of need of fiscal discipline

•Rural-urban divide no longer acceptable

•Total distribution to states will be about 62% of total receipts

•Electrification of villages by 2020

•80,000 secondary schools to get upgrade

•The government will meet the fiscal deficit target of 4.1% for 2014-15

•To achieve 3.9% fiscal deficit target in FY16, 3.5% IN FY17

•Subsidies are needed for the poor; we need a well-targeted system

•Committed to subsidy rationalization

•MGNREGA will stay

•Top income drawers to give up LPG subsidies

•Embarked on GST and JAM Trinity to use bank accounts, Aadhar and Mobile number to transfer government benefits

•We will move to amend the RBI Act this year to form Monetary Policy Committee: Jaitley.​

•GDP growth to be 8-8.5 pc in 2015-16: FM

•Rs.5,300 crore to improve micro-irrigation

•Rs.25,000 crore to rural Nabard’s irrigation development fund

•Target Rs.8.5 trillion credit for agriculture sector

•We have to aim to making India manufacturing hub

•Make in India programme is aimed at raising share of manufacturing in GDP and creating jobs: FM

•Disinvestment needs to be scaled up

•Mudra bank with corpus of Rs.20,000 crore to refinance microfinance institutions with priority to SC/ST entrepreneurs to fund the unfunded

•To use vast postal network for banking services

•NBFCs of Rs.500 crore and above will be seen as financial institutions in terms of SARFAESI Act

•To work towards creating universal social security system

•Insurance cover of Rs.2 lakh for a premium of Rs.12/yr - Pradhan Mantri Suraksha Bhim Yojana

•Atal Pension Yojana to be set up

•To bring a new bankruptcy code in 2015-16

•To create senior citizens bill to subsidize premiums of vulnerable groups

•Public investment of Rs.1.25 lakh crore over the and above the revised budgetary target: FM

•We will achieve 3% fiscal deficit target in two years rather than three years: FM

•Committed to ongoing welfare schemes for SCs, STs

•Unclaimed deposits of Rs.3,000 crore in PPF and Rs 6000 crore in EPF: Jaitley

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