Union Budget 2015-16 India Live: Jaitley lowers corp tax rate, defers GAAR, taxes super rich

12.40: The main focus was on the ease of doing business and Jaitley managed to deliver, says Ashok Wadhwa of Ambit

12.36: Madhu Kela says the Budget is laudable. The clarity for next five years is commendable.

12.28: Transport allowance doubled from Rs 800 to Rs 1600 per month 12.26: Deduction limit for health insurance premium raised to Rs 25000 from Rs 15,000. The same for senior citizens has been raised to Rs 30,000. He also announced an exemption of Rs 50,000 for contribution to pension scheme.

12.25: Although he annouced 100 percent tax deduction for Swachh Bharat and clean Ganga, the FM also said a clean energy cess will be introduced to finance clean energy drive. There will be an enabling provision to levy a Swachch Bharat cess should the need arises.

12.20: The super rich tax, a legacy of the previous government, is back. The FM abolished wealth tax but levied additional 2 percent surcharge on super rich.

12.18: No change in personal income tax slabs.

12.16: GAAR deferred by two years

12.15: Income tax levy on royalty fees for technicals reduced to 10 percent

12.12: Central excise duty to be raised to 12.5 percent.

12.07: As a major boost to industry, Jaitley reduced corporate tax rate to 25 percent from 30 percent earlier for the next 4 years. The FM said he will rationalise & remove exemptions for corporates in the next 4 years.

12.03: The government estimates FY16 total expenditure at Rs 17.77 lakh crore. Of this planned expendiure stands at Rs 4.65 lakh crore and non planned expenditure ar Rs 13.12 lakh crore.

12.00: FY16 defence allocation at Rs 2.46 lakh crore.

11.59: The Budget announced allocation of Rs 33,150 crore towards healthcare.

11.58: In a bid to boost north eastern states, The Union Budget proposed setting up of film institute in Arunachal Pradesh.

11.55: To allocate Rs 75 crore for electric vehicles

11.54: The governemt will do away with distinction between FPIs and FDIs

11.48:To incentivise credit, debit card transactions. Indians will be encouraged to go the RuPay way. The government will introduce made in India gold coins to reduce demand for foreign coins.

11.42: to set up 5 ultra mega power projects of 4,000 mw

11.35: As a major incentive, jaitley proposed tax-free infra bonds for road, railways & infra projects. In the same direction, he announced setting up of national infrastructure fund. The government will introduce regulatory reform law for infrastructure

11.34: To lift infrastructure, expenditure in the sector will go up to Rs 70000 crore. He said road outlays will increase by Rs 14,031 cr in FY16.

11.31: The finance minister said non-banking finance corporations (NBFC) will be treated at par with banks if they have a size of over Rs 500 crore

Share this Story

About epicresearch

© 2008-17. All Rights Reserved. Epic Research Pvt. Ltd.