Union Budget 2015-16 India Update : Arun Jaitley says corporate tax rate to be cut from 30 pct to 25 pct over 4 yrs

budget 15-16


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. 

* 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.

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