- Investment in Sukanya Samridhi Scheme will be fully exempted from tax
- No Change in Tax Slabs and 80C Limit
- Tax Benefits on Income upto Rs. 4.42 Lakh.
- Service Tax Rate Increased to 14% from 12.36%
- Transport Allowance Limit increased to Rs. 1600 per Month
- Deduction for Contribution to Pension Fund- Limit increased to Rs. 1.50 lakh
- Limit U/s. 80D raised to Rs. 25000 from existing Rs. 15000/-
- Specified Domestic Transaction Limit proposed to increase to 20 Crore from 5 Crore.
- 100% deduction to contribtions to Swachh Bharat funds.
- Tax on Royalty from Technical Services cut to 10%
- Wealth Tax act abolished and 2% Surcharge imposed on Super Rich having Income above 1 Crore – Additional 9000 crore expected
- GAAR to be resolved in 2 Years- Implementation of GAAR deferred by 2 Years. To be applied from April 2017
- Law to Curb Black Money in Property Transactions- PAN Mandatory for all Transactions above Rs. 1 Lakh
- Up to 10 Year imprisonment for Black Money, Concealment of Income or Assets
- Non Filing of Income Tax Return is proposed to make Punishable with Imprisonment.
- FM to Reduce Corporate tax rate from 30 to 25% over next 4 years.
- Cut in corporate tax rates is accompanied by cut in Tax Exemption
- Employee’s contribution to EPF below an income threshold will be optional without reducing employer’s contribution.
- FM proposes to do away with different types of foreign investment and replace them with composite caps.
- 150 countries to be included in Visa for arrival facility
- Amendment in SEBI and RBI Laws Proposed to merge commodities regulator with SEBI Vision of a building direct regime which will be internationally competitive
- Tax free infra bonds for road, rail and irrigation projects.
- GST to be put in place by April 1, 2016
- Govt allocates Rs 346.99 billion for NREGA scheme in Budget 2015 to insure no one is poor and without job
- Bankruptcy law reform has been identified as a key to ease of doing business. Bring comprehensive Bankruptcy code in 2015-16.
- Rs 5.20 lakh crore in taxes to go to states in 2015-16.
- States get 62% of the total resources now
- Service tax exemption extended to pre-cold storage warehousing
- 2 per cent cess on services for Swachch Bharat.
- Specified Decased enhanced to Rs. 80K for Sr. Citizen
- Govt permitted FDI in defence already. Pursuing Make in India for greater self sufficiency. As against expenditure at 2,22,000 crore, budget allocation for 15-16 is Rs 2,46,727 crore
- Rs 1,200 crore for fast track corridor between Ahmedabad and Mumbai
- Propose to give special assistance to Bihar and WB as has been provided in case of AP.
- Another AIIMS like institute in Bihar. IIT in Karnataka. Postgrad institute of horticulture in Punjab. IIM in J&K and AP.
- Fully IT based student financial aid scheme for higher education.
- Propose to start working to support heritage sites. Churches in Goa, Hampi in Karnataka, Elephanta Caves in Mumbai, Rajasthan, rani ka Waav, Leh Palace, varanasi temple Town, Jallinagwallah and Tombs in Hyderabad.
- Visa on arrival: 43 countries part of it. Tourism has increase. Propose to increase countries to 150 in different stages.
- Rs. 1,000 crore additional allocation to the Nirbhaya fund.
- Allocation to MNREGA upped by Rs 5,000 crores, MNREGA cash boost will make it highest allocation ever, rural wages will also get boost
- NBFCs registered with RBI above Rs. 5,000 crore to be considered financial institutions.
- Pradhan Mantri Jeevan Jyoti Bima Yojana - Rs. 1 per day premium, Rs. 2 lakh coverage.
- No Change in Tax Slabs and 80C Limit
- Tax Benefits on Income upto Rs. 4.42 Lakh.
- Service Tax Rate Increased to 14% from 12.36%
- Transport Allowance Limit increased to Rs. 1600 per Month
- Deduction for Contribution to Pension Fund- Limit increased to Rs. 1.50 lakh
- Limit U/s. 80D raised to Rs. 25000 from existing Rs. 15000/-
- Specified Domestic Transaction Limit proposed to increase to 20 Crore from 5 Crore.
- 100% deduction to contribtions to Swachh Bharat funds.
- Tax on Royalty from Technical Services cut to 10%
- Wealth Tax act abolished and 2% Surcharge imposed on Super Rich having Income above 1 Crore – Additional 9000 crore expected
- GAAR to be resolved in 2 Years- Implementation of GAAR deferred by 2 Years. To be applied from April 2017
- Law to Curb Black Money in Property Transactions- PAN Mandatory for all Transactions above Rs. 1 Lakh
- Up to 10 Year imprisonment for Black Money, Concealment of Income or Assets
- Non Filing of Income Tax Return is proposed to make Punishable with Imprisonment.
- FM to Reduce Corporate tax rate from 30 to 25% over next 4 years.
- Cut in corporate tax rates is accompanied by cut in Tax Exemption
- Employee’s contribution to EPF below an income threshold will be optional without reducing employer’s contribution.
- FM proposes to do away with different types of foreign investment and replace them with composite caps.
- 150 countries to be included in Visa for arrival facility
- Amendment in SEBI and RBI Laws Proposed to merge commodities regulator with SEBI Vision of a building direct regime which will be internationally competitive
- Tax free infra bonds for road, rail and irrigation projects.
- GST to be put in place by April 1, 2016
- Govt allocates Rs 346.99 billion for NREGA scheme in Budget 2015 to insure no one is poor and without job
- Bankruptcy law reform has been identified as a key to ease of doing business. Bring comprehensive Bankruptcy code in 2015-16.
- Rs 5.20 lakh crore in taxes to go to states in 2015-16.
- States get 62% of the total resources now
- Service tax exemption extended to pre-cold storage warehousing
- 2 per cent cess on services for Swachch Bharat.
- Specified Decased enhanced to Rs. 80K for Sr. Citizen
- Govt permitted FDI in defence already. Pursuing Make in India for greater self sufficiency. As against expenditure at 2,22,000 crore, budget allocation for 15-16 is Rs 2,46,727 crore
- Rs 1,200 crore for fast track corridor between Ahmedabad and Mumbai
- Propose to give special assistance to Bihar and WB as has been provided in case of AP.
- Another AIIMS like institute in Bihar. IIT in Karnataka. Postgrad institute of horticulture in Punjab. IIM in J&K and AP.
- Fully IT based student financial aid scheme for higher education.
- Propose to start working to support heritage sites. Churches in Goa, Hampi in Karnataka, Elephanta Caves in Mumbai, Rajasthan, rani ka Waav, Leh Palace, varanasi temple Town, Jallinagwallah and Tombs in Hyderabad.
- Visa on arrival: 43 countries part of it. Tourism has increase. Propose to increase countries to 150 in different stages.
- Rs. 1,000 crore additional allocation to the Nirbhaya fund.
- Allocation to MNREGA upped by Rs 5,000 crores, MNREGA cash boost will make it highest allocation ever, rural wages will also get boost
- NBFCs registered with RBI above Rs. 5,000 crore to be considered financial institutions.
- Pradhan Mantri Jeevan Jyoti Bima Yojana - Rs. 1 per day premium, Rs. 2 lakh coverage.
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