Union Budget 2015-16 Highlights : Pdf Download

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Finance Minister Arun Jaitley today (28th February 2015) presented the Union Budget for the year 2015-16 aimed at high growth, saying the pace of cutting the fiscal deficit would slow as he seeks to boost investment and ensure that ordinary people benefit. Being termed as 'make or break', this is Arun Jaitley and the NDA Government's first full-year Budget. You can download the pdf version of Budget 2015-16 from here.

Note : Before reading the following Points, read Important Details you should know about Budget from here

Important Numbers to Note 

• Non-Plan expenditure : Rs 13,12,200 crore.
• Plan expenditure : Rs Rs 4,65,277 crore.
• Total expenditure : Rs 17,77,477 crore.
• Gross Tax receipts : Rs 14,49,490 crore.
• Devolution to the States : Rs 5,23,958 crore.
• Share of Central Government : Rs 9,19,842 crore.
• Non Tax Revenues : Rs 2,21,733 crore.
• Fiscal deficit : 3.9% of GDP and Revenue Deficit: 2.8% of GDP

Key Highlights of Union Budget 2015

• No change in individual IT slabs
• Individual tax payer can now get benefit upto 4.4lac
• Corporate tax reduced to 25pc
• Wealth tax replaced with 2 pc surcharge on super rich with above 1 crore Rs annual income.
• Target of 8.5 lakh crores credit to be given to farmers in 2015-16
• Corporate Tax reduced from 30% to 25% for next four years for employment generation.
• 100pc exemption in CSR activities for Clean Ganga Fund and Swachh Bharat Kosh
• Increase in limit of deduction of health insurance premium
• Benami‬ transaction prohibition Bill to be introduced in this session
• 1,54,000 points identified for ‎Postal Banking‬
• Tax evasion may lead to imprisonment up-to ten years.
• Custom duty on raw materials and intermediaries to be reduced
• Increase in limit of deduction in health insurance premium from Rs 15,000 to Rs 25,000; Rs. 30,000 for senior citizens
• Transport allowance exemption on Income Tax increased from Rs. 800 to 1600
• Rs 50000 deduction in taxable income for contribution to NPS
• Rs. 8.5 lakh crore for ‎Farm Credit‬ in 2015-16
• At least one member of each family to get a job.
• Government to utilize vast postal network for increasing access to institutional banking.
• To bring a bankruptcy code in the year 2015-16 that will meet global standards and provide for judicial capacity.
• Proposes to create a national agriculture market to increase income of farmers.
• Universal social security system through insurance for all.
• PM Surakhsha Bima Yojana to increase the access to insurance ; it will be linked with Jan Dhan Yojana. 
• Yojana to offer coverage of 2 lakh rupees for just premium of 12 rupees
• Atal Pension Yojana to provide defined pension according to contribution ; 50 per cent contribution to be from Government
• Comprehensive law on black money stashed abroad.
• Imprisonment of 10 yrs under Black Money Law.
• GAAR deferred by 2 yrs
• Employees contribution to the EPF should be optional : FM
• For women's security, additional 1,000 crore to Nirbhaya fund.
• Govt. to introduce Gold Monetization Scheme, Sovereign Gold Bonds and Gold coins with Ashok Chakra
• FM announces : Will increase Visa On Arrival facilitiy from 43 to 150 Countries.
• National Skill Mission to be launched for youth below 25 yrs of age
• AIIMS in JK,Punjab,TN,HP,Assam.
• ISM Dhanabad will be upgraded to full IIT.
• IIT in Karnataka, IIM in J&K and Andhra Pradesh.

Sector wise Highlights of Union Budget 2015

Taxation

1. Abolition of Wealth Tax.
2. Additional 2% surcharge for the super rich with income of over Rs. 1 crore.
3. Rate of corporate tax to be reduced to 25% over next four years.
4. Total exemption of up to Rs. 4,44,200 can be achieved.
5. 100% exemption for contribution to Swachch Bharat, apart from CSR.
6. Service tax increased to14 per cent.

Agriculture  

1. Rs. 25,000 crore for Rural Infrastructure Development Bank.
2. Rs. 5,300 crore to support Micro Irrigation Programme.
3. Farmers credit - target of 8.5 lakh crore.

Infrastructure

1. Rs. 70,000 crores to Infrastructure sector.
2. Tax-free bonds for projects in rail road and irrigation
3. PPP model for infrastructure development to be revitalised and govt. to bear majority of the risk.
4. Rs. 150 crore allocated for Research & Development
5. NITI to be established and involvement of entrepreneurs, researchers to foster scientific innovations.
6. Govt. proposes to set up 5 ultra mega power projects, each of 4000MW.

Education

1. AIIMS in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam.
2. IIT in Karnataka; Indian Institute of Mines in Dhanbad to be upgraded to IIT.
3. PG institute of Horticulture in Armtisar.
4. Kerala to have University of Disability Studies
5. Centre of film production, animation and gaming to come up in Arunachal Pradesh.
6. IIM for Jammu and Kashmir and Andhra Pradesh.

Defence

1. Rs. 2,46,726 crore for Defence.
2. Focus on Make in India for quick manufacturing of Defence equipment.

Welfare Schemes

1. 50,000 toilets constructed under Swachh Bharath Abhiyan.
2. Two other programmes to be introduced- GST & JAM Trinity. GST will be implemented by April 2016.
3. MUDRA bank will refinance micro finance orgs. to encourage first generation SC/ST entrepreneurs.
4. Housing for all by 2020.
5. Upgradation 80,000 secondary schools.
6. DBT will be further be expanded from 1 crore to 10.3 crore.
7. For the Atal Pension Yojna, govt. will contribute 50% of the premium limited to Rs. 1000 a year.
8. New scheme for physical aids and assisted living devices for people aged over 80 .
9. Govt to use Rs. 9000 crore unclaimed funds in PPF/EPF for Senior Citizens Fund.
10. Rs. 5,000 crore additional allocation for MGNREGA.
11. Govt. to create universal social security system for all Indians.

Renewable Energy

1. Rs. 75 crore for electric cars production.
2. Renewable energy target for 2022: 100K MW in solar; 60K MW in wind; 10K MW in biomass and 5K MW in small hydro

Tourism

1. Develpoment schemes for churches and convents in old Goa; Hampi, Elephanta caves, Forests of Rajasthan, Leh palace, Varanasi , Jallianwala Bagh, Qutb Shahi tombs at Hyderabad to be under the new toursim scheme.
2. Visa on Arrival for 150 countries.

Download Budget 2015-16 Pdf File from here

Download Rail-Budget 2015 Highlights from here

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