Union Budget
was announced on 28th Feb and it was the first full-fledged budget for
the new government.
Macro Economy
- 1. 2015-16 growth between 8-8.5%, double digit growth feasible
- 2. Retail inflation close to 5% by March, room for monetary policy easing
- 3. To achieve fiscal deficit of 3% of GDP by 2017-18
- 4. Fiscal Deficit target 3.9% in 2015-16, 3.5% in 2016-17
- 5. Revenue Deficit to be 2.8% in 2015-16
- 6. Current Account Deficit for 2014-15 to be below 1.3% of GDP
- 7. Sharp increase in outlays of roads and railways and introduction of a new fund called “National Investment and Infrastructure Fund (NIIF)”
Market Booster
1.
To lower Corporate Tax
to 25% over next four years
2.
GAAR implementation
deferred by 2 years to April 2017
3.
Tax free bonds for
roads, railways, irrigation projects
4.
GST to be put in place
by April 1, 2016
Personal
Finance
1.
No change in personal
Income Tax
2.
Health Insurance Premium
deduction hiked from Rs 15,000 to Rs 25,000; for senior citizens to Rs
30,000
3.
Additional 2% surcharge
on people earning over Rs 1 cr; to fetch Rs 9,000 cr; Wealth tax abolished
4.
Rs 50,000 deduction for
contribution to New Pension Scheme
5.
Service Tax rate hiked
to 14%, from 12.36%
Category
|
Tax Benefit
|
Deduction u/s 80C
|
1,50,000
|
Deduction u/s 80CCD(NPS)
|
50,000
|
Deduction on account
of interest on house property loan
(Self occupied property) |
2,00,000
|
Deduction u/s 80D on
health insurance premium
|
25,000
|
Exemption of transport
allowance
|
19,200
|
Total
|
4,44,200
|
Miscellaneous:
1.
To introduce
comprehensive law to deal with black money
2.
Benami property
transaction bill to tackle black money transaction in real estate soon
3.
100% deduction for
contribution to Swachh Bharat, Clean Ganga projects
4.
Internationally
competitive direct tax regime to be put in place to incentivise saving
5.
Incentivise use of
credit, debit cards; disincentivise cash transaction to curb black money
Budget mainly focused on:
• Effective
& optimal allocation of Natural Resources like coal & minerals through
auction for development of people
• Financial
Inclusion
• Health and
hygiene for all
• Care for
the Girl Child and their Education
• Creation of
Employment for the Youth
• Hassle Free
Business Environment
• Delivery of
benefits to the poor to be made more efficient
• Attracting
Investments to create Jobs
• Expanding
the job market and ensuring welfare of the labour
• Improving
agri-productivity for generating more income to farmers
• Energizing
the country using all resources including new and renewable energy sources
• Adoption of
technology-from grass root to the Space
• Skill India
programme
• Efficiency
& better work culture in Government
• Red tape to
Red carpet for ‘Ease of Doing Business’
• To bring
North-eastern parts of the country into the mainstream
• To promote
Pride in the Nation and its Culture
Source of
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