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Highlights of Union Budget 2015
States to be equal partners in economic growth; move to making India cashless society; social
sector programmes to continue. Some of the challenges mentioned by the Finance Minister are:
poor agricultural income, decline in manufacturing ; and the need for fiscal discipline.
Here are sector-wise highlights:
TAXATION

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Rate of corporate tax to be reduced to 25% over next four years.

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Additional 2% surcharge for the super rich with income of over Rs. 1 crore.

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Abolition of Wealth Tax.

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Total exemption of up to Rs. 4,44,200 can be achieved.

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No change in tax slabs.

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100% exemption for contribution to Swachch Bharat, apart from CSR.

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AGRICULTURE

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Service tax increased to14 per cent.

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Rs. 25,000 crore for Rural Infrastructure Development Bank.

Rs. 5,300 crore to support Micro Irrigation Programme.

Farmers credit - target of 8.5 lakh crore.

INFRASTRUCTURE
Rs. 70,000 crores to Infrastructure sector.

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Tax-free bonds for projects in rail road and irrigation

PPP model for infrastructure development to be revitalised and govt. to bear majority of the risk.

Atal Innovation Mission to be established to draw on expertise of entrepreneurs, and researchers to foster
scientific innovations; allocation of Rs. 150 crore.

Govt. proposes to set up 5 ultra mega power projects, each of 4000MW.

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EDUCATION

AIIMS in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam.

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IIT in Karnataka; Indian School of Mines in Dhanbad to be upgraded to IIT.

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Kerala to have University of Disability Studies

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PG institute of Horticulture in Amritsar.

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Centre of film production, animation and gaming to come up in Arunachal Pradesh.

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DEFENCE

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IIM for Jammu and Kashmir and Andhra Pradesh.

Allocation of Rs. 2,46,726 crore; an increase of 9.87 per cent over last year.

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Focus on Make in India for quick manufacturing of Defence equipment.

WELFARE SCHEMES

GST and JAM trinity (Jan Dhan Yojana, Aadhaar and Mobile) to improve quality of life and to pass
benefits to common man.

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Six crore toilets across the country under the Swachh Bharat Abhiyan.

MUDRA bank will refinance micro finance orgs. to encourage first generation SC/ST entrepreneurs.

Housing for all by 2020.

Upgradation 80,000 secondary schools.

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DBT will be further be expanded from 1 crore to 10.3 crore.

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For the Atal Pension Yojana, govt. will contribute 50% of the premium limited to Rs. 1,000 a year.

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New scheme for physical aids and assisted living devices for people aged over 80 .

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Govt. to use Rs. 9,000 crore unclaimed funds in PPF/EPF for Senior Citizens Fund.

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Rs. 5,000 crore additional allocation for MGNREGA.

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Govt. to create universal social security system for all Indians.

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RENEWABLE ENERGY

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Rs. 75 crore for electric cars production.

Renewable energy target for 2022: 100K MW in solar; 60K MW in wind; 10K MW in biomass and 5K
MW in small hydro

TOURISM
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.

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Visa on Arrival for 150 countries.

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GOLD
Sovereign Gold Bond, as an alternative to purchasing metal gold.

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New scheme for depositors of gold to earn interest and jewellers to obtain loans on their metal accounts.

To develop an Indian gold voin, which will carry the Ashok Chakra on its face, to reduce the demand for
foreign coins and recycle the gold available in the country.

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FINANCIAL SECTOR

Forward Markets Commission to be merged with the Securities and Exchange Board of India

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NBFCs registered with the RBI and having asset size of Rs 500 crore and above to be considered as
financial institution under Sarfaesi Act, 2002, enabling them to fund SME and mid-corporate businesses

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Permanent Establishment norms to be modified to that mere presence of offshore fund managers in the
country does not lead to adverse tax consequences.

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Budget 2015: Key highlights for middle class

tax-payers

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* No change in tax slabs or minimum taxable limit

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* The transport allowance exemption hiked to Rs 1,600 per month from Rs 800 per month.

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* Limit of deduction of health insurance premium increased from Rs. 15000 to Rs. 25000. For
senior citizens limit increased from Rs 20000 to Rs 30000.

* Senior citizens above the age of 80 years, who are not covered by health insurance, to be
allowed deduction of Rs 30000 towards medical expenditures.
* Deduction limit of Rs 60000 with respect to specified decease of serious nature enhanced to Rs
80000 in case of senior citizen.
*Additional deduction of Rs 25000 allowed for differently abled persons.
*Limit on deduction on account of contribution to a pension fund and the new pension scheme
increased from Rs 1 lakh to Rs 1.5 lakh.
*Additional deduction of Rs 50000 for contribution to the new pension scheme u/s 80CCD.

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*Payments to the beneficiaries including interest payment on deposit in Sukanya Samriddhi
scheme to be fully exempt.
*Service-tax exemption on Varishtha Bima Yojana.
*FM says concession to individual tax-payers despite inadequate fiscal space.

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*Lot to look forward to as fiscal capacity improves

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