Highlights of Union Budget 2015

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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

1Abolition of Wealth Tax.
2Additional 2% surcharge for the super rich with income of over Rs. 1 crore.
3Rate of corporate tax to be reduced to 25% over next four years.
4No change in tax slabs.
5Total exemption of up to Rs. 4,44,200 can be achieved.
6100% exemption for contribution to Swachch Bharat, apart from CSR.
7Service tax increased to14 per cent.

AGRICULTURE

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

INFRASTRUCTURE

1Rs. 70,000 crores to Infrastructure sector.
2Tax-free bonds for projects in rail road and irrigation
3PPP model for infrastructure development to be revitalised and govt. to bear majority of the risk.
4Atal Innovation Mission to be established to draw on expertise of entrepreneurs, and researchers to foster scientific innovations; allocation of Rs. 150 crore.
5Govt. proposes to set up 5 ultra mega power projects, each of 4000MW.

EDUCATION

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

DEFENCE

1Allocation of Rs. 2,46,726 crore; an increase of 9.87 per cent over last year.
2Focus on Make in India for quick manufacturing of Defence equipment.

WELFARE SCHEMES

1GST and JAM trinity (Jan Dhan Yojana, Aadhaar and Mobile) to improve quality of life and to pass benefits to common man.
2Six crore toilets across the country under the Swachh Bharat Abhiyan.
3MUDRA bank will refinance micro finance orgs. to encourage first generation SC/ST entrepreneurs.
4Housing for all by 2020.
5Upgradation 80,000 secondary schools.
6DBT will be further be expanded from 1 crore to 10.3 crore.
7For the Atal Pension Yojana, govt. will contribute 50% of the premium limited to Rs. 1,000 a year.
8New scheme for physical aids and assisted living devices for people aged over 80 .
9Govt. to use Rs. 9,000 crore unclaimed funds in PPF/EPF for Senior Citizens Fund.
10Rs. 5,000 crore additional allocation for MGNREGA.
11Govt. to create universal social security system for all Indians.

RENEWABLE ENERGY

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

TOURISM

1Develpoment 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.
2Visa on Arrival for 150 countries.

GOLD

1Sovereign Gold Bond, as an alternative to purchasing metal gold.
2New scheme for depositors of gold to earn interest and jewellers to obtain loans on their metal accounts.
3To 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.

FINANCIAL SECTOR

1Forward Markets Commission to be merged with the Securities and Exchange Board of India
2NBFCs 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
3Permanent Establishment norms to be modified to that mere presence of offshore fund managers in the country does not lead to “adverse tax consequences.”

cerdit :http://www.thehindu.com/

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