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Budget 2015 highlights

  • Following are the highlights of the Union Budget 2015-16 presented by Finance Minister Arun Jaitley in Parliament today:
  • No change in personal Income Tax * Health Insurance Premium deduction hiked from Rs 15,000 to Rs 25,000; for senior citizens to Rs 30,000
  • Transport allowance exemption hiked to Rs 1,600, from Rs 800 per month
  • Additional 2% surcharge on people earning over Rs 1 cr; to fetch Rs 9,000 cr
  • Wealth tax abolished
  • Direct Taxes Code (DTC) dropped
  • Rs 50,000 deduction for contribution to New Pension Scheme
  • To lower Corporate Tax to 25% over next four years
  • GAAR implementation deferred by 2 years to April 2017
  • Service Tax rate hiked to 14%, from 12.36%
  • Tax free bonds for roads, railways, irrigation projects
  • 2015—16 growth between 8—8.5%, double digit growth feasible
  • Retail inflation close to 5% by March, room for monetary policy easing
  • To achieve fiscal deficit of 3% of GDP by 2017—18
  • Fiscal Deficit target 3.9% in 2015—16, 3.5% in 2016—17
  • Revenue Deficit to be 2.8% in 2015—16
  • Current Account Deficit for 2014—15 to be below 1.3% of GDP
  • To introduce comprehensive law to deal with black money
  • Benami property transaction bill to tackle black money transaction in real estate soon
  • 100% deduction for contribution to Swachh Bharat, Clean Ganga projects
  • GST to be put in place by April 1, 2016
  • Internationally competitive direct tax regime to be put in place to incentivise saving
  • Incentivise use of credit, debit cards; disincentivise cash transaction to curb black money.
  • Today's Poll
    Will the Budget proposals benefit the middle class?"
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    This week’s Oscars exemplified the male domination of Hollywood, an industry where actresses still get lower pay, less meaty roles and fewer big-budget films than actors »


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