Union Budget 2015-16 Live Highlights

Hello and welcome to ExamPundit. Here are the live updates of Union Budget 2015-16 presented by Fin-Min Arun Jaitley.

Union Finance Minister, Arun Jaitley on 28 February 2015
presented Union Budget 2015-16 in the Lok Sabha. 
This was the first full year
Budget of the NDA government and the second budget of Arun Jaitley.

Highlights of the Union Budget 2015-16

  1. Gross tax receipts of 14.49 lakh crore rupees
  2. Non-planned expenditure was 1312200 crore rupees
  3. Corporate tax was reduced to 25 percent over next four years from existing 30
  4. Defence allocation for fiscal 2015-16 is 246727 crore rupees
  5. 100 percent tax deduction for contribution to Swachh Bharat Fund
  6. Service tax hiked by 14 percent
  7. 34699 crore rupees allocated for MNREGA, which is highest ever allocation to
    the programme
  8. Yoga was included in the ambit of charitable purposes under the Income Tax Act 
  9. Custom duty on 22 items will be reduced 
  10. People will have to quote their PAN for all purchases above 1 lakh rupees 
  11. AIIMS will be set up in five states namely Jammu & Kashmir, Punjab, Tamil
    Nadu, Himachal Pradesh and Assam
  12. Centres for film production will be created in Arunachal Pradesh 
  13. Law under FEMA on capital account transactions will be amended 
  14. National skill development mission to be launched
  15. By 2022 there is plan to produce 175000 MW renewable energy 
  16. Visa on arrival extended to 150 countries 
  17. 1000 crore rupees more allocated to Nirbhaya fund 
  18. Transport allowance increased to 1600 rupees per month 
  19. To increase clean energy cess of 220 rupees per tonne of coal 
  20. Online excise & service tax registrations in 2 working days
  21. Wealth tax has been abolished, replaced by 2 percent on superrich 
  22. 9000 crore rupees from additional 2 percent surcharge on the super rich
  23. 1008 crore rupees was collected under total wealth tax
  24. GARR will be deferred by 2 years 
  25. Benami transactions in property deals will be curbed
  26. 7-year imprisonment for non-filing of return on foreign asset 
  27. 300 percent penalty on concealing income 
  28. Undisclosed income to be taxed on maximum marginal rate 
  29. New law to tackle black money 
  30. Sovereign gold bond with fixed rate of interest will be developed 
  31. Gold monetization scheme will be introduced 
  32. Internationally competitive direct tax regime will be created 
  33. Public debt management agency will be created

A PDF will be given later today.


Team ExamPundit

Books For 2015 Banking/Insurance Exams

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