Hello and welcome to ExamPundit. Here are the live updates of Union Budget 2015-16 presented by Fin-Min Arun Jaitley.
Highlights of the Union Budget 2015-16
Union Finance Minister, Arun Jaitley on 28 February 2015
presented Union Budget 2015-16 in the Lok Sabha.
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.
Budget of the NDA government and the second budget of Arun Jaitley.
Highlights of the Union Budget 2015-16
- Gross tax receipts of 14.49 lakh crore rupees
- Non-planned expenditure was 1312200 crore rupees
- Corporate tax was reduced to 25 percent over next four years from existing 30
percent - Defence allocation for fiscal 2015-16 is 246727 crore rupees
- 100 percent tax deduction for contribution to Swachh Bharat Fund
- Service tax hiked by 14 percent
- 34699 crore rupees allocated for MNREGA, which is highest ever allocation to
the programme - Yoga was included in the ambit of charitable purposes under the Income Tax Act
- Custom duty on 22 items will be reduced
- People will have to quote their PAN for all purchases above 1 lakh rupees
- AIIMS will be set up in five states namely Jammu & Kashmir, Punjab, Tamil
Nadu, Himachal Pradesh and Assam - Centres for film production will be created in Arunachal Pradesh
- Law under FEMA on capital account transactions will be amended
- National skill development mission to be launched
- By 2022 there is plan to produce 175000 MW renewable energy
- Visa on arrival extended to 150 countries
- 1000 crore rupees more allocated to Nirbhaya fund
- Transport allowance increased to 1600 rupees per month
- To increase clean energy cess of 220 rupees per tonne of coal
- Online excise & service tax registrations in 2 working days
- Wealth tax has been abolished, replaced by 2 percent on superrich
- 9000 crore rupees from additional 2 percent surcharge on the super rich
- 1008 crore rupees was collected under total wealth tax
- GARR will be deferred by 2 years
- Benami transactions in property deals will be curbed
- 7-year imprisonment for non-filing of return on foreign asset
- 300 percent penalty on concealing income
- Undisclosed income to be taxed on maximum marginal rate
- New law to tackle black money
- Sovereign gold bond with fixed rate of interest will be developed
- Gold monetization scheme will be introduced
- Internationally competitive direct tax regime will be created
- Public debt management agency will be created
A PDF will be given later today.
Regards
Team ExamPundit
Books For 2015 Banking/Insurance Exams
This post was last modified on November 27, 2017 9:03 am