India New Budget 2015 - 2016

• Finance Minister Arun Jaitley Presents Union Budget 2015-16 Set To Grow In Double-digits In Coming Days: FM 
  
  
• Agri income, invst boost in infra, manufacturing key challenges’
  
  
• Auto - Cars & Jeeps : Govt to allocate Rs 75 cr for electric vehicles
  
  
• direct tax proposals will lead to loss of Rs 8,315 crore; indirect proposal will yield Rs 23,383 crore.
  
  
• Yoga included in the ambit of charitable purposes under the Income Tax Act.
  
  
• We have been consistent in what we have said and what we are doing: Arun Jaitley.
  
  
• Individual tax payer will benefit to the extent Rs 4,44,200 from the exemptions announced.
  
  
• Govt to abolish wealth tax, replaces wealth tax with additional 2%surcharge on super rich
  
  
• Transport allowance, which is currently Rs 800 per month, has been increased to Rs 1600 per month: Arun Jaitley.
  
  
• Additional deduction of Rs 50,000 for pension contributions.
  
  
• 100% deduction for contribution to Swachch Bharat and Clean Ganga schemes.
  
  
• Transport Allowance Exemption Increased To Rs 1,600/Month: FM
  
  
• Health insurance premium limit for senior citizens to be Rs 30,000
  
  
• Govt increases limit of deduction of health insurance premium from Rs 15,000 to Rs 25,000.
  
  
• Rs 150 core to create world class IT hub in India: FM
  
  
• 100% deduction for contribution to Swachch Bharat and Clean Ganga schemes.
  
  
• Custom duty on raw materials and intermediaries to be reduced: FM.
  
  
• FM proposea to increase service tax rate and education cess to 14% from 12.36%.
  
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• Govt: Retrospective tax provisions will be avoided.
  
  
• Tax dept to put out a clarification on indirect transfer of assets and dividend paid by foreign firms.
  
  
• Replacing wealth tax with a surcharge on super-rich will lead to Rs 9,000 crore additional income.
  
  
• FM on fund allocation to different sectors
  
  
• The excise duty on footwear having retail price of more than 1000 per pair has been reduced by 6 %: FM
  
  
• Govt: Retrospective tax provisions will be avoided.
  
  
• Govt to reduce custom duty on 22 items
  
  
• Income tax on royalty fees for technical reduced to 10%
  
  
• TO ABOLISH WEATH TAX; 2% ADDL SURCHARGE ON SUPER-RICH
  
  
• Govt reduces taxes on technical services to 10% from 25%.
  
  
• Govt defers roll out of anti-tax avoidance rules GAAR by 2 years.
  
  
• PAN number mandatory for any purchase above Rs 1 lakh.
  
  
• Foreign Exchange Management Act to allow for seizure of foreign properties and assets.
  
  
• FM proposes to enact a comprehensive new law on black money to bring back black money stashed abroad.
  
  
• Govt to enact tough penalties for tax evasion in new bill.
  
  
• Benami property transaction bill to tackle black money transaction in real estate soon.
  
  
• Media & Entertainment : GST to be implemented from next year
  
  
• Corporate tax reduced from 30% to 25% over next four years
  
  
• Budget estimates of expenditure: Rs 17 .77 lakh crpre, of which non-plan is Rs 13.12 lakh crore, and plan is Rs 4.65 lakh crore.
  
  
• Defence allocation for this fiscal is Rs 2,46,727 crore.
  
  
• It has been our endeavour in last 9 months to foster a stable taxation policy: Arun Jaitley.
  
  
• GST to be implemented from next year
  
  
• TO RATIONALISE & REMOVE EXEMPTIONS FOR CORPORATES
  
  
• REVENUE DEFICIT TO BE 2.8% OF GDP IN FY16: FM
  
  
• NON-TAX REVENUE IN FY16 SEEN AT Rs 2.21 LK CR
  
  
• INTERPRETATION: Govt allocated Rs 33,150 cr towards healthcare
  
  
• GROSS TAX RECEIPTS IN FY16 SEEN AT Rs 14.49 LK CR: FM
  
  
• TOTAL EXPENDITURE IN FY16 SEEN AT Rs 17.77 LK CR
  
  
• GST TO BE IMPLEMENTED FROM NEXT YEAR: FM
  
  
• Castings & Forgings : Govt allocated Rs 2.47 lakh crore for defence equipment in FY16
  
  
• Computers - Software - Training : Govt to launch a National Skills Mission to enhance employability of rural youth
  
  
• ISM Dhanabad will be upgraded to full IIT.
  
  
• Govt to raise visa-on-arrival facilities to 150 countries from 43
  
  
• Government proposes to bring in a regulatory reform law.
  
  
• Section 6 of FEMA to be amended: FM
  
  
• AIIMS to be set up in J&K, Punjab, Tamil Nadu, Himachal Pradesh and Assam.
  
  
• Bank Board Bureau An Interim Step In Forming A Bank Holding Co: FM
  
  
• Power - Generation/Distribution : Govt to increase target of renewable power to 1,75,000 MW
  
  
• To Set Up Autonomous Bank Board Bureau For Selecting Bk Executives: FM
  
  
• Propose To Set Up IIM In J&K & Andhra Pradesh
  
  
• Power - Generation/Distribution : Govt will target to put up projects worth 60,000 MW under Wind Power
  
  
• Propose AIIMs In Five More States: FM
  
  
• Govt will target to put up projects worth 60,000 MW under Wind Power
  
  
• To Launch A National Skills Mission To Enhance Employability Of Rural Youth
  
  
• To Introduce A Public Contract Resolution Of Disputes Bill: FM
  
  
• Govt to allocate Rs 75 cr for electric vehicles
  
  
• To Introduce Regulatory Reform Law For Infrastructure
  
  
• Govt to increase Visa on arrivals to 150 countries
  
  
• To Allocate `75 Cr For Electrical Vehicles: FM
  
  
• Govt to do away with distinction between FPIs and FDI
  
  
• Propose To Increase Visa On Arrival To 150 Countries In Stages
  
  
• Govt proposes to do away with different types of foreign investment and replace them with composite caps.
  
  
• Rs 1000 crore more to Nirbhaya fund
  
  
• Govt proposes to do away with different types of foreign investment and replace them with composite caps.
  
  
• Govt to incentivise credit, debit card transactions
  
  
• Banks - Private Sector : Govt to incentivise credit, debit card transactions
  
  
• Construction & Contracting - Housing : FM says focus on housing for all
  
  
• Will put in place bankruptcy code soon:FM
  
  
• Employee's contribution to EPF below an income threshold will be optional without reducing employer's contribution.
  
  
• Markets pare gains, but still in green.
  
  
• Embraced States As Equal Partners Of Growth: FM 
  
  
• NDA Govt Undertook Many Steps To Improve The Economy: FM 
  
  
• Current account deficit for FY15 to be below 1.3% of GDP: FM 
  
  
• Current Account Deficit For FY15 To Be Below 1.3% Of GDP Budget proposals lay down roadmap for accelerating growth: FM 
  
  
• India set to take off on faster trajectory of growth again Forecasts for India have either been upgraded or kept stable: FM 
  
  
• I present the budget in a far better economic environment than in the past: FM
  
  
• Finance Minister Arun Jaitley Presents Union Budget 2015-16
  
  
• Monetary Policy Committee Will Look To Keep CPI Below 6%: FM
  
  
• GDP SEEN AT 8-8.5% IN FY16: FM
  
  
• Have Concluded Monetary Policy Agreement With RBI: FM
  
  
• Expect CPI To Remain Close To 5% By Year-end: FM
  
  
• GST To Be In Place By April 1, 2016: FM
  
  
• Govt says will need to build additional 1 lakh km of roads
  
  
• Will Need To Build Additional 1 Lk km Of Roads 
  
  
• Construction & Contracting - Civil : Govt says will need to build additional 1 lakh km of roads
  
  
• LIKELY TO END FY15 WITH GDP OF 7.4%: FM
  
  
• Govt to see 6 cr units of rural & urban housing by 2020
  
  
• Construction & Contracting - Housing : Govt to see 6 crore units of rural & urban housing by 2020
  
  
• See 6 Cr Units Of Rural & Urban Housing By 2020: FM
  
  
• Saw 50 Lk Toilets Constructed In FY15: FM
  
  
• Govt says will need to build additional 1 lakh km of roads
  
  
• Will Need To Build Additional 1 Lk km Of Roads Construction & Contracting - Civil : Govt says will need to build additional 1 lakh km of roads
  
  
• Govt to look at divestment of strategic & non-strategic companies
  
  
• To Look At Divestment Of Strategic & Non-strategic Cos: FM
  
  
• CONSIDERING SCALING UP OF DISINVESTMENT TARGET: FM
  
  
• Govt sees GDP at 8-8.5% in FY16
  
  
• TO ACHIEVE 3% FISCAL DEFICIT IN 3 YEARS VS 2% PREVIOUSLY ENVISAGED: FM
  
  
• To Allocate `34,699 Cr For MNREGA
  
  
• To Allocate Rs 25,000 Cr For Rural Infrastructure
  
  
• Need To Cut Subsidy Leakage, Not Subsidies: FM
  
  
• Construction & Contracting - Civil : Govt to allocate Rs 25,000 cr for rural infrastructure
  
  
• To Allocate Rs 5,300 Cr For Micro-irrigation
  
  
• Committed To Rationalising Subsidies: FM
  
  
• Direct Transfer Of Benefits To Be Further Expanded: FM
  
  
• PARITY FOR NBFCS WITH BANKS FOR THOSE WITH SIZE OF OVER `500 CR: FM
  
  
• Govt to allocate Rs 20,000 cr for Mudra Bank for SMEs
  
  
• Target of Rs 8.5 lakh crores credit to be given to farmers in 2015-16: FM
  
  
• We need a well targeted system of subsidies rather than to cut subsidies: FM
  
  
• We are committed to subsidy rationalisation based on cutting leakages: Jaitley
  
  
• States get 62% of the total resources now: Arun Jaitley
  
  
• GST to be put in place by April 1, 2016: FM
  
  
• Will finish the journey to 3% fiscal deficit in two years: FM
  
  
• Real GDP growth expected to accelerate to 7.4%: FM
  
  
• Govt is looking for overall development: FM
  
  
• Jan Dhan Yojana, coal auctions and Swachch Bharat our achievements'
  
  
• PARITY FOR NBFCS WITH BANKS FOR THOSE WITH SIZE OF OVER `500 CR: FM
  
  
• Road Outlays To Increase By Rs 14,031 Cr In FY16: FM
  
  
• Propose Accident Insurance, Pension Schemes For Poor: FM
  
  
• FM: NBFCs With Size Of Over Rs 500 Cr Will Get Access To SARFRAESI
  
  
• Govt provides Rs 5300 cr to support micrio irrigation
  
  
• Govt provides Rs 5300 cr to support micrio irrigation
  
  
• PERMIT TAX-FREE INFRA BONDS FOR ROAD, RAILWAYS & INFRA PROJECTS: FM
  
  
• Construction & Contracting - Civil : Govt permits tax-free infra bonds for road, railways & infra projects
  
  
• Govt permits tax-free infra bonds for road, railways & infra projects
  
  
• Construction & Contracting - Civil : Road outlays to increase by Rs 14,031 cr in FY16
  
  
• INVESTMENT IN INFRA TO GO UP BY Rs 70,000 CR
  
  
• If Tax Buoyancy Permits, To Increase Allocation To MNREGA By Rs 5,000 Cr
  
  
• PM Surakhsha Bhima Yojana to increase the access to insurance; it will be linked with Jan Dhan Yojana: FM
  
  
• Atal Pension Yojana to provide defined pension according to contribution; 50% contribution to be from govt.
  
  
• I propose a new scheme of providing physical aids for senior citizens living below poverty line: Arun Jaitley
  
  
• Investment in infrastructure to go up by Rs 70,000 crores: Jaitley
  
  
• Jaitley proposes 'Nayi Manzil' scheme for the minorities youth.
  
  
• To Allocate `1,000 Cr For Support To Start-ups: FM
  
  
• Finance - Term Lending Institutions : NBFCs with size of over Rs 500 cr will get access to SARFAESI
  
  
• Will Establish National Infra Fund, To Allocate Rs 20,000 Cr
  
  
• Govt to launch PM Suraksha Bhima Yojana, offering coverage of 2 lakh rupees for just premium of Rs 12
  
  
• Target of Rs 8.5 lakh crores credit to be given to farmers in 2015-16: FM
  
  
• FM: Will ensure no one who is poor is without a job. Govt allocates Rs 346.99 billion for NREGA scheme in Budget 2015
  
  
• I propose to work on developing Indian gold coin which carries the Ashok Chakra, will help recycle gold available in country
  
  
• Govt to introduce Indian gold coin with Ashoka sign on it.
  
  
• FM proposes to merge commodities regulator with SEBI.
  
  
• Rs 5000 crore: FM. PM Modi had said on Friday that his government would continue MNREGA since it is a glaring example of Congress's failure.
  
  
• Initial sum of Rs 150 core to create world class IT hub to take advantage of our competitiveness.
  
  
• Second unit of Kudankulam nuclear power station to be commissioned in 2015-16.
  
  
• Proposes 5 ultra mega power projects for 4,000 MW each: FM
  
  
• Tax-free infrastructure bonds for projects in railways and roads: FM
  
  
• PPP model of Infrastructure to be revitalized and realigned.
  
  
• Govt is establishing a mechanism 'self employment' to support all aspects of start up business: Arun Jaitley.
  
  
• Meanwhile, in World Cup, UAE win the toss and elect to bat against India.
  
  
• To Put In Place Direct Tax Regime: FM
  
  
• FMC to be merged with SEBI
  
  
• To Put In Place Direct Tax Regime: FM
  
  
• India is the largest consumer of gold in the world, I propose to introduce a gold monetization scheme.
  
  
• Govt to set up public debt management agency.
  
  
• Govt plans to introduce direct tax regime that is internationally competitive on rates without exemptions.
  
  
• FM: To Set Up Task Force To Create Financial Sector Redressal Agency