Highlights of Union Budget 2015

By M.Arivalagan -
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.

Comments

Post a Comment

Popular posts from this blog

Speed Post Tariff increases w.e.f. 01.06.2015

By M.Arivalagan -
Budget 2015 has increased the service tax from 12.36% to 14%. So the SPEED POST  tariff  increases from 01.06.2015  for (LOCAL up to 50 grams) Rs. 17/- to Rs.17/- (Rs.15 + Rs.2 ST), (other place up to 200 grams ) from Rs. 39/- to Rs.40/-(Rs.35+ Rs.4 ST). Other rates will change on adding service tax rate.
Read more

Submission of Life Certificate in the month of November, 2014 by Central Govt Pensioners/Family Pensioners

By M.Arivalagan -
Image
Central Govt Pensioners/Family Pensioners should submit Life Certificate to their respective banks.  The information on the current address and telephone number collected from the Life Certificates is to be updated on the banks master data with the CPPC Government of India Ministry of Finance Department of Expenditure Central Pension Accounting Office Trikoot-II, Bhikaji Coma Place New Delhi — 110 066 CPAO/Tech/Life Certificate/2014-15/670-711 31.10.2014 OFFICE MEMORANDUM Sub: Submission of Life Certificate in the month of November, 2014 Attention is invited to this Office OM No. CPAO/Tech/Pre-2006/Revision/2011-12/191 dated 23rd October, 2012 circulating therewith a copy of CPAO’s’ advertisement in English released in the leading national and regional dailies on 21st October, 2012 regarding obtaining of life certificate in the revised format by the authorized banks from the Central Civil pensioner/ family pensioner in November every year. ...
Read more