What are the highlight of Union Budget 2015-2016 of India

 

Budget effect in Taxation
Wealth Tax abolished
2 % Additional surcharge for the super rich with income of over Rs. 1 crore.
Corporation tax Rate to be reduced to 25% over next four years.
Income Tax slabs not changed
Total exemption of up to Rs. 4,44,200 can be achieved.
100% exemption for contribution to Swachch Bharat, apart from CSR.
Service tax rate increased to 14 per cent.


Budget Effect in Agricultural Sector
Rural Infrastructure Development Bank is allotted with Rs. 25,000 Crore.
Micro Irrigation Programme is allocated with Rs. 5300 Crore.
8.5 lakh crore target for Farmers Credit.


Budget effect in Infrastructure Sector

In Infrastructure sector Rs. 70,000 Crore.
Projects in rail road and irrigation to have Tax Free bonds
Government to bear majority of the risk PPP model for infrastructure development and it is to be revitalised
Research & Development is allocated with Rs. 150 Crore
Rs. 150 Crore in Atal Innovation Mission to be established to draw on expertise of entrepreneurs, and researchers to foster scientific innovations
5 Ultra Mega Power Projects, each of 4000 MW is proposed by the Government


Budget effect in Education Sector
Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam to have AIIMS.
Indian Institute of Mines in Dhanbad to be upgraded to IIT. Karnataka to have IIT
Amritsar to have PG institute of Horticulture

Kerala to have University of Disability Studies
Arunachal Pradesh to have Centre of film production, animation and gaming
Jammu and Kashmir and Andhra Pradesh to have IIM.


Budget effect in Defence Sector
Allocation increase of 9.87 per cent over last year. Allocation of Rs. 2,46,726 Crore in Defence Sector
Focus on Make in India for quick manufacturing of Defence equipment.


2015 Budget Welfare Schemes

Construction of 50,000 toilets under Swachh Bharath Abhiyan.
GST will be implemented by April 2016. Two other programmes to be introduced- GST & JAM Trinity.
MUDRA bank will refinance micro finance orgs. to encourage first generation SC/ST entrepreneurs.
Housing facility for all by 2020.
80,000 secondary schools will be upgraded.
Furhter expansion of DBT from 1 crore to 10.3 crore.
Government will contribute 50% of the premium limited to Rs. 1000 a year for the Atal Pension Yojna.
Scheme to be introduced for physical aids and assisted living devices for people aged over 80.
Unclaimed funds in PPF/EPF of Rs. 9000 Crore will be used for Senior Citizens Fund.
Additional allocation Rs. 5000 Crore for MGNREGA.
Universal social security system will be created by Government for all Indians.


Budget effect in Renewable Energy
Allocated Rs. 75 crore for electric cars production.
Renewable energy target for 2022: 100K MW in solar; 60K MW in wind; 10K MW in biomass and 5K MW in small hydro


Budget effect in Tourism
Development schemes for churches and convents in old Goa; Hampi, Elephanta caves, Forests of Rajasthan, Leh palace, Varanasi , Jallianwala Bagh, Qutb Shahi tombs at Hyderabad to be under the new tourism scheme.
150 countries to get VISA on arrival facility.


Budget Effect for Gold
As on Alternative to Purchasing metal gold, Sovereign Gold Bond will be used
Interest will be for depositors of gold and Jewelers to obtain loans on their metal accounts in new scheme.
Indian gold coin will be developed, which will carry the Ashok Chakra on its face, to reduce the demand for foreign coins and recycle the gold available in the country.

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