Published On: Sat, Feb 28th, 2015

Highlights of union budget 2015

Highlights of union budget 2015 - Unique Times

Highlights of union budget 2015 – Unique Times

1. Infrastructure in investment through public private partnership

2. LPG subsidy announced

3. Disinvestment in loss making unit from 1 crore to 10.3 crore

4. NBFC register with RBI above Rs. 5000 Cr. To be considered financial institutions

5. Accident death risk Rs. 2 lakhs for a premium of Rs.12 per year. Atal Pension Yojana- defined pension depending on contribution .  Govt  will contribute 50% of the amount.

6. Pradhan Mantri Jeevan Jyoti Bima Yojana- Rs. 1 per day premium. Rs. 2 lakh coverage

7. 150 cr. For R&D projects

8. The govt. is establishing a mechanism for techno- financial incubation and facilitation programme- Rs.1000 crore set aside for this

9. Ports will be encouraged to corporatise and become companies under Companies Act

10. Tax free bonds in rail and roads

11.Merging of Forward commission with SEBI

12. Option to choose ESI or health Insurance by IRDA

13. Option to opt EPF or new pension scheme

14. Gold monitorization committee introduced

15. Develop soverign gold bonds with fixed rate of interest as an alternate of metal gold

16. Indian Gold coin introduced with Asoka Chakra

17. Visa on arrival for 150 countries

18.Govt to do away with distinctions between FII and FDI and replace it with composite caps

19. Make in India policy for defence equipment Rs. 2,46,727 crore allocation for defence

20. Corporate taxation will be reduced from 30% to 25% for next 4 years. It starts from next financial     year

21.Exemption to individual taxpayers will continue

22. Modification in permanent establishment norms

23. Undisclosed income to be taxed on minimum marginal rate

24. Rate of reducing BCD for 22 items

25.GAAR applicability to be deffered by two years

26. 7 year imprisonment for non  filing of return on foreign assets

27. Increase the  limit of Domestic TP from 5 cr to 20 cr

28. Wealth tax to be abolished and replaced with a super- rich tax for those with income of over Rs. 1 crore

29. Online excise registration will be applicable in two working days

30. Increase the rate of service tax will be increased 14% including cess

31. Increase in rate of excise duty will be increased to 12.5% including cess

32. Increased  in limit of deduction in Health Premium from 15000 to 25000 and the senior citizen increase from 10000 to 30000 and for very senior citizen Rs. 30000

33. Contribution to pension fund has increased from 100000 to 150000

34. Additional deduction of Rs. 25000 for differently abled persons

35. Transport allowance has increased from 800 to Rs. 1600 per month

36. Service tax exemption to “Varishta bima yojana”

37. 100% tax deduction in contribution to Swachch Bharat fund

38. 2% cess on service of Swachch Bharat

39.Tax on Technical Services reduced to 10% from 25%

40. Custom Duty on raw materials and intermediaries to be reduced

41. Yoga has included in charitable Activities

 

UNIQUE TIMES

 

 

 

 

 

 

 

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Highlights of union budget 2015