Union Budget 2015 Highlights

• No change in individual IT slabs

• Individual  tax  payer  can  now get benefit upto 4.4lac

• Wealth  tax  replaced  with  2  percent surcharge  on  super  rich  with above  1  crore  Rs  annual income.

• Target of 8.5 lakh crores credit to  be  given  to  farmers  in 2015­-16

• Corporate  Tax  reduced  from 30%  to  25%  for  next  four years  for  employment generation.

• 100pc  exemption  in  CSR activities for Clean Ganga Fund and Swachh Bharat Kosh.
• Increase  in  limit  of  deduction of health insurance premium.
• Benami​  transaction  prohibition Bill  to  be  introduced  in  this session.
• 1,54,000  points  identified  for ​Postal Banking.

• Tax  evasion  may  lead  to imprisonment up-­to ten years.
• Custom  duty  on  raw  materials and  intermediaries  to  be reduced.
• Increase  in  limit  of  deduction in  health  insurance  premium from Rs 15,000 to Rs 25,000; Rs. 30,000 for senior citizens.
• Transport  allowance exemption  on  Income  Tax increased  from  Rs.  800  to 1600.
• Rs  50000  deduction  in  taxable income for contribution to NPS
• Rs.  8.5  lakh  crore  for  ​Farm Credit​ in 2015­-16
• At  least  one  member  of  each family to get a job.
• Government  to  utilize  vast postal  network  for  increasing access to institutional banking.
• To  bring  a  bankruptcy  code  in the  year  2015­16  that  will meet  global  standards  and provide for judicial capacity.
• Proposes  to  create  a  national agriculture  market  to  increase income of farmers.
• Universal  social  security system  through  insurance  for all.
• PM  Surakhsha  Bima  Yojana  to increase  the  access  to insurance  ;  it  will  be  linked with Jan Dhan Yojana.
• Yojana  to  offer  coverage  of  2 lakh  rupees  for  just  premium of 12 rupees.
• Atal  Pension  Yojana  to  provide defined  pension  according  to contribution  ;  50  per  cent contribution  to  be  from Government.
• Comprehensive  law  on  black money stashed abroad.
• Imprisonment  of  10  yrs  under Black Money Law.
• GAAR deferred by 2 yrs.
• Employees  contribution  to  the EPF should be optional : FM.
• For  women's  security, additional  1,000  crore  to Nirbhaya fund.
• Govt.  to  introduce  Gold Monetization  Scheme, Sovereign  Gold  Bonds  and Gold coins with Ashok Chakra.
• FM  announces  :  Will  increase Visa  On  Arrival  facilitiy  from 43 to 150 Countries.
• National  Skill  Mission  to  be launched  for  youth  below  25 yrs of age.
• AIIMS  in JK,Punjab,TN,HP,Assam.
• ISM  Dhanabad  will  be upgraded to full IIT.
• IIT  in  Karnataka,  IIM  in  J&K and Andhra Pradesh.