Sector wise Highlights of Union Budget 2015

Taxation

Abolition of Wealth Tax.

Additional  2%  surcharge  for the  super  rich  with  income  of over Rs. 1 crore.

Rate  of  corporate  tax  to  be reduced to 25% over next four years.

Total  exemption  of  up  to  Rs. 4,44,200 can be achieved.

100%  exemption  for contribution  to  Swachch Bharat, apart from CSR.

Service tax increased to14 percent.

Agriculture

• Rs.  25,000  crore  for  Rural Infrastructure  Development Bank.
• Rs.  5,300  crore  to  support Micro Irrigation Programme.
• Farmers  credit  ­  target  of  8.5 lakh crore.

Infrastructure

• Rs.  70,000  crores  to Infrastructure sector.
• Tax­free  bonds  for  projects  in rail road and irrigation.
• PPP  model  for  infrastructure development  to  be  revitalised and  govt.  to  bear  majority  of the risk.
• Rs.  150  crore  allocated  for Research & Development.
• NITI  to  be  established  and involvement  of  entrepreneurs, researchers  to  foster  scientific innovations.
• Govt.  proposes  to  set  up  5 ultra  mega  power  projects, each of 4000MW.

Education

• AIIMS  in  Jammu  and  Kashmir, Punjab,  Tamil  Nadu,  Himachal Pradesh, Bihar and Assam.
• IIT in Karnataka; Indian Institute of Mines in Dhanbad to be upgraded to IIT.
• PG institute of Horticulture in Armtisar.
• Kerala to have University of Disability Studies.
• Centre of film production, animation and gaming to come up in Arunachal Pradesh.
• IIM for Jammu and Kashmir and Andhra Pradesh.

Defence

• Rs. 2,46,726 crore for Defence.
• Focus on Make in India for quick manufacturing of Defence equipment.

Welfare Schemes

• 50,000 toilets constructed under Swachh Bharath Abhiyan.
• Two other programmes to be introducedGST & JAM Trinity. GST will be implemented by April 2016.
• MUDRA bank will refinance micro finance orgs. to encourage first generation SC/ST entrepreneurs.
• Housing for all by 2020.
• Upgradation 80,000 secondary schools.
• DBT will be further be expanded from 1 crore to 10.3 crore.
• For the Atal Pension Yojna, govt. will contribute 50% of the premium limited to Rs. 1000 a year.
• New scheme for physical aids and assisted living devices for people aged over 80 .
• Govt to use Rs. 9000 crore unclaimed funds in PPF/EPF for Senior Citizens Fund.
• Rs. 5,000 crore additional allocation for MGNREGA.
• Govt. to create universal social security system for all Indians.

Renewable Energy

• 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.

Tourism

• Develpoment 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 toursim scheme.
• Visa on Arrival for 150 countries.

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.

Current Affairs 16 Mar 2015

Wipro :Ali Neemuchwala appoints as the Group President and Chief Operating Officer

Wipro, India’s third-largest software services firm has appointed Abid Ali Neemuchwala as the Group President and Chief Operating Officer (COO). This appointment will be effective from 1 April 2015.
Neemuchwala in his new role will head Wipro’s service lines of global infrastructure services, business application services, business process services and advanced technology solutions.
He will also head company’s advisor relationships, strategic engagements as well as the marketing function and business operations in various geographies including continental Europe, Latin America and Africa.
Prior to this appointment, Ali Neemuchwala was heading BPO arm of India’s largest software services firm Tata Consultancy Services (TCS).
About Abid Ali Neemuchwala
He holds an Electronics & Communication (E&TC) engineering degree from NIT, Raipur and Master’s degree in Industrial Management from IIT, Mumbai.

Neemuchwala has rich experience of 23 years in all facets of IT & BPS businesses and good track record of building and scaling businesses.

Services won the 69th edition of Santosh Trophy of Football

In the final played at Guru Nanak Stadium in Ludhiana, Punjab, it defeated hosts Punjab 5-4 via tie-breaker. With this, Services won the Santosh trophy for the fourth time. Earlier it had won the trophy in 2013, 2012 and 1961.

Pioneer of Israeli Cinema Lia van Leer died

She was the founder of Israel Film Archive, Jerusalem Cinematheque, Haifa Cinematheque and the Jerusalem Film Festival.

Facebook acquired shopping search engine TheFind

Both Facebook and TheFind cast the acquisition as a way to lift the digital advertising business of Facebook.

Kidambi Srikanth won the Swiss Open Grand Prix Gold 

title of Badminton

World Number 4 Srikanth defeated World Number 6 Viktor Alexson of Denmark 21-15, 12-21, 21-14 to win the men’s single title of the men’s championship.

Current Affairs 15 Mar 2015

Noted Gandhian Narayan Desai passes away

Noted Gandhian Narayan Desai on 15 March 2015 passed away in Surat, Gujarat. He was 90.He is son of Mahatma Gandhi’s personal secretary and biographer Mahadev Desai.

About Narayan Desai

He was born on 24 December 1924 at Valsad in Gujarat and was brought up at Gandhiji’s Sabarmati Ashram in Ahmedabad.Desai was also associated with Vinoba Bhave’s Bhoodan (or land gift) Movement and Jayprakash Narayan’s Total revolution or JP’s Movement. He was famous for reciting Gandhi-Katha i.e. narratives on Mahatma Gandhi’s life across the world which was started by him in 2004.

Desai was Chancellor of Gujarat Vidyapith from 2007 to 2014.

Awards-

Narayan Desai was accorded with many awards. It includes

Sahitya Akademi Award (1993) for his book on biography of his father Mahadev Desai in Gujarati.

UNESCO-Madanjeet Singh Prize (1998).

Jamnalal Bajaj Award (1999).

Ranjitram Suwarna Chandrak (2001), highest award for Gujarati literature.

Moortidevi Award (2004)

Kidambi Srikanth wins Swiss Open Grand Prix Gold 2015

India’s ace shuttler Kidambi Srikanth on 15 March 2015 won  badminton’s prestigious $120,000 Swiss Open Grand Prix Gold title in Men’s singles category.

In the final match he defeated Denmark’s defending champion Viktor Axelsen by score of 21-15, 12-21 and 21-14. With this victory, Kidambi Srikanth became first Indian to win this prestigious title in Men’s singles category.

Other winners in Swiss Open Grand Prix Gold 2015

Women’s singles title- China’s Sun Yu defeated Thailand’s Busanan Ongbumrungpan by score of 21–16, 21–12.

Men’s doubles title- China’s Cai Yun and Lu Kai pair defeated Malaysia’s Goh V Shem and Tan Wee Kiong pair by score of 21–19, 14–21 and 21–17.

Women’s doubles title- China’s Bao Yixin and Tang Yuanting pair defeated Japan’s Ayane Kurihara and Naru Shinoya by score of 21–6, 17–21, 21–17.

Mixed doubles title- China’s Lu Kai and Huang Yaqiong pair defeated China’s Liu Cheng and Bao Yixin pair by score of 17–21, 22–20, 21–13.

Lia Van Leer "Queen  of  Israeli Cinema" passed away

Lia Van Leer  (90),  founder  of the  Jerusalem  Cinematheque and  a  pioneering  figure in  the Israeli  film  industry  passed away. She  was  fondly  called  as "Queen  of  Israeli Cinema".

March 15 : World Consumer Right Day

The Haryana Govt is  going  to introduce  teaching  of Bhagavad  Gita  in  schools across  the  state  from  coming academic session

World Cup

Pakistan beat Ireland and West Indies defeat UAE in the last pool games.

WorldCup2015‬ Quarter Final Fixtures:

SL Vs SA 18th March
IND Vs BAN 19th March
AUS Vs PAK 20th March

NZ Vs WI 21st March