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.
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