Union Budget 2015-16: Key Highlights

Finance Minister, Arun Jaitley presented his first full Union Budget for fiscal year 2015-16. Here are quick highlights from the Union Budget 2015.

• Target of 8.5 lakh crores credit to be given to farmers in 2015-16.
• Tax exemption on transport allowance increased to Rs 1600.
• Limits on pension funds tax exemption increased to Rs 1.5 lakhs from Rs 1 lakhs.
• Excise duty on footwear where cost is less than Rs 1000 reduced.
• Interest on 'Sukanya Samridhi Yojna now tax exempted.
• Senior citizens welfare fund to subsidise the premium for elderly people
• Yoga instructions, institutions will get tax relief

• Replace wealth tax with a surcharge on super-rich, will lead to 9,000 cr additionally.
• Corporate tax to be reduced by 5% in the next 4 years from 30% to 25%.
• Increase in limit of health insurance from Rs 15,000 to Rs 25,000.
• From exemptions announced, individual tax payer to get benefit to the extent Rs. 4,44,200/-
• PAN mandatory for any sale which exceeding Rs 1 lakh
• GAAR to be deferred by 2 years.
• Nonfiling of returns, or filing of returns with inadequate information will attract imprisonment.
• To set up Mudra Bank aimed at lending to lower income groups.
• Employees contribution to EPF should be optional, says FM
• Pradhan Mantri Suraksha Bhima Yojana to be launched for insurance of upto Rs 2 lakhs.
• To launch PM Suraksha Bhima Yojana, offering coverage of 2 lakh rupees for just premium of Rs.12
• Tax free bonds are back. Infrastructure bonds for investment in railways and roadways
• Gold Monetize Scheme. A sovereign gold bond in place. Gold coin with Ashoka Chakra, so as to reduce demand for gold coins from abroad.
• Rs 1000 crores for Nirbhaya Fund.
• To Allocate '75 Cr For Electric Vehicles.
• To enact a comprehensive law on black money stashed abroad: Jaitley
• Corporate tax to be reduced by 5% in the next 4 years from 30% to 25%.
• GST to be implemented next year.
• To raise visa on arrival facilities to 150 countries from 43.
• FM proposes an IIT institute in Karnataka, Horticulture Institute in Amritsar.