It's the first full fledged Union Budget from finance Minister Arun Jaitley and perhaps one of the most eagerly watched in recent times. Here are live updates from the same.
Arun Jaitley concludes the speech
Interest on 'Sukanya Samridhi Yojna now tax exempted.
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.
Increase in limit of health insurance from Rs 15,000 to Rs 25,000.
Excise duty on footwear where cost is less than Rs 1000 reduced.
Replace wealth tax with a surcharge on super-rich, will lead to 9,000 cr additionally.
GAAR to be deferred by 2 years.
Benami transaction prohibition bill to be introduced for curbing black money: FM
Nonfiling of returns, or filing of returns with inadequate information will attract imprisonment.
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.
Budget allocation for defence Rs 2.46 lakh crore: Jaitley
FM proposes an IIT institute in Karnataka, Horticulture Institute in Amritsar.
Renewable energy target revised to 1,75,000 MW.
To raise visa on arrival facilities to 150 countries from 43.
Rs 1000 crores for Nirbhaya Fund.
Gold Monetize Scheme. A sovereign gold bond in place. Gold coin with Ashoka Chakra, so as to reduce demand for gold coins from abroad.
Initial sum of Rs 150 Cr to create world class IT hub to take advantage of our competitiveness.
Expert committee to examine need for multiple prior clearances for projects.
PPP model of Infrastructure to be revitalized and realigned: Jaitley
Tax free bonds are back. Infrastructure bonds for investment in railways and roadways.
To increase access to formal credit system, a senior citizens' welfare fund, says FM.
To launch PM Suraksha Bhima Yojana, offering coverage of 2 lakh rupees for just premium of Rs.12
To allocate Rs. 34,699 Cr for MNREGA.
To set up Mudra Bank aimed at lending to lower income groups.
Target of 8.5 lakh crores credit to be given to farmers in 2015-16.
We need to cut subsidy leakage, not subsidy itself, says finance minister.
Will meet the fiscal deficit target of 4.1% for 2014-15, says Jaitley.
Need to ensure education improves in terms of quality and outcomes, says Finance Minister.
Expect CPI to remain close to 5 per cent By Year-end, says Jaitley.
FM highlights three achievements that reflect their work including Jan Dhan Yojana, Coal auctions and Swachh Bharat.
We inherited a sentiment of doom and gloom and have come a long way by pure actions, says FM.
Embraced States as equal partners in economic growth, says Jaitley.
FM rises to present the Union Budget 2015-16.
Jewellery stocks are up on hopes of a cut in import duty on gold.
Union Budget Papers are being taken to parliament currently.
For the last one hour the Nifty has been in a tight range hovering between gains of between 55-72 points. But some volatility can be expected shortly.
2014-15 fiscal deficit may be within the targeted 4.1%. Estimates for 2015-16 could be around 3.6%.
Watch out for jewellery stocks on hopes of import duty cuts on gold and auto stocks on excise benefits.
Housing Finance company stocks which have been on fire on hopes of tax sops on home loans continue to see buying interest.
Markets are trading higher once again for the second day in a row hours ahead of the Union Budget.
Finance Minister Arun Jaitley leave for parliament.