Union Budget 2015-16: Key Highlights

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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

Union Budget 2015-16: Key Highlights

  • 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.

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