Here we bring you a synopsis of the Union Budget (announced on 28th February, 2015) to give you a meaningful and relevant information.
This presentation, The Lilliput Budget', is the first newsletter from the team Fintuned.
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2. Personal Taxation Deduction for health
insurance premium U/S
80D increased from INR
15,000 to INR 25,000 &
for senior citizens – INR
20,000 to INR 30,000.
Additional deduction of
INR 50,000 for
contribution to new
pension scheme U/S
80CCD.
Transport allowance
exemption hiked from
800 p.m. to 1600 p.m.
(a long-awaited change)
For specified disease of
serious nature,
deduction limit hiked
from INR 60,000 to INR
80,000.
No change in Tax Slabs
3. Wealth tax abolished
from this F.Y.
2% surcharge on
super rich (i. e
income greater than
1 crore p.a.)
Total tax exemption
of INR 4,44,200 can
be achieved
Increase in Service
Tax to 14% (inclusive
of cess)
A Bit More…
4. Corporate Taxation
The rate of corporate
tax to be reduced to
25% over the next
four years
100% deduction for
contribution to Swacchh
Bharat and Clean Ganga,
apart from CSR.
Make India a hub for
start-ups over the
course of next 3
years. (So, gear up
fellas)
EcExciseDuty
Overall increase to 12.5%
Increased by 25% on 65 mm cigarettes and
15% on other categories
On leather shoes priced above INR 1000 down
to 6%
5. Changes for the Education Sector
• Focus is on higher education
• Upgradation of Indian school of
mines (Dhanbad) into a full-fledged
IIT
• Creation of two IITs including
Dhanbad and Karnataka
• Set up of Institutes of Science and
Education Research in Nagaland and
Odisha
• Two IIMs in Jammu and Kashmir &
Andhra Pradesh
• Plans to establish senior secondary
school within 5km reach of every
child
• New scheme ‘Nayi Manzil’ to enable
minority youth without ‘school
leaving certificates’ to get
employment
6. A Farrago of Welfare Schemes
• Target of making 6 crore toilets
• Housing for all by 2020
• INR 1000 crore to be put in
‘Nirbhaya fund’ for improved
security of women
• Aim to complete electrification
of most villages by 2020
• Boost medical opportunities in
villages, where it is a vital need
• Proposal to create universal
social security schemes for all
Hindustanis
• Plans to launch ‘PM Suraksha
Yojana’ to provide accident
insurance of INR 200,000 on a
premium of INR 12 per year
7. Tourism (Athiti devo bhava)
.
In order to ensure higher foreign
exchange reserves, better economic
security, greater investments and
holistic developments, these are the
changes
Bolstering efforts to improve
signages, landscape restoration,
parking, security etc. at various
heritage sites
Propose to increase ‘Visa on
Arrival’ to 150 countries as
compared to existing 43
countries
8. *DO NOT MISS!*
Three schemes to curb Gold imports and monetize
large ideal stocks:
• Government will launch a ‘Gold monetization
scheme’, where depositors can earn interest on
their metal accounts
• To develop an alternate financial asset in form of a
Sovereign Gold Bond, which will minimize the
purchases of metal gold. The bonds will carry fixed
interest and shall be redeemable in cash
• Introduction of an Indian gold coin with Ashok
Chakra on it to reduce dependence on foreign
gold coins
9. THANK YOU
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