If you are tense for some reason, know that you are caught in the rut of unconsciousness. A spiritual seeker should wake up and relax. How can you relax till the situations change? Situations change only when you relax, look up, look within, and take refuge in the Mantra and repeat it with Love and trust in its infinite power to clear the fog of your mind and it Works!!
Each religion has its own powerful sounds that evoke the God in us. God is light. When you evoke the Light, dark forces that conspire sitting in your own mind cannot work. Unconsciousness creates the ground for the negative forces to work, and negative forces are dark, they are effective in darkness, they cannot tolerate light, can’t survive in light, so they always look for opportunities when we are off guard, a little slip from the state of consciousness and you are enveloped with dark forces!
They are not waiting outside of you to enter, they are right there inside of you in the subconscious layers of mind and till you have cleansed and purified your subconscious, they are with you like your own shadow.
Fear, anger, anxiety, tension, they are not only enemies; they are also the forces which create opportunities for all of us to rise to our Divine inheritance. If you have not gone through pain and bondage why should you ever try to rise or work to overcome them and transcend them?
Mantra is the mystic power, the tool for us to work with, the non-violent weapon to transform the diabolic forces into Divine Light and Love. Every faith tradition that has created enlightened Masters, have all used it, it is the Word, it is the Sound, and it is the primordial essence of all that is.
Never curse your negative weaknesses it only empowers them, they are mere reminders of your challenges of life. They are there, for you are born to work with them, through them, Beyond them. Yes, Mantra will do that miracle you are waiting to see in life!!
Macroeconomic correlates in the FY2015 budget were inconsistent while key fiscal targets did not reflect reality in designing of the framework.
The basis of achieving 7.3 percent GDP growth remains a suspect without substantial private sector investment which has shown a continuous declining trend, underscored the CPD analysis of the National Budget for FY2015.
The analyses flagged that fiscal measures in the budget are largely in order and tuned to budgetary objectives but not adequate to attain expected GDP growth.
Budget is an estimate of income and expenditure for a set period of time.
From the perspective of Bangladesh the most important issues that are going to impact middle and poor class people need to be discussed
Macroeconomic correlates in the FY2015 budget were inconsistent while key fiscal targets did not reflect reality in designing of the framework.
The basis of achieving 7.3 percent GDP growth remains a suspect without substantial private sector investment which has shown a continuous declining trend, underscored the CPD analysis of the National Budget for FY2015.
The analyses flagged that fiscal measures in the budget are largely in order and tuned to budgetary objectives but not adequate to attain expected GDP growth.
Budget is an estimate of income and expenditure for a set period of time.
From the perspective of Bangladesh the most important issues that are going to impact middle and poor class people need to be discussed
It gives me a pleasure to present the summary and analysis of Union Budget 2016.
While you may have the snapshot, here is a document which will not only give you crisp highlights, but would also decode the impact of Budget 2016 on You, Your company and Your sector.
Hope you find this analysis useful in taking business decisions and align your company's strategy with over all economic climate for the upcoming financial year.
Would love to hear your feedback on the usefulness of the same.
Thanks a lot.
Arsalan Yaqoob is a a corporate finance professional by profession and also passionate about transforming organisations and lives; he is dedicated, ambitious and goal-driven trainer with 8 years’ progressive experience in professional training of Business Analysis subjects (E pillars) of CIMA, BMS of ICAP, Strategic Business Leader (SBL) of ACCA.
.........
Almighty ALLAH SWT has equipped him with professional certifications and academic qualification, in professional he is Professional Accounting Affiliate (PAA-ICAP), ACCA Member, PIPFA Member, and CIA (USA) Member and in academic he has completed post-graduation / 16 years of education from Karachi University. His accountancy career was started with big audit firm, first move to industry was with TRG (A high-tech US Based MNC conglomerate) group Companies (namely Digital Globe Services – DGS Group) listed on London Stock Exchange (AIM), at present he is working as a senior finance professional at leading organization in healthcare industry (Services & Pharma Manufacturing, both).
......
As a true transformational trainer his journey has been like a roller coaster from ICAP Inter-firm presentation skills competition to teaching ACCA Paper F4 at Hot FM105; he champed Chartered Accountants’ Students Association Conference 2012 as a lead presenter on Topic “Hope sustains life” – As a professional trainer he is loaded to connect Academia with Corporate Industry, his next big thing is to progress with his methodology and sharing the same in books and videos.
Finance minister Nirmala Sitharaman on Tuesday in the parliament presented her fourth budget including key measures for a number of sectors, aimed at boosting growth amid high & rising inflation and continuing Covid uncertainties.
Team MGM & Company has compiled the attached Synopsis of Union Budget 2015.
Hope you will find this information useful. We are eagerly looking forward to your valuable comments & suggestions for future improvements.
Please note the attached abstract was complied yesterday just after announcement of Union Budget; we are expecting further clarity along with detailed interpretation & information to follow soon from the Government.
Pakistan’s federal budget summary 2014 15 (Macro-Economics,Iqra University)Mohammad Yaseen
The Report contains
What is a Budget, Importance of Budget, Federal Budget Of Pakistan 2014-15, Review Of budget 2014-15, Budget At a Glance, Budget Sectors, Budget Highlights, Positive points Of budget, Negative points of Budget and Conclusion
what is budget
Expectations of the public
Conclusions of Budget speech
surprising facts
sasta aur mehanga
plan & Non plan expenses
Capital expenses and revenue expenses
Revenue deficit & Fiscal Deficit
Rajiv Gandhi Equity Saving Scheme
Asset Creation
www.indiabudget.nic.in
It gives me a pleasure to present the summary and analysis of Union Budget 2016.
While you may have the snapshot, here is a document which will not only give you crisp highlights, but would also decode the impact of Budget 2016 on You, Your company and Your sector.
Hope you find this analysis useful in taking business decisions and align your company's strategy with over all economic climate for the upcoming financial year.
Would love to hear your feedback on the usefulness of the same.
Thanks a lot.
Arsalan Yaqoob is a a corporate finance professional by profession and also passionate about transforming organisations and lives; he is dedicated, ambitious and goal-driven trainer with 8 years’ progressive experience in professional training of Business Analysis subjects (E pillars) of CIMA, BMS of ICAP, Strategic Business Leader (SBL) of ACCA.
.........
Almighty ALLAH SWT has equipped him with professional certifications and academic qualification, in professional he is Professional Accounting Affiliate (PAA-ICAP), ACCA Member, PIPFA Member, and CIA (USA) Member and in academic he has completed post-graduation / 16 years of education from Karachi University. His accountancy career was started with big audit firm, first move to industry was with TRG (A high-tech US Based MNC conglomerate) group Companies (namely Digital Globe Services – DGS Group) listed on London Stock Exchange (AIM), at present he is working as a senior finance professional at leading organization in healthcare industry (Services & Pharma Manufacturing, both).
......
As a true transformational trainer his journey has been like a roller coaster from ICAP Inter-firm presentation skills competition to teaching ACCA Paper F4 at Hot FM105; he champed Chartered Accountants’ Students Association Conference 2012 as a lead presenter on Topic “Hope sustains life” – As a professional trainer he is loaded to connect Academia with Corporate Industry, his next big thing is to progress with his methodology and sharing the same in books and videos.
Finance minister Nirmala Sitharaman on Tuesday in the parliament presented her fourth budget including key measures for a number of sectors, aimed at boosting growth amid high & rising inflation and continuing Covid uncertainties.
Team MGM & Company has compiled the attached Synopsis of Union Budget 2015.
Hope you will find this information useful. We are eagerly looking forward to your valuable comments & suggestions for future improvements.
Please note the attached abstract was complied yesterday just after announcement of Union Budget; we are expecting further clarity along with detailed interpretation & information to follow soon from the Government.
Pakistan’s federal budget summary 2014 15 (Macro-Economics,Iqra University)Mohammad Yaseen
The Report contains
What is a Budget, Importance of Budget, Federal Budget Of Pakistan 2014-15, Review Of budget 2014-15, Budget At a Glance, Budget Sectors, Budget Highlights, Positive points Of budget, Negative points of Budget and Conclusion
what is budget
Expectations of the public
Conclusions of Budget speech
surprising facts
sasta aur mehanga
plan & Non plan expenses
Capital expenses and revenue expenses
Revenue deficit & Fiscal Deficit
Rajiv Gandhi Equity Saving Scheme
Asset Creation
www.indiabudget.nic.in
National Budget of Bangladesh (FY) 2016-17TAREK MAHMUD
National budget of Bangladesh 2016-17 fiscal year has been published on 3rd June. Here I have summarized all the budgeted facts and figures in simple way. I tried to make the analysis easy and simple to understand. I took help from daily star in this case.
BUDGET PROCESS OF THE PHILIPPINE NATIONAL GOVERNMENT, Report for PA1-Introduction to Public Administration, College of Public Administration - Tarlac State University
Opening speech by Mr Ramathan Ggoobi, Permanent Secretary/Secretary to the Treasury at the Conference on Reshaping the tax system to support the Financial Sector Development Strategy (FSDS)
Kampala, Uganda, 14th–15th December 2022
The two-day conference was convened by Uganda's Ministry of Finance, Planning and Economic Development, and co-hosted by ICTD's DIGITAX Research Programme and TaxDev.
Ways2Capital is one of the leading research house across the globe. The company basically provides recommendations for stocks cash & F&O traded in NSE & BSE,commodities including bullions, metals and agro commodities traded in MCX & NCDEX.
It gives me a pleasure to present the summary and analysis of Union Budget 2015.
While you may have the snapshot, here is a document which will not only give you crisp highlights, but would also decode the impact of Budget 2015 on You, Your company and Your sector.
Hope you find this analysis useful in taking business decisions and align your company's strategy with over all economic climate for the upcoming financial year.
Would love to hear your feedback on the usefulness of the same.
CII has identified accelerating growth and creating employment as the foremost priorities for the nation as we recover from two years of slow growth and falling investments. We believe that a proactive reform agenda could lift GDP growth to 6.5 per cent this year and to above 8 per cent by 2016-17. The objective should be to create 150 million jobs over the next decade. The CII Theme for the year therefore is ‘Accelerating Growth, Creating Employment’.
In this issue of Policy Watch, we examine the critically important enablers that have the potential to boost economic growth, and help India return to a high-growth trajectory. These enablers include:
• Education System
• Skill Development
• Economic Growth
• Manufacturing Sector Growth
• Investments
• Ease of Doing Business
• Export Competitiveness
• Legal and Regulatory Architecture
• Labour Law Reforms
• Entrepreneurship
The finance minister maintained a commendable balance between the evenly stronger and mostly diverging compulsions of economic growth, fiscal discipline and political expediency.
Most of the budget provisions are inarguably aimed at ensuring inclusive growth, and bringing in equity in taxation and provisions.
A record number of measures have been introduced, to bring predictability, transparency and conciliation in the tax regime of the country.
The November issue of #PolicyWatch focuses on the overall state of #MSME development in the country, opportunities for MSMEs in some critical sectors, some of the latest MSME initiatives by the Government demonstrating its commitment towards the melioration of business environment for MSMEs and significant policy recommendations in various areas that will assist in putting Indian MSMEs on a high growth trajectory.
The rapid expansion of the life insurance profession in India over recent years has delivered many benefits. It has
enabled families and individuals to protect themselves against some of life’s most serious risks, and to plan for their
financial security in retirement.
However, the sector does not have an unblemished record. There have been high profile situations where, frankly, the
consumer interest has been a second-tier priority. The task of the IRDA, as Regulator, is to promote and protect the
interests of policyholders.
The future success of the life insurance profession depends, above all, upon the knowledge and integrity of the people
who advise customers – and are their first, and most important, point of contact. At the IRDA, our goal is to see life
insurers increasingly able to attract, motivate and retain outstanding people, committed to providing a ‘needs-based’
approach to financial advice.
This new coursebook, and the revised qualification that agents now sit, is a vital part of our strategy. We have developed
a syllabus that is challenging in its scope and depth. It does not simply encourage agents to memorise facts and
figures. This is important, but insufficient. It also tests their understanding of learning, and ability to apply it in a wide
range of practical real-life situations.
I am grateful to the Chartered Insurance Institute for their extensive support for this work. We have benefitted greatly
from their experience in other markets. I am also thankful to many other industry practitioners who have given their time
and expertise to develop this material.
Above all, I acknowledge you, the aspiring professional, for embarking on this journey, and taking seriously the need
for professional study. Without you, there would be no future for this important marketplace. I trust you will find this
coursebook of great value for your studies, and send my best wishes for your future as a life agent.
If you are tense for some reason, know that you are caught in the rut of unconsciousness. A spiritual seeker should wake up and relax. How can you relax till the situations change? Situations change only when you relax, look up, look within, and take refuge in the Mantra and repeat it with Love and trust in its infinite power to clear the fog of your mind and it Works!!
Each religion has its own powerful sounds that evoke the God in us. God is light. When you evoke the Light, dark forces that conspire sitting in your own mind cannot work. Unconsciousness creates the ground for the negative forces to work, and negative forces are dark, they are effective in darkness, they cannot tolerate light, can’t survive in light, so they always look for opportunities when we are off guard, a little slip from the state of consciousness and you are enveloped with dark forces!
They are not waiting outside of you to enter, they are right there inside of you in the subconscious layers of mind and till you have cleansed and purified your subconscious, they are with you like your own shadow.
Fear, anger, anxiety, tension, they are not only enemies; they are also the forces which create opportunities for all of us to rise to our Divine inheritance. If you have not gone through pain and bondage why should you ever try to rise or work to overcome them and transcend them?
Mantra is the mystic power, the tool for us to work with, the non-violent weapon to transform the diabolic forces into Divine Light and Love. Every faith tradition that has created enlightened Masters, have all used it, it is the Word, it is the Sound, and it is the primordial essence of all that is.
Never curse your negative weaknesses it only empowers them, they are mere reminders of your challenges of life. They are there, for you are born to work with them, through them, Beyond them. Yes, Mantra will do that miracle you are waiting to see in life!!
This comprehensive program covers essential aspects of performance marketing, growth strategies, and tactics, such as search engine optimization (SEO), pay-per-click (PPC) advertising, content marketing, social media marketing, and more
2. 1
INTRODUCTION
CredibilityofIndianeconomyhasbeenre-establishedinthelastninemonths.
Indian economy about to take-off on a fast growth trajectory.
Most growth forecasts have upgraded Indian economic growth while downgrading
globaleconomicgrowth.
Economically empowered States are equal partners to Indian economic growth.
Roundtheclock,roundtheyearGovernmenttopursueacceleratedgrowth,enhanced
investmentforthebenefitofallIndians.
Afterinheritinganeconomywithsentimentsof“doomandgloom”withadversemacro-
economicindicators,ninemonthshaveseenatturnaround,makingIndiafastestgrowing
large economy in the World with a real GDP growth expected to be 7.4% (New
Series).
Stock market - Second best performing in 2014.
Macro-economicstabilityandconditionsforsustainablepovertyalleviation,jobcreation
anddurabledoubledigiteconomicgrowthhavebeenachieved.
Restored the trust of the people on the Government by delivering on different areas.
Three Key achievements:
FinancialInclusion-12.5croresfamiliesfinanciallymainstreamedin100days.
Transparent Coal Block auctions to augment resources of the States.
Swachh Bharat is not only a programme to improve hygiene and cleanliness but has
become a movement to regenerate India.
Gamechangingreformsontheanvil:
♦ Goods and ServiceTax (GST)
♦ Jan Dhan,Aadhar and Mobile (JAM) - for direct benefit transfer.
STATE OFECONOMY
Inflation
Inflationdeclined-astructuralshift
CPIinflationprojectedat5%bytheendoftheyear,consequently,easingofmonetary
policy.
Key Features of Budget 2015-2016
3. 2
Monetary Policy FrameworkAgreement with RBI, to keep inflation below 6%.
GDP growth in 2015-16, projected to be between 8 to 8.5%.
Amrut Mahotsav - The year 2022, 75th year of Independence
Vision for “Team India” led by PM
Housing for all - 2 crore houses in Urban areas and 4 crore houses in Rural areas.
Basicfacilityof24x7power,cleandrinkingwater,atoiletandroadconnectivity.
At least one member has access to means for livelihood.
Substantialreductioninpoverty.
Electrificationoftheremaining20,000villagesincludingoff-gridSolarPower-by2020.
Connecting each of the 1,78,000 un-connected habitation.
Providingmedicalservicesineachvillageandcity.
EnsureaSeniorSecondarySchoolwithin5kmreachofeverychild,whileimproving
qualityofeducationandlearningoutcomes.
Tostrengthenruraleconomy-increaseirrigatedarea,improvetheefficiencyofexisting
irrigationsystems,andensurevalueadditionandreasonablepriceforfarmproduce.
Ensurecommunicationconnectivitytoallvillages.
TomakeIndia,themanufacturinghuboftheWorldthroughSkillIndiaandtheMake
inIndiaProgrammes.
Encourage and grow the spirit of entrepreneurship - to turn youth into job creators.
DevelopmentofEasternandNorthEasternregionsonparwiththerestofthecountry.
Major ChallengesAhead
Five major challenges:Agricultural income under stress, increasing investment in
infrastructure,declineinmanufacturing,resourcecrunchinviewofhigherdevolutionin
taxestostates,maintainingfiscaldiscipline.
Tomeetthesechallengespublicsectorneedstostepintocatalyseinvestment,makein
india programme to create jobs in manufacturing, continue support to programmes
withimportantnationalprioritiessuchasagriculture,education,health,MGNREGA,
ruralinfrastructureincludingroads.
Challengeofmaintainingfiscaldeficitof4.1%ofGDPmetin2014-15,despitelower
nominalGDPgrowthduetolowerinflationandconsequentsub-duedtaxbuoyancy.
Fiscal Roadmap
Government firm on journey to achieve fiscal target of 3% of GDP.
Realistic figures shown in fiscal account without showing exaggerated revenue
projections.
4. 3
Withimprovedeconomy,pressuretoacceleratefiscalconsolidationtoohasdecreased.
Accordingly, journey for fiscal deficit target of 3% will be achieved in 3 years rather
than 2 years. The fiscal deficit targets are 3.9%, 3.5% and 3.0% in FY 2015-16,
2016-17 & 2017-18 respectively.
Additionalfiscalspacewillgotofundinginfrastructureinvestment.
NeedtoviewpublicfinancesfromaNationalperspectiveandnotjusttheperspective
of the Central Government. Aggregate public expenditure of the Governments, as a
whole can be expected to rise substantially.
Disinvestmenttoincludebothdisinvestmentinlossmakingunits,andsomestrategic
disinvestment.
Good governance
Needtocutsubsidyleakages,notsubsidiesthemselves.Toachievethis,Government
committedtotheprocessofrationalizingsubsidies.
DirectTransfer of Benefits to be extended further with a view to increase the number
of beneficiaries from 1 crore to 10.3 crore.
Agriculture
Major steps take to address the two major factors critical to agricultural production,
that of soil and water.
‘Paramparagat KrishiVikasYojana’to be fully supported.
‘Pradhanmantri Gram SinchaiYojana’to provide ‘Per Drop More Crop’.
`5,300 crore to support micro-irrigation, watershed development and the ‘Pradhan
Mantri Krishi SinchaiYojana’. States urged to chip in.
`25,000 crore in 2015-16 to the corpus of Rural Infrastructure Development Fund
(RIDF)setupinNABARD;`15,000croreforLongTermRuralCreditFund;`45,000
crore for ShortTerm Co-operative Rural Credit Refinance Fund; and `15,000 crore
forShortTermRRBRefinanceFund.
Target of `8.5 lakh crore of agricultural credit during the year 2015-16.
FocusonimprovingthequalityandeffectivenessofactivitiesunderMGNREGA.
Need to create a NationalAgriculture Market for the benefit farmers, which will also
have the incidental benefit of moderating price rises. Government to work with the
States, in NITI, for the creation of a Unified NationalAgriculture Market.
FundingtheUnfunded
MicroUnitsDevelopmentRefinanceAgency(MUDRA)Bank,withacorpusof`20,000
crores, and credit guarantee corpus of `3,000 crores to be created.
Inlending,prioritywillbegiventoSC/STenterprises.
5. 4
MUDRABankwillberesponsibleforrefinancingallMicro-financeInstitutionswhich
are in the business of lending to such small entities of business through a Pradhan
MantriMudraYojana.
ATradeReceivablesdiscountingSystem(TReDS)whichwillbeanelectronicplatform
forfacilitatingfinancingoftradereceivablesofMSMEstobeestablished.
ComprehensiveBankruptcyCodeofglobalstandardstobebroughtinfiscal2015-16
towards ease of doing business.
Postal network with 1,54,000 points of presence spread across villages to be used for
increasingaccessofthepeopletotheformalfinancialsystem.
NBFCs registered with RBI and having asset size of `500 crore and above may be
consideredfornotificationsas‘FinancialInstitution’intermsoftheSARFAESIAct,2002.
From Jan Dhan to Jan Suraksha
Governmenttoworktowardscreatingafunctionalsocial securitysystemforallIndians,
speciallythepoorandtheunder-privileged.
Pradhan Mantri Suraksha BimaYojna to cover accidental death risk of`2 Lakh for a
premium of just `12 per year.
AtalPensionYojanatoprovideadefinedpension,dependingonthecontributionand
theperiodofcontribution.Governmenttocontribute50%ofthebeneficiaries’premium
limited to `1,000 each year, for five years, in the new accounts opened before
31st December 2015.
Pradhan Mantri Jeevan Jyoti BimaYojana to cover both natural and accidental death
risk of `2 lakh at premium of `330 per year for the age group of 18-50.
Anew scheme for providing PhysicalAids andAssisted Living Devices for senior
citizens,livingbelowthepoevertyline.
Unclaimed deposits of about `3,000 crores in the PPF, and approximately `6,000
crores in the EPF corpus. The amounts to be appropriated to a corpus, which will be
usedtosubsidizethepremiumsonthesesocialsecurityschemesthroughcreationofa
SeniorCitizenWelfareFundintheFinanceBill.
Governmentcommittedtotheon-goingschemesforwelfareofSCs,STsandWomen.
Infrastructure
Sharp increase in outlays of roads and railways. Capital expenditure of public sector
units to also go up.
NationalInvestmentandInfrastructureFund(NIIF),tobeestablishedwithanannual
flow of `20,000 crores to it.
Tax free infrastructure bonds for the projects in the rail, road and irrigation sectors.
PPPmodeofinfrastructuredevelopmenttoberevisitedandrevitalised.
6. 5
Atal Innovation Mission (AIM) to be established in NITI to provide Innovation
PromotionPlatforminvolvingacademicians,anddrawinguponnationalandinternational
experiences to foster a culture of innovation , research and development. Asum of
`150 crore will be earmarked.
ConcernsofITindustriesforamoreliberalsystemofraisingglobalcapital,incubation
facilitiesinourCentresofExcellence,fundingforseedcapitalandgrowth,andeaseof
Doing Business etc. would be addressed for creating hundreds of billion dollars in
value.
(SETU)Self-EmploymentandTalentUtilization)tobeestablishedasTechno-financial,
incubationandfacilitationprogrammetosupportallaspectsofstart-upbusiness. `1000
crore to be set aside as initial amount in NITI.
Ports in public sector will be encouraged, to corporatize, and become companies
under the CompaniesAct to attract investment and leverage the huge land resources.
An expert committee to examine the possibility and prepare a draft legislation where
the need for multiple prior permission can be replaced by a pre-existing regulatory
mechanism. ThiswillfacilitateIndiabecominganinvestmentdestination.
5 new Ultra Mega Power Projects, each of 4000 MW, in the Plug-and-Play mode.
Financial Market
Public Debt Management Agency (PDMA) bringing both external and domestic
borrowings under one roof to be set up this year.
Enablinglegislation,amendingtheGovernmentSecuritiesActandtheRBIActincluded
intheFinanceBill,2015.
Forward Markets commission to be merged with SEBI.
Section-6ofFEMAtobeamendedthroughFinanceBilltoprovidecontroloncapital
flowsasequitywillbeexercisedbyGovernmentinconsultationwithRBI.
Proposal to create a Task Force to establish sector-neutral financial redressal agency
thatwilladdressgrievanceagainstallfinancialserviceproviders.
India Financial Code to be introduced soon in Parliament for consideration.
Vision of putting in place a direct tax regime, which is internationally competitive on
rates,withoutexemptions.
Government to bring enabling legislation to allow employee to opt for EPF or New
Pension Scheme. For employee’s below a certain threshold of monthly income,
contributiontoEPFtobeoption,withoutaffectingemployees’contribution.
Monetising Gold
Goldmonetisationschemetoallowthedepositorsofgoldtoearninterestintheirmetal
accounts and the jewellers to obtain loans in their metal account to be introduced.
SovereignGoldBond,asanalternativetopurchasingmetalgoldschemetobedeveloped.
7. 6
CommenceworkondevelopinganIndiangoldcoin,whichwillcarrytheAshokChakra
on its face.
Investment
ForeigninvestmentsinAlternateInvestmentFundstobeallowed.
Distinctionbetweendifferenttypesofforeigninvestments,especiallybetweenforeign
portfolioinvestmentsandforeigndirectinvestmentstobedoneawaywith. Replacement
with composite caps.
AprojectdevelopmentcompanytofacilitatesettingupmanufacturinghubsinCMLV
countries,namely,Cambodia,Myanmar,LaosandVietnam.
Safe India
`1000 crores to the Nirbhaya Fund.
Tourism
Resources to be provided to start work along landscape restoration, signage and
interpretation centres, parking, access for the differently abled , visitors’ amenities,
includingsecuritiesandtoilets,illuminationandplansforbenefitingcommunitiesaround
thematvariousheritagesites.
Visas on arrival to be increased to 150 countries in stages.
Green India
Target of renewable energy capacity revised to 175000 MW till 2022, comprising
100000 MW Solar, 60000 MW Wind, 10000 MW Biomass and 5000 MW Small
Hydro.
Aneedforprocurementlawtocontainmalfeasanceinpublicprocurement.
ProposaltointroduceapublicContracts(resolutionofdisputes)Billtostreamlinethe
institutionalarrangementsforresolutionofsuchdisputes.
ProposaltointroducearegulatoryreformBillthatwillbringaboutacogencyofapproach
acrossvarioussectorsofinfrastructure.
Skill India
Lessthan5%ofourpotentialworkforcegetsformalskilltrainingtobeemployable. A
nationalskillmissiontoconsolidateskillinitiativesspreadaccrossseveralministriesto
belaunched.
DeenDayalUpadhyayGraminKaushalYojanatoenhancetheemployabilityofrural
youth.
A Committee for 100th birth celebration of Shri Deen Dayalji Upadhyay to be
announcedsoon.
AstudentFinancialAidAuthoritytoadministerandmonitorthefront-endallscholarship
as well Educational Loan Schemes, through the Pradhan Mantri Vidya Lakshmi
Karyakram.
8. 7
AnIITtobesetupinKarnatakaandIndianSchoolofMines,Dhanbadtobeupgraded
intoafull-fledgedIIT.
New All India Institute of Medical Science (AIIMS) to be set up in J&K, Punjab,
Tamil Nadu, Himachal Pradesh andAssam.AnotherAIIMS like institutions to be set
upinBihar.
ApostgraduateinstituteofHorticultureResearch&EducationistobesetupinAmritsar.
3newNationalInstituteofPharmaceuticalsEducationandResearchinMaharashtra,
Rajasthan&ChattisgarhandoneinstituteofScienceandEducationResearchistobe
set up in Nagaland & Orissa each.
AnautonomousBankBoardBureautobesetuptoimprovethegovernanceofpublic
sector bank.
The National Optical Fibre Network Programme (NOFNP) to be further speeded up
byallowingwillingstatestoexecuteonreimbursementofcostbasis.
Special assistance to Bihar & West Bengal to be provided as in the case ofAndhra
Pradesh.
Government is committed to comply with all the legal commitments made toAP&
Telenganaatthetimeoftheirre-organisation.
Inspite of large increase in devolution to state sufficient fund allocated to education,
health,ruraldevelopment,housing,urbandevelopment,womenandchilddevelopment,
water resources & cleaning of Ganga.
PartofDelhi-MumbaiIndustrialCorridor(DMIC);Ahmedabad-DhauleraInvestment
regionandShendra-BidkinIndustrialParkarenowinapositiontostartworkonbasic
infrastructure.
MadeinIndiaandtheBuyandthemakeinIndiapolicyarebeingcarefullypursuedto
achievegreaterself-sufficiencyintheareaofdefenceequipmentincludingair-craft.
The first phase of GIFTto become a reality very soon. Appropriate regulations to be
issuedinMarch.
BUDGETESTIMATES
Non-PlanexpenditureestimatesfortheFinancialYearareestimatedat`13,12,200crore.
Plan expenditure is estimated to be`4,65,277 crore, which is very near to the R.E. of
2014-15.
Total Expenditure has accordingly been estimated at `17,77,477 crore.
The requirements for expenditure on Defence, Internal Security and other necessary
expenditures are adequately provided.
Gross Tax receipts are estimated to be `14,49,490 crore.
Devolution to the States is estimated to be `5,23,958.
Share of Central Government will be `9,19,842.
9. 8
NonTax Revenues for the next fiscal are estimated to be `2,21,733 crore.
Fiscal deficit will be 3.9 per cent of GDP and Revenue Deficit will be 2.8 per cent of
GDP.
TAXPROPOSAL
Objectiveofstabletaxationpolicyandanon-adversarialtaxadministration.
Fight against the scourge of black money to be taken forward.
EffortsonvariousfrontstoimplementGSTfromnextyear.
No change in rate of personal income tax.
Proposal to reduce corporate tax from 30% to 25% over the next four years, starting
fromnextfinancialyear.
Rationalisation and removal of various tax exemptions and incentives to reduce tax
disputesandimproveadministration.
Exemptiontoindividualtaxpayerstocontinuetofacilitatesavings.
Broadthemes:
♦ Measures to curb black money;
♦ Jobcreationthroughrevivalofgrowthandinvestmentandpromotionofdomestic
manufacturing–“MakeinIndia”;
♦ Improve ease of doing business - Minimum Government and maximum
governance;
♦ Improvequalityoflifeandpublichealth–SwachhBharat;
♦ Benefit to middle class tax-payers; and
♦ Stand alone proposals to maximise benefit to the economy.
Black Money
Generationofblackmoneyanditsconcealmenttobedealtwitheffectivelyandforcefully.
Investigationintocasesofundisclosedforeignassetshasbeengivenhighestpriorityin
thelastninemonths.
Major breakthrough with Swiss authorities, who have agreed to:
♦ Provide information in respect of cases independently investigated by IT
department;
♦ Confirmgenuinenessofbankaccountsandprovidenon-bankinginformation;
♦ Providesuchinformationintime-boundmanner;and
♦ Commencetalksforautomaticexchangeofinformation.
10. 9
Newstructureofelectronicfilingofstatementsbyreportingentitiestoensureseamless
integrationofdataformoreeffectiveenforcement.
Bill for a comprehensive new law to deal with black money parked abroad to be
introducedinthecurrentsession.
Key features of new law on black money:
♦ Evasion of tax in relation to foreign assets to have a punishment of rigorous
imprisonmentupto10years,benon-compoundable,haveapenaltyrateof300%
andtheoffenderwillnotbepermittedtoapproachtheSettlementCommission.
♦ Non-filingofreturn/filingofreturnwithinadequatedisclosurestohaveapunishment
ofrigorousimprisonmentupto7years.
♦ Undisclosedincomefromanyforeignassetstobetaxableatthemaximummarginal
rate.
♦ Mandatoryfilingofreturninrespectofforeignasset.
♦ Entities,banks,financialinstitutionsincludingindividualsallliableforprosecution
andpenalty.
♦ Concealment of income/evasion of income in relation to a foreign asset to be
made a predicate offence under PMLAct, 2002.
♦ PMLAct, 2002 and FEMAto be amended to enable administration of newAct
on black money.
BenamiTransactions(Prohibition)Billtocurbdomesticblackmoneytobeintroduced
inthecurrentsessionofParliament.
Acceptance or re-payment of an advance of ` 20,000 or more in cash for purchase of
immovablepropertytobeprohibited.
PAN being made mandatory for any purchase or sale exceeding Rupees 1 lakh.
Third party reporting entities would be required to furnish information about foreign
currency sales and cross border transactions.
Provisiontotacklesplittingofreportabletransactions.
LeverageoftechnologybyCBDTandCBECtoaccessinformationfromeither’sdata
bases.
Make in India
Revival of growth and investment and promotion of domestic manufacturing for job
creation.
Tax “pass through” to be allowed to both category I and category II alternative
investmentfunds.
11. 10
Rationalisationofcapitalgainsregimeforthesponsorsexitingatthetimeoflistingof
theunitsofREITsandInvITs.
RentalincomeofREITsfromtheirownassetstohavepassthroughfacility.
Permanent Establishment (PE) norm to be modified to encourage fund managers to
relocate to India.
GeneralAntiAvoidance Rule (GAAR) to be deferred by two years.
GAAR to apply to investments made on or after 01.04.2017, when implemented.
Additional investment allowance (@ 15%) and additional depreciation (@35%) to
newmanufacturingunitssetupduringtheperiod01-04-2015to31-03-2020innotified
backward areas ofAndhra Pradesh and Telangana.
Rate of Income-tax on royalty and fees for technical services reduced from 25% to
10%tofacilitatetechnologyinflow.
Benefitofdeductionforemploymentofnewregularworkmentoallbusinessentities
andeligibilitythresholdreduced.
BasicCustomdutyoncertaininputs,rawmaterials,intermediatesandcomponentsin
22items,reducedtominimisetheimpactofdutyinversion.
Allgoods,exceptpopulatedprintedcircuitboardsforuseinmanufactureofITAbound
items,exemptedfromSAD.
SAD reduced on import of certain inputs and raw materials.
Excise duty on chassis for ambulance reduced from 24% to 12.5%.
Balance of 50% of additional depreciation @ 20% for new plant and machinery
installedandusedforlessthansixmonthsbyamanufacturingunitoraunitengagedin
generationanddistributionofpoweristobeallowedimmediatelyinthenextyear.
Ease of doing business – Minimum Government Maximum Governance
Simplificationoftaxprocedures.
MonetarylimitforacasetobeheardbyasinglememberbenchofITATincreasefrom
` 5 lakh to `15 lakh.
Penaltyprovisioninindirecttaxesarebeingrationalisedtoencouragecomplianceand
earlydisputeresolution.
Central excise/Service tax assesses to be allowed to use digitally signed invoices and
maintainrecordelectronically.
12. 11
Wealth-taxreplacedwithadditionalsurchargeof2percentonsuperrichwithataxable
income of over`1 crore annually.
ProvisionofindirecttransfersintheIncome-taxActsuitablycleanedup.
Applicabilityofindirecttransferprovisionstodividendspaidbyforeigncompaniesto
their shareholders to be addressed through a clarificatory circular.
Domestic transfer pricing threshold limit increased from `5 crore to ` 20 crore.
MATrationalised for FIIs and members of anAOP.
TaxAdministrationReformCommission(TARC)recommendationstobeappropriately
implementedduringthecourseoftheyear.
EducationcessandtheSecondaryandHighereducationcesstobesubsumedinCentral
ExciseDuty.
Specific rates of central excise duty in case of certain other commodities revised.
Exciselevyoncigarettesandthecompoundedlevyschemeapplicabletopanmasala,
gutkha and other tobacco products also changed.
Excisedutyonfootwearwithleatheruppersandhavingretailpriceofmorethan`1000
per pair reduced to 6%.
Online central excise and service tax registration to be done in two working days.
Time limit for taking CENVAT credit on inputs and input services increased from 6
months to 1 year.
Service-taxpluseducationcessesincreasedfrom12.36%to14%tofacilitatetransition
to GST.
Donation made to National Fund for Control of DrugAbuse (NFCDA) to be eligible
for 100% deduction u/s 80G of Income-taxAct.
Seized cash can be adjusted towards assessees tax liability.
SwachhBharat
100%deductionforcontributions,otherthanbywayofCSRcontribution,toSwachh
Bharat Kosh and Clean Ganga Fund.
Clean energy cess increased from `100 to `200 per metric tonne of coal, etc. to
financecleanenvironmentinitiatives.
Excise duty on sacks and bags of polymers of ethylene other than for industrial use
increased from 12% to 15%.
13. 12
EnablingprovisiontolevySwachhBharatcessatarateof2%orlessonallorcertain
services, if need arises.
ServicesbycommonaffluenttreatmentplantexemptfromService-tax.
Concessionsoncustomandexcisedutyavailabletoelectricallyoperatedvehiclesand
hybrid vehicles extended upto 31.03.2016.
Benefits to middle class tax-payers
Limit of deduction of health insurance premium increased from`15000 to ` 25000,
for senior citizens limit increased from`20000 to `30000.
Seniorcitizensabovetheageof80years,whoarenotcoveredbyhealthinsurance,to
be allowed deduction of ` 30000 towards medical expenditures.
Deductionlimitof` 60000withrespecttospecifieddeceaseofseriousnatureenhanced
to ` 80000 in case of senior citizen.
Additionaldeductionof`25000allowedfordifferentlyabledpersons.
Limitondeductiononaccountofcontributiontoapensionfundandthenewpension
scheme increased from ` 1 lakh to `1.5 lakh.
Additionaldeductionof`50000forcontributiontothenewpensionschemeu/s80CCD.
Paymentstothebeneficiariesincludinginterestpaymentondeposit inSukanyaSamriddhi
schemetobefullyexempt.
Service-taxexemptiononVarishthaBimaYojana.
Concessiontoindividualtax-payersdespiteinadequatefiscalspace.
Lot to look forward to as fiscal capacity improves.
Conversionofexistingexcisedutyonpetrolanddieseltotheextentof` 4perlitreinto
Road Cess to fund investment.
Service Tax exemption extended to certain pre cold storage services in relation to
fruitsandvegetablessoastoincentivisevalueadditionincrucialsector.
NegativeListunderservice-taxisbeingslightlyprunedtowidenthetaxbase.
YogatobeincludedwithintheambitofcharitablepurposeunderSection2(15)ofthe
Income-taxAct.
Tomitigatetheproblembeingfacedbymanygenuinecharitableinstitutions,itisproposed
to modify the ceiling on receipts from activities in the nature of trade, commerce or
business to 20% of the total receipts from the existing ceiling of` 25 lakh.
14. 13
Most provisions of DirectTaxes Code have already been included in the Income-tax
Act, therefore, no great merit in going ahead with the Direct Taxes Code as it exists
today.
Direct tax proposals to result in revenue loss of ` 8315 crore, whereas the proposals
in indirect taxes are expected to yield ` 23383 crore. Thus, the net impact of all tax
proposals would be revenue gain of `15068 crore.
Others
Increaseinbasiccustomduty:
♦ Metallergical coke from 2.5 % to 5%.
♦ Tariff rate on iron and steel and articles of iron and steel increased from 10% to
15%.
♦ Tariff rate on commercial vehicle increased from 10 % to 40%.
Basiccustomdutyondigitalstillimagevideocamerawithcertainspecificationreduced
tonil.
Excisedutyonrailsformanufactureofrailwayortramwaytrackconstructionmaterial
exempted retrospectively from 17-03-2012 to 02-02-2014, if not CENVATcredit of
dutypaidonsuchrailsisavailed.
Service-tax to be levied on service provided by way of access to amusement facility,
entertainment events or concerts, pageants, non recoganised sporting events etc.
Service-taxexemption:
♦ Servicesofpre-conditioning,pre-cooling,ripeningetc.offruitsandvegetables.
♦ LifeinsuranceserviceprovidedbywayofVarishthaPensionBimaYojana.
♦ Allambulanceservicesprovidedtopatients.
♦ Admissiontomuseum,zoo,nationalpark,wilelifesanctuaryandtigerreserve.
♦ Transport of goods for export by road from factory to land customs station.
EnablingprovisionmadetoexcludeallservicesprovidedbytheGovernmentorlocal
authoritytoabusinessentityfromthenegativelist.
Service-taxexemptiontoconstruction,erection,commissioningorinstallationoforiginal
works pertaining to an airport or port withdrawn.
TransportationofagriculturalproducetoremainexemptfromService-tax.
Artificial heart exempt from basic custom duty of 5% and CVD.
Excise duty exemption for captively consumed intermediate compound coming into
existanceduringthemanufactureofagarbathi.