Budget HIghlights 2015-2016

Budget 2015-2016 Presented by Honorable FM Shri Arun Jatiley

12:36 PM Finance Minister Arun Jaitley Concludes Budget Speech
12:32 PM All contributions to Sukanya Samridhi scheme to be tax free.
12:32 PM Propose To Gain `15,000 Cr From Overall Tax Tweaking
12:32 PM Loss On Revenue For Direct Tax Proposal To Be `8,315 Cr
12:32 PM Individual Tax Payer Will See Benefit Of Tax Up To Income Of Rs 4.44 Lk
12:32 PM Service Tax Exemption Extended To Pre-cold Storage Warehousing
12:32 PM Govt to allow exemption of Rs 1.5 lakh under new pension scheme
12:32 PM Postal Department to use its vast network for proposed Payment Bank
12:32 PM Govt to increase limit of deduction of health insurance premium to Rs 25,000
12:32 PM Loss On Revenue For Indirect Tax Proposal To Be Rs 23,383 Cr
12:31 PM No tax slab changes
12:31 PM Contribution to pension scheme increased from Rs 1 lakh to Rs 1.5 lakh
12:31 PM Tax relief for yoga instructions, institutions
12:30 PM PROPOSE TO INCREASE SERVICE TAX RATE TO 14% FROM 12.36%
12:30 PM To Allow Exemption Of Rs 1.5 Lk Under New Pension Scheme
12:29 PM Additional deduction of Rs 50,000 on social safety schemes
12:29 PM Addtional Deduction Of `50,000 For Contribution To NPS
12:28 PM Transport Allowance Exemption Increased To Rs 1,600/Month
12:28 PM HEALTH INSURANCE PREMIUM LIMIT FOR SENIOR CITIZENS TO BE Rs 30,000
12:28 PM Rs 150 core to create world class IT hub in India: FM Jaitley
12:27 PM PROPOSE SOME CHANGES TO EXCISE DUTY ON CIGARETTES
12:27 PM TO INCREASE LIMIT OF DEDUCTION OF HEALTH INSURANCE PREMIUM TO `25,000
12:26 PM PROPOSE TO INCREASE THRESHOLD FOR TRANSFER PRICING TO Rs 20 CR
12:26 PM Tax ease on serious diseases for seniors raised to Rs 80,000
12:25 PM TO INCREASE EXCISE DUTY TO 12.5%
12:25 PM TO INCREASE LIMIT OF DEDUCTION OF HEALTH INSURANCE PREMIUM TO 25,000
12:24 PM Tax-free cap on medical expenses raised to Rs 25,000
12:24 PM For senior citizes: Tax-free cap on medical expenses raised to Rs 30,000, says
12:23 PM Excise duty rate effectively raised, petroleum products exempt from excise hike
12:23 PM Interpretation: Govt reduces excise duty on leather footwear
12:23 PM Excise duty rate effectively raised, petroleum products exempt from excise hike
12:22 PM Arun Jaitley calls for promoting cashless transactions; RuPay debit cards for all
12:22 PM Service tax upped to 14%: FM
12:21 PM TO HAVE 100% TAX DEDUCTION FOR SWACHH BHARAT & CLEAN GANGA
12:20 PM Wealth tax abolished. Additional 2% surcharge on tax for earners above Rs 2 crore
12:20 PM TO INCREASE EXCISE DUTY TO 12.5%: FM
12:20 PM 10% tax ease on royalty fee on tech services
12:20 PM Allow Tax Pass-through For Alternative Investment Funds
12:19 PM TO REDUCE CUSTOMS DUTY ON 22 ITEMS
12:19 PM To Tighten Reporting Of Cash Transactions
12:19 PM To Allow Tax Pass-through For Alternative Investment Funds
12:19 PM Income Tax On Royalty Fees For Technical Reduced To 10%
12:19 PM To Have Benami Transaction Prohibition Bill For Domestic Black Money
12:18 PM FEMA will be rejigged to include black money provisions
12:18 PM To Tighten Reporting Of Cash Transactions
12:18 PM TO DEFER GAAR BY 2 YEARS
12:18 PM Foreign Exchange Management Act To Allow For Seizure Of Foreign Assets
12:18 PM Proposes 5 ultra mega power projects for 4,000 MW each
12:17 PM NEAR PRESENCE OF FUND MANAGER NOT TO CONSTITUTE PERMANENT RESIDENCE
12:17 PM Construction and Contracting - Real Estate : FM proposes to rationalise capital gains regime for REITs/InvITs
12:16 PM Capital gain regime to be rationalised
12:16 PM Propose To Rationalise Capital Gains Regime For REITs/InvITs
12:16 PM Offshore fund managers to get ease on fund managment, law to be tweaked
12:15 PM To Enact New Law For Black Money
12:15 PM FM says exemptions for individual tax players to continue
12:15 PM GST to be implemented from next year
12:15 PM Foreign Exchange Management Act To Allow For Seizure Of Foreign
12:15 PM To Have Benami Transaction Prohibition Bill For Domestic Black Money
12:14 PM TO RATIONALISE & REMOVE EXEMPTIONS FOR CORPORATES
12:14 PM To Enact New Law For Black Money
12:14 PM BASIC RATE OF CORPORATE TAX TO BE 25% OVER NEXT 4 YEARS
12:14 PM Government announces bank to fund small entrepreneurs
12:14 PM Corporate tax cut to start from next year
12:14 PM REVENUE DEFICIT TO BE 2.8% OF GDP IN FY16
12:14 PM Atal Pension Yojana to be launched
12:14 PM NON-TAX REVENUE IN FY16 SEEN AT Rs 2.21 LK CR
12:13 PM GROSS TAX RECEIPTS IN FY16 SEEN AT Rs 14.49 LK CR
12:13 PM Penalty for evaders will be 10 years in jail
12:13 PM Govt proposes to reduce corporate tax rate to 25% from 30%
12:13 PM OTAL EXPENDITURE IN FY16 SEEN AT Rs 17.77 LK CR
12:13 PM Govt to launch PM Suraksha Bhima Yojana
12:13 PM GST TO BE IMPLEMENTED FROM NEXT YEAR
12:13 PM To promote cashless transactions via RUPay debit cards
12:12 PM REVENUE DEFICIT TO BE 2.8% OF GDP IN FY16
12:12 PM NON-TAX REVENUE AT Rs 2.21 LK CR
12:11 PM Exemptions of individual tax payers to continue
12:11 PM GROSS TAX RECEIPTS AT `14.49 LK CR
12:10 PM PLAN SPEND AT Rs 4.65 LK CR FOR FY16
12:10 PM Corporate Taxation to be cut in 4 year
12:10 PM To Set Up Exclusive Commerical Divisions In HCs To Resolve Disputes
12:09 PM FY16 health sector allocation at Rs 3,31,500 cr
12:08 PM ON-PLAN SPEND AT Rs 13.12 LK CR FOR FY16
12:07 PM ALLOCATE Rs 2.46 LK CR FOR DEFENCE IN FY16
12:07 PM To Increase Allocation Towards DMIC As Ordering Picks Up Throughout Year
12:06 PM FY16 boost for health sector at Rs 3 lakh crore
12:05 PM Earmarking Rs 1,200 Cr For DMIC Projects
12:05 PM Allocate Rs 33,150 Cr Towards Healthcare
12:04 PM Bank Board Bureau An Interim Step In Forming A Bank Holding Co
12:04 PM To Set Up Autonomous Bank Board Bureau For Selecting Bk Executives
12:03 PM Propose To Set Up IIM In J&K & Andhra Pradesh
12:02 PM Propose AIIMs In Five More States
12:02 PM MGNREGA allocation increased by Rs 5,000 crore; at highest-ever level
12:01 PM National Optical Fibre Network to be extended
12:01 PM To Launch A National Skills Mission To Enhance Employability Of Rural Youth
12:00 PM To Introduce A Public Contract Resolution Of Disputes Bill
11:59 AM To Introduce Regulatory Reform Law For Infrastructure
11:58 AM To Allocate `75 Cr For Electrical Vehicles
11:57 AM To Introduce Indian-made Gold Coins To Reduce Demand For Foreign Coins
11:57 AM To Amend Section 6 Of FEMA To Control Capital Flows
11:57 AM Propose To Introduce Gold Monetisation Scheme
11:56 AM To Do Away With Distinction Between FPIs & FDI
11:56 AM Propose To Allow Foreign Investment In Alternative Investment Funds
11:55 AM Visa on arrival for 150 countries
11:55 AM Rs 1000 crore boost to Nirbhaya Fund
11:55 AM Rupay Debit Cards to be incentivised. Move towards paperless transactions
11:54 AM Propose To Develop A Sovereign Gold Bond
11:53 AM GDP SEEN AT 8-8.5% IN FY16
11:52 AM EXPECT CPI TO REMAIN CLOSE TO 5% BY YEAR-END
11:52 AM To Set Up Task Force To Create Financial Sector Redressal Agency
11:51 AM To Incentivise Credit, Debit Card Transactions
11:50 AM Employees EPF may become optional
11:48 AM 5 cr small business to get mudra bank
11:46 AM To Set Up Expert Committee For Legislation On Single-window Clearance
11:44 AM To Encourage Ports In Public Sector To Corporatise
11:43 AM To Set Up Expert Committee For Legislation On Single-window Clearance
11:43 AM To address job creation in software sector
11:42 AM Will Establish National Infra Fund, To Allocate Rs 20,000 Cr
11:41 AM To Allocate `1,000 Cr For Support To Start-ups
11:40 AM PM farm plans get Rs 3,000 crore extra allocation
11:38 AM Second unit of Kodanakulam N plan to be commissioned in 2015-16
11:36 AM PROPOSE TAX-FREE INFRA BONDS FOR ROAD, RAILWAYS & INFRA PROJECTS
11:33 AM Rs 150 crore earmarked for Atal Innovation Mission
11:32 AM NBFCs With Size Of Over Rs 500 Cr Will Get Access To SARFRAESI
11:31 AM Propose Accident Insurance, Pension Schemes For Poor
11:30 AM Aim For Farm Credit Of Rs 8.5 Lk Cr In FY16
11:29 AM PARITY FOR NBFCS WITH BANKS FOR THOSE WITH SIZE OF OVER `500 CR
11:28 AM Tax-free infra bonds proposed for rail, road
11:27 AM To Allocate Rs 25,000 Cr For Rural Infrastructure
11:26 AM Need To Cut Subsidy Leakage, Not Subsidies
11:25 AM National agri market to increase income of farmers
11:24 AM To Allocate Rs 5,300 Cr For Micro-irrigation
11:23 AM Committed To Rationalising Subsidies
11:22 AM Need to cut subsidy leakage; aiming at rationalising subsidies
11:21 AM Direct Transfer Of Benefits To Be Further Expanded
11:20 AM To Look At Divestment Of Strategic & Non-strategic Cos
11:19 AM FIRM ON ACHIEVING MEDIUM-TERM FISCAL DEFICIT TARGET OF 3% OF GDP/td>
11:18 AM To Meet Fiscal Deficit Of 4.1% In FY15
11:18 AM Transfer To States To Be 62% Of Total Receipts
11:18 AM Aim to make India manufacturing hub of the world
11:17 AM Impact: Ceramics/Granite : Govt says will see 6 crore units of rural & urban housing by 2020
11:16 AM A roof for each family in India by 2022- 75th Year of India's Independence
11:14 AM Skill India and Make in India to get further boost
11:13 AM Our objective is to keep inflation below 6 per cent & work towards substantial reduction of poverty
11:11 AM Expect to implement Goods & Services tax by April 2016
11:09 AM Move to amend RBI act and provide monetory policy committee
11:07 AM The rupee has become stronger by 6.4%
11:05 AM Three achievements of government Success of Jan Dhan Yojana, Coal auctions & Swach Bharat
11:01 AM Finance Minister Arun Jaitley arrives at Parliament to present the Union Budget 2015
10:30 AM Budget will start at 11.00 AM

Prime Minister Narendra Modi launches Sukanya Samridhi Yojna under Beti Bachao campaign.

Prime Minister Narendra Modi today launched a small deposit scheme for girl child, as part of the 'Beti Bachao Beti Padhao' campaign, which would fetch an interest rate of 9.1 per cent and provide income tax rebate. 'Sukanya Samridhi Account' can be opened at any time from the birth of a girl child till she attains the age of 10 years, with a minimum deposit of Rs 1000. A maximum of Rs 1.5 lakh can be deposited during the financial year. The account can be opened in any post office or authorised branches of commercial banks. "The scheme primarily ensures equitable share to a girl child in resources and savings of a family in which she is generally discriminated as against a male child," said a government statement. In an effort to motivate parents to open an account in the name of a girl child and for her welfare to deposit maximum of their savings upto the prescribed limits, higher rates of interest at 9.1 per cent is proposed to be given on the deposits on annually compounded basis with income tax concession in this financial year, the statement said. The account will remain operative for 21 years from the date of opening of the account or marriage of the girl child after attaining 18 years of age. To meet the requirement of higher education expenses, partial withdrawal of 50 per cent of the balance would be allowed after the girl child has attended 18 years of age. "The provision of not allowing withdrawal from the account till the age of 18 has been kept to prevent early marriage of girls," the statement said. The Prime Minister handed over bank account details to five girls under the 'Sukanya Samridhi Yojna' (girl child prosperity scheme).