Cabinet approves Budget 2015

- I present the budget in a far better economic environment than in the past: FM

- We are a round the clock, round the year government: FM

- The world is saying that India is ready to fly again: FM

- The credibility of the India economy has been re-established: FM

- India set to take off on faster trajectory of growth again: FM

Budget proposals lay down roadmap for accelerating growth: FM

FM proposes to rationalise capital gains regime for REITs/InvITs

- FM proposes to Exempt SAD On All Items

- To reduce customs duty on 22 items

- Income Tax On Royalty Fees For Technical Reduced To 10%

- Near presence of Fund Manager not constitute permanent residence

- Foreign Exchange Management Act To Allow For Seizure Of Foreign Assets

- To Have Benami Transaction Prohibition Bill For Domestic Black Money

FM says exemptions for individual

Wealth Tax abolished

- Electronic filing of statements to track evaders and take action: FM

- Capital gain regime to be rationalised: FM

- Proposes 5 ultra mega power projects for 4,000 MW each

- Tax pass through to be allowed in alternative investment funds to boost small firms, startups

- GAAR deferred by 2 years: FM

- Offshore fund managers to get ease on fund managment, law to be tweaked: FM

PAN number quoting made compulsory for transactions for more than 1 Lakh

- Reduced taxes on Technical Services to 10% from 25%

Transport allowance up from Rs 800 to Rs 1600

- Additional deduction of Rs 50,000 on social safety schemes

- Tax ease on serious diseases for seniors raised to Rs 80,000: FM

- Rs 150 core to create world class IT hub in India

- For senior citizes: Tax-free cap on medical expenses raised to Rs 30,000

- Tax-free cap on medical expenses raised to Rs 25,000: FM

- Clean energy cess upped to Rs 200/tn of coal: FM

- Excise duty rate effectively raised, petroleum products exempt from excise hike

- Service tax upped to 14%: FM

- 100% contributions to Swacch Bharat, Clean Ganga get tax ease

All contributions to Sukanya Samridhi scheme to be tax free

- Clean energy cess increased from 100 to 200 Rupees per metric ton of coal to finance

- Increase in limit of tax deduction for health premium from Rs 15000 to Rs 25,000 annually

- 100% tax exemption in CSR activities for Clean Ganga Fund and Swachh Bharat Kosh

- Custom duty on raw materials and intermediaries to be reduced

- Individual tax payer will benefit to the extent Rs.4,44,200/- from the exemptions announced

- Rs 50000 deduction in taxable income for contribution to NPS

- Benami property transaction bill to tackle black money transaction in real estate soon

TAX BENEFITS



* Transport allowance, which is currently Rs 800 per month, has been increased to Rs 1600 per month.

* For contribution to National Pension Scheme, exemption limit raised from Rs 100000 to Rs 150000.

* All contributions to Sukanya Samridhi scheme to be tax free

Increase in tax-free health insurance limit

* Increase in tax-free health insurance limit from Rs 15000-Rs 25000. For senior citizens, the limit has been increased to Rs 30000 from Rs 10000. For very senior citizens, who do not qualify for health insurance, Rs 30000 in medical expenses will qualify for deduction.

* The Finance Minister says the rich and wealthy must pay more tax while announcing that he proposes to abolish wealth tax and replace it with an additional 2% surcharge on the super rich who earn an annual income of Rs 1 crore-plus. This 2% surcharge on super-rich, will gain the government Rs 9000 crore additionally, Jaitley states.

* Tax proposals and curbing black money

* Taxation is an instrument of socio-economic engineering, the finance minister says, while announcing that:

* To curb black money, non-filing of returns, or filing of returns with inadequate information (concealment of income) will attract Rigorous Imprisonment up to 10 years.

* The Finance Minister announces a benami property transaction bill to tackle black money transaction in real estate soon.

* Giving the PAN number to be made mandatory for any purchases above Rs 1 lakh.

Announces reduction in corporate tax form 30 to 25%

Good progress in DMIC corridor and other infra-projects

- Rs.1,200 crore earmarked and additional funds if pace of work picks up on ongoing projects

- Tax evasion in relation to foreign asset will be predicate offence: FM

- Concealment of income wiil be prosecutable with rigourous imprisonment

- To enact a comprehensive law on black money stashed abroad

- Atal Pension Yojana to be launched: FM Jaitley

- Hiding of income will face penalty of 300% of asset value: FM

- Penalty for evaders will be 10 years in jail: FM

Comprehensive new law to tackle black money to be in place soon: FM

Commence work on Indian Gold Coin; to carry Ashoka Chakra: FM

- IIT in Karnataka and IIm in J& K and Andhra Pradesh

- All India Institute of Medical Sciences to be set up in J&K, Punjab, Tamil Nadu, Himachal and Assam.

- We intend to launch a national skills mission, which will consolidate skill initiatives spread over all Ministries: Arun Jaitley

- Bank Board Bureau An Interim Step In Forming A Bank Holding Co: FM

- To introduce Gold Monetising Scheme; To earn interest:FM

- Govt committed to Andhra and Telanga needs; Special assistance to Bengal, Bihar: FM

- National Optical Fibre Network to be extended: FM

- 3 new pharma institutes in Maharashtra, Rajasthan and Chhattishgarh: FM

Poor students get fund aid through PM scheme: FM

- Rs 15,000 crore scheme to skill rural India: FM

- Skill India needs to be cooordinated with Make In India: FM

- FM: Allocate Rs 33,150 Cr Towards Healthcare

- Earmarking Rs 1,200 Cr For DMIC Projects: FM

- To Increase Allocation Towards DMIC As Ordering Picks Up Throughout Year

- Allocate Rs 2.46 lakh crore for defence in FY16

Corporate Tax reduced from 30% to 25% for next four years for employment generation

- Rs 1,200 crore for fast track corridor between Ahmedabad and Mumbai: FM

- FY16 boost for health sector at Rs 3 lakh crore: FM

- Armed forces to get cash boost of Rs 2 lakh crores: FM

- Rs 346.99 billion for NREGA scheme: FM

- Rs 10,000 crore for women and child development: FM

- Fiscal Deficit target to be 3.9% in FY 2015-16 and Revenue Deficit to be 2.8% in FY 2015-16

Direct Tax collection is going to be 14.49 lakh crore rupees

- Corporate Tax reduced from 30% to 25% for next four years for employment generation

- Budget Estimates of Expenditure: 17 .77 lakh cr, of which Non Plan is 13.12 lakh cr, and Plan is 4.65 lakh crores

- Corporate tax trimming will boost investments: FM

- Investment in infrastructure to go up by Rs 70,000 crores: Jaitley

- FY16 health sector allocation at Rs 3,31,500 cr: FM

- Govt to launch PM Suraksha Bima Yojana

- Corporate Taxation to be cut in 4 years: FM

- To enact a comprehensive law on black money stashed abroad

- To discourage transactions in cash, Rupee debit card to incentivise credit transactions

Exclusive Commercial Division to attend commercial disputes at various High courts

- FM announces Make In India policy for self sufficiency in defense sector with an allocation 2.46 lakh crores

- Renewable energy target will be increased to 1,75,000 MW

- Special Assistance to Bihar and West Bengal

- Will increase Visa On Arrival facilitiy from 43 to 150 Countries.

- FM announces 10 nominations for Heritage Sites.

- Govt. to do away with distinctions between FII and FDI and replace it with Composite Caps

- FY16 expenses at Rs 13.13 lakh crore: FM

Total expenditure estimated at crore Rs 17.70 lakh crore: FM

Gold monetisation scheme to replace deposit and metal loans

- New scheme to help investors to earn interest on metal account: FM

- Ports in public sector to be encouraged to utilise land under their control

- MGNREGA allocation to be enhanced by Rs.5,000 crore, if additional funds available

- National investment and infrastructure fund to be launched with corpus of Rs.20,000 crore to generate more funds

- In order to support security of women, provide another 1000 crores to Nirbhaya fund

- Direct Tax plan to get competitive edge: FM

(REUTERS/Vivek Prakash/Files)

Section 6 of Fema to be amended: FM

- Public debt agency to bring borrowings under one roof: FM

- FMC to be merged with Sebi to strengthen regulation: FM

- To address job creation in software sector: FM

- To spend extra Rs 70,000 crore on boosting Infra this year: FM

- To invest Rs 20,000 crore in Infrastructure Fund: FM

- PM farm plans get Rs 3,000 crore extra allocation: FM

- Govt to do away with distinctions between FII and FDI and replace it with Composite Caps

- PM farm plans get Rs 3,000 crore extra allocation: FM

- MNREGA cash boost will make it highest allocation ever, rural wages will also get boost: FM

- Second unit of Kodanakulam N plan to be commissioned in 2015-16: FM

5 UMPPs in power sector to unlock investments of Rs 1 lakh crore: FM

- Expert panel to prepare draft on easing permissions for doing business: FM

- Ease of business with ebiz portal, this will get further push: FM

- Need to upgrade 80,000 secondary schools: FM Arun Jaitley

- Public Sector Ports to be made firms under Companies Act: FM

- Startups will get capital boost of Rs 1000 crore : FM

- NBFCs with Rs 500 cr to be institutions under SARFAESI: FM

- Rs 150 crore earmarked for Atal Innovation Mission: FM

- Foreign investment in alternate investment funds: FM

Govt to introduce Indian-made gold coins to reduce demand for foreign coins

- Visa on arrival for 150 countries from 43

- Rupay Debit Cards to be incentivised. Move towards paperless transactions: FM

- Rs 1000 crore boost to Nirbhaya Fund: FM

- Govt to allocate Rs 75 cr for electric vehicles

- To Introduce A Public Contract Resolution Of Disputes Bill

- FM: To Introduce Regulatory Reform Law For Infrastructure

- Govt to do away with distinction between FPIs and FDI

- Govt to incentivise credit, debit card transactions

Current Account Deficit For FY15 To Be Below 1.3% Of GDP

- Embraced States As Equal Partners Of Growth: FM

- NDA Govt Undertook Many Steps To Improve The Economy: FM

- Set To Grow In Double-digits In Coming Days: FM

- The rupee has become stronger by 6.4%

- Jan Dhana Yojana makes our aim of financial inclusion visible

- Objective is to improve quality of life and to pass benefits to common man: FM

- Govt. two game changing reforms: GST and JAM Trinity(Jandhan, AADHAR, Mobile No.)

GST will put in place a state of art taxation system: FM

- Expect CPI inflation to remain close to 5% by end of the year:FM

- Three achievements: Jan Dhan Yojana , transparent auctions & Swachh Bharat

- Our objective is to keep inflation below 6 percent: FM

- Double digit growth seems feasible

- FM: All our schemes have to centre around the poor

- Incremental change is not going to take us anywhere we have to think in terms of quantum jumpsReal GDP is likely to grow 7.4%; fastest growth in the world

- Aim to make India manufacturing hub of the world

- 50 lakh toilet already built, 6 crore toilet targeted

- Room for each family, 2 crore houses in rural India, 4 crore houses in urban India by 2022

- Move to amend RBI act and provide monetory policy committee: FM

- Electrification of villages by 2020: FM

- Expect to implement Goods & Services tax by April 2016

- To sanction 1 lakh km of new roads: FM

Education, skilling our youth big focus: FM

Agri Credit target in 2015-16 increased to 8.5 lakh crore.

- Rural Infrastructure Development Fund to be--25000 Crores

- LPG direct transfer subsidy to be expanded

- Tax buoyancy is lower but still we will meet the promise of Fiscal deficit of 4.1% of GDP this year.

- Latest CPI 5.1% WPI negative

- To Look At Divestment Of Strategic & Non-strategic Cos: FM

- Considering scaling up of disinvestment target: FM

- To Allocate Rs 20,000 Cr For Mudra Bank For SMEs

Aim to allocate Rs 34,699 Cr For MNREGA

To Allocate Rs 25,000 Cr For Rural Infrastructure

- To Allocate Rs 5,300 Cr For Micro-irrigation

- Direct Transfer Of Benefits To Be Further Expanded

- Govt. to bring a Comprehensive Bankruptcy code for the ease of doing business by 2015-16

- Proposes a Mudra Bank of corpus of 20000 crores to refinance the MFI's

- National agri market to increase income of farmers: FM

- At least 1 member of every family should have a job: FM

- GST will put in place state of art indirect tax system by April 1st 2016: FM

- FM announces " Atal Pension Yojna

- Govt. is committed to bring a Universal social security system for all

Senior citizens welfare fund to subsidise the premium for elderly people

- Propose Accident Insurance, Pension Schemes For Poor: FM

- Aim For Farm Credit Of Rs 8.5 Lk Cr In FY16

- Parity for NBFCS with banks for those with size of over Rs 500 crore

- Budget aims at constructing roads push infrastructure stocks

- Govt to bring a comprehensive bankruptcy code for the ease of doing business by 2015-16, says FM Jaitley

- We are funding the unfunded: FM

- Will utilise postal network for its banking venture: FM

New scheme called Nayi Manzil to enable Minority youth without school leaving certificates to get employment

- Investment in Infrastructure to go up by 70,000 crores in 2015-16 over 2014-15.

- NBFCs with size of Rs 500 cr and above to get parity in recoveries

- A universal social security system for poor and unpriviliged: FM

- Atal Pension Yojana to provide defined pension according to contribution ; 50% contribution to be from Govt

- Capex for state PSUs to be Rs 3.17 lakh crore: FM

- Outlay upped by 24,000 cr for rail, road: FM

- Rs 30,000 crore allocation for SC welfare schemes

Tax free Infrastructure bonds for projects in Railways and roads.

- Capex for state PSUs to be Rs 3.17 lakh crore: FM

- PM Suraksha Bhima Yojana launched. This will offer coverage of Rs 2 lakh for just premium of Rs 12.

- Farmers benefits: Soil health card has been launched

- PPP model of Infrastructure to be revitalized and realigned.

- GDP in 2015-16 to be 8-8.5%; double-digit growth soon, says FM

- Arun Jaitley today said growth in the next financial year will rise to 8-8.5 per cent and clock double-digit level in the subsequent years.

Agriculture credit targeted at Rs.8.5 lakh crore.

To work with NITI Aayog for creating a National Agricultural Market

Indian economy is a super giant on the move, says FM

- We have also given a road map for the future in the budget speech

- Speech concludes with commitment to well being of all "Sarve Bhavantu Sukhinah, Sarve Santu Niramayah"

- "Even our worse critics have acknowledged that we have moved rapidly": FM

- Defence allocation for this fiscal is Rs 2,46,727 cr: FM Jaitley

- Government to allow foreign investment in AIFs

- Moves on GIFT approval and sops to fund managers operating in India will aid financial sector development