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Sector-wise Highlights of Union Budget 2015
TAXATION
1
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Abolition
of Wealth Tax.
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2
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Additional
2% surcharge for the super rich with income of over Rs. 1 crore.
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3
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Rate
of corporate tax to be reduced to 25% over next four years.
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4
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No
change in tax slabs.
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5
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Total
exemption of up to Rs. 4,44,200 can be achieved.
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6
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100%
exemption for contribution to Swachch Bharat, apart from CSR.
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7
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Service
tax increased to14 per cent.
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AGRICULTURE
1
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Rs. 25,000 crore for Rural
Infrastructure Development Bank.
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2
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Rs. 5,300 crore to support Micro
Irrigation Programme.
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3
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Farmers credit - target of 8.5
lakh crore.
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INFRASTRUCTURE
1
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Rs. 70,000 crores to
Infrastructure sector.
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2
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Tax-free bonds for projects in
rail road and irrigation
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3
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PPP model for infrastructure
development to be revitalised and govt. to bear majority of the risk.
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4
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Atal Innovation Mission to be
established to draw on expertise of entrepreneurs, and researchers to foster
scientific innovations; allocation of Rs. 150 crore.
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5
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Govt. proposes to set up 5 ultra
mega power projects, each of 4000MW.
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EDUCATION
1
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AIIMS in Jammu and Kashmir,
Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam.
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2
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IIT in Karnataka; Indian School of
Mines in Dhanbad to be upgraded to IIT.
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3
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PG institute of Horticulture in
Amritsar.
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4
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Kerala to have University of
Disability Studies
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5
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Centre of film production,
animation and gaming to come up in Arunachal Pradesh.
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6
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IIM for Jammu and Kashmir and
Andhra Pradesh.
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DEFENCE
1
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Allocation of Rs. 2,46,726 crore;
an increase of 9.87 per cent over last year.
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2
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Focus on Make in India for quick
manufacturing of Defence equipment.
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WELFARE SCHEMES
1
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GST and JAM trinity (Jan Dhan
Yojana, Aadhaar and Mobile) to improve quality of life and to pass benefits
to common man.
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2
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Six crore toilets across the
country under the Swachh Bharat Abhiyan.
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3
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MUDRA bank will refinance micro
finance orgs. to encourage first generation SC/ST entrepreneurs.
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4
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Housing for all by 2020.
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5
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Upgradation 80,000 secondary
schools.
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6
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DBT will be further be expanded
from 1 crore to 10.3 crore.
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7
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For the Atal Pension Yojana, govt.
will contribute 50% of the premium limited to Rs. 1,000 a year.
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8
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New scheme for physical aids and
assisted living devices for people aged over 80 .
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9
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Govt. to use Rs. 9,000 crore
unclaimed funds in PPF/EPF for Senior Citizens Fund.
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10
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Rs. 5,000 crore additional
allocation for MGNREGA.
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11
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Govt. to create universal social
security system for all Indians.
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RENEWABLE ENERGY
1
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Rs. 75 crore for electric cars
production.
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2
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Renewable energy target for 2022:
100K MW in solar; 60K MW in wind; 10K MW in biomass and 5K MW in small hydro
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TOURISM
1
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Develpoment schemes for churches
and convents in old Goa; Hampi, Elephanta caves, Forests of Rajasthan, Leh
palace, Varanasi , Jallianwala Bagh, Qutb Shahi tombs at Hyderabad to be
under the new toursim scheme.
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2
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Visa on Arrival for 150 countries.
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GOLD
1
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Sovereign Gold Bond, as an
alternative to purchasing metal gold.
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2
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New scheme for depositors of gold
to earn interest and jewellers to obtain loans on their metal accounts.
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3
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To develop an Indian gold voin, which
will carry the Ashok Chakra on its face, to reduce the demand for foreign
coins and recycle the gold available in the country.
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FINANCIAL SECTOR
1
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Forward Markets Commission to be
merged with the Securities and Exchange Board of India
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2
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NBFCs registered with the RBI and
having asset size of Rs 500 crore and above to be considered as ‘financial
institution’ under Sarfaesi Act, 2002, enabling them to fund SME and
mid-corporate businesses
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3
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Permanent Establishment norms to
be modified to that mere presence of offshore fund managers in the country
does not lead to “adverse tax consequences.”
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