Union Budget 2015-16 Highlights

Union Budget 2015-16 Highlights: Finance Minister Arun Jaitley will present Union Budget 2015-16 today 2015-16 fiscal year that begins on April 1. Here is Live updates on Union Budget 2015-16 Highlights from Loksabha.
Union Budget 2015-16 Highlights:
- Arun Jaitley leaves North Block with finance ministry officials for Lok sabha.
- Finance Minister Arun Jaitley begins General Budget 2015-16 speech in Loksabha.
- Agriculture income under stress.
- Electrification of 20000 Villages.
- 2 Crore homes by 2022.
- Year 2022 will be amrut mahotsav.
- Manufacturing has declined from 18% to 17%.
- MNREGA and health scheme remains in place with hike in allocation of fund.
- Fiscal deficit target for the 2014-15 fiscal year, ending March 31, of 4.1 percent of GDP
- Subsidies are needed for poor, need to cut subsidy leakage and subsidy itself.
- Rs. 5300 Crore for microchip agriculture schemes.
- Rs. 25000 crore for NABARD.
- Rs. 34699 Crore for MNREGA, focus on improving this scheme.
- Govt to bring a new bankruptcy code in 2015-16
- Post office will also join the Pradhanmantri Jan Dhan Yojana.
- Working towards creating universal social security system for poor and unprivileged.
- Atal pension Yojna for poor where govt. will add 50% money for 5 year and poor will get pension after age of 60.
- Unclaimed EPF /PPF money will be used for senior citizens.
- IT Industry as focus of area for government. special focus on technology driven area.
- 5 Ultra mega power plant each with capacity of 4000MW in coming days.
-  3000 Crore for Pradhanmantri krishi yojna.
- National Investments & Infrastructure Trust innovative vehicle to raise equity for infra projects
- Tax-free infrastructure bonds for projects in railways and roads

- Employees contribution to the EPF (Employees' Provident Fund) should be optional
- Introduce Gold monetize scheme.- Set up a a public debt managing committee to boost bond market. Will merge Forwards market commission (FMC) and SEBI.
- Visa on arrival for 150 countries + new plan to refurbish 25 World Heritage Sites ~ tourism can create millions of jobs
- Tax-free infra bonds for rail, road; National Invst & Infra fund; allocation up by Rs 70k crores.
- To set up a committee to monitor student loan and education loan
- Apprentice training center for woman in haryana and uttrakhand.
- Proposing AIIMS in J&K, Punjab, TN, Assam and Himachal Pradesh. One more AIIMS like institute.
- FM proposes an IIT institute in Karnataka, Horticulture Institute in Amritsar.
- Rs 33152 crore to health sector
- Rs 2,46,726 crore allocated for defence expenditure for 2015-16
- Corporate tax reduced to 25% from 30% in Budget 2015. Phased reduction in corporate tax.
- Budget Estimates of Expenditure: 17 .77 lakh cr, of which Non Plan is 13.12 lakh cr, and Plan is 4.65 lakh crores
- Foreign Exchange Management Act to allow for seizure of foreign properties and assets to curb black money.
- Benami transaction bill to curb illegal properties to be introduced
- PAN number mandatory for any purchase above Rs 1 lakh
- Rs 1,200 crore for fast track corridor between Ahmedabad and Mumbai
- GAAR deferred by two years. Another boost for corporate India
- Govt to abolish wealth tax
- Super rich additional surcharge 2%
- Jaitley abolishes wealth tax and replaces it with additional 2% surcharge on income of Rs 1 crore.
- 100% tax exemption in CSR activities for Clean Ganga Fund and Swachh Bharat Kosh.
- Transport allowance tax rebate hike to Rs.1600 from Rs.800 per month.
- Contribution to pension scheme increased from Rs 1 lakh to Rs 1.5 lakh
- Sukanya Smriti Yojana - all payments made for girl child - exempt 100%
- Limit under section 80D (deduction for health insurance premium) to be increased from INR 15,000 to INR 25,000.
- Individual Tax Payers can now get benefits upto Rs. 4,44,200. Virtually no change in Tax Slabs for salaried employees below 5 Lakh.