Union Budget 2015-16 Summary - Download PDF

Finance Minsiter Arun Jaitley introduced Union Budget 2015-16. It was a budget for corporates as corporate tax reduced from 30% to 25%. Further decreased custom duty on raw materials. Tax benefit on hiring on employees base also widened.

There was nothing for middle class. Service tax increased from 12.36% to 16%. 80C limit and Tax slabs remained unchanged. Although tax benefits under 80D increased but that's for health insurance. Health insurance is not so popular and people in middle class don't avail policy of Rs.20,000 per annum.
Further subsidy decreased on Petroleum products. Everything is expensive for middle class.

Financial sector

  • Commodity futures and the government bond market merged with SEBI
  • Build GIFT(Gujarat International Finance Tec-City) as an International Financial Services Centre (IFSC)
  • Employees will be given choice to opt out EPF and pick NPS instead
  • To bring Bankruptcy code in 2015
  • Mudra Bank will be started for Micro finance market with capital of Rs.20,000
Rupee comes from
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Welafre schemes

  • MNREGA corpus this year - Rs.34,6999 cr
  • Rs.1400 cr allocated to child development scheme
  • Rs 5,000 crore to new infra fund
  • Indian gold coins to be launched with Ashok Chakra
  • 80,000 secondary schools to get upgrade
  • Insurance cover of Rs 2 lakh for a premium of Rs 12/yr - Pradhan Mantri Suraksha Bhim Yojana
  • 50,000 toilets to be constructed under Swach Bharat scheme
  • To use Rs.9000 crores unclaimed funds in PPF and EPF for senior citizens pension fund

Education

  • 80,000 secondary schools to be upgraded
  • ISM to be upgraded to IIT
  • IIT to be built in Karnataka
  • IIM to be built in Jammu and Kashmir
  • Atal innovation Mission for innovation
  • Horticulture university to be established in Punjab
  • Jammu and Kashmir, Assam, Tamilnadu, Himachal pradesh to get new AIIMs

Infrastructure

  • Five ultra-mega power projects, each of 4,000MWs
  • 2nd unit of Kundankulam nuclear p;lant to be established in 2015-16
  • Tax free bonds to be introduced for Rail and Road projects

Agriculture

  • Rs.25,000 cr Rural Infrastructure Development Bank 
  • Rs.5300 cr for micro irrigation program

Taxation

Direct taxes

  • Personal taxation rates remained same
  • Corporate tax decreased from 30% to 25% for four years
  • PAN card is mandatory on purchase of more than Rs.1,00,000
  • Surcharge on income of Rs.1 crore or more increased from 10% to 12%
  • Surcharge on Dividend Distribution Tax increased from 10% to 12%
  • Wealth tax has been abolished
  • Deduction of Rs.50,000 will be available for investment in National Pension Scheme. 
  • Limit on Tax free Investment in LIC Annuity plan or any other Pension plan increased from Rs.1,00,000 to Rs.1,50,000
  • Transport allowance increased from Rs.800 to Rs.1600 per month
  • Contribution made in name of girl child will be tax free under section 80C. Interest earned in Sukanya Samriddhi account will also be tax free.
  • Health insurance limit increased under section 80D. For individual, children and spouse it increased from Rs.15000 to Rs.25,000. For senior citizens it increased from Rs.20,000 to Rs.30,000
  • Deduction available for dependent person with disability increased from Rs.75,000 to Rs.1,00,000. For person with severe disability, limit increased from Rs.1,00,000 to Rs.1,25,000.
  • Swach Bharat Kosh and Clean Ganga Fund added in 80G list of eligible institutions
  • TDS will now be applicable on Recurring Deposit accounts if interest earned is more than Rs.10,000 per annum
  • Up to 10 years imprisonment for under black money laundering act

Indirect taxes

  • Goods and Services Tax (GST) will be introduced form 1 April 2016
  • Custom duty decreased on raw materials
  • Subsidy decreased on Petrol and Diesel. Petrol prices increased by Rs.3.18 and Diesel prices increased by Rs.3.09
  • Excise duty on Mobile phones increased from 6% to 12.5%
  • Excise duty on Leather footwear exceeding Rs.1000 decreased from 12% to 6%
  • CENVAT on input goods and service time limit increased from 6 months to 1 year
  • Effective Service tax rate increased from 12.36% to 16%.
  • Education cess removed from service tax. Swach Bharat cess of 2% introduced on service tax.
  • Services provided by Mutual fund agent or distributor removed from negative list
Budget at glance
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30 comments:

  1. Thanks sir....can u plz upload FEBRUARY GK pDF as well....Ur content is the best...much better than bankersadda.....waiting for it...thnxx

    ReplyDelete
  2. Thank you sir..can u give pdf of railway budget also...and when u goona upload insurance digest two...

    ReplyDelete
  3. Right now I am making GK Digest for February. I don't want to upload a sub-standard digest. So wait for 2-3 days.

    ReplyDelete
  4. Raman sir After completing exam it was shown marked for review in the table . R these no. Of questions counted in the final score ? Pls clear my doubt

    ReplyDelete
  5. service tax is increased to 14% and not 16%.
    corporate tax has been reduced to 25 from 30 coz the tax they used to get was 23%.
    wealth tax has been abolished but further 2% extra surcharge has been implemented and many of your data is trying to highlight a bad picture of the govt.
    I know u r PRO-AAP but this is not the right place for all these stuffs,here ppl come to be aware or learn something for their exam.So STOP using this PAGE as a MEDIUM!!!!

    ReplyDelete
  6. it's ISM and not ISN.
    CORRECT your DATA!!!

    ReplyDelete
  7. It's Rs.9000 crore unclaimed not Rs.9000,in a hurry to Display a bad picture of someone u have tarnished your own credibility.CORRECT your DATA or i will keep posting the mistakes.

    ReplyDelete
  8. Nice article thanks :)

    ReplyDelete
  9. i read every post in u r blog i have one question for u last year u predict that final cut off marks were very similar to real scenario but this time why cut off is so high for sc i.e 44 it means the candidate who got 70 he will get 16/20 in interview is it possible bro once think about it i think this year cut off will be 42.20 it wont cross dat

    ReplyDelete
  10. thanx for info...but kindly check for mistakes like service tax increment to 14% not 16% and ism will be upgraded to iit not isn.

    ReplyDelete
  11. january digest was really good.take your time to make february digest and please add Budget,Economic survey etc in that and make it perfect.

    ReplyDelete
  12. study material for FCI....???

    ReplyDelete
  13. ok...thanks sir......appreciate yr reply....

    ReplyDelete
  14. Maths Inequality(5 marks): how to make factors any short trick Please help anybody :)
    Raman please upload video or any notes to solve inequality problems, stuck during factorization


    thank you

    ReplyDelete
  15. very nice representation.... thanks

    ReplyDelete
  16. Please don't bring politics here. I don't support any political party.

    Please read about 2% Swach Bharat Cess.

    Source - http://www.deccanherald.com/content/462885/effective-rate-service-tax-jumps.html

    ReplyDelete
  17. I mentioned effective rate of service tax. In past it was 12.36%, now it is 16%.


    Source - http://www.deccanherald.com/content/462885/effective-rate-service-tax-jumps.html

    ReplyDelete
  18. Right now I am busy with February Digest

    ReplyDelete
  19. IIM to be opened in J&K and Andhra Pradesh

    ReplyDelete
  20. Same here ....

    ReplyDelete
  21. Service Tax Is 14 % Sir

    ReplyDelete
  22. when will SBI dispatch the appointment letters....I have received only one mobile message.

    ReplyDelete
  23. Sreeram TadepalliMarch 31, 2015 at 5:33 PM

    Swachh Bharat Cess 2% is on service tax. So it will account for only 0.28% like educational cess which used to be 0.2 %

    ReplyDelete
  24. Anybody from Maharashtra??? Training at Goa?

    ReplyDelete

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