Highlights
- Budget proposes Plan expenditure of Rs 5,75,000 crore for current fiscal.
- Govt proposes to provide finance to 5 lakh landless farmers through NABARD.
- FM sets FY15 Total Expenditure at 17.9 Lk Cr and FY15 gross tax receipts at 13.6 Lk Cr.
- FM proposes Rs 200 crore for power reforms and Rs 500 crore for water reforms in Delhi.
- Income tax limit to be raised to Rs. 2.5 lakh and Rs.3 lakh for senior citizens.
- Investment limit under 80 (C) increaded to Rs. 1.5 lakh.
- Tax exemption slab raised by Rs 50000
- Govt hopes to finalise GST contours this year:
- Housing loan interest exemption increased to Rs.2 lakh from Rs.1.5 lakh.
- 15% tax break to mfg cos investing over Rs.25 Cr
- Education cess for all tax payers including corporates will continue:
- Certain changes to be made in transfer pricing to bring down litigations.
- FDI Limit in Insurance to Be Hiked to 49%
- Long-term Capital Gains tax on MFs to 20% from 10%
- Basic customs duty on non-fatty acids, glycerine to be reduced.
- Net effect of direct tax proposals is revenue loss of Rs. 22,200 cr
- Asset fund managers encouraged to set up shop in India, income to be treated as capital gains
- Rs 50 crore for Pashmina Production programme in Jammu & Kashmir.
- Rs 4200 cr set aside for Jal Marg Vikas project on river Ganga connecting Allahabad to Haldia.
- Custom duty on LCD, LED panels below 19 inches reduced.
- Basic Customs Duty On Crude, Naphthalene Cut To 5% from 10%
- Customs duty of 10% on telecom products outside Tax Act; customs duty on some wind power equipment cut to 5%.
- Excise duty on footwear reduced from 12% to 6%.
- Uniform 2.5% customs duty on all types of imported coal.
- Export duty on bauxite enhanced from 10% to 20%
- New airports to be developed through PPP mode:
- Organic farming in northeast to be developed.
- Excise duty on food processing reduced to 6 per cent.
- Customs duty on ship imported for breaking cut to 2.5%.
- Hike in excise duty on cigarettes and aerated water products with added sugar.
- Clean Energy cess increased from Rs. 50/ tonne to Rs 100/tonn.
- Export duty on bauxite enhanced from 10 per cent to 20 per cent.
- RBI to frame policy for licensing of small banks, differential banks:.
- To broaden the tax base, negative list for service tax has been reviewed.
- Exempt loading/unloading and transportation of cotton from service tax"
- Service Tax for broadcast and online advertisements; print advertisements exempted.
- Excise duty on tobacco products increased to 22 pc.
- Rs 200 cr allocated for preserving heritage characters of cities like Mathura and Agra.
- Tax proposals on indirect tax front would yield Rs. 7,525 cr: .
- Print media to continue to be exempted from Service Tax.
- Arun Jaitley retains fiscal deficit target at 4.1%
- Rs 100 cr allocated for river ghat development.
- Exemption for micro insurance scheme expande.
- Rs 200 crore upgrading indoor and outdoor stadium in Jammu and Kashmir.
- Rs 500 crore provided for rehabilitation of displaced Kashmiri migrants.
- Rs 100 cr set aside for development of organic farming in north east region.
- Rs.1,000 crore proposed for railways in northeast.
