Highlights of 2015 Budget

Budget 2015 Highlights:

1. No change in income tax slabs.
2. Medical exemption limit increased to Rs.25000/- from Rs.15000/-
3. Health Insurance Premium deduction for senior citizen increased to Rs.30000/- from Rs.10000/-
4. Exemption of Rs.50000/= for pension under section 80 C
5. Exemption limit rose to Rs.150000/- from Rs.100000/- on contribution to National Pension scheme.
6. Transport allowance exemption increased to Rs.1600 from Rs.800 per month.
7. Government is considering a proposal to change PF law in which contribution to employee would be made optional. Employees can contribute to National Pension Scheme instead of contribution to PF.
Others
• Launching of Senior citizen welfare fund to subsidize the premium for elderly people.
• PAN number is must for any sale exceeding Rupees One lakh.
• Corporate tax to be reduced to 25% from 30% over next four years.
• All contributions to Sukanya Samridhi Scheme is tax free.
• 2% surcharge on income over Rs.one crore per annum.
• Wealth tax is abolished.
• Tax relief for institutions of yoga instruction
• Consolidated service tax increased to 14%
• 100% tax exemption on contribution towards Clean Ganga Fund & Swacch Bharat Kosh.
• Tax on technical services reduced to 10% from 25%.
• Cess on metric ton of coal increased from Rupees 100/- to 200/-
• Tax free infrastructure bonds for projects in railways and roads.
• Introduction of PM Suraksha Bima Yojana under Jan Dhan Yojana
• Atal Pension Yojana to provide defined pension with 50% contribution from Government.
• Divestment of loss making PSUs.
• New scheme called NAYI MANZIL to enable minority youth without school-leaving certificates to get the employment.
• To set up IT based student scholarship scheme.
• To utilize vast postal network for increasing access to institutional banking.
• Rupay Debit cards to be incentivized to move towards paperless transactions.
• Launching MUDRA bank to refinance micro finance institutions under PM’s MUDRA scheme.
• Launching PM Suraksha Bhima Yojana offering coverage of Rupees two lakh for premium of just Rs.12/- per annum. (Rupees one per month).

Finance Minister Arun Jaitley said that individual tax payer will benefit to the extent of Rs.444200/= from exemptions announced.