Finance Minister Arun Jaitley will present his maiden budget on Thursday that may contain measures aimed at reviving India's slowing economy. CASANSAAR are Providing you Live Updates on Union Budget. Just refrerh the page (or click on F5)

 

Union Budgeet 2014-15 - LIVE UPDATES

 

And the finance minister Arun Jaitley concludes his speech

Tax Proposals

 

IndirectTax.

 

SERVICE TAX

 

Online and mobile ads to attract service tax.

No service tax on print media ads

Service Tax proposed on radio taxis

CUSTOM DUTY..

Basic custom duty on LED panel below 19 inch made nil

Additional duty on imported computer components.

PCs, colour TVs electronic goods to be cheaper.

Colour TVs, LEDs, Mobile phones to be cheaper

He also announces measures to encourage manufacture of LCD/LED panels of TVs. Custom duty on LED and LCD displays below 19 inch cut to zero.

Use of piped cooking gas to be promoted on mission mode: FM

 

EXCISE DUTY

Announces increased excise duty on tobacco products, and aerated water products with added sugar

Tax on cigarettes hiked by 72%. Reaction of the house.

5% excise duty on aerated drinks containing sugar.

Clean energy and cutoms duty cuts on petro-chemicals.

Hikes customs duty on flat steel products to 7.5% from 5%

"food processing will get incentives. Excise duty would be reduced to 6% from 10%"

Custom duty on Diamound and precious stones reduced.

Cheaper footwear Excise duty on footwear reduced from 12% to 6%

Direct Tax.

Asset fund managers encouraged to set up shop in India, income to be treated as capital gains.

For all those expecting a tax relief, nothing substantial for you.

No changes in tax rate:, No Change is Surchage, E.Cess.

Personal Income Tax rates remain the same, exemption limit increased by 50,000 for citizens under 65 years.

Tax exemption limit raised to Rs 2.5 lakh for those below 60.

Tax exemption limit raised to Rs 3 lakh for senior citizen (those above 60)

FM retains tax rebate on dividend by foreign companies

80C Changed Rs.1 Lakh to 1.50 lakh

Deduction for Interest on Housing Loan for Self Occupied increased from Rs.1.50 Lakh to 2.00 Lakh

surcharge and cess of 3% stays. Effective tax rate is 30.9%. Tiny impact due to marginally higher threshold.

10 year tax holiday for power companies extended:FM

Provide investment allowance at 15% for 3 yrs to manufacturing company which invest more than Rs 25 cr in plant and machinery.

Rs.22,200 crore direct tax give aways.

Transfer pricing regulations being tweaked.

60 more Ayakar Sewa Kendras to be set up across the country:FM

Revenue deficit to be 2.9% of GDP in FY15

Fiscal deficit for FY14-15 pegged at 4.5%

FY14-15 total budget spending: Rs. 17.9 lakh cr

Young Leaders Programme to be set up with Rs. 100 cr: FM  

Metro rail services to be launched in Lucknow and Ahmedabad, Rs 100 crore set aside:FM

North-East to get a separate Television channel:FM

J&K to get 200cr for sports upgrade, 100 cr for sports university in Manipur. 100 cr for Asiad/CWG training. All very welcome.

One-rank-one-pension scheme for retired soldiers allocated Rs 1,000 crore. Like a senior citizen's scheme in effect: FM 

5 new IIMs and 5 new IITs proposed to be set up:FM

National Sports Academies to be setup to mainstream sports in the country. Sport  university to be set up in Manipur; Rs. 100 cr provided in current financial year: FM

Rs 100 cr set aside for development of Technology Development Fund.

Displaced Kashmiri migrants -- 500 crore.

6 new recovery tribnals to be set for Non Performing Assets.

5 Tourist circuits to be created, 500 cr. allocated for the same.

Rs 37,8000 cr alloted for national highways

FM proposes to set up IIM in Punjab, Himachal and Jammu and Kashmir.

 

Lower withholding tax at 5% scheme extended to July 2017

Committee will be set up to examine how unused money in postal schemes can be utilised: FM

Pending Insurance Amendment Bill to be taken up in the Parliament.

Banks to be allowed to raise long-term funds with no CRR/SLR obligations. This means more funds will flow to infrastructure.

There should be atleast 2 bank accounts in each household: FM

 

PPF Annual ceiling increased from 1 lakh to 1.5 lakhs.

To provide all households with banking facilities to empower the weaker sections:FM

Introduction of New Indian Accounting Standards for Indian companies.

 

War Memorial, Museum to be constucted in Princess Park, Rs 100 cr allotted:FM

Modernisation of armed forces is important. Rs.5000 crore will be spent on this. It is above the budget allocation :FM  

RBI to create framework for licensing small and differentiated or niche banks.

Revitalise small savings scheme. special scheme for girl kids

Fin sector regulators, please start downloading and reading the Handbook from MoF site. Big trouble ahead for you!

Introduction of uniform KYC and common use. Will help weed out the frauds,

Double gas pipeline from 15,000km to 30,000km  through appropriate PPP model: FM

100 crores for preparatory work for ultra modern super critical thermal power tec.

Indian companies can issue bonds overseas easily. Expect forex loans to replace costly Indian loans to cut interest costs.

 

Pension scheme for senior citizens being revived

FinMin says to introduce amendments to Mining Act.

Use of PNG to be promoted: FM

Rs. 200 cr for 6 more textile clusters in Lucknow,Surat, Kutch, tamil nadu.

Rs. 200 cr for 6 more textile clusters in Rae Bareily, Lucknow,Surat, Bhagalpur.

4200 cr set aside for the Jal Marg Vikas project on river Ganga connecting Allahabad to Haldia,over 1620 km: FM

Pomoting enterpreneurship :Rs 10,000 cr for start up countries

Rs.37,800 cr for NHAI and State Highways and Rs. 3,000 cr for roads in North East: FM

Rs 50 crore set aside for Pashmina Production program in J&K.

Schemes for development of new airports to be launched:FM

16 new port projects. SEZs in Kandla and JNPT.

200 crores to setup 6 new textile clusters.

 

We expect PSUs to invest Rs 2,47941 crore this fiscal

Effective steps to operationlise SEZs

All Govt depts, ministeries will be integrated through E platform

20 new industrila clusters to be set up

10,000 cr fund for start up companies.

Cross state Industrial Corridors to be expeditiously completed: FM

Apprenticeship act to be amended:FM

Banking system needs to be further strengthened, need to infuse Rs 2.40 lakh cr in our banks:FM

Increase in deductions on housing loans.

Manufacturing units will be allowed to sell their products through retail and e-commerce: Jaitley

Allocation of Rs 5000 cr for increase in warehousing capacity in agriculture.

Krishi Darshan 2.0: Kisan TV to be launched.

banks are giving loans to farmers on 7% and will allow further incentive of 3% for them for timely payment.

Rs. 100 cr set aside for Kisan Television to provide real time information on various farming and agriculture issues.

Rs 50 cr set aside for indigenous cattle breed and blue revolution for inland fisheries.

FM propose to provide finance to 5 lakh landless farmers through NABARD.

Long term rural credit fund in NABARD. 5,000 crore initial corpus

private markets and farmers markets to enable the farmers to sell their products directly.

Integrating markets across the country

 

Retrospective tax amendment will be undertaken with extreme caution: FM

Additional tax incentives for housing loan : FM

Govt will initiate scheme to provide a soil health card; Rs.100 cr set aside. Rs. 56 cr for soil testing labs across the country.

Jaitley announces Rs. 100 cr for modernisation of madrasas.

 

FM Arun Jaitley delivers his budget speech sitting, after taking a five-minute break

 

5 MINUTES BREAK BY FM. Lok Sabha is tired! Takes a break! And so do we. 

(First Time in the History, Suo-Moto Break by FM)

Rs. 7060 cr to build more smart cities: FM

Pt Madan Mohan Malaviya Teaching Programme to be started: FM

For state having more than 20 lak people , metro will be constructed

FTII Pune will be accorded the status of institute of national importance: FM

Five new IITs and 5 new IIMs to be set up

FM announces Backward Regional Grant Fund to address inter regional inequalities

 

Rs 100 crore to encourage community radio stations: FM 

12 more medical colleges will be added. Rs. 500 crore allocated for this: FM

An AIIMS in every state.

Four more AIIMS institutions in AP, West Bengal, Vidarbha in Maharashtra and Purvanchal: FM

 

MNREGA to target more productive work

Rs 3650 cr for providing safe drinking water programme

EPFO will launch unified scheme for portability of PF

FinMin Jaitley allocates 200 crore rupees to Gujarat govt for its Statue of Unity project.

Rs 500 croore to boast the rural power infrastructure

Currency notes to have barelli to help the visually impaired

RS 1000 crore for Pradhan mantri krishi Vikas Yojna

School curriculum to have new chapter on gender sensitisation

 

FM announces crisis management center for women at Delhi; money to be provided from Nirbhaya fund

Rs. 100 cr alloted for beti bachao, beti padhao: FM

Women safety is a top priority in the budget

Will provide necessary incentives for introducing real estate investment trusts.

Government committed to providing 24/7 power supply to all homes: 

Govt intends to provide santation in all houses by 2019.  

RS 1000 crore for Pradhan mantri krishi Vikas Yojna

FM: To approve Goods & Services Tax by end of year

I intend to introduce incentives for taxation for infrastrure projects

 

E Visas will facilitate Visa on arrival

E- visas will be introduced

There is a gradual moderation in the WPI recently; but we are still not out of the woods

FM: To provide necessary incentives for REITs Adequate REITs will cut pressure on existing bank lending

Direct share holding in banks for citizens of India

FM: Need over Rs 2 lakh crore to fund PSU banks

We will also examine the proposal to provide greater autonomy to banks: FM

FDI in defence and insurance raised to 49%: FM

FDI will also boosst manufracturing industry

FDI will boost job opportunities

 FDI in several sectors is needed

For GST we are talking with states

Tax laws will be revived

Subsidy will be revived.

Minimum Govt max governance, propoer efficiency of minmum expenditure by Govt.

We should make every effort to bring back Blackmoney which is a curse on our economy.

Fiscal deficit is indeed daunting. Fiscal deficit is 3.6% for the current year and 3% for next year: FM

The country is in no mood to suffer from unemployment , says FM

World economy is expected to grow in 3%

The next generation is hungry for new opportunity , sayss FM

The steps I will present in this budget are only the first steps towards sustainable growth of 7-8%: FM

 

Let's see what the 'Achhe Din' offers

Fingers crossed now!

 

And the finance minister has begun his speech

Now we just have to wait till the session begins

Cabinate approves Union Budget 2014-15

Delhi: Budget copies at the Parliament

Finance Minister Arun Jaitley briefs Union Cabinet on the Union Budget

The Union cabinet will meet at 10am before the Budget announcement.

FM Jaitley is due to address Parliament at 11 am.

FM Arun Jaitley is set to propose plans to introduce a general sales tax.

New tax slabs will be annonuced.

FM is set to propose foreign investment in various sectors and speed up approvals for major business projects.