FM Arun Jaitley to present Union Budget 2015 today at 11.00 AM. CASANSAAR are providing you live updates of Union Budget 2015.

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Tax Proposals

 

FM has concluded his speech. The parliament is in commotion. Nothing new there.

 

DTC - No merit in going ahead with Direct tax Code as it exists today. Net impact of tax proposals Rs. 15,068 crore.

 

Yoga: include in charitable ambit of IT act. 

 

Indiviual taxpayer can get benefits up to Rs. 4,44,200.

 

Transport allowance exemption increased 800 pm to 1600/- pm

 

2 per cent cess on services for Swachch Bharat.

 

Increase in limit of deduction of health insurance premium of Rs. 15,000 to Rs. 25,000. For senior citizens, limit will be Rs. 30,000. Very senior citizens - Rs. 30,000 deduction on expenses incurred.

 

Rs. 50,000 contribution to new pension scheme. "To make India a pensioned society."

 

Specified Decased enhanced to Rs. 80K for Sr. Citizen

 

Pension func to increased from 1 lakh to 1.50 lkh each year.

 

Service Tax increase to 14%

 

100% deduction for Swatchh Bharat Abhiyan & Clean Ganga Abhiyaan

 

To reduce hassles, propose to increase threshold limit from Rs 5 crore to Rs 20 crore. 

To bring in additional Rs 9000 crore with the surcharge. 

Abolish WEALTH TAX and replace with ADDITIONAL 2% SURCHARGE on SUPER RICH with INCOME OF OVER RS 1 crore. 

 

Extend deduction of employment of new regular workmen, eligibility from 100 employees down to 50.

 

Basic custom duty rate reduced for 22 items.

 

GAAR - applicability to be deferred by two years.Tax on Royalty from 25% to 20%

 

PAN must for any sale exceeding Rs 1 lakh

 

Benami properties will face more tax heat

 

Foreign exchange management act to get more tooth.

 

FEMA will be rejigged to include black money provisions: FM

 

Tax evasion in relation to foreign asset will be predicate offence

 

New structure is being put in place. Tracking black money and bringing it back is top priority. Enact a comprehensive law on black money to deal with money stashed abroad.  Bill to be introduced in current session. 

 

Basic rate of corporate tax in India is now 30 per cent. But rate of collection is 23 per cent. A regime of exemptions has led to loss of revenue.

Coporate tax rate wil be reduced to 25 per cent over the next four years.

Exemptions of individual tax payers to continue

 

Budget estimates

Non-plan expenditure - Rs. 13,12,200

Plan expenditure - Rs. 4,65,277

Fiscal deficit - 3.9% of GDP

 

FY16 boost for health sector at Rs 3 lakh crore. 

 

Armed forces to get cash boost of Rs 2 lakh crores

 

Govt permitted FDI in defence already. Pursuing Make in India for greater self sufficiency. As against expenditure at 2,22,000 crore, budget allocation for 15-16 is Rs 2,46,727 crore

 

Rs 1,200 crore for fast track corridor between Ahmedabad and Mumbai

 

Rs. 68,968 crore for education sector.

 

Propose to give special assistance to Bihar and WB as has been provided in case of AP. 

 

We are making good progress on Digital India. DIgital India: 7.5 lakh km speeded up. 

 

Fully IT based student financial aid scheme for higher education. 

Commence work on Indian Gold Coin; to carry Ashoka Chakra.

 

Rs 15,000 crore scheme to skill rural India. Poor students get fund aid through PM scheme.

 

For NE: Centre for Fim Production, Gaming in Arunachal Pradesh.

 

Another AIIMS like institute in Bihar. IIT in Karnataka. Postgrad institute of horticulture in Punjab. IIM in J&K and AP. 

 

AIIMS in J&K, Punjab, TN, HP and Assam. 

 

Fully IT based student financial aid scheme for higher education.

 

National Skills Mission for skill development and entrepreneurship - Rs. 1,500 crore.

 

Procurement law for public contracts. Govt. to introduce Public Contracts (Resolution of Disputes) Bill. Regulatory reform law to be introduced.

 

Propose to start working to support heritage sites. Churches in Goa, Hampi in Karnataka, Elephanta Caves in Mumbai, Rajasthan, rani ka Waav, Leh Palace, varanasi temple Town, Jallinagwallah and Tombs in Hyderabad.

 

Visa on arrival: 43 countries part of it. Tourism has increase. Propose to increase countries to 150 in different stages.

 

Direct Tax regime which will be internationally competitive on rates.

 

Rs. 1,000 crore additional allocation to the Nirbhaya fund.

 

Will do away with different types of foreign investment — like FPI and FDI — and replace them with a comprehensive type.

 

EPF - Employee may opt for EPF or new pension scheme, employee's contribution to EPF below an income threshold will be optional without reducing employer's contribution.

 

GOLD: 

Largest consumer is India. 

Stocks estimated over 20,000 tonne. I propose: 

Introduce gold monetisation scheme. Ern interest on metal account. 

Two, develop alternate financial asset. Sovereign gold bond. 

Vision of putting in place a direct tax regime. 

Will merge Forward Markets Commision with SEBI.

 

Section 6 of Fema to be amended: FM

 

Allocation to MNREGA upped by Rs 5,000 crores: MNREGA cash boost will make it highest allocation ever, rural wages will also get boost

 

FM says needs to be addressed to create jobs. Establishing self employment and talent utilisation (SETU). Rs 1000 crore initially for this. 

 

Public Sector Ports to be made firms under Companies Act. Startups will get capital boost of Rs 1000 crore

 

The govt. is establishing a mechanism for techno-financial incubation and facilitation programme - Rs. 1,000 crore set aside for this.

 

Investment in Infrastructure will go up by Rs 70,000 crore in 2015-16. Annual inflow of Rs. 20,000 crore by way of a trust, to use this extra equity to leverage investment in infrastructure. PPP model to be revisited and revitalised. Atal Innovation Mission - for entrepreneurs and researchers to foster a culture of innovation: R.s 150 crore for this purpose.

 

Tax-free infra bonds proposed for rail, road.

 

Major slippage over the last decade. Incerase outlays on roads and railways by Rs 14,000 crore and Rs 10,000 crore, resp. Capex Rs 317,000 crore. 

 

Investment in Infrastructure will go up by Rs 70,000 crore in 2015-16.

 

Nayi Manzil scheme - to enable minority youth to obtain school leaving certificate and gain better employment.

 

NBFCs registered with RBI above Rs. 5,000 crore to be considered financial institutions.

 

Being sensitive to the need of the poor, remain committed to ongoing schemes of SC, ST and women. Allocation made. SC over Rs 30,000 ST over 19000 crore , women over 17000 crore. 

 

Pradhan Mantri Jeevan Jyoti Bima Yojana - Rs. 1 per day premium, Rs. 2 lakh coverage.

 

There are 5.75 crore small businesses, trading and services. 62% are owned by SC, ST and OBCs. These entrepreneurs find it difficult to access formal systems of credit. I propose micro units development refinance agency Mudra bank corpus of Rs 20,000 crore. 

 

Will create Mudra Bank with corpus of Rs. 20,000 crore for microfinance. "We are banking the unbanked and funding the unfunded.

 

Bankruptcy law reform has been identified as a key to ease of doing business. Bring comprehensive Bankruptcy code in 2015-16.

 

Large portion of population is without insurance of any kind. Young will also be pension-less as they age. Propsoe to create universal social security system. Rs 2 lakh for premium of Rs 12 per year for accidental death for poor. 

 

At least 1 member of every family should have a job: FM

 

Rs. 8.5 lakh crore of rural credit for the year.

 

In order to improve soil health, the Agriculture Ministry's organic farming programme, Rs. 5,300 crore for micro-irrigation watershed projects..

 

Govt is committed for employment from MNREGA. Initial allocation of over Rs 34000 crore.

 

To support agri sector, special focus on small and marginal farmers I propose Rs 25000 crore, and Rs 15000 for long term fund, Rs 45000 crore for short term funds. 

 

Total public investment will be Rs 1.25 lakh crore. "Will complete the journey to fiscal deficit of 3 per cent in two years and not three years.

 

Gross disinvestment in loss-making units will be undertaken. DBT will be further expanded from 1 crore to 10.3 crore.

 

Will meet fiscal challenge of 4.1% despite issues. Committed to meet 3% fiscal deficit target in medium term. 

 

Total public investment will be Rs 1.25 lakh crore. "Will complete the journey to fiscal deficit of 3 per cent in two years and not three years."

 

Government will continue all social sector programmes like MNREGA, rural schemes etc.

 

We have devolved a 42 per cent share of divisible taxes to States. Devolution will be Rs. 5.2 lakh crore in 2015. Total transfer to States will 62 per cent.

 

Total transfer of states will be 62% of the Centre's receipts.

 

Good health is a neccessity for quality of life and ability to support his or her family. Providing medical facilities in each city and village is essential. 

 

Housing for all by 2022 announced — 2 crore in rural areas, 5 crore in urban areas.

 

Estimated GDP for 2015-16 will be between 8 and 8.5 per cent..

 

One of achievements of my govt is to conquer inflationl. Decline shows structural shift. Going forward CPI close to 5% to allow further easing of monetary policy. 

 

We have embraked on two other programmes now — GST and JAM Trinity. GST will be implemented by April 2016

Three achievements of government

Success of Jan Dhan Yojana

coal auctions

Swach Bharat

 

People of India wanted scam-scandal-corruption raj to end. Our actions have not only been confined to core or macro economic areas alone but also regards to allocation of natural resources, girls and education, empoloyment, non adversarial tax, agri productivity, etc.

 

Jan Dhana Yojana makes our aim of financial inclusion visible.

 

States are equal partners in Economic growth.

Real GDP growth to jump to 7.4%, making India the largest growing economy in the world.

 

CAD for this year is expected to be 1.3% of GDP

 

The credibility of the Indian economy has been reestablished," says Mr. Jaitley. "We are a round-the-clock round-the-year government.

 

We have embraced the States as equal partners in the process of economic growth..

 

FM Starts his Budget Speech. (Kuchh to phool khilaye humne, kuchh phool aur khilane hai, mushkil itni bus baag me kaate kai purane hai.)

 

Sensex trades at 29426.70, up 206 points ahead of Budget 2015; Nifty tests 8900.

 

FM with his famed briefcase with budget papers, has arrived!

 

FM's speech to begin shortly. Budget papers have arrived in the Parliament. Security check of Union Budget papers underway at Parliament

 

Cabinet meeting underway in Parliament. FM will answer the query of Ministers about Budget.

 

The BSE Sensex surged over 262 points and the NSE Nifty regained the 8,900-mark in early trade of a special stock market session on Saturday, ahead of Budget 2015

 

Cabinate Meeting at 10.15 AM.

 

Sensex opens over 200 points up; Nifty rises 70 points

 

Finance Minister reaches Parliament.

 

Finance Minister meets President.