Budget 2015: Arun Jaitley presents his first full budget

Feb 28, 2015, 11:13 IST | Agencies

Falling short of big bang reforms called for by his own economic survey, Finance Minister Arun Jaitley Saturday presented a Rs.17.78 lakh crore national budget for the next fiscal year

Presenting the national budget for the next fiscal, Finance Minister Arun Jaitley Saturday said the state of the country's economy was better placed today with its credibility re-established by a series of measures taken by his government. Following are the highlights

The highlights

No change in Income Tax slab

Individual tax payers to get income tax benefit of Rs 4,44,200 in a year from the exemptions announced

Transport allowance increased to Rs 1600 per month

100% tax deduction for contribution to Swachh Bharat Fund

Mandatory requirement of PAN number required for purchase above Rs 1 lakh

Increase in limit in deduction of health insurance premium from Rs 15,000 to Rs 25,000

Health insurance premium deduction for senior citizens to be Rs 30,000

For middleclass, for contribution to National Pension Scheme, exemption raised from Rs 1,00,000 to Rs 1,50,000

Yoga to be included in the ambit of charitable purposes for Income Tax

To increase clean energy cess to Rs 200/tonne of coal

Economic environment far more positive than in the recent past

Wealth tax abolished; 2% addition surcharge on super rich with income of over Rs 1 crore

7-year imprisonment for non filing of return on foreign asset

Tax evasion with foreign links will be made criminal

Penalty for holding of blackmoney will be 300 pc of the tax; tax offenders cannot go to tax settlement commissions

Reduction in rate of corporate tax from 30 to 25% over next 4 years

Allocation for Defence for next financial year will be Rs 2,46,727 crore

AIIMS to be set up in J&K, Punjab, TN, Himachal Pradesh and Assam

Visa on arrival scheme to be expanded to 150 countries from the current 43 countries

12.5 crore families under Jan Dhan Yojna

Postal offices to function as payment banks

Govt to allocate Rs 75 crore for electric vehicles

Ports and public sectors to be privatised 

Investment in infrastructure to go up by 70,000 cr

New scheme called Nayi Manzil to enable minority youth

Integrated education and livelihood scheme for minorities

At least 1 member of each family to have job by 2022

Electrification of remaining 20,000 villages by 2020

11.5 crore LPG consumers transfered subsidy directly

Allocation of Rs 30,851 crore for SCs, Rs 79,258 crore for women in Budget 20-15-16

Pradhan Mantri Jeevan Jyoti Yojana to cover accident death at a premium of Rs 330 per year

Addition of Rs 1,000 crore for Nirbhaya fund

Tax free infrastructure bonds for projects in roads, rail to be introduced

Five ultra mega power projects each with capacity of 4000 mw to be set up

50 lakh toilets constructed, target 6 crore toilets

Housing for all to be implemented by 2022

Conquering inflation is an achievement of my govt, says Jaitley

Likely to end FY15 with 7.4 GDP

1 lakh km of roads to be constructed

Plan to give medical facilities in all villages

GDP growth to be 8-8.5 pc in 2015-16

GST to be in place by April 2016

Our objective is to keep inflation below 6%

Direct cash transfer for subsidies to be expanded to Rs 1 crore

Fiscal gap target of 3% to be met in 3 years

Allocate Rs 34,699 crore for MNREGA

Top tax bracket will give up LPG subsidy voluntarily

Rs 25,000 crore for rural infrastructure development fund

Will meet the fiscal deficit target of 4.1 percent of GDP this fiscal

Public investment of Rs 1.25 lakh crore over the and above the revised budgetary target

To create a senior citizens' welfare fund

Allocate Rs 5,300 crore for micro irrigation

Govt to work towards creating universal social security system for all Indians, especially the poor

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