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    Budget Highlights

    Budget Highlights

    New Delhi: Highlights of the budget for 2015-16 presented by Finance Minister Arun Jaitley in the Lok Sabha Saturday:

    * Changes in excise on tobacco items, including cigarettes, paan masala and gutkha

    * Tax exemption for contributions to 'Swachh Bharat Abhiyan' and 'Clean Ganga Fund' by corporates as part of CSR

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

    * For senior citizens, this limit to be increased from Rs.30,000 from present Rs.10,000

    * Deduction limit of Rs.60,000 on account of serious diseases to be enhanced to Rs.80,000 for senior citizens

    * Exemption on contributions to Pension Fund hiked from Rs.1 lakh to Rs.1.5 lakh per year

    * All investment payments in 'Sukanya Scheme' will be fully exempted from tax

    * Transport allowance exemption raised from Rs.800 to Rs.1,600 per month

    * Wealth Tax to be abolished and additional two percent tax on super rich to yield Rs.9,000 crore annually

    * Excise duty on footwear with leather uppers to be reduced to six percent

    * Service tax and education levy to be consolidated from 12.36 percent to 14 percent

    * Swachh Bharat cess of two percent, if necessary

    * Law against Benami property in fight against black money

    * Quoting PAN essential in property transactions

    * Splitting of transaction not to be permitted

    * Tax regime to be rationalised

    * Applicability of General Avoidance Rules (GAR) to be deferred by two years in view of problems faced in its implementation

    * Non-Plan expenditure in 2015-16 estimated at Rs.1,312,200 crore; Plan expenditure estimated at Rs.465,277 crore

    * Tax collection in 2015-16 estimated at Rs.1,449,490 crore

    * Corporate tax to be reduced to 25 percent from 30 percent in four years

    * Rigorous imprisonment of up to 10 years for concealing income

    * Prevention of Money Laundering Act to be amended to provide for forfeiture of property in India if the one abroad cannot be attached

    * Exemption to individual tax payers to continue

    * In last nine months several steps taken to effectively deal with problem of black money

    * Comprehensive new law to be brought against black money

    * New structure to be put in place in banking sector for seamless integration of data

    * Adequate provision for defence with Rs.246,727 crore earmarked this year

    * Fully IT-based student-help facility for needy students

    * Eastern states to be given opportunity to develop faster. Special boost to Bihar and West Bengal as in the case of Andhra Pradesh and Telangana

    * Good progress in DMIC corridor and other infra-projects. Rs.1,200 crore earmarked and additional funds if pace of work picks up on ongoing projects

    * Procurement law to be drawn up to ensure transparency and remove corruption

    * Centenary of Deen Dayal Upadhyay to be celebrated; committee for this to be set up soon

    * During 2015-16 AIIMS-like institutes to be set up in Jammu and Kashmir, Punjab, Tamil Nadu and Himachal Pradesh; Bihar to get second AIIMS-like institution

    * Karnataka to get an IIT; Indian School of Mines in Dhanbad to be upgraded to IIT

    * Good progress being made on Digital India

    * To discourage transactions in cash, Rupee debit card to incentivise credit transactions

    * In line with 'Act East Policy', steps to catalyse investment in this sector through a project development company to oversee investments in Cambodia, Laos and Vietnam

    * Tourism has increased after Visa on Arrival introduced for 43 countries. This facility to be increased to 150 countries in different stages

    * Public Debt Management Agency to be created to strengthen the bond market

    * Gold Monetisation Scheme to be introduced; sovereign gold bonds to be introduced; working on developing Indian gold coin with Ashok Chakra on face

    * Vision of making India cashless society

    * Foreign Investment in alternative investment funds to be permitted

    * Ports in public sector to be encouraged to utilise land under their control

    * Make India investment-destination by streamlining permission procedures

    * Five ultra-mega power projects each of 4,000 MW to be set up

    * MGNREGA allocation to be enhanced by Rs.5,000 crore, if additional funds available

    * Integrated education and livelihood scheme to be launched

    * "The Everlasting Flame" exhibition on Parsis to be launched

    * National investment and infrastructure fund to be launched with corpus of Rs.20,000 crore to generate more funds

    * Innovation initiative to be launched in NITI Aayog in the name of former prime minister Atal Bihari Vajpayee

    * Government committed to increasing access of people to the banking system

    * Universal social security system for all Indians, especially poor and disadvantaged sections

    * Atal Pension Yojna for economically disadvantaged

    * PPF and EPF corpus to be utilised for senior citizens' welfare fund

    * Physical aids and assisting devices for physically challenged senior citizens

    * Main challenges: increasing agricultural production; increasing investment in infrastructure; with manufacturing declining, Make in India will create jobs; cooperative federalism

    * Agriculture credit targetted at Rs.8.5 lakh crore

    * Rural jobs scheme to get Rs.34,699 crore; Every poor to get a job

    * To work with NITI Aayog for creating a National Agricultural Market

    * Need well-targeted system for subsidies.

    * Direct transfer of subsidy to LPG consumers

    * Appeal to well-off consumers to surrender subsidised LPG connections

    * Organic farm schemes of agriculture ministry to be supported

    * 'Per drop More crop' scheme for better irrigation

    * Three achievements - Jan Dhan Yojna, coal auctions, Swachh Bharat

    * Two more gamechanging reforms: Goods and Services Tax, JAM trinity (Jan Dhan Yojna, Aadhar, Mobile number) to ensure transparency

    * Our achievement to conquer inflation, CPI inflation at five percent by year-end

    * GDP growth at 7.4 percent in 2014-15 and at 8-8.5 percent in 2015-16; double-digit growth feasible

    * We are in an economic environment far more positive than in the recent past

    * Undertaken several significant steps to energise the Indian economy in last nine months

    * India's chance to fly

    * Budget proposals lay down roadmap for economic growth.

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