Highlights of Union Budget 2015

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Highlights of Union Budget 2015


Following are the highlights of the Union Budget 2015-16 presented by Finance Minister Arun Jaitley in Parliament on Saturday:
* No change in personal Income Tax
* Health Insurance Premium deduction hiked from Rs 15,000 to Rs 25,000; for senior citizens to Rs 30,000
* Transport allowance exemption hiked to Rs 1,600, from Rs
800 per month
* Additional 2% surcharge on people earning over Rs 1 cr;
to fetch Rs 9,000 crore
* Wealth tax abolished
* Direct Taxes Code (DTC) dropped
* Rs 50,000 deduction for contribution to New Pension
Scheme
* To lower Corporate Tax to 25% over next four years
* GAAR implementation deferred by 2 years to April 2017
* Service Tax rate hiked to 14%, from 12.36%
* Tax free bonds for roads, railways, irrigation projects
* 2015-16 growth between 8-8.5%, double digit growth
feasible
* Retail inflation close to 5% by March, room for monetary
policy easing
* To achieve fiscal deficit of 3% of GDP by 2017-18
* Fiscal Deficit target 3.9% in 2015-16, 3.5% in 2016-17
* Revenue Deficit to be 2.8% in 2015-16
* Current Account Deficit for 2014-15 to be below 1.3% of
GDP
* To introduce comprehensive law to deal with black money
* Benami property transaction bill to tackle black money
transaction in real estate soon
* 100% deduction for contribution to Swachh Bharat, Clean
Ganga projects
* GST to be put in place by April 1, 2016
* Internationally competitive direct tax regime to be put
in place to incentivise saving
* Incentivise use of credit, debit cards; disincentivise
cash transaction to curb black money