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It is Finance Budget day today
- Thread starter vgane
- Start date
- Status
The Economic Survey 2014-15, which Union Finance Minister Arun Jaitley presented in Parliament on Friday, says India is currently in a sweet spot that could “propel” the economy to a double-digit growth.
It forecasts 8.1-8.5 per cent growth for 2015-16 against 7.4 per cent in the current financial year.
Chief Economic Adviser Arvind Subramanian, however, said he favoured the interpretation of a recovering rather than surging Indian economy as the Central Statistics Office’s 2013-14 growth estimate of 6.9 per cent was “puzzling.”
The estimate, he said, was difficult to reconcile with other developments in the economy during that year — capital had flowed out, interest rates were tightened and savings and investments had dramatically declined.
Subramanian said he was fine with the direction of the CSO’s estimate for growth in the current year though.
“The power of growth to lift all boats will depend critically on its employment creation potential,” the Survey said.
Pitching for reforms, it urged the Centre to bring down the fiscal deficit to 3 per cent of the GDP from the current year target of 4.1 per cent, which it said would be achieved.
It recommended compressing government expenditure for achieving this, saying tax collections were likely to be buoyant on account of faster growth and the rollout of the Goods and Services Tax.
Making a case for expenditure reforms, it said India was spending Rs. 3,78,000 crore or 4.24 per cent of the GDP on price subsidies, which were “not the government’s best weapon for fighting poverty.”
Analysing various subsidies, ranging from the public distribution system to water and power, it said price subsidies had not had a transformative effect on the living standards of the poor, though they helped poor households weather inflation.
It also found price subsidies regressive as the rich benefitted more from them than the poor.
Growth projects to be over 8% - The Hindu
It forecasts 8.1-8.5 per cent growth for 2015-16 against 7.4 per cent in the current financial year.
Chief Economic Adviser Arvind Subramanian, however, said he favoured the interpretation of a recovering rather than surging Indian economy as the Central Statistics Office’s 2013-14 growth estimate of 6.9 per cent was “puzzling.”
The estimate, he said, was difficult to reconcile with other developments in the economy during that year — capital had flowed out, interest rates were tightened and savings and investments had dramatically declined.
Subramanian said he was fine with the direction of the CSO’s estimate for growth in the current year though.
“The power of growth to lift all boats will depend critically on its employment creation potential,” the Survey said.
Pitching for reforms, it urged the Centre to bring down the fiscal deficit to 3 per cent of the GDP from the current year target of 4.1 per cent, which it said would be achieved.
It recommended compressing government expenditure for achieving this, saying tax collections were likely to be buoyant on account of faster growth and the rollout of the Goods and Services Tax.
Making a case for expenditure reforms, it said India was spending Rs. 3,78,000 crore or 4.24 per cent of the GDP on price subsidies, which were “not the government’s best weapon for fighting poverty.”
Analysing various subsidies, ranging from the public distribution system to water and power, it said price subsidies had not had a transformative effect on the living standards of the poor, though they helped poor households weather inflation.
It also found price subsidies regressive as the rich benefitted more from them than the poor.
Growth projects to be over 8% - The Hindu
Hope it is not a 'varavu selavu' budget as in the past. Budget must point to areas where money spent will trigger development. Like about rs. 20 lakh seed money (returnable) given to the local village community to build basic infrastructure. The community organized the dessert festival and kutch tourism, with tent accommodation, moonlight visit to salt plains and the lot. The project became profitable from second year, and gujarat govt has not taken back the seed capital, though the village community is keen to return it. It is rumoured that the budget will make provision of 2000 crores as seed money for startups and good ideas.
Interesting graphs on the subsidies amounting to Rs 3.8 Lac crores (USD 62 Billion)
India?s Rs. 3.8 lakh crore subsidies don?t always reach the poor - The Hindu
India?s Rs. 3.8 lakh crore subsidies don?t always reach the poor - The Hindu
Overall a very good visionary budget!
[h=1]Highlights of Union Budget 2015[/h]
[h=2]FM's Budget speech dwelt on agriculture, public investments in infrastructure, manufacturing and social sector spending.[/h]
States to be equal partners in economic growth; move to making India cashless society; social sector programmes to continue.
TAXATION
AGRICULTURE
INFRASTRUCTURE
EDUCATION
DEFENCE
WELFARE SCHEMES
RENEWABLE ENERGY
TOURISM
Highlights of Union Budget 2015 - The Hindu
[h=1]Highlights of Union Budget 2015[/h]
[h=2]FM's Budget speech dwelt on agriculture, public investments in infrastructure, manufacturing and social sector spending.[/h]
States to be equal partners in economic growth; move to making India cashless society; social sector programmes to continue.
TAXATION
| 1 | Abolition of Wealth Tax. |
| 2 | Additional 2% surcharge for the super rich with income of over Rs. 1 crore. |
| 3 | Rate of corporate tax to be reduced to 25% over next four years. |
| 4 | Total exemption of up to Rs. 4,44,200 can be achieved. |
| 5 | 100% exemption for contribution to Swachch Bharat, apart from CSR. |
AGRICULTURE
| 1 | Rs. 25,000 crore for Rural Infrastructure Development Bank. |
| 2 | Rs. 5,300 crore to support Micro Irrigation Programme. |
| 3 | Farmers credit - target of 8.5 lakh crore. |
INFRASTRUCTURE
| 1 | Rs. 70,000 crores to Infrastructure sector. |
| 2 | Tax-free bonds for projects in rail road and irrigation |
| 3 | PPP model for infrastructure development to be revitalised and govt. to bear majority of the risk. |
| 4 | Rs. 150 crore allocated for Research & Development |
| 5 | NITI to be established and involvement of entrepreneurs, researchers to foster scientific innovations. |
| 6 | Govt. proposes to set up 5 ultra mega power projects, each of 4000MW. |
EDUCATION
| 1 | AIIMS in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam. |
| 2 | IIT in Karnataka; Indian Institute of Mines in Dhanbad to be upgraded to IIT. |
| 3 | PG institute of Horticulture in Armtisar. |
| 4 | Kerala to have University of Disability Studies |
| 5 | Centre of film production, animation and gaming to come up in Arunachal Pradesh. |
| 6 | IIM for Jammu and Kashmir and Andhra Pradesh. |
DEFENCE
| 1 | Rs. 2,46,726 crore for Defence. |
| 2 | Focus on Make in India for quick manufacturing of Defence equipment. |
WELFARE SCHEMES
| 1 | 50,000 toilets constructed under Swachh Bharath Abhiyan. |
| 2 | Two other programmes to be introduced- GST & JAM Trinity. GST will be implemented by April 2016. |
| 3 | Housing for all by 2020. |
| 4 | Upgradation 80,000 secondary schools. |
| 5 | DBT will be further be expanded from 1 crore to 10.3 crore. |
| 6 | For the Atal Pension Yojna, govt. will contribute 50% of the premium limited to Rs. 1000 a year. |
| 7 | New scheme for physical aids and assisted living devices for people aged over 80 . |
| 8 | Govt to use Rs. 9000 crore unclaimed funds in PPF/EPF for Senior Citizens Fund. |
| 9 | Rs. 5,000 crore additional allocation for MGNREGA. |
| 9 | MUDRA bank will refinance micro finance orgs. to encourage first generation SC/ST entrepreneurs. |
| 9 | Govt to create universal social security system for all Indians. |
RENEWABLE ENERGY
| 1 | Rs. 75 crore for electric cars production. |
| 2 | Renewable energy target for 2022: 100K MW in solar; 60K MW in wind; 10K MW in biomss and 5K MW in small hydro |
TOURISM
| 1 | Churches and convents in old Goa, Hampi, Elephanta caves, Forests of Rajasthan, Leh palace, Varanasi , Jallianwala Bagh, Qutb Shahi tombs at Hyderabad to be under the new toursim scheme. |
| 2 | Visa on Arrival for 150 countries. |
Now from the horse's mouth...Well done FM!
It's a first-class Budget, will spur growth & India's global competitiveness: Swaminathan Aiyar
ET Now: What is your take on Budget 2015?
Swaminathan Aiyar: It is a first-class budget. I have a few reservations, but nevertheless this is a budget for growth.
More importantly, it is a budget for aimed at raising India's global competitiveness. I am very happy to see the push to cut down red tape for increasing the ease of doing business.
I am glad to see at the same time that Budget 2015 is not just a fat cat corporates; there are
huge takeaways for every section of society, including the poor.
Just some caveats: I find that the service tax is up to 14% and excise to 12.5%. I thought we were going for a unified GST. I do not really understand why these two figures have gone apart.
I am disapponited that FM Jaitley didn't stick to his words on fiscal deficit. But he should have, having made the commitment last time. I am further disappointed that the
revenue deficit is as high as 2.8%. It means the quality of the fiscal deficit is not as good as it should be.
Finally, all the data presumes that growth will be 8 to 8.5%. But there are some question on it. If you have a failure at that end, there will be some other problems.
But taken on face value, I would say FM Jaitley has done a good overall job. It is a good budget.
Read more at:
http://economictimes.indiatimes.com...ofinterest&utm_medium=text&utm_campaign=cppst
It's a first-class Budget, will spur growth & India's global competitiveness: Swaminathan Aiyar
ET Now: What is your take on Budget 2015?
Swaminathan Aiyar: It is a first-class budget. I have a few reservations, but nevertheless this is a budget for growth.
More importantly, it is a budget for aimed at raising India's global competitiveness. I am very happy to see the push to cut down red tape for increasing the ease of doing business.
I am glad to see at the same time that Budget 2015 is not just a fat cat corporates; there are
huge takeaways for every section of society, including the poor.
Just some caveats: I find that the service tax is up to 14% and excise to 12.5%. I thought we were going for a unified GST. I do not really understand why these two figures have gone apart.
I am disapponited that FM Jaitley didn't stick to his words on fiscal deficit. But he should have, having made the commitment last time. I am further disappointed that the
revenue deficit is as high as 2.8%. It means the quality of the fiscal deficit is not as good as it should be.
Finally, all the data presumes that growth will be 8 to 8.5%. But there are some question on it. If you have a failure at that end, there will be some other problems.
But taken on face value, I would say FM Jaitley has done a good overall job. It is a good budget.
Read more at:
http://economictimes.indiatimes.com...ofinterest&utm_medium=text&utm_campaign=cppst
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Sorry folks, have to disagree with you all!!
Historic Opportunity Missed!!
This Budget is not just average, it is terrible. Lacks complete vision, no deficit control leading to fears of rating agency downgrades, no major manufacturing reform except for some marginal tax cuts, no industrial reforms, no infrastructure reforms, no IT reforms, no urban reforms – no plans for distributed development across the 300 cities, no rural sector reforms, no PSU reforms/privatization, no FDI in Mfg/Retail etc.., no energy sector reforms – no sops for renewable energy companies, no subsidy reform, no tax reforms, no govt red tape reforms, etc..
Sadly this is what many of us expected. If you need radical path breaking reforms , you need to put Geniuses on the Job !!!
Historic Opportunity Missed!!
This Budget is not just average, it is terrible. Lacks complete vision, no deficit control leading to fears of rating agency downgrades, no major manufacturing reform except for some marginal tax cuts, no industrial reforms, no infrastructure reforms, no IT reforms, no urban reforms – no plans for distributed development across the 300 cities, no rural sector reforms, no PSU reforms/privatization, no FDI in Mfg/Retail etc.., no energy sector reforms – no sops for renewable energy companies, no subsidy reform, no tax reforms, no govt red tape reforms, etc..
Sadly this is what many of us expected. If you need radical path breaking reforms , you need to put Geniuses on the Job !!!
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C
CHANDRU1849
Guest
Budget is, more or less, income and expenditure statement for a specific period. This exercise is being given too much of importance.
it is an interesting budget
giving poor access to health insurance,pension schemes,life and accident insurance. -great . it is not for the starving but
relative poor who have no access to such things
middle income groups get nothing but get loaded with higher service tax of 14percent and excise duty of 12.5 percent
some consumer durables like frig might cost less
corporates get reduction of tax from 30 to 23 percent over five years acroo the board
the expectation is they will get enough to facilitate investment and raise gdp growth.
the general feeling is india will become an atractive place for corporates in comparison to south east asian countries.
all this make one think that it anti poor and middle classes.
there is nothing much in it for them.
stock market as expected crashed as its expectations were not met.
giving poor access to health insurance,pension schemes,life and accident insurance. -great . it is not for the starving but
relative poor who have no access to such things
middle income groups get nothing but get loaded with higher service tax of 14percent and excise duty of 12.5 percent
some consumer durables like frig might cost less
corporates get reduction of tax from 30 to 23 percent over five years acroo the board
the expectation is they will get enough to facilitate investment and raise gdp growth.
the general feeling is india will become an atractive place for corporates in comparison to south east asian countries.
all this make one think that it anti poor and middle classes.
there is nothing much in it for them.
stock market as expected crashed as its expectations were not met.
V
V.Balasubramani
Guest
Flying, eating out will pinch your pocket now: A list of things getting cheaper/costlier
New Delhi, Feb 28: Finance Minister Arun Jaitley on Saturday presented the first full-fledged Budget of Prime Minister Narendra Modi's government on Saturday.The announcements made by Jaitley have resulted in hike in prices of some commodities and reduction in some.
Smoking and consumption of other tobacco items will be more expensive, while an increase in service tax rate would make costlier a whole lot of other activities including air travel, eating out and paying bills. Those that would turn cheaper include leather footwear, locally made mobiles, computer tablets, microwave ovens, peanut butter, packaged fruits, ambulance service and agarbattis.Following is a list:
EXPENSIVE :
Cigarettes and other tobacco products
Completely built imported commercial vehicles
Cement Aerated, flavoured drinks and packaged water
Plastic bags and sacks
Business and executive class air travel
Visit to amusement and theme park
Music concerts Liquor, chit fund and lottery
CHEAPER
Leather footwear priced above Rs 1,000 per pair
Locally made mobile phones,
LED/LCD panels, LED lights and LED Lamps
Solar Water heater Pacemakers, ambulance and ambulance services
Computer tablets
Agarbattis Microwave ovens Refrigerator compressors
Peanut butter, packaged fruits and vegetables
Visit to museum, zoo and national park.
Read more at: Flying, eating out will pinch your pocket now: A list of things getting cheaper/costlier - Oneindia
New Delhi, Feb 28: Finance Minister Arun Jaitley on Saturday presented the first full-fledged Budget of Prime Minister Narendra Modi's government on Saturday.The announcements made by Jaitley have resulted in hike in prices of some commodities and reduction in some.
Smoking and consumption of other tobacco items will be more expensive, while an increase in service tax rate would make costlier a whole lot of other activities including air travel, eating out and paying bills. Those that would turn cheaper include leather footwear, locally made mobiles, computer tablets, microwave ovens, peanut butter, packaged fruits, ambulance service and agarbattis.Following is a list:
EXPENSIVE :
Cigarettes and other tobacco products
Completely built imported commercial vehicles
Cement Aerated, flavoured drinks and packaged water
Plastic bags and sacks
Business and executive class air travel
Visit to amusement and theme park
Music concerts Liquor, chit fund and lottery
CHEAPER
Leather footwear priced above Rs 1,000 per pair
Locally made mobile phones,
LED/LCD panels, LED lights and LED Lamps
Solar Water heater Pacemakers, ambulance and ambulance services
Computer tablets
Agarbattis Microwave ovens Refrigerator compressors
Peanut butter, packaged fruits and vegetables
Visit to museum, zoo and national park.
Read more at: Flying, eating out will pinch your pocket now: A list of things getting cheaper/costlier - Oneindia
Individual tax payer can claim tax benefits up to Rs 444200..How?
During his Budget speech, Finance Minister Arun Jaitley said an individual tax payer can claim tax benefits for up to Rs. 4,44,200 in addition to the tax exemption.
Here is how you get there:
[TABLE="class: display dataTable"]
[TR="class: even"]
[TD] Deductions under 80C [/TD]
[TD] Rs. 1,50,000 [/TD]
[/TR]
[TR="class: odd"]
[TD] Deductions under 80CCD for contribution to NPS [/TD]
[TD] Rs. 50,000 [/TD]
[/TR]
[TR="class: even"]
[TD] Interest on house property loan [/TD]
[TD] Rs. 2,00,000 [/TD]
[/TR]
[TR="class: odd"]
[TD] Exemption with new transportation allowance of Rs. 1,600 per month
[/TD]
[TD] Rs. 19,200 [/TD]
[/TR]
[TR="class: even"]
[TD] New deductible health insurance premium [/TD]
[TD] Rs. 25,000
[/TD]
[/TR]
[TR="class: odd"]
[TD] Total [/TD]
[TD] Rs. 4,44,200
[/TD]
[/TR]
[/TABLE]
How to claim tax benefits for up to Rs. 4,44,200 - The Hindu
During his Budget speech, Finance Minister Arun Jaitley said an individual tax payer can claim tax benefits for up to Rs. 4,44,200 in addition to the tax exemption.
Here is how you get there:
[TABLE="class: display dataTable"]
[TR="class: even"]
[TD] Deductions under 80C [/TD]
[TD] Rs. 1,50,000 [/TD]
[/TR]
[TR="class: odd"]
[TD] Deductions under 80CCD for contribution to NPS [/TD]
[TD] Rs. 50,000 [/TD]
[/TR]
[TR="class: even"]
[TD] Interest on house property loan [/TD]
[TD] Rs. 2,00,000 [/TD]
[/TR]
[TR="class: odd"]
[TD] Exemption with new transportation allowance of Rs. 1,600 per month
[/TD]
[TD] Rs. 19,200 [/TD]
[/TR]
[TR="class: even"]
[TD] New deductible health insurance premium [/TD]
[TD] Rs. 25,000
[/TD]
[/TR]
[TR="class: odd"]
[TD] Total [/TD]
[TD] Rs. 4,44,200
[/TD]
[/TR]
[/TABLE]
How to claim tax benefits for up to Rs. 4,44,200 - The Hindu
It is India's chance to fly?
Puja Mehra
In his first full budget since the NDA came to power last May, Arun Jaitley manages to combine the pragmatic and the political.
Allocating Rs. 70,000 crore for public spending on infrastructure to stimulate growth in the economy, Union Budget 2015-16 proposed a 5 per cent cut in corporate tax, abolished wealth tax and replaced it with an additional 2 per cent surcharge on the tax collected from the super-rich with incomes in excess of Rs. 1 crore.
Presenting the Modi government’s first full-year budget in Parliament on Saturday, Union Finance Minister Arun Jaitley said the corporate tax was proposed to be lowered from 30 per cent to 25 per cent over the next four years and would go hand in hand with a rollback in sops and exemptions companies enjoyed.
“The credibility of the Indian economy has been re-established, the world is predicting that it’s India’s chance to fly. As the PM has mentioned many times — we are a round-the-clock, round-the-year government,” Mr. Jaitley said.
The budget raised excise duty and service tax rates, pushing up retail prices of several goods and services.
Mr. Jaitley left untouched personal income tax rates for 2015-16, but rewarded the middle class with a higher limit for deduction of Rs. 25,000 on health insurance premium against the existing Rs. 15,000.
The limit will go up from Rs. 20,000 to Rs 30,000 for senior citizens. The deduction of Rs. 30,000 for medical treatment spending is proposed for those over 80 years old without health insurance cover.
The proposals, said Mr. Jaitley, would not only promote health care but also enhance the savings rate in the economy.
Locally made mobile handsets, tablets, microwave ovens and packaged fruits are likely to be cheaper on reductions proposed in various duties and taxes. Mr. Jaitley proposed a 25 per cent hike in the duty on cigarettes, cigars and cheroots. The key construction industry input, cement, too is likely to become costlier.
The service tax plus education cess is proposed to be hiked from 12.36 per cent to 14 per cent which is likely to increase costs of air travel, eating out and beauty services.
http://www.thehindu.com/business/budget/arun-jaitley-presents-the-union-budget/article6946572.ece
Puja Mehra
In his first full budget since the NDA came to power last May, Arun Jaitley manages to combine the pragmatic and the political.
Allocating Rs. 70,000 crore for public spending on infrastructure to stimulate growth in the economy, Union Budget 2015-16 proposed a 5 per cent cut in corporate tax, abolished wealth tax and replaced it with an additional 2 per cent surcharge on the tax collected from the super-rich with incomes in excess of Rs. 1 crore.
Presenting the Modi government’s first full-year budget in Parliament on Saturday, Union Finance Minister Arun Jaitley said the corporate tax was proposed to be lowered from 30 per cent to 25 per cent over the next four years and would go hand in hand with a rollback in sops and exemptions companies enjoyed.
“The credibility of the Indian economy has been re-established, the world is predicting that it’s India’s chance to fly. As the PM has mentioned many times — we are a round-the-clock, round-the-year government,” Mr. Jaitley said.
The budget raised excise duty and service tax rates, pushing up retail prices of several goods and services.
Mr. Jaitley left untouched personal income tax rates for 2015-16, but rewarded the middle class with a higher limit for deduction of Rs. 25,000 on health insurance premium against the existing Rs. 15,000.
The limit will go up from Rs. 20,000 to Rs 30,000 for senior citizens. The deduction of Rs. 30,000 for medical treatment spending is proposed for those over 80 years old without health insurance cover.
The proposals, said Mr. Jaitley, would not only promote health care but also enhance the savings rate in the economy.
Locally made mobile handsets, tablets, microwave ovens and packaged fruits are likely to be cheaper on reductions proposed in various duties and taxes. Mr. Jaitley proposed a 25 per cent hike in the duty on cigarettes, cigars and cheroots. The key construction industry input, cement, too is likely to become costlier.
The service tax plus education cess is proposed to be hiked from 12.36 per cent to 14 per cent which is likely to increase costs of air travel, eating out and beauty services.
http://www.thehindu.com/business/budget/arun-jaitley-presents-the-union-budget/article6946572.ece
Last edited:
V
V.Balasubramani
Guest
[FONT=tahoma, sans-serif]I would like to share an email received from a friend of mine on Tax Benefits
[/FONT][FONT=tahoma, sans-serif]Benefits to Middle Class Tax Payers in the Budget 2015-16[/FONT]
[FONT=tahoma, sans-serif][/FONT][FONT=tahoma, sans-serif]
[/FONT]
[FONT=tahoma, sans-serif]No Change In Rate Of Personal Income Tax[/FONT]
[FONT=tahoma, sans-serif]
[/FONT]
[FONT=tahoma, sans-serif]Rationalization And Removal Of Various Tax Exemption[/FONT]
[FONT=tahoma, sans-serif]
[/FONT]
[FONT=tahoma, sans-serif]Exemption To Individual Tax Payers To Continue To Facilitate Savings[/FONT]
[FONT=tahoma, sans-serif]
[/FONT]
[FONT=tahoma, sans-serif]Atal Pension Yojana For Defined Pension, Government To Contribute 50% Of The Premium[/FONT]
[FONT=tahoma, sans-serif]
[/FONT]
[FONT=tahoma, sans-serif]Benefits to Middle Class Tax Payers in the Budget 2015-16[/FONT]
[FONT=tahoma, sans-serif][/FONT][FONT=tahoma, sans-serif]
[/FONT]
[FONT=tahoma, sans-serif]Payments to the Beneficiaries Including Interest Payment on Deposit in Sukanya Samriddhi Scheme to be Fully Exempt[/FONT]
[FONT=tahoma, sans-serif]
[/FONT]
[FONT=tahoma, sans-serif]The Union Minister of Finance Shri Arun Jaitley in his Budget Speech in Lok Sabha today proposed rationalization of various tax exemptions and incentives to reduce tax disputes and improve tax administration. He said, with a view to encourage savings and to promote health care among individual tax payers, it is proposed to increase the limit of reduction of health insurance premium from Rs 15,000 to Rs 25,000 and for senior citizen this limit is increase from Rs 20,000 to Rs 30,000.[/FONT]
[FONT=tahoma, sans-serif]
[/FONT]
[FONT=tahoma, sans-serif]For senior citizen above the age of 80 years, not eligible to take health insurance, deduction is allowed for Rs 30,000 toward medical expenditure. Deduction limit of Rs 60,000 on expenditure on account of specified diseases is enhanced to Rs 80,000 in the case of senior citizens.[/FONT]
[FONT=tahoma, sans-serif]
[/FONT]
[FONT=tahoma, sans-serif]Additional deduction of Rs 25,000 is allowed for differently-abled persons, increasing the limit from Rs 50,000 to Rs 75,000. It is also proposed to increase the limit of deduction from Rs 1 lakh to Rs 1.25 lakh in case of severe disability.[/FONT]
[FONT=tahoma, sans-serif]
[/FONT]
[FONT=tahoma, sans-serif]The Finance Minister Shri Jaitley also proposed to provide that investment in Sukanya Samriddhi Scheme will be eligible for deduction under section 80C of the income-tax and any payment from the scheme shall not be liable to tax.[/FONT]
[FONT=tahoma, sans-serif]
[/FONT]
[FONT=tahoma, sans-serif]Limit on deduction on account of contribution to a pension fund and the new pension scheme is proposed to be increased from Rs 1 lakh to Rs 1.5 lakh.[/FONT]
[FONT=tahoma, sans-serif]
[/FONT]
[FONT=tahoma, sans-serif]Additional deduction of Rs 50,000 will be allowed for contribution to the new pension scheme u/s 80 CCD increasing from Rs 1 lakh to Rs 1.5 lakh.[/FONT]
[FONT=tahoma, sans-serif][FONT=tahoma, sans-serif]
Source
IB[/FONT][/FONT] -Thro Rangachari Ji
[FONT=tahoma, sans-serif][/FONT][FONT=tahoma, sans-serif]
[/FONT]
[FONT=tahoma, sans-serif]
[/FONT]
[/FONT][FONT=tahoma, sans-serif]Benefits to Middle Class Tax Payers in the Budget 2015-16[/FONT]
[FONT=tahoma, sans-serif][/FONT][FONT=tahoma, sans-serif]
[/FONT]
[FONT=tahoma, sans-serif]No Change In Rate Of Personal Income Tax[/FONT]
[FONT=tahoma, sans-serif]
[/FONT]
[FONT=tahoma, sans-serif]Rationalization And Removal Of Various Tax Exemption[/FONT]
[FONT=tahoma, sans-serif]
[/FONT]
[FONT=tahoma, sans-serif]Exemption To Individual Tax Payers To Continue To Facilitate Savings[/FONT]
[FONT=tahoma, sans-serif]
[/FONT]
[FONT=tahoma, sans-serif]Atal Pension Yojana For Defined Pension, Government To Contribute 50% Of The Premium[/FONT]
[FONT=tahoma, sans-serif]
[/FONT]
[FONT=tahoma, sans-serif]Benefits to Middle Class Tax Payers in the Budget 2015-16[/FONT]
[FONT=tahoma, sans-serif][/FONT][FONT=tahoma, sans-serif]
[/FONT]
[FONT=tahoma, sans-serif]Payments to the Beneficiaries Including Interest Payment on Deposit in Sukanya Samriddhi Scheme to be Fully Exempt[/FONT]
[FONT=tahoma, sans-serif]
[/FONT]
[FONT=tahoma, sans-serif]The Union Minister of Finance Shri Arun Jaitley in his Budget Speech in Lok Sabha today proposed rationalization of various tax exemptions and incentives to reduce tax disputes and improve tax administration. He said, with a view to encourage savings and to promote health care among individual tax payers, it is proposed to increase the limit of reduction of health insurance premium from Rs 15,000 to Rs 25,000 and for senior citizen this limit is increase from Rs 20,000 to Rs 30,000.[/FONT]
[FONT=tahoma, sans-serif]
[/FONT]
[FONT=tahoma, sans-serif]For senior citizen above the age of 80 years, not eligible to take health insurance, deduction is allowed for Rs 30,000 toward medical expenditure. Deduction limit of Rs 60,000 on expenditure on account of specified diseases is enhanced to Rs 80,000 in the case of senior citizens.[/FONT]
[FONT=tahoma, sans-serif]
[/FONT]
[FONT=tahoma, sans-serif]Additional deduction of Rs 25,000 is allowed for differently-abled persons, increasing the limit from Rs 50,000 to Rs 75,000. It is also proposed to increase the limit of deduction from Rs 1 lakh to Rs 1.25 lakh in case of severe disability.[/FONT]
[FONT=tahoma, sans-serif]
[/FONT]
[FONT=tahoma, sans-serif]The Finance Minister Shri Jaitley also proposed to provide that investment in Sukanya Samriddhi Scheme will be eligible for deduction under section 80C of the income-tax and any payment from the scheme shall not be liable to tax.[/FONT]
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[FONT=tahoma, sans-serif]Limit on deduction on account of contribution to a pension fund and the new pension scheme is proposed to be increased from Rs 1 lakh to Rs 1.5 lakh.[/FONT]
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[FONT=tahoma, sans-serif]Additional deduction of Rs 50,000 will be allowed for contribution to the new pension scheme u/s 80 CCD increasing from Rs 1 lakh to Rs 1.5 lakh.[/FONT]
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IB[/FONT][/FONT] -Thro Rangachari Ji[FONT=tahoma, sans-serif][/FONT][FONT=tahoma, sans-serif]
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