the lilliput budget 2015
TRANSCRIPT
The Lilliput Budget
BY
Covers:• Personal Taxation• Corporate Taxes• Three sectors in focus• Significant
Information
“Tune in to develop your money sense”
Atal Pensi
on Plan
Health Insura
nce
Pension
Funds
Personal TaxationDeduction for health insurance premium U/S 80D increased from INR 15,000 to INR 25,000 & for
senior citizens – INR 20,000 to INR
30,000.
Additional deduction of INR 50,000 for
contribution to new pension scheme U/S
80CCD.
Transport allowance exemption hiked from 800 p.m. to
1600 p.m. (a long-awaited change) For specified
disease of serious nature, deduction
limit hiked from INR 60,000 to INR
80,000.No change in Tax Slabs
Wealth tax abolished from this F.Y.
2% surcharge on super rich (i. e income greater than 1 crore p.a.)
Total tax exemption of INR 4,44,200 can
be achieved
Increase in Service Tax to 14% (inclusive of cess)
A Bit More…
Corporate Taxation
The rate of corporate tax to be reduced to 25% over the next
four years
100% deduction for contribution to Swacchh Bharat and Clean Ganga,
apart from CSR.
Make India a hub for start-ups over the course of next 3
years. (So, gear up fellas)EcExcise Duty
Overall increase to 12.5%Increased by 25% on 65 mm cigarettes and 15% on other
categoriesOn leather shoes priced above
INR 1000 down to 6%
Changes for the Education Sector
• Focus is on higher education
• Upgradation of Indian school of mines (Dhanbad) into a full-fledged IIT
• Creation of two IITs including Dhanbad and Karnataka
• Set up of Institutes of Science and Education Research in Nagaland and Odisha
• Two IIMs in Jammu and Kashmir & Andhra Pradesh
• Plans to establish senior secondary school within 5km reach of every child
• New scheme ‘Nayi Manzil’ to enable minority youth without ‘school leaving certificates’ to get employment
A Farrago of Welfare Schemes
• Target of making 6 crore toilets
• Housing for all by 2020
• INR 1000 crore to be put in ‘Nirbhaya fund’ for improved security of women
• Aim to complete electrification of most villages by 2020
• Boost medical opportunities in villages, where it is a vital need
• Proposal to create universal social security schemes for all Hindustanis
• Plans to launch ‘PM Suraksha Yojana’ to provide accident insurance of INR 200,000 on a premium of INR 12 per year
Tourism (Athiti devo bhava)
.
In order to ensure higher foreign exchange reserves, better economic security, greater investments and holistic developments, these are the
changesBolstering efforts to improve
signages, landscape restoration, parking, security etc. at various heritage sites
Propose to increase ‘Visa on Arrival’ to 150 countries as
compared to existing 43 countries
*DO NOT MISS!*
Three schemes to curb Gold imports and monetize large ideal stocks:
• Government will launch a ‘Gold monetization scheme’, where depositors can earn interest on their metal accounts
• To develop an alternate financial asset in form of a Sovereign Gold Bond, which will minimize the purchases of metal gold. The bonds will carry fixed interest and shall be redeemable in cash
• Introduction of an Indian gold coin with Ashok Chakra on it to reduce dependence on foreign gold coins
THANK YOU
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