SALIENT FEATURES OF BUDGET 2015
RECEIPTS
CAPITAL RECEIPTS BORROWINGS 24% NON DEBT CAPITAL RECEIPT 4%
REVENUE RECEIPTS
DIRECT TAXES 34%(Corporate tax 20,
IT 14%
INDIRECT TAXES 28% Customs,Service
Tax 9% each, Excise 10%
NON TAX REVENUE-10%
EXPENDITURE
State Share of Taxes 23%
Interest paument-20%
Defence -11%
Central Plan-11%
Subsidies-10%
Plan assistance to States-9%
Non plan assistance to States-5%
Other Non planned Expr-11%
Projected GDP Growth-8-8.5%
Fiscal Deficit 3.9% of GDP 2015-16
Housing for All vy 2020
Exempt-Exempt-Exempt (EEE) tax benefit proposed for
assessee having a girl child and investing under the Sukanya Samriddhi Account
Scheme. The investments made in the Scheme will be eligible for deduction under
section 80C of the Act, the interest accruing on deposits in such account will
be exempt from income tax and the withdrawal from the said scheme in
accordance with the rules of the said scheme will be exempt from tax.
The wealth tax has been abolished, the
super-rich, including individuals, firms and cooperative societies etc. with
income of more than Rs.1 crore have to cough up an additional 2%
surcharge.
100%
deduction for donations
made by any donor to the Swachh Bharat Kosh and to Clean
Ganga Fund.
The implementation of General Anti Avoidance Rule (GAAR) is
proposed to be deferred by two years. Accordingly, it would be applicable for
the financial year 2017-18 (A.Y. 2018-19) and subsequent years. Further, it is
also proposed that the investments made upto 31.03.2017 shall not be subject to
GAAR.
The definition for charitable purpose provided under
section 2(15) is proposed to be amended to include the activity of Yoga as a
special category of activity to be considered as charitable purpose on the
lines of education
SERVICE
TAX . Levy of
existing rate of service tax 12% is being increased to 14% from 1-06-2014.
Thus, the net effect in the rate will be from 12.36% (inclusive Cesses) to 14%,
subsuming the Cesses. The Cesses will continue to be levied in service tax till
the time the revised rate comes into effect.In addition, a new levy termed as “Swachh
Bharat Cess” shall be introduced as “Service Tax” @2% on the taxable value
from a date to be notified by the Ministry. Thus the net effect in the
rate will be 16% on the value of taxable services.
CENTRAL
EXCISE-Existing
rate of 12% ad valorem will be @12.5% adv. from 01.03.2015 under
the head
Government of
India in the Union Budget 2014-2015, announced the revival of Varishtha Pension Bima Yojana. Excerpts
from budget speech by Honrable Finance Minister are, "NDA Government during its last term in office had introduced the
Varishtha Pension Bima Yojana (VPBY) as a pension scheme for senior citizens.
Under the scheme a total number of 3.16 lakh annuitants are being benefited and
corpus amounts to Rs.6,095 Crore. I propose to revive the scheme for a limited
period from 15th August
2014 to 14th August
2015 for the benefit of
citizens aged 60 years and above. Service Tax exemption given for this scheme
Visa on Arrival facility increased from 43
countries to 150 Countries
Non filing of return may result in
imprisonment uptp7 years
Gold Monetisation Scheme has been launched
under which you go store your gold with the government or banks, which give you
interest on the value of metal stored. Gold loans will also become easy to take
out
AIIMS in Jammu and Kashmir, Punjab, Tamil
Nadu, Himachal Pradesh, Bihar and Assam has been announced
Many new welfare schemes were launched and
many reforms are on the anvil. 'Nayi Manzil' scheme announced for the
minorities youth to facilitate jobs without a school leaving certificate and a
new scheme for physical aids and assisted living devices for people aged over
80.
Centre-sponsored development schemes for
churches and convents in old Goa, the ancient temples of Hampi, Elephanta
Caves, forests of Rajasthan, Leh palace, Varanasi, Jallianwala Bagh and Qutub
Shahi tombs at Hyderabad.
MINORITIES SCHEME
USTAAD:- The Scheme aims at
upgrading Skills and Training in preservation of traditional
Ancestral Arts/Crafts of minorities.
Hamari Darohar:- The Scheme aims to
preserve rich heritage of minority communities in context of Indian culture.
Khwaza Garib Nawaz Senior Secondary School
will be established at Ajmer by Maulana Azad Education Foundation (MAEF) to
give a fillip to minority education.
Nai Manzil: A bridge course to
bridge the academic and skill development gaps of the deeni Madrasa passouts
with their mainstream counterparts.
Strengthening of State
Wakf Boards: The scheme envisages to provide assistance for meeting the
training and administrative cost of State Wakf Boards, removal of encroachment
from Waqf Properties and also strengthening of Zonal/Regional offices of Waqf
Boards
Features of Deen Dayal Upadhyaya Grameen Kaushalya Yojana
· Enable Poor and Marginalized to Access
Benefits
Demand led skill training at no cost to the rural poor
· Inclusive Program Design
Mandatory coverage of socially disadvantaged groups (SC/ST 50%;
Minority 15%; Women 33%)
· Shifting Emphasis from Training to
Career Progression
Pioneers in providing incentives for job retention, career
progression and foreign placements
· Greater Support for Placed Candidates
Post-placement support, migration support and alumni network
· Proactive Approach to Build Placement Partnerships
Guaranteed Placement for at least 75% trained candidates
· Enhancing the Capacity of
Implementation Partners
Nurturing new training service providers and developing their
skills
· Regional Focus
Greater emphasis on projects for poor rural youth in Jammu and
Kashmir (HIMAYAT),
the North-East region and 27 Left-Wing Extremist (LWE) districts
(ROSHINI)
· Standards-led Delivery
All program activities are subject to Standard Operating
Procedures that are not open to interpretation by local inspectors. All
inspections are supported by geo-tagged, time stamped videos/photographs
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