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Yogi Zone

Useful articles for your finance management by our team of experts

Salient Aspects of Union Budget 2015

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All eyes have been on Finance Minister Mr. Arun Jaitley since the past few days since he is the man behind the Union Budget 2015. It is also significant since it is the first budget of this Government. The Finance Minister has just completed his budget speech. Here are the salient aspects of the speech:

  • 2015 GDP to be seen at 7.4%
  • 12.5 crore families under Jan Dhan Yojna
  • 50 lakh toilets have been constructed, target of 6 crore toilets.
  • Electrification of 20,000 villages by 2020.
  • Rs. 25,000 cr for infrastructure development fund allotted.
  • Universal social security system to be created for the needy.
  • Atal pension Yojana scheme to provide pension to retired people.
  • Integrated education and livelihood scheme for minorities.
  • 5 ultra mega power projects, each of 4000 MW to be established.
  • Cashless system to be encouraged to curb black money transactions.
  • Gold monetization scheme to be launched soon.
  • Visa on arrival to extend to 150 countries.
  • Rs. 1000 crore more to be allotted to NIrbhaya fund for women security.
  • National skill development mission to be launched.
  • 7 years imprisonment for non-filing of return on foreign asset.
  • 300% penalty on concealing income.
  • Wealth tax abolished, to be replaced by 2% cess on super rich.
  • Online excise and service tax registrations in 2 working days.
  • Service tax hiked to 14%.
  • Transport allowance doubled to 1600 per month from 800 per month.
  • Health insurance tax exemption increased to Rs. 25,000.
  • NPS exemption limit increased to Rs. 1.5 lakh from Rs. 1 lakh.
  • Employee contribution to EPF should be optional.
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