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    Highlights of The Union Budget 2015

    Posted on: 2015-02-28 Posted by: CLAT Gurukul Category: Archive Blog

    [caption id="attachment_1365" align="aligncenter" width="275"]Union Budget 2015 Union Budget 2015[/caption] Finance Minister, Arun Jaitley presented the Union Budget 2015 in the Lok Sabha.   Highlights of The Budget are:

    • Yoga - included under charitable activites.
    • Indiviual taxpayer can get benefits up to Rs. 4,44,200.
    • Transport allowance exemption to be increased to Rs. 1,600 per month.
    • Rs. 50,000 contribution to new pension scheme. "To make India a pensioned society."
    • Additional deduction of Rs. 25,000 for differently abled persons.
    • Increase in limit of deduction of health insurance premium of Rs. 15,000 to Rs. 25,000. For senior citizens, limit will be Rs. 30,000. Very senior citizens - Rs. 30,000 deduction on expenses incurred.
    • 2 per cent cess on services for Swachch Bharat.
    • 100 per cent deduction for contribution to Swachch Bharat and Clean Ganga schemes.
    • Service Tax rate increased to 14 per cent.
    • Educational cess and higher educational cess to be subsumed as a part of GST.
    • Wealth tax - Rs. 1,008 crore in 2013-14. Wealth tax to be abolished and replaced with a super-rich tax for those with income of over Rs. 1 crore.
    • Basic custom duty rate reduced for 22 items.
    • GAAR - applicability to be deferred by two years.
    • Allocation for renewable energy
    • First proposal is to deal with black money. In the last 9 months, a major breakthrough was achieved when a delegation of the Revenue Department visited Switzerland.
    • Exemption to individual taxpayers will continue.
    • Taxation;
    • Basic rate of corporate tax in India is now 30 per cent. But rate of collection is 23 per cent. A regime of exemptions has led to loss of revenue.
    • Coporate tax rate will be reduced to 25 per cent over the next four years.
    • Budget estimates:
    • Non-plan expenditure - Rs. 13,12,200 crore
    • Plan expenditure - Rs. 4,65,277 crore
    • Fiscal deficit - 3.9% of GDP
    • Make in India policy for defence equipment - Rs. 2,46,727 crore allocation for defence.
    • Rs. 68,968 crore for education sector.
    • AIIMS in Jammu and Kashmir, Punjab, Tamil Nadu, Assam. AIIMS-like institution in Bihar. IIT in Karnataka. IIMs in Jammu and Kashmir, and Andhra Pradesh. Centre for Film Production and Animation in Arunachal Pradesh.
    • Fully IT based student financial aid scheme for higher education.
    • National Skills Mission for skill development and entrepreneurship - Rs. 1,500 crore.
    • Procurement law for public contracts. Govt. to introduce Public Contracts (Resolution of Disputes) Bill. Regulatory reform law to be introduced.
    • Rs. 75 crore for electric cars production.
    • Visa on arrival scheme - increased to 150 countries in different stages.
    • World Heritage Sites - churches and convents of old Goa, Hampi, Elephanta caves, Leh palace, Varanasi temple town, Jallianwala Bagh etc., will be developed to make them more tourist-friendly.
    • Rs. 1,000 crore additional allocation to the Nirbhaya fund.
    • Will do away with different types of foreign investment like FPI and FDI and replace them with a comprehensive type.
    • EPF - Employee may opt for EPF or new pension scheme, employee's contribution to EPF below an income threshold will be optional without reducing employer's contribution.
    • Direct Tax regime which will be internationally competitive on rates.
    • Rs. 5,000 crore additional allocation for MGNREGA.
    • Ports will be encouraged to corporatise and become companies under Companies Act.
    • The govt. is establishing a mechanism for techno-financial incubation and facilitation programme - Rs. 1,000 crore set aside for this.
    • Investment in Infrastructure will go up by Rs 70,000 crore in 2015-16. Annual inflow of Rs. 20,000 crore by way of a trust, to use this extra equity to leverage investment in infrastructure. PPP model to be revisited and revitalised. Atal Innovation Mission - for entrepreneurs and researchers to foster a culture of innovation: R.s 150 crore for this purpose.
    • Nayi Manzil scheme - to enable minority youth to obtain school leaving certificate and gain better employment.
    • Assisted living devices for senior citizens living below the poverty line.
    • Pradhan Mantri Jeevan Jyoti Bima Yojana - Rs. 1 per day premium, Rs. 2 lakh coverage.
    • Accident death risk - Rs 2 lakhs for a premium of Rs. 12 per year. Atal Pension Yojana - defined pension depending on contribution. Govt. will contribute 50 per cent of the amount.
    • NBFCs registered with RBI above Rs. 5,000 crore to be considered financial institutions.
    • Will create Mudra Bank with corpus of Rs. 20,000 crore for microfinance.
    • In order to improve soil health, the Agriculture Ministry's organic farming programme, Rs. 5,300 crore for micro-irrigation watershed projects.
    • Gross disinvestment in loss-making units will be undertaken. DBT will be further expanded from 1 crore to 10.3 crore.
    • Government will continue all social sector programmes like MNREGA, rural schemes etc.
        Note: For more updates on topics asked in CLAT, keep visiting CLAT Gurukul which is a knowledge sharing initiative of The Knowledge Tree, Patna's premier coaching institute for CLAT and for other law entrance exams like AILET, SET, LSAT etc.      

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