Highlights of union budget 2015-16 pdf.Union budget has been presented by the government of India and it has been tabled in the parliament yesterday. A lot of expectations were attached to the union budget but it was just vain like other s. government has increased the service tax which is most important for considering the inflation on general items. Now the prices f all the useful commodities is expected to be increased soon and general public will have to pay more on the commodities of general items. Union budget is presented by Arun jaitley who is the fiancé minister in current BJP government. Government has reduced the corporate taxes and has done nothing for the common people. Some of the highlights have been given here which will help candidates to better understand the union budget for the year 2015. There are various questions asked in the banking and other examination related to Union budget and those who are preparing for the examination should remember the numbers allocated for the different projects which is important. A lot of questions are expected to be asked in the upcoming IBPS and banking examination and candidates will need to learn it correctly to score good marks in the examination.
Union budget highlights 2015
Here are some of the important figures with respect to the budget which the candidates should remember for the examination. they are:
- Non-Plan expenditure : Rs 13,12,200 crore.
- Plan expenditure : Rs 4,65,277 crore.
- Total expenditure : Rs 17,77,477 crore.
- Gross Tax receipts : Rs 14,49,490 crore.
- Devolution to the States : Rs 5,23,958 crore.
- Share of Central Government : Rs 9,19,842 crore.
- Non Tax Revenues : Rs 2,21,733 crore.
- Fiscal deficit : 3.9% of GDP and Revenue Deficit: 2.8% of GDP
It is important to note that that the fiscal deficit of India is currently more than the guidelines laid down by the International monetary fund.
Other important highlights of the union budget are as below:
- Government has not changed the way the taxes are charged on individual according to their age. That is No change in individual IT slabs.
- Good news for good tax payers is that tax payer can now get benefit up to 4.4lakh
- This is unexpected move of the government that the Corporate tax reduced to 25pc Wealth tax replaced with 2 pc surcharge on super rich above 1 crore per annum has been reduced.
- Government has set Target for providing 8.5 lakh crores credit to farmers in the year 2015-16
- Corporate Tax has been reduced from 30% to 25% for next four years.
- Government is now paying 100% exemption in CSR activities which will be used for Clean Ganga Fund and Swachh Bharat Kosh
- India spends less than 1% on health sector and it was cut short earlier in this year but now the government is planning to Increase in limit of deduction of health insurance premium
- In this session, Benami transaction prohibition Bill will be introduced
- 1,54,000 points identified for Postal Banking
- Tax evasion and black money related issues may lead to imprisonment up-to ten years.
- Custom duty on raw materials and intermediaries to be reduced to reduce the prices of the imported products
- Government is also planning to Increase in limit of deduction in health insurance premium from Rs 15,000 to Rs 25,000; Rs. 30,000 for senior citizens
- For contribution to NPS ,Rs 50000 will be deducted.
- Government is planning to increase the farm credit to Rs. 8.5 lakh
- It is planning to bring a bankruptcy code in the year 2015-16 that will meet global standards and provide for judicial benefits.
- It is planning to offer coverage of 2 lakh rupees for just premium of 12 rupees
- Atal pension scheme is to be implemented to provide defined pension according to contribution
- Planning to make new stringent law on black money stashed aboard
- For women’s security, additional 1,000 crore to Nirbhaya fund has been allocated.
- New AIIMS to be made in JK,Punjab,TN,HP,Assam.
- IIT will be made in jammu and Kashmir and Andhra pradesh