Budget : Simple to understand Highlights

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Today Finance Minister Arun Jaitley presented Union Budget 2015,the highlights are:
 
Taxation:
● Abolition of Wealth Tax.
● Additional 2% surcharge for the super rich with income of over Rs. 1 crore.
● Rate of corporate tax to be reduced to 25% over next four years.
●Total exemption of up to Rs. 4,44,200 can be achieved.
●100% exemption for contribution to Swachch Bharat, apart from CSR.
●Service tax increased to 14 per cent.
Agriculture:
● Rs. 25,000 crore for Rural Infrastructure Development Bank.
● Rs. 5,300 crore to support Micro Irrigation Programme.
● Farmers credit – target of 8.5 lakh crore.

Infrastructure:

● Rs. 70,000 crores to Infrastructure sector.
● Tax-free bonds for projects in rail road and irrigation
● PPP model for infrastructure development to be revitalised & govt. to bear majority of the risk.
● Rs. 150 crore allocated for Research & Development
● NITI to be established and involvement of entrepreneurs, researchers to foster scientific innovations.
● Govt. proposes to set up 5 ultra mega power projects, each of 4000MW.
Education:
● AIIMS in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam.
● IIT in Karnataka; Indian School of Mines in Dhanbad to be upgraded to IIT.
● PG institute of Horticulture in Armtisar.
● Kerala to have University of Disability Studies
● Centre of film production, animation and gaming to come up in Arunachal Pradesh.
● IIM for Jammu and Kashmir and Andhra Pradesh.
Defence:
● Rs. 2,46,726 crore for Defence.
● Focus on Make in India for quick manufacturing of Defence equipment.
Welfare Schemes:
● 50,000 toilets constructed under Swachh Bharath Abhiyan.
● Two other programmes to be introduced- GST & JAM Trinity.
● GST will be implemented by April 2016.
● MUDRA bank will refinance micro finance orgs. to encourage first generation SC/ST entrepreneurs.
● Housing for all by 2020.
● Upgradation 80,000 secondary schools.
● DBT will be further be expanded from 1 crore to 10.3 crore.
● For the Atal Pension Yojna, govt. will contribute 50% of the premium limited to Rs. 1000 a year.
● New scheme for physical aids and assisted living devices for people aged over 80 .
● Govt to use Rs. 9000 crore unclaimed funds in PPF/EPF for Senior Citizens Fund.
● Rs. 5,000 crore additional allocation for MGNREGA.
● Govt. to create universal social security system for all Indians.
 
Renewable Energy:
● Rs. 75 crore for electric cars production.
● Renewable energy target for 2022: 100K MW in solar; 60K MW in wind; 10K MW in biomass and 5K MW in small hydro
 
Tourism:
● Development schemes for churches and convents in old Goa; Hampi, Elephanta caves, Forests of Rajasthan, Leh palace, Varanasi , Jallianwala Bagh, Qutb Shahi tombs at Hyderabad to be under the new tourism scheme.
● Visa on Arrival for 150 countries.
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