Monday, March 2, 2015

Union Budget 2015 Highlights

• No merit in going ahead with Direct tax Code as it exists today. Net impact of tax proposals Rs.15, 068 crore. 
• Yoga to be included under charitable activities. 
• Individual 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.