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2015 Union budget of India
The 2015 Union budget of India refers to 2015–2016 Union budget of India. The beginning of the budget printing began on 19 February 2015 with the traditional halwa ceremony. From 20 February until the presentation of budget about 100 government employees remained locked up in the North Block of the Secretariat Building, New Delhi, which houses the budget printing press, to maintain secrecy. The budget was presented on 28 February by Finance Minister Arun Jaitley.
There was no change in income tax slabs of individuals. The wealth tax was abolished. The surcharge on individuals, Hindu Undivided Families (HUF), associations of persons (AOPs), bodies of individuals (BOI)s, artificial juridical persons, firms, cooperative societies and local authorities having income earning ₹1 crore or more, was raised from 10% to 12%.
The permitted deduction limit was raised up to ₹25,000 towards health insurance for ordinary citizens, an increase from previous ₹15,000. For senior citizens, it was raised to ₹30,000 from previous ₹25,000. For very senior citizens, i.e. 80 or above, who don't have insurance, a deduction of ₹30,000 was allowed. A deduction up to ₹80,000 was allowed on the treatment of select very serious diseases for very senior citizens. A deduction up to ₹25,000 was allowed for differently-abled citizens.
An additional ₹50,000 was permitted on the new pension scheme. Salaried employees were given the choice between Employees' Provident Fund and National Pension Scheme as their pension fund. Investments in Sukanya Samriddhi Scheme and interest payouts were made eligible for deductions. Exemptions for transport allowances was raised from ₹800 to ₹1,600 per month, it is thus ₹19,200 per year. This exemption is usually given to individual salaried employees for commuting from home to workplace.
It was announced that premature withdrawal from pension funds, if service period is less than 5 years, will result in deduction of tax at source. If withdrawal amount is more than ₹30,000 then 10% tax will be deducted.
It announced that corporate tax rate will be gradually reduced from 30% to 25% over the period of 4 years, starting in April 2016. 2% surcharge was introduced on earnings above 10 crores. However, it was also announced that exemptions and incentives will also be removed. It was announced that donations made to Swachh Bharat Abhiyan and Clean Ganga plan under corporate social responsibility will get 100% deduction. The General Anti-Avoidance Rule was delayed by two years. Yoga trusts were classified as charitable trusts and given tax benefits.
The service tax rate was raised from 12.36% to 14%. A Swachh Bharat cess was announced, under which 2% will be added on select services. The service tax exemption given to mutual fund agents was withdrawn. Lottery ticket sellers and chit fund agents were brought under the ambit of service tax. Varishta Bima Yojana for senior citizens was exempt from service tax.
Pre-cooling, ripening, retail packing and labelling of vegetables and fruits were exempted from service tax. Ambulance services were exempted from service tax. Visits to music concerts, amusement and theme parks were brought under the ambit of service tax. Visits to museums, zoos, national parks, wildlife sanctuaries and tiger reserves were exempted service tax.
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2015 Union budget of India
The 2015 Union budget of India refers to 2015–2016 Union budget of India. The beginning of the budget printing began on 19 February 2015 with the traditional halwa ceremony. From 20 February until the presentation of budget about 100 government employees remained locked up in the North Block of the Secretariat Building, New Delhi, which houses the budget printing press, to maintain secrecy. The budget was presented on 28 February by Finance Minister Arun Jaitley.
There was no change in income tax slabs of individuals. The wealth tax was abolished. The surcharge on individuals, Hindu Undivided Families (HUF), associations of persons (AOPs), bodies of individuals (BOI)s, artificial juridical persons, firms, cooperative societies and local authorities having income earning ₹1 crore or more, was raised from 10% to 12%.
The permitted deduction limit was raised up to ₹25,000 towards health insurance for ordinary citizens, an increase from previous ₹15,000. For senior citizens, it was raised to ₹30,000 from previous ₹25,000. For very senior citizens, i.e. 80 or above, who don't have insurance, a deduction of ₹30,000 was allowed. A deduction up to ₹80,000 was allowed on the treatment of select very serious diseases for very senior citizens. A deduction up to ₹25,000 was allowed for differently-abled citizens.
An additional ₹50,000 was permitted on the new pension scheme. Salaried employees were given the choice between Employees' Provident Fund and National Pension Scheme as their pension fund. Investments in Sukanya Samriddhi Scheme and interest payouts were made eligible for deductions. Exemptions for transport allowances was raised from ₹800 to ₹1,600 per month, it is thus ₹19,200 per year. This exemption is usually given to individual salaried employees for commuting from home to workplace.
It was announced that premature withdrawal from pension funds, if service period is less than 5 years, will result in deduction of tax at source. If withdrawal amount is more than ₹30,000 then 10% tax will be deducted.
It announced that corporate tax rate will be gradually reduced from 30% to 25% over the period of 4 years, starting in April 2016. 2% surcharge was introduced on earnings above 10 crores. However, it was also announced that exemptions and incentives will also be removed. It was announced that donations made to Swachh Bharat Abhiyan and Clean Ganga plan under corporate social responsibility will get 100% deduction. The General Anti-Avoidance Rule was delayed by two years. Yoga trusts were classified as charitable trusts and given tax benefits.
The service tax rate was raised from 12.36% to 14%. A Swachh Bharat cess was announced, under which 2% will be added on select services. The service tax exemption given to mutual fund agents was withdrawn. Lottery ticket sellers and chit fund agents were brought under the ambit of service tax. Varishta Bima Yojana for senior citizens was exempt from service tax.
Pre-cooling, ripening, retail packing and labelling of vegetables and fruits were exempted from service tax. Ambulance services were exempted from service tax. Visits to music concerts, amusement and theme parks were brought under the ambit of service tax. Visits to museums, zoos, national parks, wildlife sanctuaries and tiger reserves were exempted service tax.