KEY FEATURES OF BUDGET 2015-16 SPEECH · Cigarettes, pan masala costly; footwear cheaper · Contribution to pension and NPS raised to Rs 1.5 lakh · Direct tax proposals will lead to loss of Rs 8,315 cr; Indirect proposal will yield Rs 23,383 cr · Service tax up from 12.36% to 14% · No service tax on Yoga classes · Online excise and service tax registrations in 2 working days · 100% tax deduction for contribution to Swachh Bharat Fund · Additional deduction of NPS contribution: Rs 50,000 · Transport allowance doubled to Rs 1,600 per month · Rs 9,000 cr from additional 2% surcharge the super-rich · PAN number quoting made compulsory for transactions for more than 1 Lakh · Service tax hiked to 14% · 100% tax exemption in CSR activities for Clean Ganga Fund and Swachh Bharat Kosh · Increase exemption on health insurance premium to Rs 25,000 from current Rs 15,000 · Service Tax Rate increased from 12.36% to 14% · 300% penalty on concealing income · Will ensure no one escapes the super rich surcharge: Sh. Arun Jaitely · Additional surcharge of 2% on individual income of over Rs 1 crore · Wealth tax abolished, to be replaced · Taxes on Technical Services to be reduced to 10% from 25% · Govt to reduce custom duty on 22 items · Rigorous imprisonment of 10 years under Black Money Law · GAAR to be deferred by two years: Sh. Arun Jaitely · Budget estimates of expenditure:17 .77 lakh cr, of which Non Plan is 13.12 lakh cr, and Plan is 4.65 lakh cr · Black money: new structure including efiling, tracking down is our abiding commitment · Benami Property Transaction Bill will help tackle black money transactions in real estate soon · Corporate Tax cut to start from next year · Corporate tax to be reduced from 30% to 25% · Direct Tax collection is going to be 14.49 lakh crore rupees · Centres for film production in Arunachal Pradesh · 2015/16 non-plan expenditure seen at about Rs 13.12 trillion · 2.46 trillion rupees allocated for defence spending in 2015-16: Sh. Arun Jaitely · Sensex erases all early gains, slips into negative territory: Sh. Arun Jaitely · Rs 2.47 lakh crore for Defence in 2015-16: Sh. Arun Jaitely · 2 lakh kilometre of roads to be built: Sh. Arun Jaitely · IIMs to be set up in J&K and Andhra Pradesh · Indian school of mines to be upgraded to a full IIT · AIIMS in Jammu and Kashmir, Tamil Nadu, Himachal Pradesh, Assam and Punjab · Will deepen Indian Bond Market at par with the World standards: Sh. Arun Jaitely · Rs 70 crore to alternate energy vehicles · Visa on arrival scheme to be expanded to 150 countries · Another Rs 1,000 crore to Nirbhaya fund · Will help reduce power defict gaps: Sh. Arun Jaitely · Stress on reducing black money · Will introduce Indian gold coin with Ashok Chakra · Gold accounts will be allowed, will pay interest · Gold monetisation scheme soon · Sh. Arun Jaitely announces direct tax regime · Rs 5,000 crore to be allocated for MNREGA: Sh. Arun Jaitely · PPP model of Infrastructure to be revitalized and realigned · Need to make India an investment destination · Sh. Arun Jaitely proposes Tax free Infrastructure bonds for projects in railways and roads · To increase access to formal credit system · BSE realty index has pared gains to 1.2 per cent · Propose the 'Nayi Manzil' scheme for the youth minorities · New scheme of providing physical aids for senior citizens living below poverty line · Rs 330 per year premium for new life insurance scheme · Atal pension scheme for poor, half of the premium from govt · Accident insurance of Rs 2 lakh at Rs 12 per year · Universal social security system for the underprivileged: Sh. Arun Jaitely · Mudra Bank funds to help SC/ST entreprenuers · Formal credit system for entreprenuers · Mudra Bank to finance micro-finance institutions · Sh. Arun Jaitely proposes to create a national agriculture market · Agriculture income under stress · Increasing investment in infrastructure is a challenge · Electrification of remaining 20,000 villages by 2020 · Total transfer to the states will be 62% · Increasing investment in infrastructure is a challenge · 2014/15 current account deficit below 1.3 pct of GDP: Sh. Arun Jaitely · Budget aiming for double digit growth rate, achievable soon · Sh. Arun Jaitely says have to keep fiscal discipline in mind despite need for higher investment · Swachh Bharat which we have introduced will rejuvenate India: Sh. Arun Jaitely · 6 crore toilets to be built: Sh. Arun Jaitely · We are a round the clock, round the year govt: Sh. Arun Jaitely · The rupee has become stronger by 6.4 %: Sh. Arun Jaitely · The Current Account Deficit · The latest CPI inflation is 5.1 % and whole sale price inflation is negative: Arun Sh. Arun Jaitely · Real GDP growth expected to accelerate to 7.4 per cent: Sh. Arun Jaitely · It is India's time to fly: Sh. Arun Jaitely Disclaimer :- This newsletter is being forwarded just for the purpose of awareness among the public at large on the subject matter.