Arun jaitley, finance minister rolls out the Budget 2015 on 28th February, 2015.
Highlights of the union budget 2015 are-
- GST will roll out from 04.2016
- Excise duty and cess hiked from 12.36% to 12.5%.
- Service tax hiked to 14% from 12.36%.
- 2% swachha bharat cess on most services.
- Negative list pruned i.e. exemptions removed.
- Cut in basic custom duty on 22 items.
- Excise duty on footwear with price above 1,000 reduced to 6%.
- No change in income tax slabs for individuals and others.
- Corporate tax (The tax imposed on a company’s income is known as corporate tax) have been reduced to 25% from 30% over 4 next years.
- GAAR (General anti- avoidance rules) have been deferred for 2 years. To be applied from April 2017.
- Wealth tax (which is paid on net assets) abolished.
- 2% additional surcharge as super rich tax on income over 1 crore.
- Transport allowance increased from Rs.800 pm to 1,600 pm.
- Medical claim (sec 80D) limit increased to 25,000. In case of senior citizen the limit has been increased to 30000. For senior citizen above the age of 80 years, not eligible to take health insurance, deduction is allowed to take for 30000 towards medical expenditure.
- Deduction for treatment of specified disease (sec 80 DDB) increased to 80,000 from 60,000 for senior citizens.
- Additional deduction of 25, 000 will be allowed for differently abled persons under Section 80DD and Section 80U.
- The limit on deduction on account of contribution to a Pension Fund and the New Pension Scheme (sec 80CCC and sec 80 CCD) is proposed to be increased from Rs.1 lakh to 1.5 lakh.