* No change in personal Income Tax * Health Insurance Premium deduction hiked from Rs 15,000 To Rs 25,000; for senior citizens to Rs 30,000 * Transport allowance exemption hiked to Rs 1,600, from Rs 800 per month * Additional 2% surcharge on people earning over Rs 1 cr; To fetch Rs 9,000 cr * Wealth tax abolished * Direct Taxes Code (DTC) dropped * Rs 50,000 deduction for contribution to New Pension Scheme * To lower Corporate Tax to 25% over next four years * GAAR implementation deferred by 2 years to April 2017 * Service Tax rate hiked to 14%, from 12.36% * Tax free bonds for roads, railways, irrigation projects * 2015-16 growth between 8-8.5%, double digit growth Feasible * Retail inflation close to 5% by March, room for monetary Policy easing * To achieve fiscal deficit of 3% of GDP by 2017-18 * Fiscal Deficit target 3.9% in 2015-16, 3.5% in 2016-17 * Revenue Deficit to be 2.8% in 2015-16 * Current Account Deficit for 2014-15 to be below 1.3% of GDP * To introduce comprehensive law to deal with black money * Benami property transaction bill to tackle black money Transaction in real estate soon * 100% deduction for contribution to Swachh Bharat, Clean Ganga projects * GST to be put in place by April 1, 2016 * Internationally competitive direct tax regime to be put In place to incentivise saving * Incentivise use of credit, debit cards; disincentivise Cash transaction to curb black money. * 7 pc surcharge on firm earning Rs 1 crore to Rs 10 cr * Disinvestment target pegged at Rs 69,500 cr * Net borrowings pegged at Rs 4.56 lakh cr * AIIMS to be set up in J&K, Punjab, Assam, Tamil Nadu and Himachal Pradesh * Indian Gold Coin with Ashok Chakra, Gold Bond, Gold Monetisation scheme proposed to check gold import * Forward Markets Commission to be merged with SEBI * PPP model in infrastructure to be revised and revitalised * MGNREGA allocation hiked by Rs 5,000 cr * Nirbhaya Fund allocation hiked by Rs 1,000 crore * 5 Ultra Mega power projects to be set up at Rs 1 lakh cr * To create world class IT hub; Rs 150 cr * States to be equal partners in economic growth: * To bring a new bankruptcy code in 2015-16 * Committed to subsidy rationalisation by cutting leakages * National Skill Mission to be launched, to develop Employability of youth * Rural infra development fund to have Rs 25,000 cr corpus * Visa on arrival scheme to be expanded to 150 countries * PSU ports to be encouraged to become companies * Non Plan expenditure at Rs 13.12 lakh cr, Plan Expenditure at Rs 4.65 lakh cr * Gross tax mop up at Rs 14.49 lakh cr * Direct tax proposals will lead to a loss of Rs 8,315 cr; Indirect tax proposal gain will be over Rs 23,000 cr * Tax payers to get income tax benefit of Rs 4.44 lakh * To introduce 2 pc Swachh Bharat cess on Service Tax * Customs duty on OLED TV abolished * Excise duty on leather shoes costing Rs 1,000 lowered to 6 pc from 12 pc * New tax proposals to bring revenue gain of Rs 15,068 cr * 50 lakh toilets built under Swachh Bharat Abhiyan, 6 crore Toilets targeted.
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