2015 Union budget of India: Difference between revisions

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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.^[1]^[2]

Summary

Benefits for individuals

Limit of deduction of health insurance premium increased from '15000 to '25000, for senior citizens limit increased from '20000 to '30000.^[3]
Senior citizens above the age of 80 years, who are not covered by health insurance, to be allowed deduction of '30000 towards medical expenditures.
Deduction limit of '60000 with respect to specified decease of serious nature enhanced to ' 80000 in case of senior citizen.
Additional deduction of '25000 allowed for differently abled persons.
Limit on deduction on account of contribution to a pension fund and the new pension scheme increased from '1 lakh to '1.5 lakh.
Additional deduction of '50000 for contribution to the new pension scheme u/s 80CCD.
Payments to the beneficiaries including interest payment on deposit in Sukanya Samriddhi scheme to be fully exempt

Union Budget 2015 -Review

Income tax changes

No change in Income tax Slab
Wealth Tax Abolished, replaced with 2% additional surcharge on individuals earning Rs 1 crore or more.

Revenues and expenditures

The Plan Expenditure for 2014-15 was revised from {{currency}} – invalid amount (help) crore to {{currency}} – invalid amount (help) crore due to a large deficit. The Plan Expenditure for 2015-16 was set at {{currency}} – invalid amount (help) crore. The Non-Plan Expenditure was estimated at {{currency}} – invalid amount (help) crore, with the total being estimated at {{currency}} – invalid amount (help) crore.^[4] The government expects {{currency}} – invalid amount (help) crore as tax receipts, of which {{currency}} – invalid amount (help) crore will go to state governments. Non-tax receipts were estimated at {{currency}} – invalid amount (help) crore for 2015-16.^[5]

The defence budget was increased from ₹2.46 lakh crore in 2014-15 to ₹2.46 lakh crore in 2015-16, an increase of 10.95%.^[6] The expenditure on healthcare was set at ₹33,152 crore for 2015-16, a reduction from ₹39,238 crore in 2014-15.^[7]

The fiscal deficit for 2014-15 was 4.1% of the GDP. The target set for 2015-16 was that the fiscal deficit would be brought down to 3.9%. The revenue deficit target for 2015-16 was set at 2.8% of the GDP, 0.1% lower from 2014-15.^[8]

References

^ "'Halwa ceremony' marks beginning of budget printing process". The Hindu Business Line. 19 February 2015. Retrieved 19 February 2015.
^ [1]
^ Budget 2015 Highlights
^ "Budget cuts Plan spending for current fiscal by Rs 1 lakh crore". DNA India. 28 February 2015. Retrieved 4 March 2015.
^ "Budget 2015: For every rupee in government's kitty, 24 paise to come from borrowing". The Economic Times. 28 February 2015. Retrieved 4 March 2015.
^ "Indian defence budget hike will create new edge of tension: Pakistani media". The Economic Times. 2 March 2015. Retrieved 4 March 2015.
^ "Budget 2015: 5 more AIIMS, tax exemption limit in health care premium increased". DNA India. 1 March 2015. Retrieved 4 March 2015.
^ C. Rangarajan (1 March 2015). "Many hits in Budget, but fixing fiscal deficit is a miss". The Times of India. Retrieved 4 March 2015.

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 * Additional deduction of '50000 for contribution to the new pension scheme u/s 80CCD.
 * Payments to the beneficiaries including interest payment on deposit in [[Sukanya Samriddhi Account|Sukanya Samriddhi scheme]] to be fully exempt
+[http://moneyexcel.com/9894/union-budget-2015-review  Union Budget 2015 -Review]
 ===Income tax changes===