Revenue budget includes the governments revenue receipts and expenditure. Financial report 5 foreword 2015 was a year of many challenges for the european union. 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. Gdp growth in 201516, projected to be between 8 to 8. Sukanya samridhhi yojna gets tax free status sukanya samriddhi scheme is a new entrant in the smallsavings schemes category aimed at encouraging savings for a girl childs.
These changes are reflected in the budget documents. The key features of the union budget 201516 can be accessed as a pdf 274 kb through the. Macroeconomic framework for the relevant financial year. The union budget for 201415 has been announced by mr arun jaitley, union minister for finance, government of india, in parliament on july 10, 2014. Times of india brings you indepth live coverage of union budget 2014, indian budget 2014 news and union budget 2014 highlights. The budget 201718 has been marked by historic economic policy developments. It is not only important for corporates but for individuals from all. Highlights of union budget 2015 internet desk february 28, 2015 12. The budget has to also garner additional resources and in this context has decided on making changes in the indirect tax rates so as to collect this additional revenue. Budget 2015 live india budget news, union budget 201516. This is owed largely to the turbulence in the world financial market in the first half of 2016 due to major setbacks such as brexit, chinas slowdown, low oil prices and. Union budget 201516 india presented by mr arun jaitley, union minister for finance, government of india, in parliament on february 28, 2015. Changes in union budget 2015 16 tds under section 194c. Tax free infrastructure bonds for the projects in the rail, road and irrigation sectors.
With a day to go for presentation of union budget, a kpmg india survey has shown the expectations from finance minister arun jaitley is quite high. On the revenue side, the gross tax receipts are budgeted to grow by 15. This is modi governments 6th union budget and 1st interim budget. The union budget of 201516 was the first full budget to be. Budget2 15 audit, consulting, advisory, and tax services. Budget 2015 live budget coverage online, union budget 2015 16, key points and highlights of india budget 2015, income tax slab, fdi by finance minister arun jaitely. Naturally, the anticipation among the citizens as well as the economists were on the rise. Gold and diamond jewellery are set to turn costlier following the imposition of 1% excise duty in the union budget for 201617. Live budget 2020 union budget 2020 income tax railway.
With fresh incentives for individuals announced in the union budget today, the overall deduction limit under personal income tax has gone up to rs 4,44,200 a year. These forms include both financial data and important information about each organizations mission, governance, management, and programs. Income tax table for the financial year 20142015 following is the table indicating the impact of changes in income tax provisions proposed by finance minister arun jaitley in. No change in tax slabs or minimum taxable limit the transport allowance exemption hiked to rs 1,600 per month from rs 800 per month. Get the latest news on budget 2020, income tax, railway budget, agriculture budge, infrastructure budget and more, catch live coverage of the 2020 union budget on ndtv profit. Ibja, with over 50,000 jewellers has already called for a nationwide strike to protest the new levy effective tuesday till further notice. Being termed as make or break, this is arun jaitley and the nda governments first fullyear budget. This law shall extend to the whole of the republic of the union of myanmar and shall also apply to all the citizens of the republic of the union of myanmar residing outside the republic of the union of myanmar. Union budget policies have undergone fundamental shifts since 2011 to accelerate delivery of essential public services. No service tax shall be levied or collected during the period commencing from the 1st day of april, 2015 and ending with the 29 th day of february, 2016 both days inclusive, in respect of taxable services provided to the government, a local authority or a governmental authority, by way of construction, erection. Simplification of income tax act india budget 2016. They still need to use the budget in 2015 february to.
The government presents it on the first day of february so that it could be materialised before the beginning of new financial year in april. The total assets under management of the industry was rs 11,81,356 crore at the end of january. There are sops given for direct taxes which will lead to a net loss of revenue which is finally compensated by indirect tax collections. Union budget 2019 highlights pdf download gr8ambitionz. Smoking, eating out, air travel to be costlier manufacturing sector neglected.
Statement showing statewise distribution of net proceeds of union taxes and duties for be 20152016. Get latest updates on live budget news, budget 2014 date, budget highlights, and indian railway budget, income tax. There are two kinds of revenue receipts tax and non tax revenue. Even as we continued to record the signs of recovery getting underway, we were also still dealing. Union budget 201415 india, indian union budget 201415. The union budget of 2015 16 was the first full budget to be presented by the modi led government and was preceded by sky high expectations of reform. Gst will put in place a stateoftheart indirect tax system by 1st april, 2016. Live updates of union budget 201819, 201718, 201617.
The union budget of india, also referred to as the annual financial statement in the article 112 of the constitution of india, is the annual budget of the republic of india. Marginal relief in surcharge, if applicable education 3% of the total of income tax and surcharge. Aiming at 78 per cent gross domestic product gdp growth in 34 years. Excise duty on rails for manufacture of railway or tram way track construction. Budget is most economic event in the country which outlines all the economic planning of the government of india for the next year. Accelerating the momentum march 2016 slide 12 the government had already accepted and acted on many recommendations of the tax administration reform committee.
The challenges faced in this 2015 16 budget fiscal consolidation dismantling the planning commission tax policy and tax administration financial sector reforms infrastructure achieving high performance in government implications and outlook india budget 2015 february 2015 slide 10 economic performance. Now, the fm has proposed to accept several recommendations made by the justice easwar committee formed to simplify the income tax act. The union budget of 201819 presented by finance minister arun jaitley is the 5th final budget of the bjp government before the lok sabha elections 2019. Union budget 201415 india, indian union budget 201415, pdf. The budget clearly did not disappoint as it gave due importance to all sections of the economy and tried to enhance the easeofdoing business while keeping its focus on infrastructure development. The union budget 201819 holds special significance being the first budget post the implementation of gst in july 2017. The union budget for 201516 has been announced by mr arun jaitley, union minister for finance, government of india, in parliament on february 28, 2015.
The budget documents presented to parliament comprise, besides the finance ministers budget speech, of the following. Budget fy 2015 16 tax on salary posted by gautham on april 1, 2015. Download pdf version of union budget 2019 highlights from here. As you are aware, the union budget for fy 2015 16 was tabled in the parliament by the finance minister of india on 28feb 2015. In pre budget months of budget everyone has their own personal expectations from the budget. The effect of budget 2015 measures on different categories of income earners contents i examples showing the impact of budget 2015 income tax and usc changes for different categories of marriedcivil partners and single income earners examples 1 to 6 show the changes in income tax and universal social charge. On the growth path february 2017 pwc 6 global economy the world economic growth for 2016, at an estimated 3. Cbdt notification specifying additional electronic modes of payment in various provisions of the income tax. The budget is presented by the finance minister of india in parliament. On an annual basis, the american civil liberties union and the aclu foundation learn more about the difference. Further, in 2015 the central planning commission was replaced by the niti aayog that has no role in budget formulation.
Union budget 2015 16 india presented by mr arun jaitley, union minister for finance, government of india, in parliament on february 28, 2015. Union budget 2015 raises tax deduction limit to rs 4. Union budget 2015 key changes in indirect taxes service tax excise and customs. Gross domestic product gdp growth of india for 201516 projected between 88. Plan and nonplan distinction will also be done away with from 2017 union budget onwards. This would be applicable to the union budget and at least for some of the state budgets as well. Clauses 105 to 116 of the bill cover the amendments made to chapter v of the finance act, 1994. Memorandum explaining the provisions in the finance bill, 2015. Union budget 2015 live update and budget highlights times. Budget fy 201516 tax on salary posted by gautham on april 1, 2015. Mutual fund industry seeks tax sops to boost long term flows in the capital market. Download union budget 201516 indirect tax amendments. Union budget 2015 live update and budget highlights. With fresh incentives for individuals announced in the union budget on saturday, the overall deduction limit under personal income tax has gone up to.
It was presented before the parliament on 29 february 2016 by the finance minister of india, arun jaitley. Goods and services tax gst, one of the most radical tax reforms in the history of indian economy, has been effective from 1 july 2017. The government proposes to spend rs 27,86,349 crore in 201920, which is. Live updates of union budget 201819, 201718, 201617, 2015. Other amendments which shall get incorporated in the said act on the day the finance bill, 2015 is enacted. For some a good budget means increase in 80c limits, for some it is increase in government expenditure on child and women welfare and for others it could range from steps to curb inflations to personal increase in tax slabs. The union budget 2014 2015 aims to cater all groups of the society with a motto, sab ka saath sab ka vikas. The printing of the budget documents began with a traditional halwa ceremony on 19 february 2016. Statement showing statewise distribution of net proceeds of union taxes and duties for be 2015 2016. The beginning of the budget printing began on 19 february 2015 with the traditional halwa ceremony.
Tax free infrastructure bonds for projects in the rail, road and. Tax rates no change in the basic exemption limit and the tax rates of individuals corporate tax rates proposed to be reduced from 30% to 25% over the next fou. Union budget is classified into revenue budget and capital budget. Union budget keeps the account of the governments finances for the fiscal year that runs from 1st april to 31st march. F inance minister arun jaitley today 28th february 2015 presented the union budget for the year 2015 16 aimed at high growth, saying the pace of cutting the fiscal deficit would slow as he seeks to boost investment and ensure that ordinary people benefit. The receipts other than net borrowings are expected to increase by 14. Financial info and annual reports american civil liberties. After a long journey of economic reforms, amid subdued economic growth, challenging fiscal situation and farm distress, the budget endeavours to continue its focus on poverty, rural economy, healthcare, education.
As you are aware, the union budget for fy 201516 was tabled in the parliament by the finance minister of india on 28feb2015. The union budget of india also called the general india budget is presented each year on the last working day of february. Apr 23, 2020 union budget 201819 infrastructure highlights. Navigating challenges with tax, accounting and it service offerings. A new tax year has begun and it is time to start implementing the budget proposals related to tax on salary. Union budget 201516 india, indian union budget 201516.
Tax rates no change in the basic exemption limit and the tax rates of individuals corporate tax rates proposed to be reduced from 30% to 25% over the next fou highlights direct tax proposals of union budget 201516. Presentation of the union budget 201718 budget 201718 not only subsumed the railway budget but was also advanced to 1 february to enable ministries to operationalise all activities from commencement of the fy on 1 april. Here are the highlights of finance minister arun jaitleys budget for the fiscal. Union budget 201516 india presented by mr arun jaitley, union minister for. Check budget date, budget expectations, income tax slab, railway budget, budget reactions, nirmala sitharaman budget speech at business standard. Gold jewellers lobby wants excise levy hike rolled back.
Union budget 201516 india, indian union budget 201516, pdf. Highlights direct tax proposals of union budget 2015 16. While making his maiden budget speech in parliament on july 10, the union finance minister shri arun jaitley said that india has a strong urge to grow and free itself from the curse of poverty. Union budget 2014 direct tax proposals revised tax rates there is no change in the tax rates for company firm society income tax exemption limit for individuals, huf increased from inr 200,000 to inr 250,000 and for senior citizens, it is increased from inr 2,50,000 to inr 3,00,000. Highlights direct tax proposals of union budget 201516. Clarification regarding deduction of tax from payments. Surcharge on income tax surcharge on income tax is not deductiblecollectible at source in case of individual huf firm aop boidomestic company in respect of payment of income other than salary. The finance minister has, while presenting the union budget 2015 16, introduced the finance bill in the lok sabha on the 28th of february, 2015. Stay on the times of india to know the live update, latest news and headlines about indias union budget 2015 16. Piyush goyal was appointed interim finance minister on january 23 with arun jaitley undergoing treatment in the united states. Union budget 2015 16 indirect tax amendments insights by ca vikram khaitan.
It is proposed to introduce tax free infrastructure bonds for the projects in the rail, road. Medium term fiscal policy cum fiscal policy strategy statement. The budget clearly did not disappoint as it gave due importance to all sections of the economy and tried to enhance the. Oecd report on base erosion and profit shifting signaling end of tax avoidance. Taxation annex to the summary of 2015 budget measures. The finance minister has, while presenting the union budget 201516, introduced the finance bill in the lok sabha on the 28th of february, 2015. Block office before presenting the union budget 2015 16, in new delhi on saturday. It includes the effect of railway budget union minister for finance shri arun jaitley on 28 th february presented in parliament the union budget 2015 16, with a focus on growth, promoting entrepreneurship and manufacturing, rationalizing tax regime and announcing some relief to common man.
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