BUDGET 2015

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Individual tax payer can claim exemption for up to Rs. 4,44,200 from his income.
AP

Individual tax payer can claim exemption for up to Rs. 4,44,200 from his income.

During his Budget speech, Finance Minister Arun Jaitley said an individual tax payer can claim tax benefits for up to Rs. 4,44,200 in addition to the tax exemption.
Here is how you get there:
Deductions under 80C Rs. 1,50,000
Deductions under 80CCD for contribution to NPS Rs. 50,000
Interest on house property loan Rs. 2,00,000
Exemption with new transportation allowance of Rs. 1,600 per month Rs. 19,200
New deductible health insurance premium Rs. 25,000
Total Rs. 4,44,200

BUDGET 2015

Here are sector-wise highlights

 Taxation

1 Abolition of Wealth Tax.
2 Additional 2% surcharge for the super rich with income of over Rs. 1 crore.
3 Rate of corporate tax to be reduced to 25% over next four years.
4 Total exemption of up to Rs. 4,44,200 can be achieved.
5 100% exemption for contribution to Swachch Bharat, apart from CSR.
6 Service tax increased to14 per cent.

 Infrastructure

1 Rs. 70,000 crores to Infrastructure sector.
2 Tax-free bonds for projects in rail road and irrigation
3 PPP model for infrastructure development to be revitalised and govt. to bear majority of the risk.
4 Atal Innovation Mission to be established to draw on expertise of entrepreneurs, and researchers to foster scientific innovations; allocation of Rs. 150 crore.
5 Govt. proposes to set up 5 ultra mega power projects, each of 4000MW.

 Education

1 AIIMS in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam.
2 IIT in Karnataka; Indian Institute of Mines in Dhanbad to be upgraded to IIT.
3 PG institute of Horticulture in Armtisar.
4 Kerala to have University of Disability Studies
5 Centre of film production, animation and gaming to come up in Arunachal Pradesh.
6 IIM for Jammu and Kashmir and Andhra Pradesh.

 Welfare schemes

1 GST and JAM trinity (Jan Dhan Yojana, Aadhaar and Mobile) to improve quality of life and to pass benefits to common man.
2 Six crore toilets across the country under the Swachh Bharat Abhiyan.
3 MUDRA bank will refinance micro finance orgs. to encourage first generation SC/ST entrepreneurs.
4 Housing for all by 2020.
5 Upgradation 80,000 secondary schools.
6 DBT will be further be expanded from 1 crore to 10.3 crore.
7 For the Atal Pension Yojna, govt. will contribute 50% of the premium limited to Rs. 1000 a year.
8 New scheme for physical aids and assisted living devices for people aged over 80 .
9 Govt to use Rs. 9000 crore unclaimed funds in PPF/EPF for Senior Citizens Fund.
10 Rs. 5,000 crore additional allocation for MGNREGA.
11 Govt. to create universal social security system for all Indians.

 Agriculture

Rs. 25,000 c 
Rural Infrastructure Development Bank
Rs. 5,300 cr 
Micro Irrigation Programme
Rs. 8.5 lakh cr 
Targeted for farmer credit

 Defence

Rs. 2,46,726 cr 
allocated for defence
(an increase of 9.87 per cent over last year)
Focus on Make in India for quick manufacturing of Defence equipment.

 Renewable energy

Rs. 75 cr 
electric cars production
2022: 100K MW 
Solar power
60K MW 
Wind power
10K MW 
Bio Mass
5K MW 
Small Hydro

 Tourism

Develpoment schemes for churches and convents in old Goa; Hampi, Elephanta caves, Forests of Rajasthan, Leh palace, Varanasi , Jallianwala Bagh, Qutb Shahi tombs at Hyderabad to be under the new toursim scheme.
Visa on Arrival for 150 countries
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