Saturday was expected to be a super budget 2015 Saturday. This is the first Finance budget submitted by Mr.Arun Jaitley, Finance Minister in the BJP’s huge victory in the elections 2014. There were heavy expectations from the Government. Lets see the things that will affect our pocket and the effect of the budget 2015.
- Corporate tax reduced to 25%
- Concealment of income will lead to prosecution upto 10 years
- Wealth tax abolished
- Replaced with surcharge of 2% on the super rich person having more than 1 crore income
- Central excise duty to rounded off to 12.50 %
- Clean energy cess increased to Rs.200 from Rs.100
- Service Tax rate is now increased to 14%
- 80D increased TO 20K and for senior citizens 30K
- No announcement on DTC
- 80CCD limit increased to 1.5L
- Transport allowance increased to Rs.1600 per month
- 100% tax deduction for Swachh Bharat Fund contribution.
Wealth Tax is abolished, so what? It has nothing to do with a common salaried person, it only helps big shots.
Service tax is hiked to 14%, now eating out will get more costly. Increase of surchage of 2% will make rich people pay more, if they. Nothing is said for smart cities, allocation for infrastructure sector is made.
For common man this what he gets from Budget 2015:-
|Deductions under section 80C||1,50,000|
|Deductions under section 80CCD||50000|
|Deduction on account of interest on house property loan(self occupied property)||2,00,000|
|Deduction under section 80D on health insurance permium||25000|
|Exemption on transpot allowance||19200|
What is cheap:-
LCD, LED TVs below 19 inches, clothes, footwear if the price is between Rs.500-1000, desktop, laptops, tablets, computers, soap, steel, diamonds, sports equipments, solar power units, RO based water units, E-book readers, LIC Micro insurance policies,
What is costlier:-
Eating out, aerated sugar drinks, cigarettes, tobacco products, pan masala, movies, beauty parlors, mobile internet, Radio taxi, laundry, Medical services to get costlier.
Education is given some importance. Five ITT and IMMs including four AIIMS will be created. So there is nothing to cheer for the common man.
- GST will be introduced soon.
- Additional 5000Cr for MNREGA.
- 70,000 Cr for infrastructure development.
- Yoga to be included as Charitable Purpose.
- Benami property transaction bill to tackle black money transaction in real estate soon.
- FEMA Act to be amended to incorporate Black Money provisions: Finance Minister.
- Quoting PAN a must for all purchases above One Lakh.
Mr. Jerold Pereira CEO at Videocon Mobile Phones, said
” We welcome the Union Budget 2015 and believe it will give a boost to local manufacturing as Government increased duty benefits for domestic producers of electronic items, this is in line with PM Modi’s “Make In India” initiative. The decision to expedite National Optical Fiber Network Program (NOFNP) will lead to more Indian citizens going online. The reduction in basic customs duty on raw material inputs to optical fiber cables and manufacturing components of handheld devices will reduce the cost of this program and fuel the demand for better services in online content delivery and communication. ”
As usual, some jokes on the Budget 2015
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