Union Budget 2015 Live Update and Budget Highlights

• Yoga included in the ambit of charitable purposes under the Income Tax Act.

• All contributions to Sukanya Samridhi scheme to be tax free.

• Transport allowance, which is currently Rs 800 per month, has been increased to Rs 1600 per month.

• Govt increases limit of deduction of health insurance premium from Rs 15,000 to Rs 25,000.

• 100% deduction for contribution to Swachch Bharat and Clean Ganga schemes.

• Rs 150 core to create world class IT hub in India: FM

• FM propose to increase service tax rate and education cess to 14% from 12.36%.

• The excise duty on footwear having retail price of more than 1000 per pair has been reduced by 6 %: FM

• Custom duty on raw materials and intermediaries to be reduced.

• Tax dept to put out a clarification on indirect transfer of assets and dividend paid by foreign firms.

• Replacing wealth tax with a surcharge on super-rich will lead to Rs 9,000 crore additional income.

• Govt to abolish wealth tax, replaces wealth tax with additional 2%surcharge on super rich
• Govt reduces taxes on technical services to 10% from 25%.

• Govt to reduce custom duty on 22 items.

• Govt defers roll out of anti-tax avoidance rules GAAR by 2 years.

• Sensex rebounds by nearly 250 points on Budget proposal to reduce corporate tax rate.

• Quoting PAN a must for all purchases above Rs 1,00,000

• Benami property transaction bill to tackle black money transaction in real estate soon.

• Foreign Exchange Management Act to allow for seizure of foreign properties and assets.

• FM proposes to enact a comprehensive new law on black money to bring back black money stashed abroad.

• Corporate tax reduced from 30% to 25% over next four years
• Budget estimates of expenditure: Rs 17 .77 lakh crpre, of which non-plan is Rs 13.12 lakh crore, and plan is Rs 4.65 lakh crore.

• Defence allocation for this fiscal is Rs 2,46,727 crore.

• ISM Dhanabad will be upgraded to full IIT.

• AIIMS to be set up in J&K, Punjab, Tamil Nadu, Himachal Pradesh and Assam.

• Section 6 of FEMA to be amended: FM

• Government proposes to bring in a regulatory reform law.

• Govt to raise visa-on-arrival facilities to 150 countries from 43

• Govt proposes to do away with different types of foreign investment and replace them with composite caps.

• Rs 1000 crore more to Nirbhaya fund

• ‘Agri income, invst boost in infra, manufacturing key challenges’

• Employee's contribution to EPF below an income threshold will be optional without reducing employer's contribution.

• I propose to work on developing Indian gold coin which carries the Ashok Chakra, will help recycle gold available in country.

• Govt to introduce Indian gold coin with Ashoka sign on it.

• India is the largest consumer of gold in the world, I propose to introduce a gold monetization scheme.

• Govt plans to introduce direct tax regime that is internationally competitive on rates without exemptions.

• Govt to set up public debt management agency.

• FM proposes to merge commodities regulator with SEBI.

• Rs 5000 crore: FM. PM Modi had said on Friday that his government would continue MNREGA since it is a glaring example of Congress's failure.

• Initial sum of Rs 150 core to create world class IT hub to take advantage of our competitiveness.

• Second unit of Kudankulam nuclear power station to be commissioned in 2015-16.

• Proposes 5 ultra mega power projects for 4,000 MW each: FM

• Tax-free infrastructure bonds for projects in railways and roads: FM

• PPP model of Infrastructure to be revitalized and realigned.

• Govt is establishing a mechanism 'self employment' to support all aspects of start up business: Arun Jaitley.

• Investment in infrastructure to go up by Rs 70,000 crores: Jaitley

• Jaitley proposes 'Nayi Manzil' scheme for the minorities youth.

• I propose a new scheme of providing physical aids for senior citizens living below poverty line: Arun Jaitley

• Atal Pension Yojana to provide defined pension according to contribution; 50% contribution to be from govt.

• PM Surakhsha Bhima Yojana to increase the access to insurance; it will be linked with Jan Dhan Yojana: FM

• Govt to launch PM Suraksha Bhima Yojana, offering coverage of 2 lakh rupees for just premium of Rs 12

• Target of Rs 8.5 lakh crores credit to be given to farmers in 2015-16: FM

• Will ensure no one who is poor is without a job. Govt allocates Rs 346.99 billion for NREGA scheme in Budget 2015

• Target of Rs 8.5 lakh crores credit to be given to farmers in 2015-16: FM

• States get 62% of the total resources now: Arun Jaitley

• GST to be put in place by April 1, 2016: FM

• Real GDP growth expected to accelerate to 7.4%: FM

• To sanction 1 lakh km of new roads: FM

• 80,000 secondary schools to get upgrade: FM

• To ensure employment to our youth, we have to make india the manufacturing hub of the world: FM

• In Swach Bharat 50 lakh toilet already built, 6 crore toilet targeted.

• The latest CPI inflation is 5.1 %: Arun Jaitley

• GST will put in place state of art indirect tax system by April 1st 2016: FM

• GDP growth for 2015-16 seen at between 8 - 8.5%: FM

• 50 lakh toilets already constructed, we will achieve target of building 6 crore toilets: Arun Jaitley