New Delhi, July 10: Finance Minister Arun Jaitley tabled the first union budget of Prime Minister Narendra Modi government in the Parliament on Thursday, July 10. Take a look at the highlights of the Budget 2014-15: Overall subsidy regime will be reviewed, especially food and oil. Marginalised sections and SC/ST to be protected New urea policy will be formulated This govt will not ordinarily change policies retrospectively which creates a fresh liability All future indirect transfers under the retro tax regime will be scrutinised by a high level committee of CBDT before action is taken FM Proposes to enhance the scope of income tax settlement commission. Transfer pricing regulations for residents and non-residents being done FDI in Defence sector raised to 49 per cent Manufacturing units will be allowed to sell their products through retail and e- commerce Budget proposes 49 per cent FDI in insurance through FIPB route. Bank capital to be raised through retail sale of shares; Govt to continue to hold majority in PSU banks Govt proposes to provide finance to 5 lakh landless farmers through NABARD E-visa to be introduced at 9 airports in the country Govt proposes to set up 100 smart cities. Govt to provide Rs 7,060 crore for development of such cities Public sector banks need Rs 2.40 lakh crore equity to conform with Basel-III norms by 2018 Rs 50 cr set aside for indigenous cattle breed and blue revolution for inland fisheries Infrastructure Investment Trust being set up to finance infra projects and reduce burden on banks Total sanitation by 2019 Budget proposes Rs 1,000 crore for Pradhanmantri Krishi Seechai Yojana to improve irrigation facility National multi-scale programme ‘Skill India to be introduced to provide training and support for employment Rs 200 cr set aside for the Sardar Patel statue project in Gujarat Deen Dayal Upadhaya Gram Jyoti Yojana to be launched to augment power supply in rural areas Pension scheme for senior citizens being revived Govt committed to providing 24×7 power supply to all homes Rs 50,548 cr proposed for SC development EPFO will launch a unified account scheme for portability of Provident Fund accounts Govt proposes to set up committee to examine how to utilise large funds lying unused in postal schemes Govt approves minimum monthly pension of Rs 1,000 per month under EPS-95 scheme run by EPFO Committee will be set up to examine how unused money in postal schemes can be utilised Govt announces schemes for disabled persons; to set up 15 new Braille press and revive 10 existing ones Rs 14,389 crore provided for Pradhan Mantri Gram Sadak Yojana. Govt to launch ‘Beti Bachao, Beti Padhao scheme; sets aside Rs 100 crore for it Crisis Management Centres for women to be set up at all government hospitals in NCR region Govt increases wage ceiling for EPFO schemes to Rs 15,000 from existing Rs 6,500 per month Rs 3,600 crore provided for safe drinking water in 20,000 habitations in villages facing problem of impure drinking water Budget proposes National Housing Banking programme; sets aside Rs 8,000 crore Rs 2.29 lakh crore allocated for Defence budget. 4 more AIIMS in Andhra Pradesh, West Bengal, Vidharba and Purvanchal are under consideration; Rs 500 cr provided Each state where there is no AIIMS will be added in the coming years Govt proposes to add 12 more medical government colleges 5 new IIMs and 5 new IITs proposed to be set up ‘Kisan TV channel to be launched by DD at cost of Rs 100 crore: Rs 100 crore for Community radio stations proposed FM proposes National Rural Internet and Technology Mission; Rs 500 crore set aside. Metro rail services to be launched in Lucknow and Ahmedabad; Rs 100 crore set aside for it Budget proposes to set up agri- infrastructure fund at a cost of Rs 100 crore; two more agri-research intitutes in Jharkhand and Assam FM announces Rs 100 crore for modernisation of madrasas Govt sets aside Rs 200 cr for setting up of agriculture university in AP and Rajasthan, and horticulture university in Haryana, Telangana Rs 100 crore provided for providing soil card to every farmer Govt committed to achieve 4 per cent farm growth; to use new technologies to boost crop yields Rs 500 crore price stabilisation fund to be set up Govt sets aside Rs 100 crore for initiating scheme to provide a soil health card and Rs 56 cr for soil testing labs. No change in income tax rate; personal income tax exemption limit raised from Rs 2 lakh to Rs 2.50 lakh. Education cess for all tax payers including corporates will continueRestructuring Food Corporation of India to be taken up on priority Budget proposes Rs 200 cr for setting up 2000 producers organisations across the country Investment limit under 80C raised from Rs 1 lakh to Rs 1.5 lakh There is need to examine financial architecture of SME sector Kakinada port and adjoining area to be developed Rs 10,000 crore venture capital fund to be set up for MSME sector Trade facilitation centres will be set up at a cost of Rs 50 crore to help handloom development Definition of MSME to be revised for high capital ceiling India has emerged as the largest PPP market in the world Rs 200 cr provided for 6 more textile clusters in Rae Bareily, Lucknow, Surat, Bhagalpur, Mysore and Tamil Nadu. Govt sets aside Rs 50 crore for Pashmina Production programme in Jammu & Kashmir 1,620-km Ganga inland waterway development from Haridwar to Haldia to be completed in 6 years at a cost of Rs 4,200 crore Selective Expressways parallel to industrial corridors to be taken up Ultra modern super critical power projects to be set up New airports to be developed through PPP mode Coal linkages to be rationalised to reduce power cost Rs 4200 cr set aside for Jal Marg Vikas project on river Ganga connecting Allahabad to Haldia Rs 500 crore provided for ultra modern solar power plants in Rajasthan, Tamil Nadu and Ladakh in Jammu and Kashmir. Use of piped cooking gas to be promoted on mission mode CRT TVs exempted from customs duty to help poor Basic custom duty on LCD and LEDs below 19 inch reduced to zero from 10 per cent Changes in Mines and Mineral Regulation and Development Act to be introduced; royalty on minerals to be reviewed to enhance revenue for states Modern monetary policy framework needed; govt to put in place such framework in close consultation with RBI Govt proposes developing 15,000 km additional gas pipeline through PPP mode. Clarification on tax treatment of foreign funds to be announced Govt agrees in principle on consolidation of PSU banks Banks will be permitted to raise long term funds without regulatory hindrances. RBI to frame policy for licensing of small banks, differential banks Govt to take up pending insurance reforms bill that provides for 49 pc FDI Govt to revitalise small saving scheme; special scheme to encourage saving for girl child education and marriage to be introduced PPF investment limit increased to Rs 1.5 lakh from current Rs 1 lakh Rs 100 crore technology development fund proposed in budget Govt sets aside Rs 2,250 crore to improve weather infrastructure Rs 100 crore allocated for War Memorial and war museum at Princess Park, near India Gate in Delhi Rs 50 crore provided for setting up of a National Police Memorial Rs 200 cr allocated for preserving heritage characters of cities like Mathura and Agra Govt sets aside Rs 100 cr for inter-linking of rivers Govt announces Rs 100 cr for development of Archaeological sites; Gaya to be developed as world class tourist spot Integrated Ganga mission to be set up; Rs 2,039 crore provided in Budget Rs 50 crore set aside for modernisation of Ghats in places like Varanasi and Patna NRI fund for conservation of river Ganga to be set up Rs 200 crore upgrading indoor and outdoor stadium in Jammu and Kashmir - both in Jammu and Kashmir Valley Budget proposes to set up sports university in Manipur Rs 100 crore set aside for training on sportspersons for the Asiad Games Rs 500 crore provided for rehabilitation of displaced Kashmiri migrants Rs 100 cr set aside for development of organic farming in north east region Rs 200 crore provided for power reforms, Rs 500 crore for water reforms in Delhi Govt to provide Rs 1000 cr for rail connectivity in north east region Govt announces Arun Prabha channel for NE region; will be 24×7 channel Non-plan expenditure pegged at Rs 12,19,892 crore for 2014-15, including fetilizer subsidy and defence spending Gross tax receipts pegged at Rs 13,64,524 crore; non-tax revenue Rs 2,12,505 crore; capital receipt Rs 73,000 crore in 2013-14 Income tax exemption limit for senior citizens raised from Rs 2.5 lakh to Rs 3 lakh Exemption on payment of income tax on interest paid on loans for self occupied houses raised to Rs 2 lakh from Rs 1.5 lakh 10-year tax holiday to be extended to companies that start power generation by March 31, 2017 Investment allowance of 15 per cent for three years will be allowed to manufacturing companies which invest Rs 25 crore in plant and machinery Concensional rate of 15 per cent on dividends to continue Govt to review revised Direct Taxes Code taking into account comments from stakeholders
Posted on: Thu, 10 Jul 2014 15:45:45 +0000
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