Understanding the Union Budget is a very complicated thing. Mere knowing the economic terms won’t help. So, we won’t make an attempt at explaining them. But you’ll have a clear picture as to what the government intends with these 26 steps taken in Budget 2015.
Oh, and we might not be serious at times.
1. Yoga included in the ambit of charitable purposes under the Income Tax Act.
Means its time for this man:
2. 100% deduction for contribution to Swachh Bharat and Clean Ganga schemes.
Make them pay.
3. Rs.150 core to create world-class IT hub in India.
I may be wrong, but this amount looks too low.
4. Rs.1000 cr towards Self Employment and Talent Acquisition (SETA) to support start-ups in areas of technology.
India is the world’s 4th largest start-up hub.
5. Infrastructure spending to rise in FY16 by Rs.70,000 crore.
Building an infrastructure that supports ‘Make in India’ dream is the most logical thing to do, isn’t it?
6. AIIMS to be set up in J&K, Punjab, Tamil Nadu, Himachal Pradesh and Assam.
Expect more job opportunities for doctors.
7. But at 2.5% the ‘increased’ percentage of GDP to be spent on public health is quite low.
8. Quoting PAN a must for all purchases above Rs.1,00,000.
This move is expected as a controlling measure.
(Can is N. American slang for buttock.)
9. ISM Dhanabad to get IIT status.
A mining college joins the IIT club. Which means…
10. Govt. to raise visa-on-arrival facilities to 150 countries from 43.
I can see our foreign friends with thick wallets celebrating.
11. Rs.1000 crore more to Nirbhaya fund.
“In order to support security of women…”, Arun Jaitley.
12. Second unit of Kudankulam nuclear power station to be commissioned in 2015-16.
This will help meet India’s energy needs if…
13. Transport allowance doubled to Rs.1600 per month.
Salaried employees, rejoice! But yes, this is less than what was expected.
14. The excise duty on footwear having retail price of more than 1000 per pair has been reduced by 6%.
That Rs.3000 shoe you wanted to buy is now cheaper.
15. IIMs to be set up in J&K and Andhra Pradesh.
Oh, you know.
16. Service tax rate and education cess increased to 14% from 12.36%.
That restaurant bill will go up.
17. Wealth tax replaced with additional 2% surcharge on super rich.
This will lead to Rs.9,000 crore additional income.
18. Benami property transaction bill.
Concealment of income and assets and evasion of tax in relation to foreign assets will be prosecutable with rigorous imprisonment of up to 10 years and a penalty at the rate of 300%.
19. Foreign Exchange Management Act (FEMA) and PMLA to allow for the seizure of foreign properties and assets.
So hand over your LA beachfront home you bought illegally to Indian authorities.
20. Defence allocation for this fiscal is Rs.2,46,727 crore from Rs.2,22,370 crore.
An almost 10 percent rise is significant.
21. 80,000 secondary schools to get upgrade.
We know the condition of our schools.
22. Six crore toilet targeted under Swachh Bharat Abhiyan.
Much relief for guys who have to go through this…
23. ‘Nayi Manzil’ scheme to help unemployed minority youth.
But one needs to wait and observe the scheme before jumping in glee.
24. Ports in public sector to be encouraged to become corporates under Companies Act.
Another way to get them privatized. Of course, an indefinite strike has been announced by workers of all Indian ports from March 9 against this move.
25. Proposal to appoint an expert committee to prepare a draft legislation for obtaining regulatory clearances expeditiously.
This means increased ease of doing business in India and get more foreign direct investment into the country.