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Presented by ;Irfan saleem (PA-1319)

Hirak (PB-1316)
Shreya (PB-1339)
Khushboo (PB-1321)

BUDGET:A budget is a quantitative expression of a plan for a defined


period of time. It may include planned sales volumes and
revenues, resource quantities, costs and expenses, assets,
liabilities and cash flows. It expresses strategic plans of business
units, organizations, activities or events in measurable terms.

TAX:
A tax is a financial charge or other levy imposed upon a taxpayer
(an individual or legal entity) by a state or the functional
equivalent of a state to fund various public expenditures.

UNION BUDGET 2015-16


Presented By:- Mr. Arun Jaitley
honorable Finance Minister of India
Date :- February 28th 2015
Venue:- PARLIAMENT OF INDIA
MAIN OBJECTIVES :- Improve quality
of life
and to pass benefits to common man.
TARGETD GROWTH OF GDP:- 7.4 %

The honourable Finance Minister (FM) ended his


budget speech with the Upanishad-inspired
mantra :Om Sarve Bhavantu Sukhinah
(OM! May All Be Happy)
Let's try to understand the overall impact of the
budget and endeavour to decipher how the FM has
really managed to keep the Aam Admi happy.

Highlights:
The objective of this Budget is to improve quality
of life and to pass benefits to common man.
Direct Tax collection is going to be 14.49 lakh crore
rupees
Basic rate of Corporate Tax to be reduced from
30% to 25% in next 4 years and will be
accompanied by reducing exemptions.
Exemptions to individual tax payers will remain
same

Wealth Tax Abolished, instead super rich will pay


extra 2% extra surcharge for people with income
over 1 Crore. This will lead to additional 9,000 cr
to Tax kitty.
Consolidated Service Tax increased from 12.36%
to 14%!
Tax exemption for transport allowance increased
from Rs 800 to Rs 1600 per month. .
Direct tax proposals will lead to 8315 cr loss and
an increase of Rs. 23,000 cr in indirect tax gains.

TAX PROPOSAL:

No change in rate of personal income tax.

Rationalisation and removal of various tax exemptions and


incentives to reduce tax disputes and improve administration.
Stable taxation policy and a non-adversarial tax
administration.
Fight against the scourge of black money to be taken forward.
Exemption to individual tax payers to continue to facilitate
savings.

Donation made to Swachh Bharat and other


government projects will be exempted from tax
Increase in tax Eating Out ,Mobile Bills, Cigarettes,
set top box, Air Travel, Cement Imported Commercial
Vehicles, Banking related services etc.
Decrease in tax Leather Footwear ,LED, LCD
Panels, Steel Products ,Pacemakers, ambulance &
ambulance services, make in India products ,
Refrigerator etc.

Seven measures that will


make the tax payer happy

1) Sukanya Samriddhi account scheme(Section 80C )


- focus on the girl child and commitment towards
this worthy cause of upliftment / empowerment of
women in our society
2) Health Insurance/ Medical Insurance(u/s 80D)contributions to health insurance have been
increased from Rs 15,000 to 25,000 For senior
citizens, the limit has been increased from 20,000
to 30,000.
3) Medical expenditure for self and dependant
(Section 80DDB of the Act)-deduction for medical

4) Expenditure for the medical treatment / deduction for


disabled persons u/s 80DD and 80 U
5) Contribution to Pension Scheme u/S 80CCC-A deduction
Of Rs 150,000 to the pension scheme
6) Contribution to National Pension Scheme (NPS) u/s
80CCD - old age retirement
7) Exemption for Transportation allowance-increased from
Rs 800 per month to Rs 1,600 per month.

THANK YOU