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Union Budget

It is a statement of estimated receipt and expenditure of the government of India. It is presented each year on the last working day of February by the Finance Minister of India in Parliament. The budget, which is presented by means of the Financial bill and the Appropriation bill has to be passed by the Houses before it can come into effect on April 1, the start of India’s financial year.
Important types of Budget-
Zero Based Budgeting - Zero-based budgeting is a budgeting method where every expenditure must be justified every budget cycle. When the company begins a budget process, they start from zero. Each department must request funds via a detailed plan describing what each allocation of funds will be used for and what benefits the company will receive from it.
Outcome Budgeting – Outcome Budgeting is a budget process that aligns resources with results . It’s a budgeting tool that integrates strategic planning, long range financial planning, and performance management.
Gender Budgeting – Gender Budget Initiatives are tools and processes designed to facilitate a gender analysis in the formulation of government budgets and in the allocation of resources. It attempts to break down or disaggregate the government’s mainstream budget according to its impacts on women and men.
Total Receipt= Revenue Receipt + Capital Receipts
Total Expense= revenue Expense + Capital Expense

Union-Budget

Facts of Union budget of 2015

On 28 February 2015 Union Budget 2015-16 was presented in Parliament.
Arun Jaitley the Union Finance Minister who presented the Union Budget 2015-16 in Parliament.
Personal Income Tax limit was not changed in Union Budget 2015-16. Rs 2.5 lakh is the present Personal I-T exemption limit.
GDP growth seen at between 8 per cent and 8.5 per cent y/y
Aiming double digit growth rate, achievable soon.
Health Insurance Premium deduction hiked from Rs. 15,000 to Rs. 25,000 (for senior citizens to Rs. 30,000)
Transport allowance exemption hiked to Rs. 1,600, from Rs. 800 per month
PAN card is must for all purchase above Rs. 1 lakh as proposed in Budget 2015-16.
An additional 2% surcharge on people earning over Rs. 1 cr was put forth in the budget 2015-16.
Wealth tax abolished
DTC(Direct Taxes Code) was dropped in the Budget 2015-16.
Corporate tax to be reduced from 30% to 25% over next four years.
Service Tax rate hiked to 14% from 12.36%.
Mudra banks to be established with capital of Rs 20000 crore
Rs.50,000 deduction for contribution to New Pension Scheme.
Tax free bonds were proposed in budget for Roads, railways, irrigation projects.
Swachh Bharat is not only a programme to improve hygiene and cleanliness but has become a movement to regenerate India.
Six crore toilets across the country under the Swachh Bharat Abhiyan.
2015—16 growth between 8—8.5%, double digit growth feasible.
Revenue Deficit to be 2.8%.
Current Account Deficit for 2014—15 to be below 1.3% of GDP
To introduce comprehensive law to deal with black money.
Benami property transaction bill to tackle black money transaction in real estate soon
100% deduction for contribution to Swachh Bharat, Clean Ganga projects
GST to be put in place by April 1, 2016
GAAR implementation deferred by 2 years to April 2017.
Government defers rollout of anti-tax avoidance rules GAAR by two years
GAAR to apply prospectively from April 1, 2017
Retrospective tax provisions will be avoided.
Internationally competitive direct tax regime to be put in place to incentivise saving
Incentivise use of credit, debit cards; disincentive cash transaction to curb black money.
No change in tax slab.
Electrification of the remaining 20,000 villages including off-grid Solar Power- by 2020.
Rs. 70,000 crores to Infrastructure sector.
Game changing reforms on the anvil: Goods and Service Tax (GST) . Jan Dhan, Aadhar and Mobile (JAM) – for direct benefit transfer.
PPP model for infrastructure development to be revitalised and govt. to bear majority of the risk.
Atal Innovation Mission to be established to draw on expertise of entrepreneurs, and researchers to foster scientific innovations; allocation of Rs. 150 crore.
Govt. proposes to set up 5 ultra mega power projects, each of 4000MW.
AIIMS in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam.
IIT in Karnataka; Indian School of Mines in Dhanbad to be upgraded to IIT.
PG institute of Horticulture in Amritsar.
Kerala to have University of Disability Studies
Centre of film production, animation and gaming to come up in Arunachal Pradesh.
IIM for Jammu and Kashmir and Andhra Pradesh.
Allocation of Rs. 2,46,726 crore; an increase of 9.87 per cent over last year.
Focus on Make in India for quick manufacturing of Defence equipment.
GST and JAM trinity (Jan Dhan Yojana, Aadhaar and Mobile) to improve quality of life and to pass benefits to common man.
MUDRA bank will refinance micro finance orgs. to encourage first generation SC/ST entrepreneurs.
Housing for all by 2020.
Upgradation 80,000 secondary schools.
DBT will be further be expanded from 1 crore to 10.3 crore.
For the Atal Pension Yojana, govt. will contribute 50% of the premium limited to Rs. 1,000 a year.
New scheme for physical aids and assisted living devices for people aged over 80 .
Govt. to use Rs. 9,000 crore unclaimed funds in PPF/EPF for Senior Citizens Fund.
Rs. 5,000 crore additional allocation for MGNREGA.
Govt. to create universal social security system for all Indians.
Food subsidy seen at Rs 1.24 trillion.
Fertiliser subsidy seen at Rs 729.69 billion.
Fuel subsidy seen at Rs 300 billion.
We are committed to subsidy rationalisation based on cutting leakages.
Rs. 5,000 crore additional allocation for MGNREGA.
Govt. to create universal social security system for all Indians.
Rs. 75 crore for electric cars production.
Renewable energy target for 2022: 100K MW in solar; 60K MW in wind; 10K MW in biomass and 5K MW in small hydro.
Development schemes for churches and convents in old Goa; Hampi, Elephanta caves, Forests of Rajasthan, Leh palace, Varanasi , Jallianwala Bagh, Qutb Shahi tombs at Hyderabad to be under the new tourism scheme.
Visa on Arrival for 150 countries.
Forward Markets Commission to be merged with the Securities and Exchange Board of India.
NBFCs registered with the RBI and having asset size of Rs 500 crore and above to be considered as ‘financial institution’ under Sarfaesi Act, 2002, enabling them to fund SME and mid-corporate businesses
Permanent Establishment norms to be modified to that mere presence of offshore fund managers in the country does not lead to “adverse tax consequences.”
Rs. 25,000 crore for Rural Infrastructure Development Bank.
Rs. 5,300 crore to support Micro Irrigation Programme & Farmers credit – target of 8.5 lakh crore.