Budget 2015-16 News

 Government has set up a welfare fund which will utilise unclaimed money, estimated to be in excess of Rs 9,000 crore, lying in PPF, employees provident fund and small savings schemes to provide healthcare facilities and pension to senior citizens.

To boost waning exports, the Commerce Ministry has suggested that exporters be exempted from payment of service tax in the upcoming Budget.

Even though the fall in oil prices has created some space to ease rates, HSBC Wednesday said it expects RBI Governor Raghuram Rajan to maintain status quo in the forthcoming policy review and wait for the fiscal roadmap presented in the Budget.

Government Saturday hinted at lowering the long-term capital gain tax on investments made in unlisted firms, particularly startups, in the Budget for the next financial year, to bring them closer to the levels prevalent for the listed companies.

The decision to impose 0.5 percent cess will translate into a tax of 50 paise only on every Rs 100 worth of taxable services.  

The Reserve Bank on Thursday asked all banks to provide interest concession of 2 percent on short term crop loans of up to Rs 3 lakh to farmers.

Pradhan Mantri Jeevan Jyoti Bima Yojana will be a one year cover, renewable from year to year, Insurance Scheme offering life insurance cover for death due to any reason.

Pradhan Mantri Suraksha Bima Yojana will be available to people in age group 18 to 70 years with bank account.

Finance Minister Arun Jaitley had came out with a host of proposals last month to rationalise service tax, which is levied at an effective rate of 12.36 percent.

Replying to the debate on the Budget 2015-16, Jaitley further said most investors are optimistic on India at this point.

Finance Minister Arun Jaitley will address board members of the Reserve Bank here on March 22 to inform them about steps taken in the Budget for 2015-16 to boost economic growth and contain fiscal deficit.

Child rights activists on Monday termed the slashing of budgetary provisions for programmes and schemes related to children in the union budget as "scary".

This year's Union budget contains policy directions which are favourbale for the Centre's Make-In-India initiave.

There will be no change in the personal income tax slabs and rate of tax for companies in respect of income earned in the finance year 2015-16, assessable in Assessment Year 2016-17.

The Finance Minister today announced several steps for monetizing gold.

The Finance Minister Arun Jaitley said that a very important dimension to India’s tax administration is the fight against the scourge of black money. This was in line with NDA government’s promise of crack the whip on offenders.

Increase in the limit of deduction in respect of health insurance premium from Rs 15,000 to Rs 25,000.

Finance Minister Arun Jaitley has proposed increasing the service tax rate and education cess to 14 percent from the current 12.36 percent.

Prime Minister Narendra Modi`s right-wing government will unveil its first full budget on Saturday, a day after announcing the time was ripe for long-awaited reforms to kickstart the economy.

Prime Minister Narendra Modi`s stomach for free-market economics faces a major test on Saturday, in a budget India`s top economic advisor has warned could wreck the leader`s promises of "good days" if there`s no roadmap to reform.