1. Fiscal deficit target 3.6% of GDP for FY16, 3% for FY17.
2. Expenditure Management Comm-ission to look into cutting expenditures.
3. Subsidy regime, including food and petroleum subsidies, to be overhauled.
4. New urea policy to be formulated.
5. Contours of GST to be finalised.
6. No retrospective tax to be brought in.
7. Fresh cases arising out of retrospective amendments to the 2012 I-T Act to be scrutinised.
8. Resident taxpayers can obtain advance ruling on income tax liability.
9. Authority for advance rulings to be strengthened with more benches.
10. Scope of I-T Settlement Commission to be enlarged.
11. High-level panel to interact with trade, industry for tax law reforms.
12. FDI cap in defence raised to 49%.
13. FDI cap in insurance sector raised to 49% from 26%.
14. Rs 7,060 crore allotted for developing ‘100 Smart Cities’.
15. For ‘Smart Cities’, built-up area cut from 50,000 sq mts to 20,000 sq mts.
16. Projects, which commit 30% of project cost for low-cost affordable housing, will be exempted from minimum built-up area.
17. Manufacturing units allowed to sell products through retail.
18. Capital of public sector banks will be raised by increasing shareholding of people in a phased manner.
19. PSUs to invest Rs 2,47,941 crore through capital investment.
20.Electronic Travel Authorisation at 9 airports.
21. Infrastructure Investment Trusts to be set up. They will be modified Real Estate Investment Trusts (REITs).
22. A conducive tax regime for InvITs and REITs to be set up in accordance with SEBI regulations.
23. Kisan Vikas Patra re-introduced.
24. Skill India, a skill programme to improve employability of youths, to be launched.
25. Rs 1,000 crore Pradhan Mantri Krishi Sinchayee Yojana — to improve access to irrigation — introduced.
26. Every household to have total sanitation by 2019 — the 150th birth anniversary of Mahatma Gandhi — through Swachh Bharat Abhiyan.
27. Shyama Prasad Mukherji Rurban Mission to provide urban amenities in rural areas; through PPP model.
28. Rs 500 cr Deen Dayal Upadhyaya Gram Jyoti Yojana for rural electricity.
29. Rs 200 crore for Sardar Patel’s Statue of Unity in Gujarat.
30. Rs 50,548 crore for the SC Plan
31. Rs 32,387 crore for TSP.
32. Rs 200 crore for a scheme to provide loans to young start-up entrepreneurs from Scheduled Castes
33. Rs 100 crore for the new Van Bandhu Kalyan Yojana.
34. Varishtha Pension Bima Yojana revived for 1 year from Aug 15, 2014.
35. Panel to see how unclaimed money in PPF accounts can be used.
36. Pension of Rs 1,000/month to all EP scheme subscribers.
37. Mandatory wage limit to EPS subscription raised from Rs 6,500 to Rs 15,000. Rs 250 crore allotted.
38. EPFO to launch ‘Uniform Account Number’ for portability of PF accounts.
39. Scheme for Assistance to Disabled Persons for Purchase of Aids and Appliances to have contemporary aids.
40.Institutes for Universal Inclusive Design and Mental Health Rehabilitation to be set up.
41. Centre for Disability Sports to be set up.
42. 15 new Braille presses coming, 10 existing presses to be modernised.
43. Currency notes to be printed with Braille-like signs.
44. Rs 50 crore for a pilot scheme on women safety on public transport.
45. Rs 150 crore for safety of women in large cities.
46. Crisis Management Centres in Delhi hospitals under Nirbhaya Fund.
47. Rs 100 crore for Beti Bachao, Beti Padhao Yojana.
48. Schools to have separate chapter on gender mainstreaming.
49. Rs 14,389 crore for Pradhan Mantri Gram Sadak Yojana.
50. MGNREGA to continue, emphasis on asset creation.
51. 100 more dists under National Rural Livelihood Mission.
52. Rs 100 crore for Village Entrepreneurship Programme.
53. Rs 8,000 crore for rural housing.
54. ‘Neeranchal’ watershed initiative.
55. Restructuring of Backward Region Grant Fund, to address inequalities.
56. Rs 3,600 crore for National Rural Drinking Water Programme.
57. Health for All: Free Drug Service and Free Diagnosis Service.
58. Two National Institutes of Ageing at AIIMS, New Delhi and Madras Medical College for TB treatment.
59. National research and referral institute for higher dental studies.
60. Four AIIMS-like institutions in AP, West Bengal, Vidarbha (Maharashtra), Poorvanchal (UP).
61. 12 more medical colleges to be set up.
62. Dental facilities in all hospitals.
63. Central assistance for new drug testing labs in states.
64. 15 Model Rural Health Research institutes to be set up.
64. Rs 28,635 crore for Sarva Shiksha Abhiyan.
65. Rs 4,966 crore for Rashtriya Madhyamik Shiksha Abhiyan.
66. Rs 30 crore for School Assessment Programme.
67. Rs 500 crore for Pandit Madan Mohan Malviya New Teachers’ Training Programme.
68. Rs 100 crore for setting up virtual classrooms, online courses.
69. Jai Prakash Narayan National Centre for in Humanities.
70. Five more IITs in in Jammu, Chhattisgarh, Goa, Andhra Pradesh and Kerala
71. Five IIMs in Himachal Pradesh, Punjab, Bihar, Orissa, Maharashtra.
72. Simpler education loans norms.
73. Rs 500 crore for ‘Digital India’ initiative covering villages.
74. Rs 100 crore for promoting “Good Governance”.
75. Rs 100 crore for setting up 600 new community radio stations.
76. FTII, Pune and Satyajit Ray FTII, Kolkata to be institutes of national importance.
77. National Centre for Excellence in Animation, Gaming & Special Effects.
78. At least 500 urban habitations to get support for growing organic vegetables, solid waste management.
79. Pooled Municipal Debt Obligation Facility fund for promoting finance infrastructure projects in urban areas to be increased to Rs 50,000 crores.
80. Rs 100 crore for Metro projects in Lucknow and Ahmedabad.
81. Tax incentive on home loans to encourage youth to own houses.
82. Rs 4,000 cr for National Housing Bank for cheap loans to urban poor.
83. Slum development to be part of corporate social responsibility activities.
84. A comprehensive strategy to tackle malnutrition with timelines, targets.
85. A programme for skill upgrade for minorities in ancestral arts
86. Rs 100 crore to modernise madarsas.
87. Institutions on agro-technology & agri-business in Assam and Jharkhand.
88. Rs 100 crore to set up a fund to modernise agri-techonology.
89. Agriculture universities to be set up in Andhra Pradesh and Rajasthan.
90. Horticulture universities in Telangana and Haryana.
91. Rs 100 crore for scheme to provide every farmer a soil health card.
92. Rs 56 crore to set up 100 Mobile Soil Testing Laboratories.
93. Rs 100 crore to establish National Adaptation Fund.
94. Focus on technology-driven second green revolution.
95. 5 lakh joint farming groups to be financed under “Bhoomi Heen Kisan”.
96. Centre to work with states to re-orient their APMC Acts.
97. Rs 50 crore for development of indigenous cattle breeds.
98. Rs 50 crore for inland fisheries.
99. Target of Rs 8 lakh crore set for agriculture credit for FY15.
100. Interest Subvention Scheme for short-term crop loans for farmers.
101. Rs 5,000 crore to increase shelf life of agriculture produces and make available scientific warehousing.
102. Raise corpus of NABARD-operated Rural Infrastructure Development Fund to Rs 25,000 crore.
103. “Long Term Rural Credit Fund” in NABARD.
104. Rs 50,000 crore allocated for Short Term Cooperative Rural Credit Fund.
105. Rs 200 crore to supplement NABARD’s producers’ organisation development fund.
106. Restructuring FCI, efficacy of PDS to be taken up on priority.
107. Wheat and rice at reasonable prices for weaker sections.
108. Govt will undertake open market sales to control prices, if required.
109. Kisan TV, with emphasis on farm, to be launched.
110. The eBiz platform for business clearances on a single portal.
111. A National Industrial Corridor Authority, with headquarters in Pune.
112. Push for the Amritsar-Kolkata industrial master plan.
113. Planning of 3 smart cities in Chennai-Bengaluru Industrial Corridor.
114. Plan for Bengaluru-Mumbai economic corridor to be completed.
115. Kakinada will be developed with focus on hardware manufacturing.
116. An Export Promotion Mission.
117. SEZs to be revived to develop infrastructure.
118. Apprenticeship Act to be amended for industry, youth.
119. Panel to give suggestions to strengthen MSME sector.
120. Rs 10,000 cr to attract private capital in MSME sector.
121. Rs 200 crore for a tech centre network to promote agro-industry.
122. Definition of MSME to be changed for a higher capital limit.
123. A legal bankruptcy framework for SMEs to enable easy exit.
124. “District level Incubation and Accelerator Programme” to encourage new ideas, entrepreneurship.
125. A Trade Facilitation Centre and Crafts Museum to promote handloom products of Varanasi.
126. Rs 200 crore for textile clusters in UP, Gujarat, Bihar, Karnataka and Tamil Nadu.
127. Rs 30 crore for a handicraft academy in Delhi in PPP mode
128. Rs 50 crore for development of crafts of Jammu & Kashmir.
129. Rs 500 crore to set up 3P India, an institution to support PPPs in infra.
130. Sixteen new port projects proposed with a focus on port connectivity.
131. SEZs at Kandla and JNPT
132. Rs 4,200 cr Jal Marg Vikas project on Ganga to connect Allahabad to Haldia.
133. New airports in Tier I and Tier II.
134. Rs 37,880 cr investment in NHAI.
135. 8,500 km of National Higways
136. Rs 500 cr to NHAI for work on select expressways in parallel to the development of the Industrial Corridors.
137. Rs 100 cr for ‘Ultra Modern Super Critical Coal Based Thermal Power Technology’ for efficient thermal power.
138. Rs 500 cr for Ultra Mega Solar Power Projects in Rajasthan, Gujarat, Tamil Nadu, and Ladakh.
139. Rs 400 cr for solar power driven agri pump sets and water pumping stations.
140. Rs 100 crore to develop 1 MW Solar Parks near canals.
141. 15,000 km of gas pipelines will be set up using PPP models.
142. Usage of PNG will be scaled up in a Mission mode.
143. Changes, if necessary, in MMDR Act for investment in the mining sector.
144. Revision of royalty on minerals for greater revenue to state government.
145. Financial regulators told to take steps for a vibrant corporate bond market.
146. Extension of 5% withholding tax to all bonds issued by Indian firms abroad.
147. Liberalisation of ADR/GDR regime to allow depository receipts on permissible securities.
148. International settlement of Indian debt securities allowed.
149. Revamp of Indian Depository Receipt; more liberal Bharat Depository.
150. Uniform KYC norms introduced.
151. Single operating demat account.
152. Warehousing sector to improve post-harvest lending to farmers.
153. From FY-17, firms have to adopt new Indian Accounting Standards.
154. Two bank accounts in each household to be opened; eligible for credit.
155. 6 Debt Recovery Tribunals.
156. Regulatory gap under Prize Chits and Money Circulation Scheme (Banning) Act, 1978 to be bridged.
157. Special savings instrument for Girl Child to be introduced.
158. National Savings Certificate to have insurance cover.
159. Yearly limit in PPF scheme increased to Rs 1.5 lakh from Rs 1 lakh.
160. Rs 1,000 cr for “One Rank One Pension”.
161. Capital outlay for Defence increased by Rs 5,000 crore.
162. Rs 100 crore for war memorial and museum in Delhi.
163. Rs 100 crore for Technology Development Fund for Defence.
164. Rs 3,000 crore for modernisation of state police forces.
165. Rs 2,250 crore to strengthen and modernise border infrastructure.
166. Rs 990 crore for socio-economic development of border villages.
167. Rs 150 crore for construction of marine police station, jetties etc.
168. Rs 50 crore for setting up National Police Memorial.
169. Rs 500 crore to develop five tourist circuits with themes.
170. Rs 100 crore for mission on Pilgrimage and Spiritual Augmentation Drive.
171. National Heritage City Development and Augmentation Yojana to be launched.
172. Rs 100 crore to preserve archaeological sites.
173. Sarnath-Gaya-Varanasi Buddhist circuit with world-class tourist amenities.
174. Rs 100 crore to expedite preparation of reports on river cleaning.
175. Rs 2,037 crore for Integrated Ganga Conservation Mission called “Namami Gange”.
176. Rs 100 crore for Ghat devlopment and beautification of river front at Kedarnath, Haridwar, Kanpur, Varanasi, Allahabad, Patna and Delhi.
177. NRI fund for Ganga to be launched to finance special projects.
178. Special attention for 5 institutions engaged in nanotechnology, material science & biomedical device technology.
179. Development of biotech clusters in Faridabad and Bangalore.
180. Agri-biotech cluster in Mohali to include plant-genetic and phenotype platforms.
181. To transform Delhi’s International Centre for Genetic and Biotechnology into a world-leader.
182. Space missions including experimental flight of GSLV Mk-III, commercial launch of PSLV and two navigational satellites.
183. National sports academies to be set up
184. Rs 200 crore for J&K to upgrade indoor and outdoor stadiums to international levels.
185. Sports varsity in Manipur for Rs 100 crore.
186. Annual sports event for Himalayan states
187. Rs 100 crore for training of sportsperson for Glasgow CWG and Incheon Asian Games.
188. Rs 100 crore for employment exchanges to be converted into career centres.
189. Rs 100 crore for launch of “Young Leaders Programme”.
190. Rs 500 crore for rehabilitation of displaced Kashmiri migrants.
191. Rs 100 crore to set up National Centre for Himalayan Studies in Uttarakhand.
192. National Academy for Customs and Excise in Hindupur, Andhra Pradesh.
193. Rs 100 crore for promoting organic farming in the Northeast.
194. Rs 1,000 crore for rail connectivity in N-E.
195. 24×7 TV channel ‘Arun Prabha’ for Northeast region.
196. Rs 200 cr for power and Rs 500 cr for water reforms to make Delhi a world class city.
197. Rs 50 crore to build of Renuka Dam.
198. Rs 150 crore for communication needs of Andaman and Nicobar Islands and Rs 188 crore for Puducherry for disaster preparedness
199. Income tax rate unchanged. Personal income tax exemption limit raised from Rs 2 lakh to Rs 2.5 lakh for taxpayers below 60. Exemption limit for senior citizens Rs 3 lakh.
200. No change in rate of surcharge for corporates, firms, individuals or HUFs.
201. Education cess for all tax payers including corporates remains at 3 per cent.
202. To encourage domestic investment in long-term savings, 80C exemption limit raised from Rs 1 lakh to Rs 1.5 lakh.
203. Exemption on housing loan interest raised from Rs 1.5 lakh to Rs 2 lakh.
204. A conducive tax regime for Infrastructure Investment Trusts and Real Estate Investment Trusts to be set up in accordance with SEBI rules
205. Investment allowance of 15% to manufacturing firm that invests over Rs 25 crore yearly.
206. Last year’s Investment allowance for bigger manufacturing firms to continue till March 2015.
207. Investment linked deduction to units for semi-conductor chips.
208. 10-year tax holiday for power generation, distribution firms.
209. Income from FPIs to be treated as capital gains.
210. 15% tax on dividends received from foreign subsidaries.
211. 5% tax rate on interest payments extended to June 2017.
212. Tax incentive extended to all bonds.
213. Advance Pricing Agreement scheme roll backed.
214. APA scheme to be strengthened.
215. Rollback of APA resolution for 4 years.
216. This will attract more taxpayers to approach APA.
217. To reduce litigation, multiple year data would be allowed as comparables.
218. Law now requires computation of arm’s length price by arriving at an arithmetic mean of comparables.
219. Amendments to give effect to proposals on APA, Transfer Pricing etc in current Parliament session.
220.Long term capital gain tax increased from 10% to 20% on transfer of mutual funds units.
221. Investors have to stay invested for 3 yrs for long term capital gains.
222. Tax liability on income by way of dividends now has to be borne by firm.
223. Same for Mutual Funds investors.
224. 30% of payments where assessee has failed to pay tax on payments to residents will be disallowed as opposed to 100% earlier.
225. Revised code for Direct taxes to be looked into.
226. 60 new Aykar Seva Kendras.
227. Non-intrusive methods to be adopted to broaden the tax base.
228. Net effect of direct tax proposals is revenue loss of Rs 22,200 crore.
229. Basic customs duty reduced on soaps.
230. BCD on limestone and dolomite reduced to 2.5%.
231. BCD reduced to 5% on coal tar pitch.
232. BCD reduced to NIL for manufacture of spandex yarn.
233. Plans to reduce BCD from 10% to 2.5%.
234. A BCD reduction on methyl alcohol.
235. No customs duty on LCD and LED TV panels of below 19 inches.
236. Colour picture tubes exempted from BCD.
237. 10 % custom telecom items not in purview of the I-T agreement.
238. Exemption from 4 % special additional duty on components for PCs.
239. 4 % exemption on SAD on PVC sheet and ribbon for smart cards.
240. 7.5 % customs duty on flat-rolled stainless steel items.
241. No excise on EVA sheets, solar back sheets; solar tempered glass.
242. 5% concession in customs for equipment to set up a solar project.
243. 5 % customs duty on forged steel rings for wind power generators.
244. 4 % SAD exempted on raw materials of wind-operated generators.
245. 5 % customs duty on items for setting up of compressed biogas plants.
246. 2.5% basic customs duty and 2% CVD on non-agglomerated coal.
247. Thus, anthracite, bituminous, coking, coal and other coal will attract the same duty.
248. Customs duty on metallurgical coke increased from NIL to 2.5%.
249. Plan to reduce duty on ship breaking scrap.
250. 2% custom duty on cut and polished diamonds and coloured gemstones.
251. 2.5% custom duty on semi-processed, half cut or broken diamonds and coloured gemstones.
252. Readymade garments cheaper.
253. Export duty on bauxite hiked to 20%.
254. Free baggage allowance hiked to Rs 45,000.
255. Period for excise duty concessions extended for six months till December 31.
256. To incentivise expansion of processing capacity, excise reduction on specified food processing machinery.
257. Excise duty on footwear reduced from 12% to 6% for specific category.
258. Withdrawal of concessional excise duty on smart cards
259. Excise exemption to PSF, PFY made from plastic waste.
260. Nominal duty of 2% on such PSF and PFY.
261. Sports gloves will be cheaper.
262. Excise duty increased on cigarettes.
263. Excise duty hiked on gutkha, tobacco.
264. Additional duty of excise on aerated drinks containing added sugar.
265. Clean Energy Cess increased.
266. For service tax, sale of ad space or time in broadcast media extended to online, mobile.
267. Radio taxis brought under service tax.
268. Technical testing of drugs on humans under service tax.
269. Services rules to be amended on transport of goods through vessels.
270. Services by tour operators for foreign tour out of tax net.
271. Service tax exemption on loading, storage and transportation of cotton.
272. Services provided by the Employees’ State Insurance Corporation before July 1, 2012 exempted from service tax.
273. Exemption for specified micro insurance schemes expanded.
274. Services by common biomedical waste treatment facilities exempted.
275. Changes proposed to reduce litigation on the scope of exemptions.
276. Amending Customs and Central Excise Acts.
277. Changes in indirect taxes side are estimated to yield Rs 7,525 crore.
278. 24X7 customs clearance facility extended to 13 more airports.
279. An Indian Customs Single Window Project to facilitate trade.
280. Permissions from other regulatory agencies would be obtained online.
281. Advance Ruling Scheme expanded to cover resident private firms.
282. Scope of Settlement Commission enlarged to facilitate quick dispute resolution.
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