The last day of february remains the date for presenting the Indian Union budget by the finance minister of INdia the parliament.
The bill process presentation is made through the means of the financial bill and its appropriation bill is usually passed by the house well in advance effecting 1st of april every calendar year that which denotes the 1st day of beginning of India’s financial year. Here is the comparative analysis of previous year 2014 2015 and present 2015 2016 budget
|presented on 10.07.14 by Arun Jaitley
||presented by Arun Jaitley on 28.02.2015
|IT exemption increase between 50 to 250 thousand and 300 thousand for sr citizens
||Complete exemption of 444 thousand
|limit of Exemption threshold for investment in financial instruments in 80C was between 1 – 1.5 lakh
||Extra two percent surcharge for the super rich with income over one crore.
|Investment limit in PPF increased to Rs 1.5 lakh from prevailing Rs 1 lakh.
||Service Tax increased to 14% from The present service tax of 12.36% is hiken to 14% with Wealth Tax getting fully abolished and those who contribute to swachch bharat are 100% exempted from CSR
|LCD, LED televisions became cheaper
||5 mega projects of 4000 Kw is coming up
|There was increase in the rates of Cigarettes, pan masala, tobacco, and aerated drinks
||Again increment of Cigarettes and decrement of foot wear
|the displaced kashmiri citizens will be rehabilitated with Rs.500 crore fund
||Rs five thousand crore extra allocation for MGNREGA creating a universal security system for entire Indians.
|About five indian institute of management to start up in the states like Bihar, Odisha, HP, Punjab, and Rajasthan.
||Jammu & Kashmir & Andhra Pradesh will find IIM, dhanbad will see Indian Institute of Mines IMS
|Five more Indian Institute of Techology announced in the state of Andhra Pradesh, Jammu, Chhattisgarh, Goa, and Kerala.
||Karnataka will find one iit for its states
|4 AIIMS like institutions was sanctioned in Vidarbha in Maharashtra, AP, West Bengal, and Poorvanchal in UP
||AIIMS like institutions in JK, Punjab, Tamil Naidu, HP, Bihar & Assam.