Budget Highlights - Direct Taxes

Other Notable Points in Budget: 1. Including Basic exemption of Rs. 2.50 L, Indiviual taxpayer can get tax-free income up to Rs. 6.94 Lakhs. 2. GAAR - applicability to be deferred by two years. 3. Section 6 of FEMA to be amended.. 4. All contributions to Sukanya Samridhi Scheme to be tax free. 5. 100% deduction for contribution to swachch Bharat and clean Ganga schemes 6. Retrospective tax provisions to be avoided. 7. 150 Crore set aside to create world class IT hub in India 8. AIIMS in J&K, Punjab, TN, HP and Assam. Another AIIMS like institute in Bihar. IIT in Karnataka. Postgrad institute of horticulture in Punjab. IIM in J&K and AP. 9. Rs. 15,000 crore scheme to skill rural India. Poor students get fund aid through PM scheme. 10. Public Sector Ports to be made firms under Companies Act. 11. NBFCs registered with RBI above Rs. 5,000 crore to be considered financial institutions. 12. Pradhan Mantri Jeevan Jyoti Bima Yojana - Rs. 1 per day premium, Rs. 2 lakh coverage. 13. Bankruptcy law reform has been identified as a key to ease of doing business. Bring comprehensive Bankruptcy code in 2015-16. 14. GST will be implemented by April 2016