First cut notes Direct from Budget Live

Here is a post coming from @Mymuneemji on the live interpretation of budget 2015 for #Startups and #Entrepreneurs.

We mainly focus on the Tax highlights in the budget, being tax experts.

Times now calls this as remarkable #SuperBudget. While there is a Stretched sentiment all around. Expectations on one side and agonies of overcommitment on the other.

Sensex is displaying positive mood by +221 points from morning till before the Budget starts and ends flat when it ends. Interpretations crackers due to be seen next week.

Very relevant speach start from Jaitley "Kuch to fool khilaye abtak kuch to fool khilane hai... mushkil hai ki baag me abtak kaate kahi purane hai"

Economic Indicators

• CPI (Consumer Price Index) Inflation projected 5% - Inflation declines - WPI in to negative.
• GDP growth projected between 8% to 8.5% For FY 2015-16.
• Fiscal deficit targets 3% of GDP at the spread of 3 years.

General Highlights

• #Startups will be supported by the #Budget2015 in all aspects with Rs.1000 Cr. being set aside.
• Corporatisation of Ports and other Infrastructure Assets.
• Mudra Bank to refinance the Micro Finance arrangement for Small 
• Disinvestments of PSU for Loss making companies and strategic purposed.
• Going big way with Direct Benefit transfer of subsidies through Jan Dhan and Adhar Schemes.
• Entrepreneurs preferably SC / ST  categories.
• Now you can earn Interest on Metal Account. This will help to bring the savings in form gold in the main stream!! #Budget2015. 
• Trade Receivable Discounting System would be mechanized with electronic system to improve the efficiency and transparency. 
• Pradhan Mantri Bima Yojana and Jeevan Jyoti Yojana shall cover the poor families from accidental / natural death at a very very nominal premiums.
• Unclaimed PPF / EPF funds lying with the government treasury will be used for Senior Citizen Welfare Fund.
• Huge positive fro tourism sector with increment in list of countries covered under arival VISA from 43 to 150.

Tax Provisions

• Black Money comes in preface to Tax Provisions. There is also a Benami Transaction Prohibition bill coming up?? Let's see how does this look.
• Rate of Corporate Tax would be @25% instead of existing @30% over the period of next 4 years. Very courageous decision coming to boost business Scenario.
• Foreign Asset disclosure is taken very seriously. Non-Disclosure to this count would be considered as Crime.
• Permanent Establishment norms undergoing change mainly for Investment Funds.
• Applicability of GAAR is postpones for another two years to foster confidence for Investing in India.
• Wealth Tax is abolished. Again a very courageous decision. Introduction of Supper Rich Surcharge @2%.  
• Domestic Transfer Pricing Limit Increased from Rs.5 Cr. to Rs.20Cr. This allows free Domestic Trade for smaller companies.
• Service tax levy goes up to consolidated 14% from existing 12.36%. This shall bit of disturb services sector. 
• Individual Taxation -

• Medical Insurance deduction limit goes up from Rs.15000/- to 25000/-; Senior Citizen would get upto Rs.30000/-. Deduction towards medical expenditure for very senior citizens (above 80 years of age) would Rs. 30000/-.
• To Provide Social Safety net Sec 80CCD get Rs.50,000 extra deduction.
• Transport allowance exemption is increased from current Rs.800 to Rs.1600 per month for #Salarytax employees.
• Total benefit would be Rs.4.44 Lac for an individual. 

• Yoga to be Included in the Ambit of Charitable activities. This will boost the development of Yoga institutes all around.
• Enactment of Direct Tax Code DTC seems to be of no merit to the existing government. Seems that this government will drop the plans to implement DTC any further.

Finance Minister concludes with a verse from the Upanishads meaning "Let all be happier and healthier"!!

Overall a very well rounded budget. "Genuine mood for Action"