Budget 2015: Five mega power projects positive for copper industry
Budget did not have anything specific for real estate, the clarity that there will be no capital gains tax on contribution to REITS, is positive.
By PTI | Updated:
MUMBAI: The government's proposal to set up five new 4,000 MW ultra mega power projects, entailing investments of around Rs 1 lakh crore, is a big positive for the copper industry, said International Copper Association of India (ICA).
"The railway budget had set up a roadmap for reforms and the tone for the Budget has followed more or less a similar pattern," ICA India Managing Director Sanjeev Ranjan said.
The government has realised that there is a very strong case for improving the global competitiveness of India by focusing on infrastructure, ease of doing business by bringing in regulatory reforms to cut bureaucracy and improve existing taxation norms to generate jobs, he said.
Though the budget did not have anything specific for real estate, the clarity that there will be no capital gains tax on contribution to REITS, is positive, Ranjan said.
Consolidation and improvement in operations of railways by bringing in better technology will also be a big positive for the copper industry, he said.
"We are happy with the government sticking to its vision of 'Housing for All' by 2022, which means it will build 60 million homes -- 40 million in rural areas and 20 million in urban areas -- by allocating Rs 22,407 crore, for taking measures in housing and urban development across the country in 2015-16. This will be a big boost for our building wires for residential application," he added.
"The railway budget had set up a roadmap for reforms and the tone for the Budget has followed more or less a similar pattern," ICA India Managing Director Sanjeev Ranjan said.
The government has realised that there is a very strong case for improving the global competitiveness of India by focusing on infrastructure, ease of doing business by bringing in regulatory reforms to cut bureaucracy and improve existing taxation norms to generate jobs, he said.
Though the budget did not have anything specific for real estate, the clarity that there will be no capital gains tax on contribution to REITS, is positive, Ranjan said.
Consolidation and improvement in operations of railways by bringing in better technology will also be a big positive for the copper industry, he said.
"We are happy with the government sticking to its vision of 'Housing for All' by 2022, which means it will build 60 million homes -- 40 million in rural areas and 20 million in urban areas -- by allocating Rs 22,407 crore, for taking measures in housing and urban development across the country in 2015-16. This will be a big boost for our building wires for residential application," he added.
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The limit of reduction of health insurance premium was enhanced from Rs 15,000 to Rs 25,000. For senior citizens this limit has been increased from Rs 20,000 to Rs 30,000.
"For senior citizen above the age of 80 years, not eligible to take health insurance, deduction is allowed for Rs 30,000 toward medical expenditure. Deduction limit of Rs 60,000 on expenditure on account of specified diseases is enhanced to Rs 80,000 in the case of senior citizens," Jaitley said.
Additional deduction of Rs 25,000 is allowed for differently-abled persons, increasing the limit from Rs 50,000 to Rs 75,000. It is also proposed to increase the limit of deduction from Rs 1 lakh to Rs 1.25 lakh in case of severe disability.
Jaitley also proposed to provide that investment in Sukanya Samriddhi Scheme will be eligible for deduction under section 80C of the income-tax and any payment from the scheme shall not be liable to tax.
Limit on deduction on account of contribution to a pension fund and the new pension scheme is proposed to be increased from Rs 1 lakh to Rs 1.5 lakh.
Additional deduction of Rs 50,000 will be allowed for contribution to the new pension scheme u/s 80 CCD increasing from Rs 1 lakh to Rs 1.5 lakh.
"For senior citizen above the age of 80 years, not eligible to take health insurance, deduction is allowed for Rs 30,000 toward medical expenditure. Deduction limit of Rs 60,000 on expenditure on account of specified diseases is enhanced to Rs 80,000 in the case of senior citizens," Jaitley said.
Additional deduction of Rs 25,000 is allowed for differently-abled persons, increasing the limit from Rs 50,000 to Rs 75,000. It is also proposed to increase the limit of deduction from Rs 1 lakh to Rs 1.25 lakh in case of severe disability.
Jaitley also proposed to provide that investment in Sukanya Samriddhi Scheme will be eligible for deduction under section 80C of the income-tax and any payment from the scheme shall not be liable to tax.
Limit on deduction on account of contribution to a pension fund and the new pension scheme is proposed to be increased from Rs 1 lakh to Rs 1.5 lakh.
Additional deduction of Rs 50,000 will be allowed for contribution to the new pension scheme u/s 80 CCD increasing from Rs 1 lakh to Rs 1.5 lakh.
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