Budget 2015: Government's move to upgrade schools a positive one, says Shantanu Prakash, Educomp
The allocation for next fiscal is nearly 7 per cent higher than what was provided for the current financial year ending March 31.
By Agencies | Updated:
NEW DELHI: Ministry of Corporate Affairs will get a higher budgetary allocation of nearly Rs 272 crore in the next financial year with a substantial increase going towards the non-plan component.
The allocation for next fiscal is nearly 7 per cent higher than what was provided for the current financial year ending March 31.
Shantanu Prakash, CMD of Educomp says, "We welcome the budget announcements by Finance Minister today. We are happy that the government has addressed the need to upgrade over 80,000 secondary schools and add or upgrade 75,000 junior/middle, to the senior secondary level. Such steps would effectively enable more children to attend schools and be part of the country's growth story. The emphasis on the national skills mission, the launch of welfare scheme 'Nayi Manzil' and easier loans for higher education are all steps in the right direction and hold promise for the immediate and long term."
"However, we are disappointed that the persistent and legitimate demand from the education sector to exempt schools from service tax on outsourced services has not been met. This will certainly increase the burden on parents across the spectrum," added Prakash.
The allocation for next fiscal is nearly 7 per cent higher than what was provided for the current financial year ending March 31.
Shantanu Prakash, CMD of Educomp says, "We welcome the budget announcements by Finance Minister today. We are happy that the government has addressed the need to upgrade over 80,000 secondary schools and add or upgrade 75,000 junior/middle, to the senior secondary level. Such steps would effectively enable more children to attend schools and be part of the country's growth story. The emphasis on the national skills mission, the launch of welfare scheme 'Nayi Manzil' and easier loans for higher education are all steps in the right direction and hold promise for the immediate and long term."
"However, we are disappointed that the persistent and legitimate demand from the education sector to exempt schools from service tax on outsourced services has not been met. This will certainly increase the burden on parents across the spectrum," added Prakash.
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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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