All sections of society taken care of in Budget: Narendra Singh Tomar

Describing the budget as "progressive and a vision document of Modi government", Association of Industries Madhya Pradesh (AIMP) president Hemant Mehtani said.

All sections of society taken care of in Budget: Narendra Singh Tomar
BHOPAL: Describing the Budget as pro-poor and pro-farmer, Union Minister for Steel and Mines Narendra Singh Tomar today said emphasis has been given on holistic and balanced development.

"The Budget is focused on poor, farmer, working class, women and youth. All sections of society and regions have been taken care of. On the one hand, it will lead to infrastructure development, on the other, it will create opportunities for employment," Tomar said in a statement.

"In the budget, emphasis has been given on holistic and balanced development. Special care has been taken for providing social security and health care to poor. The Budget also aims to bring the northeast regions of the country in the mainstream," the Minister, who is a Lok Sabha Member from Gwalior, said.

Madhya Pradesh BJP President and Lok Sabha member from Khandwa, Nandkumar Singh Chouhan termed the Budget as "development-oriented", which would lead to "revolution in manufacturing".

State Congress chief Arun Yadav, however, said the Budget was totally disappointing as it has raised tax on maximum number of daily-need items to burden poor and middle class which is already under pressure because of inflation.

Describing the budget as "progressive and a vision document of Modi government", Association of Industries Madhya Pradesh (AIMP) president Hemant Mehtani said, "It has focused on strengthening the basic infrastructure in the country."
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Pithampur Audyogik Sangthan's President Gautam Kothari said people had lot of hopes from this budget, but they were disappointed. "Especially the salaried class, which was expecting a relief in individual income tax limit, has been disappointed," he said.

Soy Food Promotion and Welfare Association president Girish Matlani termed the budget as "progressive and futuristic".

He also welcomed the implementation of GST from next year and described it as good for industries.
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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.
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 ..
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The transport allowance for salaried, which currently stands at Rs 800 per month was increased to Rs 1,600 per month.
The transport allowance for salaried, which currently stands at Rs 800 per month was increased to Rs 1,600 per month.
Encouraged by the success of the Pradhan Mantri Jan Dhan Yojana, the Finance Minister proposed to work towards creating a universal social security system for all Indians, specially the poor and the under-privileged.

Jaitley said that soon Pradhan Mantri Suraksha Bima Yojana will be launched to cover accidental death risk of Rs 2 lakh for a premium of just Rs 12 per year.

Similarly, we will also launch the Atal Pension Yojana, which will provide a defined pension, depending on the contribution, and its period. To encourage people to join this scheme, the government will contribute 50% of the beneficiaries' premium limited to Rs. 1,000 each year, for five years, in the new accounts opened before 31st December, 2015.

Jaitley also announced a third Social Security Scheme, the Pradhan Mantri Jeevan Jyoti Bima Yojana, which covers both natural and accidental death risk of Rs 2 lakh. The premium will be Rs 330 per year, or less than one rupee per day, for the age group 18-50.
Encouraged by the success of the Pradhan Mantri Jan Dhan Yojana, the Finance Minister proposed to work towards creating a universal social security system for all Indians, specially the poor and the ..
Read More
Jaitley announced that with respect to Employees Provident Fund (EPF), the employee needs to be provided two options. Firstly, the employee may opt for EPF or the New Pension Scheme (NPS). Secondly, for employees below a certain threshold of monthly income, contribution to EPF should be optional, without affecting or reducing the employer's contribution.

He said, with respect to ESI, the employee should have the option of choosing either ESI or a Health Insurance product, recognized by the Insurance Regulatory Development Authority (IRDA).
Jaitley announced that with respect to Employees Provident Fund (EPF), the employee needs to be provided two options. Firstly, the employee may opt for EPF or the New Pension Scheme (NPS). Secondly, ..
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Jaitley in his Budget Speech in proposed no change in the rate of personal Income-tax.

However, Jaitley proposed to levy a surcharge at the rate of 12% on individuals, HUFs, AOPs, BOIs, artificial juridical persons, firms, cooperative societies and local authorities having income exceeding Rs 1 crore.
Jaitley in his Budget Speech in proposed no change in the rate of personal Income-tax.

However, Jaitley proposed to levy a surcharge at the rate of 12% on individuals, HUFs, AOPs, BOIs, artif..
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To promote creation of jobs, Jaitley announced a series of cuts in customs and excise duties in the Budget. Customs duties on certain inputs like metal parts, insulated wires and cables, refrigerators compressor parts, compounds used in catalytic converters, sulphuric Acid for use in manufacture of fertilizers and compounds of video Cameras have been reduced.

SAD is reduced in Metal scrap of iron & steel, copper, brass and aluminum from 4% to 2% to address problem of CENVAT credit accumulation. For inputs for use in the manufacture of LED driver and MCPCB for LED lights, fixture and LED lamps SAD is reduced from 4% to Nil.
To promote creation of jobs, Jaitley announced a series of cuts in customs and excise duties in the Budget. Customs duties on certain inputs like metal parts, insulated wires and cables, refrigerator..
Read More
With a move to up the employability of youth, the government will launch a National Skills Mission through the Skill Development and Entrepreneurship Ministry.

The Mission will consolidate skill initiatives spread across several Ministries. Jaitley also proposed to set up an IIT in Karnataka, and upgrade Indian School of Mines, Dhanbad into a full fledged IIT. IIMs will be set in J&K and Andhara Pradesh, FM added.

Three new National Institutes of Pharmaceuticals Education and Research are proposed to be set up in Maharashtra, Rajasthan and Chattisgarh along with Institutes of Science and Education Research in Nagaland and Odisha.

For the North Eastern States, a Centre for Film Production, Animation and Gaming will be set up in Arunachal Pradesh while an Apprenticeship Training Institute for Women will be set in Haryana and Uttarakhand during 2015-16.

To enable all poor and middle class students to pursue higher education of their choice without any constraints of funds, a fully IT based Student Financial Aid Authority is proposed to be set up during the year 2015-16.
With a move to up the employability of youth, the government will launch a National Skills Mission through the Skill Development and Entrepreneurship Ministry.

The Mission will consolidate ski..
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