Finance Minister Arun Jaitley has presented Union budget 2015 today in lok sabha. It was expected that he will introduce and implement many ideas which will boost economy, give tax concession to common man and fight inflation.
But, like always, it is a mix.
Let us see 10 big highlights of Union Budget 2015 for Common Man.
1. Tax exemption limit of deduction of health insurance premium increased from Rs. 15000 to Rs. 25000. For senior citizens limit increased from Rs 20000 to Rs 30000.
2. The tax exemption limit for contribution to the National Pension Scheme was raised from Rs 1,00,000 to Rs 1,50,000.
3. The transport allowance for salaried, which currently stands at Rs 800 per month was increased to Rs 1,600 per month.
4. Wealth Tax will be abolished.
5. Under the Pradhan Mantri Surakhsha Beema Yojana, there will be an accident insurance of Rs 2 lakh.
6. Additional 2% surcharge for the super rich with income of over Rs. 1 crore.
7. Service tax increased to 14 per cent. That means you need to shed more money for electricity bills, water bills, air fare, mobile, landline and broadband bills etc.
8. Excise duty on mineral water & aerated drinks increased to 18%. So, the prices of mineral water and cold drinks may increase in coming future.
9. Govt to impose additional swachh bharat cess of 2% on services.
10. No change in tax slabs or minimum taxable limit.