Top ten takeaways from Jaitley’s budget

  • Two per cent surcharge for super rich with income over Rs. 1 crore and abolition of wealth tax.

  • Rate of corporate tax to be reduced to 25 per cent over the next four years.

  • Service tax hiked to 14 per cent

  • Rs. 25,000 crore for Rural Infrastructure Development Bank.

  • Tax-free bonds for projects in rail, road and irrigation sectors and Rs. 70,000 crore for infrastructure sector.

  • Six new AIIMS-type institutions, two new IITs and two IIMs.

  • Defence allocation raised by little less than 10 per cent to Rs. 2.46 lakh crore.

  • Goods and Services Tax to be implemented by April 2016.

  • New legislation soon for curbing black money.

  • Sovereign Gold Bond as an alternative to purchasing metal gold; to develop Indian gold coin with Ashok Chakra on its face.

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