GAAR deferral protects prior investments while the Budget advances tax incentives for manufacturing, funds, REITs and foreign investors.
Deferment of GAAR applicability is proposed to shield prior investments, while granting pass-through status to all Category I and II AIF sub-categories and amending Permanent Establishment norms to ease relocation of offshore fund managers. The Budget proposes regional additional investment allowance and enhanced depreciation for new manufacturing units, a staggered additional depreciation for new plant and machinery, REIT/InvIT sponsor treatment alignment and pass-through of rental income, extension of reduced withholding rates for foreign investors' debt income, reduction of tax on royalty and technical fees, and broadened employment-linked tax deductions for manufacturers.

Agricultural support: central funding for organic farming and expanded irrigation to improve water use efficiency.
The budget commits central funding to fully support the Paramparagat Krishi Vikas Yojana to improve soil health via organic farming and promotes the Pradhanmantri Gram Sinchai Yojana to enhance water use efficiency ("Per Drop More Crop"), allocating consolidated resources to back micro irrigation, watershed development and PMKSY while urging substantial state co financing and participation.

Swachh Bharat Cess introduced on taxable services to fund sanitation initiatives, alongside targeted excise and customs adjustments.
A 2% Swachh Bharat Cess will be imposed on all or specified taxable services with proceeds for Swachh Bharat initiatives; the Clean Energy Cess on coal, lignite and peat is increased; concessional customs and excise rates for parts of Electrically Operated and Hybrid Vehicles are extended. Excise measures include increases on certain polymer sacks and on cigarettes and related products by length categories, specification of packing machine speed as a production factor under the Compounded Levy Scheme, and a reduction of excise on ambulance chassis to 12.5%.

Support for employment under MGNREGA prioritised, with measures to improve programme effectiveness and create a national agricultural market.
Support for employment under MGNREGA is reinforced by a budgetary allocation and an operational focus on improving the quality and effectiveness of programme activities to ensure no poor person is left without employment. Separately, the document advances creation of a Unified National Agriculture Market, proposing collaboration with States through NITI to improve farmers' price realization and moderate price rises.

Heritage site facilities restoration to improve accessibility and visitor amenities, paired with phased visa on arrival expansion.
Proposed restoration funding will address deficient visitor facilities at Cultural World Heritage Sites, covering landscaping, signage and interpretation centres, parking, access for differently abled persons, visitor amenities including security and toilets, illumination, and community-benefit planning; initial resources are to be allocated to a set of named heritage sites to start this work, alongside a phased extension of the visa on arrival facility to expand tourist access.

Tax reform: GST rollout and anti black money legislation paired with phased corporate tax reductions to spur investment.
Budget 2015 16 advances a comprehensive fiscal program emphasising tax reform and enforcement, including implementation of the Goods and Services Tax, phased corporate tax reduction, abolition of wealth tax replaced by a surcharge on very high incomes, strengthened anti black money and Benami laws with punitive sanctions, and administrative modernization. It pairs these reforms with measures to incentivise investment and manufacturing, targeted concessions to middle income taxpayers, and institutional initiatives to expand social security, microfinance refinancing, infrastructure financing, and innovation and skill development.

Budget session as democratic deliberation urging cooperative debate to shape policies benefiting the poorest citizens.
The statement announces commencement of the budget session as an opportunity for democratic deliberation, urging open dialogue and in-depth debate to produce measures that benefit the poorest citizens, noting prior consultations with party leaders and committing to a cooperative, constructive atmosphere for exhaustive discussion on national interest matters.

Budget Session to consider presentation and passage of financial measures including Budgets and Demands for Grants.
The Budget Session convenes with the President's Address in two phases separated by a recess in which Standing Committees will examine Demands for Grants. The Government's forty four item agenda covers presentation and discussion of General and Railway Budgets, voting on Demands for Grants, supplementary or excess demands, introduction and passage of multiple Bills including the Finance Bill, and non legislative business such as the Motion of Thanks and constitution of the Railway Convention Committee.

Document distribution restrictions: hard copies limited to PIB accredited correspondents via authority slips, capped per media organization.
Physical copies of the Economic Survey and General Budget will be distributed only to holders of PIB accreditation through an Authority Slip system: one slip per accreditation card, with an organizational cap on sets. Authority slips must be collected in person from the Director (Press Facility), PIB, Room No. 107, National Media Centre during the prescribed collection hours. Electronic versions will be posted on the Finance Ministry and PIB websites immediately after tabling and the Budget speech.

Budget secrecy upheld through official lock-in and controlled printing protocols ensuring confidentiality until formal presentation.
The printing of Union Budget documents is conducted under strict confidentiality through a formal "lock-in" at the Budget Press, preventing officials from contacting outsiders until the Finance Minister's budget speech. The Budget Division of the Department of Economic Affairs issues an Annual Budget Circular prescribing the form and content of Budget Estimates and instructions to ministries; these procedural and secrecy measures support the controlled preparation and printing of the Union Budget.

Corporate tax reduction: urges lowering company and firm rates to reduce costs and revive investment, plus broad tax reforms.
Pre-budget memorandum urges broad direct tax reform: reduce corporate and unincorporated business tax rates and remove surcharge/cess; revise individual slabs and restore/enhance routine exemptions and allowances; clarify ESOP taxation to tax only on capital gains and proportionately for migrating employees; expand and clarify investment and depreciation incentives (including reclassification of certain assets and extension to new asset categories); rationalize Section 14A/Rule 8D disallowances; preserve tax neutrality for reorganisations and address anomalies in capital gains, buy-back and deemed dividend provisions; and implement practical TDS, MAT/DDT and charitable purpose reforms to reduce litigation and spur investment.

Service tax scope reform: narrow definition, restore export treatment for testing/R&D, and simplify credit and procedural rules.
Recommend narrowing the definition of service to activities in furtherance of business; restore export benefit for technical testing, analysis and R&D services by treating place of provision as recipient-based; reclassify clinical trial services to qualify as exports and permit input tax refunds; expand Advance Ruling eligibility; clarify sponsorship and reverse charge treatment; exempt credit card delayed-payment interest; and simplify compliance, refund timing and pre-deposit/interest rules to reduce hardship for taxpayers.

Tax reform: comprehensive fiscal and sectoral proposals to boost investment and rationalize indirect taxes and compliance.
Comprehensive pre budget memorandum advocates fiscal consolidation alongside measures to boost demand and investment, notably expedited implementation of the Goods and Services Tax, widening of the tax base, and sectoral tax rationalisation. It advances specific indirect tax and customs adjustments, expanded exemptions and incentives to promote domestic manufacturing and exports, reform of CENVAT/credit rules and time limits, and targeted income tax clarifications to support finance, insurance, MSMEs and priority sectors while addressing NPAs and infrastructure financing.

Direct taxes: ICAI's pre-budget memorandum urges administrative reform, broader compliance measures, tax rate changes, and simplification.
ICAI's Pre Budget Memorandum 2015 recommends administrative modernization (widen TDS/TCS, e filing, reconciliation of bank and AIR data, chip enabled PAN, consolidated ITR/audit formats, online grievance portal), taxpayer centric service improvements, and targeted transaction reporting (TCS on luxury goods and high value vehicles). It proposes extensive substantive amendments: clearer definitions, tax treatment for amalgamations/OPCs/LLPs, foreign tax credit guidance, royalty/software/telecom clarifications, capital gains rules, deduction and depreciation adjustments, MAT credit carry forward, and wealth tax threshold and exemption changes to promote productive investment.