Union Budget Highlights 2016-17
1. Finance Minister Arun Jaitley presents Union Budget for 2016-17 Highlights are:
2. Concealed Income Disclosure Scheme from June 1 to September 30
3. Higher allocation for agriculture, infrastructure and social sectors.
4. No change in Income Tax rates; Relief to small tax payers up to Rs 5 lakh; Surcharge hiked from 12 to 15 percent above the income of Rs 1 crore ;
5. Cars, branded garments, air travel, aerated drinks, cigarettes to cost more
6. Electronic items, paper, solar lamps and footwear to be cheaper.
7. Sovereign gold bonds and Gold monetization to get tax benefit.
8. Half percent Krishi Kalyan Cess on Service Tax to promote agriculture.; Interest subvention to farmers continue.
9. Incentives to affordable housing and new home buyers.
10. Upto 49 per cent FDI allowed in insurance and pension sectors.
11. Fiscal deficit pegged at 3.5 percent.
12. Electronic items, Electric Motors, equipment, machinery to cost less: FM
13. Industrial Solar Heater, imitation jewellery, balloons to cost more: FM
14. Paper, Paper Board, Footwear to cost less: FM
15. Overhauling of aircraft and ship repair to become cheaper: FM
16. Iron and aluminium to cost less: FM
17. PM Jan Aushadhi Yojana to be strengthened, 300 generic drug store to be opened : FM
18. Rs 9000 cr allocated for Swachh Bharat Mission : FM
19. Health Insurance Scheme being launched to protect one third of India's population against hospitalisation expenditure
20. National Dialysis Services Programme- under National Health Mission to provide dialysis services in district hospitals
21. The growth of GDP has accelerated to 7.6% :Jaitley
22. CPI inflation came down 5.4%: Jaitley
23. Indian economy bright spot amid global economic slowdown: Jaitley
24. To give statutory backing for monetary policy RBI Act will be amended : FM
25. Rs 25,000 crore for recapitalization of public sector banks: FM
26. Amount sanctioned under PM MudraYojana has reached Rs.1 lakh crore to cover 2.5 crore borrowers by Feb, 2016: FM
27. New Financial Data Management Centre to facilitate integrated data analysis: FM
28. 100% FDI to be allowed through FIPB route in Food Products Produced and Marketed in India: FM
29. Massive nationwide rollout of ATMs, Micro ATMs in post Offices in next three yrs especially in rural areas: FM
30. FM proposes allocation of Rs.25,000 crore for recapitalization of public sector banks
31. Amendments in SEBI Act 1992 proposed in coming year to provide for more members and benches of Securities Appellate Tribunal
32. Comprehensive Code on Resolution of Financial Firms to be introduced as Bill in Parliament during 2016-17
33. Focus on Transform India, growth and fiscal discipline: FM
34. Concealed Income Disclosure Scheme from 1st June to September: FM
35. FDI reforms; upto 49 per cent in insurance and pension sectors: FM
36. No change in Income Tax Rates; Relief to small tax payers upto five lakh rupees; Dividend above 10 lakh rupees to be taxed at 10 per cent: FM
37. Sovereign gold bonds and Gold monetization to get tax benefit: FM
38. HRA deduction up from 24,000 to 60,000 per annum: FM
39. Road map on Corporate Tax; Incentives to Make in India initiatives and new manufacturing companies: FM
40. Broadening of service tax base; Senior Advocates and air-conditioned passenger transport also in Tax net: FM
41. Services provided by EPFO exempted from service tax: FM
42. Limited tax compliance window: 45% incl. surcharge and penalties and immunity from prosecution: FM
43. 11 new benches of tax tribunals to be established to reduce pendency: FM
44. To reduce multiplicity of taxes and cascading - 13 taxes with collection less than Rs. 50 Cr a year abolished: FM
45. Govt will pay interest rate of 9% over 6% if delay in implementation of appellate order is beyond 90 days: FM
46. Net revenue gain of RS. 19,610 crores due to surplus from indirect taxes: FM
47. Scope of e-assessment to be expanded to 7 mega cities, to simplify compliance for taxpayers: FM
48. Income tax dept. will expand e-sahyog to assist small taxpayers: FM
49. First home buyers to get deduction of additional interest of Rs 50,000 for loans upto Rs 35 lakh: FM
50. Low cost houses upto 60 sq mt per house in project by State will also be exempted from service tax: FM
51. Service tax exempted under housing for all mission and Pradhan Mantri Awas Yojana: FM
52. 100% tax deduction for new startups for the next three years: FM
53. Deduction for rent payers raised from Rs 20,000 to Rs 60,000 to benefit those living in rented houses: FM
54. 15% surcharge on income of 1 Crore and above: FM
55. Service tax exemption for construction of affordable housing upto 60 sq. m. under state and central housing schemes: FM
56. Ceiling of tax rebate for tax payers with up to Rs 5 lakh annual income to be raised to Rs 5000 from Rs 2000: FM
57. Relief of Rs 3000 per year to taxpayers with income below Rs. 5 Lakh per year; 1 cr tax payers to benefit: FM
58. Fiscal deficit for FY 2016-'17 targeted at 3.5%; Revenue deficit was at 2.5% during 2015-16: FM
59. Task force to rationalize human resource in the ministries, move to ensure zero hassle while interacting with officials: FM
60. Rs 221246 cr allocated for infrastructure sector for 2016-2017 : FM
61. Rs.55 thousand crore allocation is proposed for roads and highways: FM
62. Govt to enact necessary amendments in Motor Vehicles Act and open up road transport sector in passenger segment: FM
63. Govt proposes to develop new Greenfield ports both in eastern, western coasts: FM
64. Rs 97000 cr allocated for road sector including PMGSY: FM
65. 85% of stalled road projects back on track : FM
66. 100 % village electrification to be achieved by 1st May, 2018: FM
67. Budget makes a provision of Rs 87765 cr for rural development: FM
68. 300 rurban clusters to be developed under Shyama Prasad Mukherji Rurban mission: FM
69. Govt to provide additional sources to vulnerable people in rural areas: FM
70. Rs 19000 cr allocated for Pradhan Mantri Gram Sadak Yojana: FM
71. Govt drawing up comprehensive plan to boost investment in nuclear power generation in 15-20 yrs: FM
72. Govt to permit raising of additional finances through bonds to extent of Rs.31300 crore by NHAI, PFC, REC, IREDA, NABARD & Inland Water Authority
73. Budget provides for digital literacy scheme for rural India :FM
74. Higher allocation to social sector and clean environment: FM
75. Rupees one thousand crore would be allocated to set up a Higher Education Financing: FM
76. National Digital Literacy Mission and Digital Saksharta Abhiyan schemes to increase digital literacy: FM
77. 62 new Navodaya Vidyalayas to be opened in remaining uncovered districts over next two years: FM
78. Govt proposes to further scale up PM Kaushal Vikas Yojna to impart skills to one crore youth over next three years: FM
79. Govt to set up 1500 multi-skill-training institutes under National Skill Development Mission; Rs 17,000 cr for multi skill training units: FM
80. RS 1000 cr set for financing of Higher Education : FM
81. Govt to pay Employees Pension Contribution of 8.33% for all new employees enrolling in EPFO for the 1st three years of their employment: FM
82. Rationalisation of Pension Sector; 40 per cent receipts under national pension system get tax exemption: FM
83. For senior citizens, an additional top-up package upto Rs.30,000 to be provided: FM
84. 1.5 crore BPL households to get cooking gas connections in 2016/17 - target of 5 crore BPL households: FM
85. Aadhar card to be linked to the social security scheme: FM
86. Govt to provide health insurance of upto Rs 1 lakh per family: FM
87. Stand Up India scheme allocated Rs.500 Crores for SC, ST and women entrepreneurs-2 projects to be promoted per bank branch per category: FM
88. Govt to focus on economic empowerment of SC/ST through Stand up India scheme: FM
89. FM appreciates 75 lakh middle and lower-middle class families for willing giving up LPG subsidy: FM
90. A dedicated irrigation fund worth Rs 20,000 crore to be set up under NABARD: FM
91. A dedicated irrigation fund worth Rs 20,000 crore to be set up under NABARD: FM
92. DBT to farmers for fertilizers in some districts for now: FM
93. Three initiative to give benefit of MSP reaches farmers: Decentralised procurement, online procurement and efficient pulses procurement: FM
94. 14 cr farmers to be brought under soil health card scheme by March, 2017: FM
95. DBT to farmers for fertilizers in some districts for now : FM
96. Govt working for unified agricultural marketing scheme: FM
97. Half Per cent Krishi Kalyan Cess on Service Tax to promote agriculture sector; Interest subvention to farmers to continue: FM
98. Provision of 5,500 crore rupees made for Prime Minister Fasal Bima Yojna: FM
99. 89 irrigation projects to be fast tracked: FM
100. Unified Agricultural Marketing E-Platform to be dedicated to nation on Birthday of Dr. Ambedkar on 14th April this year to help farmers: FM
101. Special focus given to ensure adequate and timely flow of credit to farmers: FM
102. 5 lakh acres to be brought under organic farming over 3 years: FM
103. Rs. 38500 crores allocated to MNREGA: FM
104. If it is spent, it would be highest ever expenditure under MNREGA: FM
105. Allocation for agriculture and farmer welfare at Rs 35984 cr: FM