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Monday, February 29, 2016

Union Budget 2016-17

Highlights of the Union Budget 2016-17 as follows:

12.40 p.m.: Rs. 1,060 crore revenue loss through direct tax proposals, and Rs. 20,670 crore revenue loss through indirect tax proposals.

12.39 p.m.: 13 different cesses levied by various ministries with collections less than Rs.50 crore a year to be done away with.

12.38 p.m.: No Service Tax for houses built under 60 square metres.

12.35 p.m.: Excise duty on tobacco increased by 10-15 per cent.

12.34 p.m.: Committed to stable taxation regime. No more retrospective amendments.

12.29 p.m.: 4% high capacity tax for SUVs.

12.28 p.m.: Limited period compliance window for domestic taxpayers to declare undisclosed income. Declarations to have immunity from prosecutions.

12.26 p.m.: No changes have been made to existing income tax slabs.

12.25 p.m.: Infrastructure and agriculture cess to be levied.

12.23 p.m.: 1 per cent service charge on purchase of luxury cars over Rs. 10 lakh and in-cash purchase of goods and services over Rs. 2 lakh.

12.22 p.m.: Additional exemption of Rs. 50,000 for housing loans up to Rs. 35 lakh, provided cost of house is not above Rs. 50 lakh.

12.20 p.m.: 40% of withdrawal at the time of retirement under National Pension Scheme to be tax exempt.

12.19 p.m.: Tax holiday for startups for three of five years of setting up the company

12.13 p.m.: Lowering of Corporate IT rate for companies not exceeding Rs. 5 crore turnover to 25% plus surcharge.

12.09 p.m.: Ceiling under 87A to be increased to Rs. 3,000. HRA deduction up from Rs. 24,000 to Rs. 60,000 p.a.

12.08 p.m.: Rs. 100 crore for Deendayal Upadhyay's birthday celebrations and Guru Gobind Singh 300th birth anniversary.

12.07 p.m.: Classification of expenditure as plan and non-plan to be done away with.

12.06 p.m.: FIscal deficit at 3.5% of GDP in 2016-17.

12.04 p.m.: A bill on targeted delivery of financial services using Aadhar to be introduced.

12.03 p.m.: Amendment to the Companies Act to ensure speedy registration and boost start-ups.

12.02 p.m.: Rs. 900 crore for buffer stock of pulses.

12.01 p.m.: Dept of Disinvestment renamed as Dept of Investment and Public Asset Management.

12 noon: Direct Benefit Transfer for fertiliser subsidy.

11.59 a.m.: EPF at 8.3 per cent for new employees joining the scheme.11.58 a.m.: Rs. 25,000 crore for recapitalisation of public sector banks. General insurance companies owned by the govt to be listed in stock exchanges.
11.56 a.m.: Amendmends to boost Asset Reconstruction Companies to manage NPAs of public sector banks.
11.55 a.m.: RBI Act to be amended to set up monetary policy committee.
11:53 a.m.: 100% FDI through FAPB route in marketing of food products produced and manufactured in India.
11.47 a.m.: In the power sector, the govt is drawing up a plan for 15-20 years to augment investment in nuclear power. Rs. 3,000 crore per annum for this.
11.45 a.m.: There are 160 airports and airstrips which can be revived.
11.44 a.m.: Motor Vehicles Act to be amended to enable entrepreneurship in the road transport sector.
11.43 a.m.: Total outlay for infrastructure is at Rs. 2.31 lakh crore.
11.42 a.m.: Rs. 97,000 crore for all roads. Total outlay on roads and rails will be Rs. 2.80 lakh crore. 10,000 km of national highways in 2016-17 and 50,000 km state highways to be converted to NH roads.
11.41 a.m.: More than 70,000 road projects were languishing at the beginning of the year. Nearly 85% of these projects have been put back on track.
11.39 a.m.: Small shops should be given the choice to remain open on all 7 days a week.
11.37 a.m.: Rs. 1,700 crore for 1500 multi-skill development centres.
11.35 a.m.: 10 public and 10 private educational institutions to be made world-class. Digital repository for all school leaving certificates and diplomas. Rs. 1,000 crore for higher education financing.
11.34 a.m.: Hub to support SC/ST entrpreneurs.
11.33 a.m.: National dialysis service programme under PPP model. LPG connection for women members of rural homes.
11.30 a.m.: Government to provide health insurance of upto Rs. 1 lakh per family; top up of Rs. 35,000 for people above 60 years. 3,000 stores to be opened for generic drugs.


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