Union Budget 2016-17: Live Updates

Finance Minister Arun Jaitley will present the Union Budget 2016-17 amidst challenges like rural distress, poor corporate growth, huge financial burden on 7th pay commission and OROP.

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12:41 pm: Finance Minister concludes his speech.

12:39 pm: Scope of e-assessment to be expanded to 7 mega cities, to simplify compliance for taxpayers: FM

12:36 pm: TDS to be rationalized. NRIs on submitting a certain document will not pay excess TDS.

12:35 pm: India will not resort to retrospective taxation in future: Jaitley.

12:30 pm: Tax compliance window from Jun 1-Sep 30 for declaring undisclosed income at 45% inc surcharge, penalty.

12:28 pm: Increase in excise duty on tobacco products (except beedi) by 10-15%.

12:25: Dividend distribution tax for dividends received in excess of Rs 10 lakhs each year is 10%.

12:25 pm: Securities Transaction Tax for options and futures hiked.

12:20 pm: 100% tax deduction for new startups for first three years.

12:19 pm: Withdrawal of 40% of corpus tax free for NPS.

12:10 pm: Ceiling of tax rebate for tax payers with up to Rs 5 lakh annual income to be raised to Rs 5000 from Rs 2000 currently.

12:08 pm: Proposed increase in deduction under rent paid for non home owners under HRA hiked to Rs 60,000.

12:07 pm: Propose to set up a panel to review the FRBM.

12:05 pm: Planned expenditure to rise 15.3 per cent at Rs. 5.5 lakh Crores.

12:03 pm: Fiscal deficit target of 3.5% for 2016-17.

11:58 am: Provide better access through micro ATMs and ATMs.

11:55 am: Rs 25,000 crores for re-capitalization of PSU banks.

11:53 am: RBI Act will be ammended for Monetary Policy Committee.

11:49 am: Motor Vehicles Act to see major revamp, entrepreneurs will be able to run buses more easily.

11:47 am: Small shops should be given the choice to remain open on all 7 days a week: Jaitley.

11:43 am: Rs 2,21,247 crores allocated for the infrastructure sector.

11:40 am: Govt to provide health insurance of up to Rs 1 lakh per family.

11:38 am: A Higher Education Financing Agency to be set up, with a fund of 1000 crores: Jaitley.

11: 37 am: 1500 multi skills development centre.

11: 35 am: A National Dialysis Service across district hospitals, to be funded on PPP.

11:34 am: Cabinet has approved Stand Up India scheme. Rs. 500 crore has been provided for SC/SCT through the scheme.

11:32 am: Health Protection Scheme of Rs 1 lakh per family, additional cover for Senior Citizens.

11:30 am: Mission to be launched to provide LPG connections to households below the poverty line: FM

11:29 am: For rural development, FM allocates Rs 87,765 crore.

11:25 am: Rs 9000 crores allocated for Swach Bharat Abhiyan.

11:25 am: Rs. 38,500 crores allocated to MNREGA.

11:24 am: Rs 2.87 lac crores for gram panchayats, up 228 per cent for rural transformation.

11:22 am: 65 eligible habitats to be connected via 2.23 lakh km of road. Current construction pace is 100 km per day: Jaitley

11: 20 am: Rural Sadak Yojana allocation is Rs 19,000 crores. Rs 15,000 crore farm loan interest subvention.

11:18 am: Aim to double the income of farmers in 5 years. Rs 35,984 crores total allocation for farmers' welfare: FM

11:16: am: Addressing farmer needs, health insurance scheme being announced and BPL families provided cooking gas.

11:15 am: Dedicated long term irrigation fund under NABARD of Rs 20,000 Crores.

11:10 am: Priorities. 1. Agri and farmer welfare. 2. Rural employment. 3 Social sector in healthcare. 4. Jobs 5. Infra. 6. Fin sector. 7. Governance. 8. Fiscal discipline. 9. Tax compliance.

11:09 am: Farm, rural sector, infra, social sector to have more Government expenditure : FM

11:08 am: FM: Center share of taxes reduced from 68% to 58%.

11:06 am: Growth is up, inflation is down, forex reserves are robust at a time of global headwinds, Jaitley.

11:05 am: Jaitley: we're doing better despite inheriting a bad economy that was badly governed.

11:04 am: I am presenting this budget when the global economy is in serious crisis, Jaitley.

11:03 am: Arun Jaitley begins his Budget speech.

11:00 am: Lok Sabha session begins.

10:55 am: Looks likely that Arun Jaitley will stick to the fiscal deficit roadmap.

10:46 am: PSU Banking stocks on fire on hopes of re-capitalization.

10:40 am: Cabinet meet ends. Clears Union Budget 2016-17.

10:35 am: Keenly watched would be the fiscal deficit number for 2016-17.

10:30 am: Higher service tax and lower corporate tax are likely.

10:20: am: Markets trades lower ahead of Union Budget. Sensex down 66 points.

10:05 am: Arun Jaitley reaches parliament.