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Finance Minister, Arun Jaitley presented his first full Union Budget for fiscal year 2016-17. Here are quick highlights from the Union Budget 2016.
- Scope of e-assessment to be expanded to 7 mega cities, to simplify compliance for taxpayers: FM
- TDS to be rationalized. NRIs on submitting a certain document will not pay excess TDS.
- India will not resort to retrospective taxation in future: Jaitley
- No changes have been made to existing income tax slabs
- Tax compliance window from Jun 1-Sep 30 for declaring undisclosed income at 45% inc surcharge, penalty.
- Increase in excise duty on tobacco products (except beedi) by 10-15%.
- Dividend distribution tax for dividends received in excess of Rs 10 lakhs each year is 10%.
- Securities Transaction Tax for options and futures hiked.
- 100% tax deduction for new startups for first three years.
- Withdrawal of 40% of corpus tax free for NPS.
- 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.
- Proposed increase in deduction under rent paid for non home owners under HRA hiked to Rs 60,000.
- Propose to set up a panel to review the FRBM.
- Target of disbursement under MUDRA increased to 1,80,000 crore
- Planned expenditure to rise 15.3 per cent at Rs. 5.5 lakh Crores.
- Fiscal deficit target of 3.5% for 2016-17.
- Provide better access through micro ATMs and ATMs.
- Rs 25,000 crores for re-capitalization of PSU banks.
- RBI Act will be ammended for Monetary Policy Committee.
- Motor Vehicles Act to see major revamp, entrepreneurs will be able to run buses more easily.
- Small shops should be given the choice to remain open on all 7 days a week: Jaitley.
- Rs 2,21,247 crores allocated for the infrastructure sector.
- Govt to provide health insurance of up to Rs 1 lakh per family.
- A Higher Education Financing Agency to be set up, with a fund of 1000 crores: Jaitley
- 1500 multi skills development centre
- A National Dialysis Service across district hospitals, to be funded on PPP
- Cabinet has approved Stand Up India scheme. Rs. 500 crore has been provided for SC/SCT through the scheme.
- Health Protection Scheme of Rs 1 lakh per family, additional cover for Senior Citizens.
- Farm, rural sector, infra, social sector to have more Government expenditure : FM
- Rs 9000 crores allocated for Swach Bharat Abhiyan.
- Rs. 38,500 crores allocated to MNREGA.
- Growth is up, inflation is down, forex reserves are robust at a time of global headwinds, Jaitley.
- Dedicated long term irrigation fund under NABARD of Rs 20,000 Crores
- Aim to double the income of farmers in 5 years. Rs 35,984 crores total allocation for farmers' welfare: FM
- Rural Sadak Yojana allocation is Rs 19,000 crores. Rs 15,000 crore farm loan interest subvention.
- 5 eligible habitats to be connected via 2.23 lakh km of road. Current construction pace is 100 km per day: Jaitley
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