Here are the key highlights of Budget 2016-17:
Finance Minister: To double farmers' income by 2022
FM: We will work for passage of insolvency and bankruptcy
FM: To double farmers' income by 2022
FM: Govt is launching a new initiative to provide cooking gas to BPL families with government's support
FM: Rs 9000 crore provided for Swachch Bharat Programme
FM: Villages will be rewarded to discourage open defecation
FM: RS 500 crore for Stand up India to promote entrepreneurship amongst SC, ST
FM: To set up 1500 multi skilled training institutes, Rs 1700, crore set aside for skill training institutes
FM: To promote 100 model career centres by end of 1016
FM: All small shops will be allowed to remain open all seven days of week. Model Shops and Estabilishment Bill soon
FM: Measures to speed up road construction: Rs 55000 crore allocated for roads and highways by 2017
FM: To bring amendment in Passenger Vehicles Act: Entrepreneurs will be allowed to operate buses/ fleet services; will create jobs for youth and have multiplier effect on economy
FM: To open new greenfiled ports in Eastern and Western sector
FM: Attempt to incentivise deep see gas exploration
FM: Public Utilisty and Resolution Bills to streamline conflicts in infrastructure area; Credit rating system for infrastructure projects
FM: To allow firms to launch infra bonds worth Rs 31300 crore
FM: Small airports and air strips to be developed for improving regional connectivity
FM: FDI policy will address farmers' needs
FM: Fiscal Deficit target 3.5%, revised revenue deficit target at 2.5%
FM: Department of Disinvestment renamed
FM: New Bankruptcy code will be introduced in the Parliament in 2016; measure to fight bankruptcy in PSU banks
FM: NITI Aayog to identify PSUs for asset sale
FM: Rs 25,000 crore for recapitalisation of PSU banks allocated; road for consolidation of PSU banks will be spelled out
FM: Debt recovery Tribunal will be strengthened
FM: Adhar made compulsory for availing social sector benefits
FM: To introduce DBT in fertiliser on pilot basis
FM: Tax rebate to those under Rs 5 lakh per annum
FM: Tax rebate on rent( HRA allowance) increased to Rs 60,000 per annum for Rs 24,000 per annum
FM: 100% tax deduction for startups for first three years
FM: New manufacturing companies incorporated on or after 1.3.2016 to be given an option to be taxed at 25% + surcharge and cess, provided they do not claim profit linked or investment linked deductions and do not avail of investment allowance and accelerated depreciation.
FM: Withdrawal up to 40% of the corpus at the time of retirement to be tax exempt in the case of National Pension Scheme (NPS). Annuity fund which goes to legal heir will not be taxable.
FM: To exempt affordable houses up to 60 sq metre from service tax
FM: levy on purchase of luxury cars
FM: First time home buyer – Rs 50,000 deduction for upto Rs 30 lakh loan provided house cost not more than Rs 50 lakh
FM: 1% infrastructure cess proposed with an attempt to curb pollution
FM: 1% cess on petrol, CNG cars
FM: Tobacco tax up from 10% to 15%
FM: 2.5% cess on diesel, 4% on SUVs
FM: Under reporting of income to be taxed more; deadline of September 30 to disclose undeclared income. Penalty rates to be 50% of tax in case of underreporting of income and 200% of tax where there is misreporting of facts.
FM: Justice Iswar committee recommendations largely accepted
FM: No change in income tax slabs
FM: EPF interest to attract 60% tax
