Budget 2016 impact: Sensex crashes over 600 points, Nifty over 200 points on taxation proposals

Zee Media Bureau

New Delhi: The Sensex on Monday crashed over 600 points while the Nifty plummet over 200 on taxation proposals by Finance Minister Arun Jaitley in the Union Budget 2016-17.

Stock market loss widens; Sensex crashes over 600 points and Nifty down over 200 points on Budget taxation proposals.

— Press Trust of India (@PTI_News) February 29, 2016

Presenting the Budget, Arun Jaitley proposed a series of taxations including committing to implementation of GAAR from April 2017.

The finance minister, however, kept personal income tax slab unchanged.

Some of the tax proposals that were laid down by the finance minister are:

• Relief of Rs.3,000 per year to taxpayers with income below Rs.5 Lakh per year to benefit one crore taxpayers

• Surcharge on income tax for incomes exceeding Rs.1 crore per annum raised from 12 percent to 15 percent 

• Service tax exempted for general insurance schemes under Niramayi Swasthya Bima Yojana 

• Suitable changes to be made in customs and excise duty rates to improve competitiveness and boost Make In India 

• For income below Rs.5 lakh per annum, tax ceiling has been raised from Rs.2,000 to Rs.5,000 

• Relief to those in rented houses: Deduction raised from Rs.24,000 to Rs.60,000 under Section 88G