29/02/2016
Brief Highlights of Budgets as below.
1. CPI Inflation Down to 5.4% & GDP Increase to 7.6%
2. Propose Rs. 5500 Crore for PM Fasal Yojna
3. Propose Rs 15000 Crore for Interest Subvention for Agri Loans
4. Propose Rs. 19000 Crore for Rural Sadak Yojna
5. Propose Rs. 38500 Crore for MGNREGA Scheme
6.Propose Rs. 8500 Crore for 8500 Crore for Deen Dayal Gram Jyoti Yojna
7. Propose Rs. 9000 Crore for Swach Bharat Abhiyan
8. Propose Rs. 87765 Crore for Rural Development
9. Allocate Rs. 2000 Crore for Initial LPG Connections to Women Members
10. Propose to Launch New Healthcare Scheme 1 Lac cover per family.
11. To Set up High Education Financing Agency with 1000 Crore Capital
12. Allocate Rs. 55,000 Crore for Roads & Highways excluding 15000 Crore NHAI Bonds
13.Propose to Develop Non Functional 10 of 25 Air Strips
14. Duty Drawbacks Scheme to be widend.
15. Allocate Rs. 25000 Crore for Bank Recapitalisation
16. Govt has option to reduce stake in IDBI below 50%.
17.15.3% Expenditure in Plan Expenditure to 5.5 Lack Crore
Taxes
1. Relief to Small Taxpayers by Increasing Rs. 3000 Crore in Section 87A
2. Limit Under Section 80GG increased from 24K to 60K
3. 44AB limit amended from 1 Crore to 2 Crore & for Professional from 25Lac to 50Lac with minimum income shown 50%,
4.Corp tax to be cut to 29% from FY18 for cos with turnover less than `5 cr.
5.Propose to rationalise norms for tax deducted at source
6.Dividend Tax rate of 10% for individuals/HUF if dividend in excess of 10 lk/annum.
7.Propose to abolish 14 different cesses levied by ministers
8.To lower penalty to 50% of tax in case of under-reporting of income
9.Propose 1-time Scheme w.r.t Dispute Resolution Provided Case Withdrawn
10.STT increase in options from 0.017% to 0.5%.
11.Propose New Dispute Resolution Scheme
12. Offering limited period compliance window for undisclosed income
13. Voluntary disclosure of income for blackmoney
14.Benefits of research will be 150% by 1st April 2017 and 100% by 1st April 2020
15. Lower corporate tax rates from co with Rev under Rs 5cr to 29% + surcharge + cess
16. First home buyers an additional deduction of interest of 50,000 provided value of house does not exceed Rs 50 lakh
17.Tax exempt 40% of withdrawal from NPS at retirement.
18.Propose 100% deduction to undertakings for construction of affordable housing:
19.DDT exempted from REITs
20.Propose to implement GAAR from April 1, 2017
21.New cos will not be allowed to seek any exemption
22.. Clean energy cess for coal Rs 400/ tonne
23.To raise excise duty on most to***co products by 10-15%:
24.To levy 1% infra cess on small gasoline cars
25.Propose to make some changes in customs, excise duty rates.
