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Key Points of Union Budget-2016

  1. No change in Income Tax slabs
  2. First time home buyer – Rs 50,000 deduction for up to Rs 35 lakhs loan provided house cost not more than Rs 50 lakhs
  3. Deduction of Rs 60,000 per annum for persons doesn’t have HRA and paying rent. Earlier it was only Rs 24000.
  4. National Pension scheme – withdrawal of 40% of corpus at time of retirement tax exempt
  5. Under 5 lakhs income – rebate increased from 2000 to 5000
  6. Corporate Tax – New manufacturing companies registered on/post March 01, 2016 – option of tax 25% surcharge + cess
  7. Lower Corporate tax for small companies at 29% surcharge + cess have turnover below 5 crores.
  8. Presumptive tax extended for professional earning up to Rs 50 lakhs.
  9. Excise duty on Tobacco products increased by 10-15%
  10. Net impact of taxation proposals is an increase in Govt. revenue by Rs 19,610 cr.
  11. Start-ups to get 100% tax exemption for 3 years except MAT which will apply from April 2016-2019
  12. Income tax department will expand e-sahyog to assist small taxpayers
  13. Penalty to be 50% of tax in income under-reporting cases, 200% in misreporting of facts
  14. Committed to implementing GAAR from April 1, 2017
  15. The fiscal target will be retained at 3.9 for 2015-16, and 3.5 for 2016-17
  16. Tax arrears can be paid in lieu of interest liabilities  in retrospective taxation cases
  17. Monetary limit for cases to be decided by 1-member bench up from 15 lakhs to 50 lakhs.
  18. 11 new benches of tax tribunals to be established to reduce pendency.
  19. To reduce multiplicity of taxes and cascading – 13 taxes with collection less than Rs 50 Cr a year abolished
  20. Companies Act to amended for ease of doing business; to enable registration of companies in a day
  21. Service tax exempted for housing construction of houses less than 60 sq meters
  22. 15% surcharge on income tax for those with incomes exceeding 1 crores p.a
  23. Krishi Kalyan Cess of 0.5% on all taxable services
  24. Service tax on single premium annuity to be reduced to 1.5 percent from 3.5 percent.
  25. 10% dividend on earnings over earnings over 10 lakhs
  26. Limited tax compliance window from Jun 1 – Sep 30 2016 for declaring undisclosed income at 45% including surcharge and penalties. There shall be no scrutiny or prosecution in this regard
  27. Clean energy cess increased from RS 200 per tonnne to 400 per tonnne on coal, lignite and peat
  28. PM Awas Yojna: 100% deduction for profits of undertakings from housing projects in cities during June 2016 – March 2019. MAT will apply for such undertakings
  29. Service tax exempted for general insurance schemes under Niramayi Swasthya Bima Yojana.
  30. Hike in to limit from 1 to 2 crores on small business assess in MSME category.
  31. Presumptive income of 8% Committed to increase investment in asset reconstruction companies
  32. stands firmly behind public sector banks, Rs 25k crores for bank recapitalization.
  33. SEBI act to be amended to provide more benches on the security appellate tribunal.
  34. PM Mudra Yojna amount sanctioned has reached Rs 1 Lakh crores; next year’s target is 180000 crores.
  35. AADHAR NO will not be a proof of citizenship or domicile
  36. 100% FDI through FAPB route in marketing of food products produced and manufactured in India.
  37. 900 crores rupees for Market Stabilization Fund for Pulses
  38. Rs 1,000 crores allocated for new EPF(Employees’ Provident Fund) scheme
  39. 1000 crores set aside for higher education financing
  40. 3000 crores rupees earmarked for nuclear power generation.
  41. 55,000 crores for roads and highways. 50000 km of state highways to be taken up for up gradation as national highways.
  42. Objective to skill 1 crores youth in the next 3 years under the PM Kaushal Vikas Yojna
  43. Senior citizens will get additional healthcare cover of Rs 30,000 under the new scheme.
  44. Rs 9,000 crores allocated to Swaccha Bharat Abhiyaan. 500 crores for startup India.
  45. 87 lakhs crores grants to gram panchayats and municipalities – a quantum jump of 228%: Finance Minister
  46. MGNREGA to get 38,500 crores rupees
  47. 5 lakhs acres to be brought under organic farming over a three year period
  48. Rs 35,984 crores allocated for Agriculture in 2016-17
  49. Forex Reserves have reached their highest mark at $350 billion.
  50. Growth of GDP has accelerated to 7.6% .CPI inflation has declined to 5.4%
  51. is committed to achieve 100% village electrification by 1st May 2018.
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