29 February 2016, 13:00 PM
-No change in Income Tax slabs
-First time home buyer – Rs 50,000 deduction for upto Rs 35 lakh loan provided house cost not more than Rs 50 lakh
-Reduction of Rs 60,000 per annum for those who don’t own house and pay rent
-Penalty to be 50% of tax in income under-reporting cases, 200% in misreporting of facts
-National Pension scheme – withdrawal of 40% of corpus at time of retirement tax exempt
-National Pension scheme – withdrawal of 40% of corpus at time of retirement tax exempt
-FM announces 9 objectives for tax reforms
-Tax rebate for those earning less than 5 lahk per annum
-Under 5 lakh income – rebate increased from 2000 to 5000
-Corporate Tax – New manufacturing companies registered on/post March 01, 2016 – option of tax 25% surcharge + cess
-Lower Corporate tax for small companies at 29% surcharge + cess
-National Pension scheme – withdrawal of 40% of corpus at time of retirement tax exempt
-Presumptive tax extended for professional earning up to Rs 50 lakh
29 February 2016, 12:46 PM
-New grading system of imposing penalties - on the basis of under reporting or concealment of income
-Excise duty on Tobacco products increased by 10-15%
-Net impact of taxation proposals is an increase in Govt revenue by Rs 19,610 cr
-Scope of e-assessment to be expanded to 7 mega cities
-Income tax department will expand e-sahyog to assist small taxpayers
-Income tax dept. will expand e-sahyog to assist small taxpayers:
-Start-ups to get 100% tax exemption for 3 years except MAT which will apply from April 2016-2019
29 February 2016, 12:40 PM
-Levy of heavy penalty for non payment of tax has led to high litigation. Proposal to modify scheme for penalties
-Penalty to be 50% of tax in income under-reporting cases, 200% in misreporting of facts
-Tax arrears can be paid in lieu of interest liabilities in retrospective taxation cases
-Monetary limit for cases to be decided by 1-member bench up from 15 lakh to 50 lakhs
-Incentives for new manufacturing companies and smaller enterprise companies
-11 new benches of tax tribunals to be established to reduce pendency
-To reduce multiplicity of taxes and cascading - 13 taxes with collection less than Rs 50 Cr a year abolished
-Companies Act to amended for ease of doing business; to enable registration of companies in a day
-Service tax exempted for housing construction of houses less than 60 sq metres
-15% surcharge on income tax for those with incomes exceeding 1 crore pa
-I propose to lower corporate IT rate for next financial yr of relatively small enterprises companies with turnovers nt exceeding 5cr
-Krishi Kalyan Cess of 0.5% on all taxable services
-Tax evasion will be countered strongly:
-Service tax on single premium annuity to be reduced to 1.5 percent from 3.5 percent.
-10% dividend on earnings over earnings over 10 lakhs
-Presumptive income tax scheme to be extended to all professionals with income of Rs 50 lakh with a presumption of 50 percent profit.
-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
-Clean energy cess increased from RS 200 per tonnne to 400 per tonnne on coal, lignite and peat
-Move towards a low tax regime with non litigious approach
-Committed to provide a stable and predictable taxation regime
29 February 2016, 12:29 PM
-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
-Suitable changes to be made in customs and excise duty rates to improve competitiveness and boost Make In India
-Incentives for new manufacturing companies and smaller enterprise companies
-Service tax exempted for general insurance schemes under Niramayi Swasthya Bima Yojana
29 February 2016, 12:19 PM
-Hike in to limit from 1 to 2 crore on small business assess in MSME category.
-Presumptive income of 8% Committed to increase investment in asset reconstruction companies
-Special Patent Regime proposed to power innovation and research
Corporate income tax:
-Incentives for new manufacturing companies and relatively small enterprise companies
-Committed to implementing GAAR from April 1, 2017
-Presumptive income tax scheme to be extended to all professionals with income of Rs 50 lakh with a presumption of 50 percent profit.
-Accelerated depreciation to be limited to 40% wef from Apr 1, 2017
29 February 2016, 12:16 PM
-Relief to those who living on rent - Rent deduction raised from Rs 24,000 to Rs 60,000
-Revenue deficit estimate for FY 2015-16 down to 2.5% from earlier estimates
Fiscal deficit for Financial Year 2016-'17 targeted at 3.5%
-Govt acknowledges role of tax payer in nation building
-Taxation is a major tool to remove poverty and inequality in the society'
-Tax ceiling has been raised from 2000 to 5000 rupees for those earning less than Rs 5 lakh ruppes pa
-Relief to those who living on rent - Rent deduction raised from Rs 24,000 to Rs 60,000
29 February 2016, 12:08 PM
-The fiscal target will be retained at 3.9 for 2015-16, and 3.5 for 2016-17
-Plan and non-plan classification of govt expenditure will be done away with
-FRBM Act has been under implementation for the past decade, a school of though now feels that instead of a fixed figure, there should a range based target for managing fiscal deficit
-Direct benefit transfer scheme will be implemented for disbursal of fertilizer subsidy on a pilot basis
-Govt stands firmly behind public sector banks, Rs 25k crore for bank recapitalisation
-Buffer stock of pulses will be created; 900 crore rupees for Market Stabilization Fund for Pulses
-Govt stands firmly behind public sector banks Rs25k crore for bank recapitalisation
-Govt will enact necessary amendments in the Motor Vehicles Act and open up the road transport sector in passenger segment
-Public Money should reach the poor and deserving without any leakage
-A bill on targeted delivery of financial services using Aadhar to be introduced
29 February 2016, 12:00 PM
-SEBI act to be amended to provide more benches on the security appellate tribunal
-Comprehensive code of bankruptcy resolution of financial firms will be introduced as a bill in 2017
-Number of measures to be undertaken to deepen corporate bond market
-RBI Act being amended to provide statutory basis for monetary policy framework
-Process of transformation of IDBI has already started, govt will reduce its stake below 50%
-PM Mudra Yojna amount snactioned has reached Rs 1 Lakh crore, next year's target is 1,80,000 crore
-Nationwide of ATMS, micro-ATMs across the country
-General Insurance companies owned by the govt will be listed in the stock exchanges
-Task force has been constituted to rationalize the human resources in various ministries has been instituted
-AADHAR NO will not be a proof of citizenship or domicile
29 February 2016, 11:55 AM
-Public Utility Resolution of Disputes Bill for resolution of disputes in infra sector
-Guidelines of renegotiating PPP contracts will be introduced
-New credit rating system for infrastructure
-Considering to incentivize gas production from deep sea, ultra deep water and high temp. areas
-3000 crore rupees earmarked for nuclear power generation
-100% FDI through FAPB route in marketing of food products produced and manufactured in India
-Will encourage CPSEs to sell their assets like land
-Dept of Disinvestment to be renamed as Dept. of Investment and Public Asset Management
-RBI Act being amended to provide statutory basis for monetary policy framework
-Financial Data Management Centre for integrated data collection and analysis
29 February 2016, 11:47 AM
-3,500 medical stores to be opened under Pradhan Mantri Jan Aushodi Yojana
-Retail trade is largest service sector employer in country. Many more jobs are created in this, provided the regulations are simplified:
-Shops will be given an option to remain open on all seven days
-85% of stalled road projects back on track
-Total of Rs 97000 crore will be spend on roads and highways
-Rs 218000 crore investment in roads and railways in 2016-17
-10000 kms of national highways in 2016-17
-Additional 50000 kms of state highways will be taken up for up gradation as national highway
-Series of measures to modernize ports
-800 cr for inland waterways
-Action plan for revival of unserved and underserved airports
-Will partner with state govt to develop some of these airports to enhance regional connectivity
29 February 2016, 11:42 AM
-Focus will be quality education
-62 new Navodaya Vidyalas will be opened
-Higher education financing agency will be set up with an initial capital of Rs 1000 crore
-Digital depository for school and college certificates will be set up
-National skill development mission has trained 76 lakh youth
-1500 multi-skill institutes will be set up across the country
-1 crore youth will be imparted skills in the next 3 years
-Govt will pay EPF contribution of 8.33% for all new employees for 1st three years for those with salaries upto Rs 1500 pm
29 February 2016, 11:37 AM
-LPG connection in the name of women members of poor connections, Rs 2000 crore earmarked for the scheme
-The mission will cover a total of 5 crore BPL families
-75 lakh middle class and lower middle class have voluntarily given up subsidy on LPG
-New health protection scheme – cover of Rs 1 lakh per family, senior citizens will get an additional cover of Rs 30000
-National dialysis service programme will be started to provide dialysis service in all district hospital
certain dialysis will get tax subsidy
-'Stand up scheme' to promote entrepreneurship in SC/ST and women
-The scheme gets Rs 500 cr
-National hub will be created to help SC/ST entrepreneurs
29 February 2016, 11:30 AM
-300 urban clusters to be set up under Shyama Prasad Mukherji Rurban Mission
-5542 villages have been electrified Feb 23, 2016, this is more than the total combined achievement of the past three years
-100% electrification by May 1, 2018
-Swatch Bharat gets Rs 9000 crore
-Need to spread digital literacy in rural areas
-National digital literacy mission to cover 6 crore rural households
-Rs 87765 cr for rural sector as a whole
29 February 2016, 11:26 AM
-E-pashudhan haat for connecting farmers and breeders of livestock
-Honey production has been increased to 86500 mt tonne
-Rs 2.87 Lakh Crores to be given as aid to Gram Panchayats as recommended by Finance Commission, a jump of 128%
-Average assistance of rs 80 lakh for gram panchayats, Rs 21 crore for each local body
-New projects to be taken for dairy procurement, will issue animal health card, e-marketing portal for contacting breeders
-Rs 38,500 crore has been allocated to MNREGA. This will be highest amount spent on NREGA
29 February 2016, 11:23 AM
-Rs 500 crore under food security mission earmarked for cultivation of pulses
-Unified agricultural market scheme being envisaged
-Unified market e-platform will be dedicated to the nation on April 14 – Ambedkar's birthday
-PM GRAM SADAK Yojna to get RS 19000
-NDRF fund norms revised
-All time high, Rs 9 lakh crore for agricultural loans
-Rs 5500 cr for PM Fasal Bima Yojna
-Online procurement systems under FCI to ensure that farmers get a fair price for their produces
29 February 2016, 11:19 AM
-Will continue with reform to ensure the passage of GST Bill
-Recapitalization of banks will be done during next FY
-Current account deficit has declined from 18.4 billion US dollars in 1st half of last year to 14.4 billion this year
-Farmers are backbone of our food security
-Govt working to double the income the famers
-Only 46% of cultivated land is fed with irrigation
-Rs 17000 cr next years and rs 86500 cr in the next five years to increase area of irrigation
-Rs 60000 cr to harness ground water
-Soil health card scheme is being implemented with greater vigour, all farmers will be covered by March 2017
-Working to Increase crop yield in rain fed areas
29 February 2016, 11:16 AM
Forex Reseves at 350 bn dollars
29 February 2016, 11:16 AM
There was two consecutive years of rain shortfall
29 February 2016, 11:15 AM
There was two consecutive years of rain shortfall
29 February 2016, 11:15 AM
CPI inflation has come down to 5.4%
29 February 2016, 11:15 AM
Lot of confidence and hope continues to be build around India
29 February 2016, 11:10 AM
-Money with the government belongs to the people
-Increased our plan stage in the RE stage in 2015-16
-Risk of global slowdown is mounting
-Three serious implications: Improve the firewall against these conditions, domestic demand must pick up and reform process should continue
-GDP growth at robust 7.6%
-Govt has prioritise expenditure
-More spending in priority sectors - farm, social and infra sectors
-PM Fasal bIMA yOJNA
-New Health insurance
-Cooking gas for BPL families
29 February 2016, 11:09 AM
India is bright spot amidst a slowing global economy
29 February 2016, 11:08 AM
Indian economy has held its ground
29 February 2016, 11:08 AM
Global growth has slowed down to 3.1%
29 February 2016, 11:07 AM
Global economy in serious crisis
29 February 2016, 11:04 AM
FM Jaitley begins his Budget speech in Lok Sabha
29 February 2016, 10:56 AM
All smiles, before presentation of #Budget2016.@RashtrapatiBhvn pic.twitter.com/SF9hn7RfWr
— PIB India (@PIB_India) February 29, 2016
29 February 2016, 10:55 AM
FM Arun Jaitley to present Union Budget 2016 in Parliament shortly
29 February 2016, 10:38 AM
PM Modi and Union Minister Venkaiah Naidu in Parliament
29 February 2016, 10:30 AM
Cabinet meeting in Parliament ends
29 February 2016, 10:22 AM
PM Modi arrived for cabinet meet in the Parliament, meet underway (earlier visual) pic.twitter.com/ZwrkPKUlhL
— ANI (@ANI_news) February 29, 2016
29 February 2016, 10:21 AM
PM Modi arrives for cabinet meet in Parliament
29 February 2016, 10:20 AM
FM Jaitley meets President Pranab Mukherjee for customary briefing on Union Budget 2016
29 February 2016, 10:01 AM
Cabinet meeting begins in Parliament
29 February 2016, 09:42 AM
Copies of #UnionBudget2016 brought to Parliament pic.twitter.com/yUmWjUVQxF
— ANI (@ANI_news) February 29, 2016
29 February 2016, 09:41 AM
FM Jaitley and MoS Jayant Sinha reach Parliament.
29 February 2016, 09:27 AM
FM Arun Jaitley and MoS Jayant Sinha at North Block, leave for Rashtrapati Bhawan
Also read: Union Budget 2016-17: What to expect from FM Jaitley
29 February 2016, 09:23 AM
We have worked very hard on Budget 2016, under guidance of PM and FM Jaitley, says MoS Finance Jayant Sinha
Also read: Budget 2016 is my exam, 125 crore people will test me: PM Narendra Modi
29 February 2016, 09:15 AM
Prominent sand artist Sudarsan Pattnaik's sand art on #Budget2016 pic.twitter.com/97THHdsYsj
— ANI (@ANI_news) February 29, 2016
29 February 2016, 09:13 AM
FM Arun Jaitley and MoS Jayant Sinha at North Block.
29 February 2016, 09:08 AM
Finance Minister Arun Jaitley on his way to North Block.