Watch Union Budget 2016 LIVE
Watch Union Budget 2016 LIVE
-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
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-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
-New grading system of imposing penalties - on the basis of under reporting or concealment of income
Watch Union Budget 2016 LIVE
-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
-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
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-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
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
-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
-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
-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
-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
-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
-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
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-Will partner with state govt to develop some of these airports to enhance regional connectivity
Watch Union Budget 2016 LIVE
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Reviewed by divya prabha
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