Highlights Union Budget 2016-17 – Union Budget 2016-17 have been announced in the Parliament. Finance Minister has announced the various schemes, announcement, relief etc in the budget. This is assumed that Union Budget 2016-17 have been announced after keeping the growth in mind for long term. Here is the list of major announcement made by the finance minister for different sectors.
New Tax implemented
Here are the various sector where either the Tax slab have been revised or introduced the new taxation
This is decided to boost the infra and agri sector. Incremental cess have been decided to be levied
Cigratee and tobacco industry on looser side as the Excise duty raised from 10 to 15 per cent on tobacco products other than beedis
Luxury car segment have been welcome by 1 per cent service charge on purchase of luxury cars over Rs. 10 lakh and in-cash purchase of goods and services over Rs. 2 lakh beside 4% high capacity tax for SUVs and Pollution cess of 1 per cent on small petrol, LPG and CNG cars; 2.5 per cent on diesel cars of certain specifications to be announced in the final copy.
All such companies who have been earning the revenue less than Rs 5 crore to be taxed at 29% plus surcharge
No idea what does it says about but Limited tax compliance schemes to disclose the income (Hopefully it’s not the blackmoney to be converted in white after giving Income Tax on it). Special window will be opened for this purpose from Jun 1 – Sep 30 for declaring undisclosed income at 45% incl. surcharge and penalties
Wife’s jewelry now cost more on husband. Excise 1 per cent imposed on articles of jewelry, excluding silver.
After Swacth Bharat Cess now it’s time for Krishi Kalyan Cess to be levied on all services with 0.5 per cent
Now Dividend in excess of Rs. 10 lakh per annum to be taxed at additional 10 per cent.
Agriculture Sector
India lives in villages – Total allocation for agriculture and farmer welfare at Rs 35984 crores
Dedicated irrigation fund provided to NABARD i.e. Rs.20.000 cr
PM Fasal Bima Yojna maximum compensation at minimum premium.
Banking Sector
Government backup for Public Sector Banks – Banking Board Bureau will be operational : Bank Board Bureau (BBB) For Public Sector Banks – Details
Allocation of Rs 25,000 crore towards recapitalization of public sector banks
New Target for bankers under MUDRA Yojana 1,80,000 crore
IDBI banks looses government shine, government stake in IDBI Bank below 50%
Now General Insurance companies will be listed in the stock exchange
Post office will be having more ATMs, micro-ATMs in next three years
Download Income tax Calculator FY 2015-16
Personal Finance and Investment of Individual
No more rebate on tax slabs
EPF scheme get a boost with Rs 1,000 crore : Know How To Utilize the EPF Rate Hike ?
You are expecting job, cheers up – Govt. will pay EPF contribution of 8.33% for all new employees for first three years
Big relief to Individual salaried person staying in metro and urban areas. Deduction for rent paid will be raised from Rs 24,000 to Rs 60,000
Boosting various Awas and housing schemes yojana announced by Prime Minister, Additional exemption of Rs. 50,000 for housing loans up to Rs. 35 lakh, provided cost of house is not above Rs. 50 lakh with Service tax exempted for housing construction of houses less than 60 sq. m
Big earning , give BIG TAX , 15 per cent surcharge on income above Rs. 1 crore
Read : Best of Union Budget 2016-17 For Tax Payers
Fund Allocated for various Social Schemes of Government of India
MGNREGA once again get the highest funding and allocation of Rs. 38,500 crore for 2016-17
Dream Scheme of Prime Minister the Swacch Bharat Abhiyan allocated Rs.9,500 crores.
New Cooking gas scheme for BPL with state support where LPG connections to be provided under the name of women members of family: Rs 2000 crore allocated for 5 years .
Now wastage of money with 228% incremental budget for gram panchayats and municipalities i.e. 2.87 lacs crore of rupees
Now even animal are not untouched, Four schemes for animal welfare will be introduced.
Health Sector
As like PMJJY and PMSSY new health policy is expected for health cover upto 1 lakh per family with additional Rs 30,000 benefit to seniors.
National Dialysis Service will be provided all district hospitals under PPP mode.
300 generic drug store to be opened under PM Jan Aushadhi Yojana
Education Sector Allocation
SC/ST promotional schemes for entrepreneurship – Rs.500 cr for promotion
Hopefully 10 public and 10 private educational institutions will be made world-class.
Now after so many digital india schemes it’time for all school leaving certificates and diplomas to digitized.
Higher education like JNU received Rs. 1,000 crore allocation for promoting (NO COMMENT)
1500 new multi-skill development centers will be opened with Rs. 1,700 crore
62 new navodaya vidyalayas to be opened
Objective to skill 1 crore youth in the next 3 years under the PM Kaushal Vikas Yojna
Energy Sector
Nuclear power generation to get Rs. 3000 crore
Govt to provide incentive for deepwater gas exploration
Investments and infrastructure
Indian roads to get boost with Rs. 27,000 crore to be spent on roadways, Rs. 55,000 crore for roads and highways. Total allocation for road construction, including PMGSY, – Rs 97,000 crore with total outlay for infrastructure in Budget 2016 at Rs. 2,21,246 crore
100 per cent FDI in marketing of food products produced and marketed in India
New name for Department of Disinvestment as Dept. of Investment and Public Asset Management
MAT will be applicable for startups that qualify for 100 per cent tax exemption
Indirect tax gained by Rs.20,670 crore where as Direct tax proposals result in revenue loss of Rs.1060 crore
