1. Union Budget 2016 in two minutes

Union Budget 2016 in two minutes

FM Arun Jaitley presented the Union Budget for 2016-17 on Monday. Here's a quick guide to what all he said in his speech:

By: | Updated: March 1, 2016 9:19 AM
Budget Session 2016 Budget 2016: In National Pension System, 40% of the corpus withdrawn will be exempt from tax

Budget 2016: FM Arun Jaitley presented the Union Budget for 2016-17 on Monday. Here’s a quick guide to what all he said in his speech:

Individuals

Surcharge for individuals with taxable income above Rs1 crore hiked from 12% to 15%

In National Pension System, 40% of the corpus withdrawn will be exempt from tax

Increase in deduction for rent paid under Section 80GG from Rs 24,000 to Rs 60,000

Individuals who earn more than Rs10 lakh as dividend income to pay DDT at 10%

Infrastructure

Rs 97,000 crore for roads including PMGSY to boost connectivity

NHAI, PFC, REC, Ireda, Nabard and Inland Water Authority to raise Rs 31,300 crore via bonds

Dispute resolution mechanism for infra, PPP contracts

New credit rating system for PPP concession agreements

MV Act to be amended to enable entrepreneurs to operate buses on various routes

Corporates

Corporate tax rate for large companies unchanged at 30%

Accelerated depreciation under IT Act to be limited to maximum 40% from April 2017

Benefit of Section 10(AA) to new SEZ units if operational before March 2020

New manufacturing units set up after March 2016 to be taxed at 25%

Finance

STT on options raised from 0.17% to 0.05%

Special resolution mechanism

to deal with bankruptcy in banks, insurance firms

Monetary policy framework for transparency

No capital gains tax on sovereign gold bonds

No DDT on companies in International Financial Services Centre

9% MAT to be charged on units in IFSCs

Agriculture

Rs 9 lakh crore credit in FY17

PMKSY to cover 28.5 lakh hectares

Dedicated long-term irrigation fund with corpus of `20,000 crore

Crop insurance scheme for Rs 5,800 crore

Organic farming over 5 lakh hectares over three years

Rs 6,000 crore outlay for sustainable management of groundwater

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