Budget highlights from 2011 to 2015 plus Budget 2016 expectations; in 7 slides, all you need to know
Union Budget 2016: With Parliament in session and the presentation of the Union Budget 2016 imminent, all eyes are on Arun Jaitley and what he holds in store for the common man and the country as a whole. While all will be revealed on 29th February, we take a look at the various Budgets announced over the past 5 years, from Pranab Mukherjee, P Chidambaram to the current FM, and we also list what is expected from the Narendra Modi led NDA government in Budget 2016 too – PM has taken a hands-on interest in this year's preparation of the Financial Bill. Check it all out quickly in a 7 slide listing:
1. Arun Jaitley 2015: The budget was presented on 28 February by Finance Minister Arun Jaitley – 1. There was no change in income tax slabs of individuals. The wealth tax was abolished; 2. Salaried employees were given the choice between Employees' Provident Fund and National Pension Scheme as their pension fund; 3. The service tax rate was raised from 12.36% to 14%; 4. A Swachh Bharat cess was announced, under which 2% will be added on select services.; 5. The excise duty on cigarettes was increased by 25%. The excise on cut tobacco was raised from Rs 60 to Rs70 per kg.
2. Arun Jaitley 2014: The Budget of India for 2014-2015 was presented by Finance Minister Arun Jaitley on 10 July. 1. This was the first budget of the Prime Minister Narendra Modi led NDA Government; 2. Rupees 70.6 billion provided for the development of Smart Cities; 3. Five new IITs and IIMs and four new AIIMS announced; 4. FDI cap in Defense and Insurance sector increased to 49% from 26%; 5. No changes in personal income tax slabs. But tax exemption limit has been increased to Rs250,000 from Rs 200,000 for those below the age of 60.
3. P Chidambaram 2013: The Union Budget of for 2013-2014 was presented by Finance Minister P. Chidambaram on 28 February. 1. Planned defence expenditure of Rs. 203000 crore; 2. Rs. 3511 crore allocated to Minority Affairs Ministry; 3. Allocation of Rs. 1000 crore (US$150 million) for Nirbhaya Fund to empower women and increase their safety; 4. Surcharges on the highly paid personnel (10% above whose income exceeding Rs10 million per year; 5. No changes in personal income tax slabs. But a special redemption of Rs. 2,000 has been given for income group between Rs. 2 to 5 Lakhs.
4. Pranab Mukherjee 2012: Union Budget for the year 2012-2013 was presented by Finance Minister Pranab Mukherjee on March 16. 1. Introduction of amendments to the FRBM Act as part of Finance Bill, 2012; 2. Budgetary allocation for rural drinking water and sanitation increased from '11,000 crore to '14,000 crore representing an increase of over 27 per cent. 3. National Urban Health Mission launched. 4. Pradhan Mantri Swasthya Suraksha Yojana being expanded to cover upgradation of 7 more Government medical colleges. 5. GDP growth estimated at 6.9 per cent in real terms in 2011-12. Slowdown in comparison to preceding two years is primarily due to deceleration in industrial growth.
5. Pranab Mukherjee 2011: The Union Budget for 2011-2012 was presented by, Finance Minister Pranab Mukherjee on 28 February. 1. Individual income tax exempt slab increased from Rs 160,000 to Rs 180,000. 2. Targets: To keep inflation at 5%, fiscal deficit at 4.6% while fiscal deficit for previous year was 5.1%, revenue deficit at 1.8%.Indian economy expected to grow at 9%. 3. Govt provides subsidy on food, electricity to provide for the common man. 4. Govt puts into operation 5-point agenda with legislation to curb black money, 11 tax information exchange treaty signed. 5. 80 years above will come under very senior citizen - a new category with tax exemption up to Rs 500,000
6. Arun Jaitley 2016 - What to expect from Budget 2016: 1. Increase in basic exemption limit. 2. The investment limit should be revised and increased. 3. Salaried people hope for hike in limit of taxable interest earned from savings accounts. 4. Increase in exemption limits on medical treatment under income tax. 5. Re-introducing the standard deduction for salaried class.
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ANALYSIS / EXPERT COMMENTS
- Meghnad Desai
India needs a body like the UK’s Office of Budget Responsibility
- Anita Rastogi
In addition to simplifying the taxation structure, implementation of the GST regime will help eliminate most indirect tax issues
- Nirvikar Singh
Repressive regimes fail to deliver inclusive and substantive economic growth
- Anwar Shirpurwala
Extend duty incentives for mobile phones and tablets to all Information Technology Agreement goods
- Eric Mehta
Will this Budget be an enabler for ‘Make in India’, ‘Make for India’ and, most importantly, ‘Make India’ is something that will soon be answered