Arun Jaitley Budget 2016 speech highlights: Presenting the third Budget, Arun Jaitley hiked excise duty by 10 to 15 per cent causing cigarette and tobacco products to become costlier. FM Jaitley also proposed a 'Krishi Kalyan' cess of 0.5 per cent on all taxable services to improve agriculture and reduction of duties on project imports for cold room for cold chain, refrigerated containers and a number of other items. The Union Budget for 2016-17 also offered sops for small and marginal income tax payers, hiked the surcharge by 3 per cent on those who earn above Rs 1 crore, levied a pollution cess on petrol, diesel cars and SUVs and offered a one-time compliance window for domestic black money holders slapping a tax and penalty of 45 per cent. Some Income Tax Relief for Common Man – * But for larger tax payers, he said, the income tax surcharge of 12 percent at present was being hiked to 15 percent for incomes exceeding Rs 1 crore per annum; <br/><a href="https://www.financialexpress.com/photos/budget-gallery/217378/budget-2016-income-tax-highlights-expectations-arun-jaitley-speech-budget-news/">Budget 2016: Income tax exemption to HRA, top 5 things salaried people want from Arun Jaitley</a> * ceiling of tax rebate for people with income up to Rs 500,000 per annum was being raised to Rs 5,000 from the present Rs 2,000; * House rent allowance (HRA) relief hiked from Rs 24,000 to Rs 60,000; * Rs 3,000 tax relief for people under Rs 5 lakh income; * presumptive taxation scheme turnover limit increased to Rs 2 crore; presumptive taxation scheme extended to professionals; * withdrawal of up to 40% of the corpus to be tax free from pension schemes; annuity of NPS and EPFO exempted from service tax* for the first home buyers, additional Rs 50,000 tax deduction on interest up to Rs 30 lakh loan; * tax at source at the rate of one per cent on luxury cars; * Infra cess on cars, SUVs and diesel vehicles; * 10-15% increase in excise duty on tobacco products, excluding bidi; * limited period compliance window for disclosing undisclosed income at 45% tax; * new dispute resolution window to resolve cases at the first appellate level. <br/><a href="https://www.financialexpress.com/photos/budget-gallery/217481/arun-jaitley-union-budget-2016-top-5-india-inc-reactions-from-7th-pay-commission-to-carmakers/">Arun Jaitley Union Budget 2016: Top 5 India Inc reactions, from 7th Pay Commission to carmakers</a> -
Arun Jaitley Budget 2016 speech highlights: OTHER ANNOUNCEMENTS – 1. corporate tax rate for small companies up to Rs 5 crore turnover brought down to 29% plus surcharge and cess; 2. high level committee to look at new retrospective cases; 3. one-time window for resolving past retrospective tax cases by paying tax; 4. improve pace of economic reforms; 5. pay commission and OROP additional burden in 2016-17;
Arun Jaitley Budget 2016 speech highlights: 6. three major schemes to help farmers and weaker section; 7. new initiative for LPG for BPL families; 8. enactment of law to ensure only deserving get govt benefits; 9. law for dispute resolution; 10. double the income of farmers by 2022; 11. create new facilities for irrigation; 12. PM krishi sichai yojana to be strengthened; 13. national land record programme to be revamped; 14. Rs 87,765 crore for rural development; 15. PM kaushal vikas yojana to skill one crore youth over 3 years; 16. 75 lakh middle income people have given up LPG subsidy through 'Give it Up' scheme; 17. action plan for revival of unserved and under-served airports; 18. centre to partner states in reviving airports; 19. incentivising of gas production from tough areas; 20. calibrated market freedom and pre-determined pricing of gas; <br/>Tool you can use: <a href="https://www.financialexpress.com/article/budget-2016/budget-2016-how-much-will-be-your-income-tax-saving-from-slab-changes-by-arun-jaitley/212528/">Budget 2016: Check out income tax cheat sheat, find out what you will gain if Arun Jaitley makes changes</a> -
Arun Jaitley Budget 2016 speech highlights: 21. public utility dispute resolution Bill to be brought; 22. guidelines for renegotiating PPP investments; 23. FDI reforms in insurance and pensions; 24. FDI policy to address farmers' needs; 25. 100% FDI through FIPB in the marketing of food products produced and manufactured in India; 26. targeted benefit distribution bill to use Aadhaar as the basic platform; 27. DBP in fertilizer on a pilot basis; 28. Companies Bill amendment to improve norms for Start-ups; 29. prudence lies in adherence to fiscal targets; 30. fiscal deficit targets retained; 31. plan and non-plan classification scrapped from 2016-17; 32. committee to review implementation of FRBM; 33. money with govt belongs to people; 34. necessary provisions in the budget for pay commission expenses; 35. No capital gains tax in start-up investments; 36. long term capital gains tax for investment in unlisted companies reduced to one year from three years now; 37. STT for options increased; 38. krishi kalyan cess on all taxable services; 38. krishi kalyan cess on all taxable services; 39. STT for options increased;
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Budget 2016: The NDA government will be completing two years in office in May this year, which is pretty much close to the half-way stage electorally, and therefore in that light, Budget 2016-17 has to be seen as crucial for its leaders. According to some experts, Prime Minister Narendra Modi has himself scrutinized the smaller details of the budget and issued implementable recommendations to the finance ministry. Earlier in morning, all eyes were on Finance Minister Arun Jaitley and what he holds in store for the common man and the country as a whole at 11 am. The recently announced Economic Survey has indicated positive forward movement and there is an expectation in the general public that some of its key and populist features will be reflected in Budget 2016-17. Budget 2016 is being introduced at a time when the government is being repeatedly cornered and criticised by the opposition and other dissenting groups. Therefore, it will be Arun Jaitley's objective to live up to the challenges being posed to the Centre in the presence of the prime minister.
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The Economic Survey also indicated that the subsidy given to the rich can be removed in the upcoming budget. As per the survey there are many government policies that benefit both the poor and the rich. In most cases, these benefits are in form of government subsidies that account for more than Rs.one lakh crore. According to the survey, more than the poor, the rich are benefiting from these policies and the LPG subsidy is the most misused, where a Rs.40000 crore burden is on the government. Similarly, there is a Rs 37000 crore subsidy on electricity, Rs 12,000 crore subsidy on public provident fund, Rs 5,500 crore subsidy on kerosene, Rs. 4000 crore subsidy on gold, Rs. 3600 crore subsidy on rail fares and around 750 crore subsidy in aviation turbine fuel), to which the rich have access to. It is believed that the personal income tax slab can be raised from 2.5 lakh rupees to 2.90 lakh rupees. Cheaper home loans and a possible increase in service tax are likely to be announced. The rebate in home loan interest can also be in the range of Rs 3 lakh. Good news is likely to come for irrigation, rural, MNREGA and DBT in the upcoming budget. The increase in the minimum support price for foodgrains may also be announced and a rebate in corporate tax could be declared. New plans for investment and encouragement for investment in stocks are also on the cards.
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Budget 2016: Irregular rainfall for the past two years has been a worrying factor for the government as well as the farming community. There is a possibility therefore of the government introducing out-of-the-box policies aimed at greater investment in the agriculture and allied sectors. Assessments of past economic surveys have shown agriculture and mining sectors receiving the lowest investment. Planning Commission Chairman Arvind Panagariya has said that Budget 2016-17 could give a major boost to the rural economy.
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Budget 2016: New policies for small scale businesses are also in the offing and it is possible that there could be a big announcement for this sector and those involved with it. Prime Minister Modi, through his various radio and political addresses, expressed his concern for the poor and needy of the country, and therefore, we may see Budget 2016-17 showing more care for the artisans, traders and professionals. From the business perspective, the government's "Make in India" initiative is being seen as critical from the ease of doing business with India point of view.
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Budget 2016: There is a feeling that there is a need for change in the mindset of the tax department to facilitate business instead of playing a restrictive role. According to experts, investment in infrastructure, rail and roads will speed up industrial production. These three things together can easily push GDP to over 7 percent. Non-performing assets of banks have been on the higher side for some time, and there is view that bank operations are in a state of decay because of this.
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Budget 2016: "The government, therefore, has to prioritise its expenditure", Arun Jaitley said while presenting the Union Budget 2016-17 in Lok Sabha. During the financial year 2016-17, central government has to make provision for about Rs 1.10 lakh crore to meet the liabilities on account of the 7th Pay Commission and OROP, Arun Jaitley said earlier this month.
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Budget 2016: Arun Jaitley has listed 7th Central Pay Commission report award and implementation of One Rank One Pension (OROP) for defence forces as some of the biggest burdens on the government for which he will have to 'prioritise' expenditure .
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