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Arun Jaitley's focus in Budget 2016: FM Arun Jaitley's focus in Budget 2016 was on a number of things but the takeaway for the common man were his words on income tax relief, and the lack of any movement on I-T exemptions. While the Budget received support from the Bharatiya Janata Party (BJP) as it boosted its chances in the forthcoming state elections, PM Narendra Modi too was seen visibly pleased. Here we highlight the points Arun Jaitley's speech focussed on: (Image Source: Reuters) <br><a href="https://www.financialexpress.com/article/budget-2016/union-budget-2016-live-highlights-income-tax-arun-jaitley-service-tax-gst-bill-7th-pay-commission-news/217358/"><strong>Union Budget 2016 highlights: Cigarettes, cars to become expensive; HRA exemption raised to Rs 60,000</strong></a></br>
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Arun Jaitley's focus in Budget 2016: Arun Jaitley's focus in Budget 2016: FM gave relief to small tax payers, nudged the affluent to shell out more while focusing on the rural economy with much higher fiscal outlays. FM also said that people living in rented houses will be eligible for deductions of up to Rs 60,000 now – up from Rs 24,000. (Image Source: Reuters)<br><a href="https://www.financialexpress.com/article/budget-2016/union-budget-2016-live-highlights-income-tax-arun-jaitley-service-tax-gst-bill-7th-pay-commission-news/217358/"><strong>Union Budget 2016 highlights: Cigarettes, cars to become expensive; HRA exemption raised to Rs 60,000</strong></a></br>
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Arun Jaitley's focus in Budget 2016: 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. Suitable changes, Arun Jaitley said, will also be made in customs and excise duty rates to push the 'Make in India' programme. "Tax evasion will be countered strongly," he warned. (Image Source: Reuters)
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Arun Jaitley's focus in Budget 2016: On income tax FM said the 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. (Image Source: Reuters)
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Arun Jaitley's focus in Budget 2016: Jaitley also assured that the government intended to double the income of farmers in five years, besides allotting Rs 35,984 crore towards welfare of farmers. The proposals also included universal coverage of cooking gas in the country, with a massive mission towards this aimed at the poor people. In this regard, he said, the government appreciated the 75 lakh middle class and lower middle class families for willingly giving up cooking gas subsidy. On health, he said, a new scheme will provide medical cover up to Rs 1 lakh per family.
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Arun Jaitley's focus in Budget 2016: He said the nine pillars of this year's budget will be: agriculture, social programmes, rural development, education with skill development, infrastructure, financial reforms, policy reforms in terms of ease of doing business, fiscal discipline and tax reforms. FM also said that the fiscal deficit target of 3.9 percent of GDP for the current fiscal will be met, even as the target for next year has been fixed at 3.5. "Prudence lies in adhering to fiscal targets," he said. But in a major departure from the past, where government expenditure could be demarcated between productive and administrative expenses, the finance minister said the classification of plan and non-plan will be done away with from 2017-18.
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Arun Jaitley's focus in Budget 2016: FM said his budget will look at three pillars in right earnest: A prudent fiscal policy, raising domestic demand and carrying out reforms. He also said that farm, rural sector, infrastructure and social sector will be allotted more money. "Recapitalization of banks also to be done during next fiscal year," he said, as much concern have emerged over the quantum of exposure of Indian scheduled banks in terms of gross non-productive assets, re-cast loans and write-offs, which amounts to Rs 9.5 lakh crore.<br><a href="https://www.financialexpress.com/article/budget-2016/union-budget-2016-live-highlights-income-tax-arun-jaitley-service-tax-gst-bill-7th-pay-commission-news/217358/"><strong>Union Budget 2016 highlights: Cigarettes, cars to become expensive; HRA exemption raised to Rs 60,000</strong></a></br>
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