Budget Highlights 2016
1- Pollution cess of 1 per cent on small petrol, LPG and CNG cars; 2.5 per cent on diesel cars of certain specifications; 4 per cent on higher capacity vehicles
2- Plan and non-Plan classification of Budget will be done away with from Fiscal 2017-18
3- FM introduces one-time dispute resolution scheme for retro tax cases, payment of tax arrears to lead to waiving of penalty and interest
4- High level committee headed by Revenue Secretary to oversee creation of fresh liability using retrospective tax legislation
5- Clean energy cess increased from ₹ 200/ton to 400/ton on coal, lignite and peat.
6- A fund of ₹ 900 crore started for stabilising market crisis of pulses.
7- Long term capital gains period for unlisted companies to be reduced from 3 to 2 years
8- Increases excise duty on tobacco products except bidis by 10-15 per cent.
9- SUVs and luxury cars will become more expensive.
10- Fiscal deficit target for 2015-16 and 2016-17 retained at 3.9 pc and 3.5 pc respectively.
11- First home buyers to get additional deduction of ₹ 50,000 on interest for loan upto ₹ 35 lakh. Cost of house should not be more than ₹ 50 lakh.
12- ₹ 900 cr provided to buffer fund created to moderate prices of pulses
13- Service tax on single premium annuity to be reduced to 1.5 per cent from 3.5 per cent.
14- Service Tax to be exempted on general insurance schemes under NIRMAYA Scheme.
15- Target delivery of financial, other intermediary services will be introduced using Aadhar in this Budget session.
16- Accelerated depreciation to be limited to 40 pc wef from Apr 1, 2017 as part of phasing out of exemptions to industry.
17- To lessen burden on individuals with income not exceeding 5 lakh, propose sealing of tax rebate under sec 87A from 2000 to ₹ 5000.
18- Govt to allow 100 per cent FDI through FIPB in marketing of food products produced and manufactured in India.
19- Govt preparing a comprehensive plan for nuclear power generation and allocation could be up to ₹ 3,000 crore per annum.
20- Govt considering to provide calibrated market freedom to new gas production from deep sea, ultra deep sea to boost stagnant domestic output.
21- 160 airports and airstrips can be revived at a cost of ₹ 50-100 crore each.
22- Abolition of permit law will be our medium-term goal in public transport.
23- Proposed to allocated ₹ 55,000 crore for roads and highways; total investment in road sector would be ₹ 97,000 crore.
24- Shopping malls to be allowed to open on all seven days of week; a model shops and establishment bill to be circulated to states.
25- 85% of stuck road projects have been put back on track; highest ever contracts awarded in current fiscal.
26- Govt. to pay 8.33 percent towards employee pension fund.
27- Govt. to provide ₹ 500 crore for Stand Up India scheme.
28- A new health protection scheme to provide cover up to Rs one lakh per family; top up of ₹ 35,000 for people above 60 years.
29- 3,000 medical stores will be opened under Pradhan Mantri Jan Aushodi Yojana to make quality medicine available.
30- States will be encouraged to take up decentralised procurement of foodgrains.
31- Aim for 100% village electrification by May 2018.
32- ₹ 38,500 crore alocated for MGNREGA (the highest ever) – a scheme that this government had once described as a ‘living example of the failures of the Congress government.
33- For first time home buyers – additional ₹ 50000 rebate for loans upto ₹ 35 lakhs and houses that cost upto ₹ 50 lakhs
34- -PM Awas Yojna: 100% deduction for profits of undertakings from housing projects in cities during June 2016 – March 2019
35- Service tax exempted for general insurance schemes under Niramayi Swasthya Bima Yojana
36- Presumptive income tax scheme to be extended to all professionals with income of ₹ 50 lakh with a presumption of 50 percent profit.
37- Accelerated depreciation to be limited to 40% wef from Apr 1, 2017
38- Relief to those who living on rent – Rent deduction raised from ₹ 24,000 to ₹ 60,000
39- Govt will enact necessary amendments in the Motor Vehicles Act and open up the road transport sector in passenger segment
40- Comprehensive code of bankruptcy resolution of financial firms will be introduced as a bill in 2017
41- 10000 kms of national highways in 2016-17
42- Additional 50000 kms of state highways will be taken up for up gradation as national highway
43- Digital depository for school and college certificates will be set up
44- National skill development mission has trained 76 lakh youth
45- 1500 multi-skill institutes will be set up across the country
46- 1 crore youth will be imparted skills in the next 3 years
47- Govt will pay EPF contribution of 8.33% for all new employees for 1st three years for those with salaries upto ₹ 1500 pm
48- New health protection scheme – cover of ₹ 1 lakh per family, senior citizens will get an additional cover of ₹ 30000
49- National dialysis service programme will be started to provide dialysis service in all district hospital
50- ‘Stand up scheme’ to promote entrepreneurship in SC/ST and women
51- E-pashudhan haat for connecting farmers and breeders of livestock
52- Honey production has been increased to 86500 mt tonne
53- Online procurement systems under FCI to ensure that farmers get a fair price for their produces
54- GDP growth at robust 7.6%
55- PM Fasal Bima Yogna
Thanks & Regards
RAVI GARG (CS)
91-7838204665,
No comments:
Post a Comment