Union Budget 2016 Highlights.
1. ₹ 35984 crores allotted for agriculture sector.
2. ₹ 17000 crores for irrigation projects.
3. Two new Organic farming scheme for 5 lakh acres.
4. ₹ 19000 crores for Gram Sadak Yojana
5. ₹ 9 Lakh Crores Agriculture Credit Target.
6. ₹ 38500 crores for MANREGA, highest ever.
7. ₹ 2.87 Lakh crores to be spent on Villages in total.
8. ₹ 9000 crores for Swach Bharat Mission.
9. ₹ 97000 Crores for Roads.
10. Total Outlay on Roads and railway ₹ 2.18 Lk Crores.
11. ₹ 2.21 Lakh Crores on Infra Projects.
12. NHAI to raise ₹ 15000 crores via NHAI Bonds.
13. More benches for SEBI Appellate tribunal.
14. Registration of Company in One Day for Start-ups.
15. ₹ 25000 crores for Banks rehabilitation.
16. 100% FDI for food processing.
17. Non planned expenditure of ₹ 14.28 Lk Crores.
18. Planned expenditure increased by 15.3% .
19. Relief Section 87A ₹ 2000 to ₹ 5000
20. Relief Sec 80GG ₹ 24000 to ₹ 60000
21. Section 44AD limits ₹ 1 crores to ₹ 2 crores. ₹ 50 Lakh for professional
22. Accelerated depreciation limited to 40%
23. New manufacturing companies will pay tax @ 25%.
24. LTCG on unlisted securities limited to 2 years.
25. 100% tax deduction for companies building houses upto 30 sq. mtrs.
26. Additional interest deduction for first house.
27. No service tax for building houses upto 60 sq mtrs.
28. 10% dividend tax for recipient over ₹ 10 lakh per annum.
29. TCS on purchase of asset over ₹ 2 Lakh in case and luxury cars.
30. VDS Scheme @ 30% + surcharge, Ist June to 30th September 2016.
31. Dispute resolution for appeal pending before Commissioner(Appeals).
32. Penalty for concealment of Income from 100-300% to 50-200%.
33. Rationalisation of TDS provisions.
34. 11 new benches for Income Tax Appellate tribunal.
35. No face to face scrutiny.
