TMI BlogLatest Updates - A quick go - Budget 2016X X X X Extracts X X X X X X X X Extracts X X X X ..... Latest Updates - A quick go - Budget 2016 - Budget Dated:- 29-2-2016 - News - Latest Updates - Budget 2016 -For first time home buyers additional ₹ 50000 rebate for loans upto ₹ 35 lakhs and houses that cost upto ₹ 50 lakhs -PM Awas Yojna: 100% deduction for profits of undertakings from housing projects in cities during June 2016 - March 2019 -MAT will apply for such undertakings -Suitable changes to be made in customs and excise duty rates to improve competitiveness and boost Make In India -Incentives for new manufacturing companies and smaller enterprise companies -Service tax exempted for general insurance schemes under Niramayi Swasthya Bima Yojana -Hike in to limit from 1 to 2 crore on small ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... business assess in MSME category. -Presumptive income of 8% Committed to increase investment in asset reconstruction companies -Special Patent Regime proposed to power innovation and research Corporate income tax: -Incentives for new manufacturing companies and relatively small enterprise companies -Committed to implementing GAAR from April 1, 2017 -Presumptive income tax scheme to be extended to all professionals with income of ₹ 50 lakh with a presumption of 50 percent profit. -Accelerated depreciation to be limited to 40% wef from Apr 1, 2017 -Relief to those who living on rent - Rent deduction raised from ₹ 24,000 to ₹ 60,000 -Revenue deficit estimate for FY 2015-16 down to 2.5% from earli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er estimates -Fiscal deficit for Financial Year 2016-'17 targeted at 3.5% -Govt acknowledges role of tax payer in nation building -Taxation is a major tool to remove poverty and inequality in the society' -Tax ceiling has been raised from 2000 to 5000 rupees for those earning less than ₹ 5 lakh ruppes pa -Relief to those who living on rent - Rent deduction raised from ₹ 24,000 to ₹ 60,000 -The fiscal target will be retained at 3.9 for 2015-16, and 3.5 for 2016-17 -Plan and non-plan classification of govt expenditure will be done away with -FRBM Act has been under implementation for the past decade, a school of though now feels that instead of a fixed figure, there should a range based targ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... et for managing fiscal deficit -Direct benefit transfer scheme will be implemented for disbursal of fertilizer subsidy on a pilot basis -Govt stands firmly behind public sector banks, ₹ 25k crore for bank recapitalisation -Buffer stock of pulses will be created; 900 crore rupees for Market Stabilization Fund for Pulses -Govt stands firmly behind public sector banks ₹ 25k crore for bank recapitalisation -Govt will enact necessary amendments in the Motor Vehicles Act and open up the road transport sector in passenger segment -Public Money should reach the poor and deserving without any leakage -A bill on targeted delivery of financial services using Aadhar to be introduced -SEBI act to be amended to provid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e more benches on the security appellate tribunal -Comprehensive code of bankruptcy resolution of financial firms will be introduced as a bill in 2017 -Number of measures to be undertaken to deepen corporate bond market -RBI Act being amended to provide statutory basis for monetary policy framework -Process of transformation of IDBI has already started, govt will reduce its stake below 50% -PM Mudra Yojna amount snactioned has reached ₹ 1 Lakh crore, next year's target is 1,80,000 crore -Nationwide of ATMS, micro-ATMs across the country -General Insurance companies owned by the govt will be listed in the stock exchanges -Task force has been constituted to rationalize the human resources in various ministrie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s has been instituted -AADHAR NO will not be a proof of citizenship or domicile -Public Utility Resolution of Disputes Bill for resolution of disputes in infra sector -Guidelines of renegotiating PPP contracts will be introduced -New credit rating system for infrastructure -Considering to incentivize gas production from deep sea, ultra deep water and high temp. areas -3000 crore rupees earmarked for nuclear power generation -100% FDI through FAPB route in marketing of food products produced and manufactured in India -Will encourage CPSEs to sell their assets like land -Dept of Disinvestment to be renamed as Dept. of Investment and Public Asset Management -RBI Act being amended to provide statutory basis for mon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etary policy framework -Financial Data Management Centre for integrated data collection and analysis -3,500 medical stores to be opened under Pradhan Mantri Jan Aushodi Yojana -Retail trade is largest service sector employer in country. Many more jobs are created in this, provided the regulations are simplified: -Shops will be given an option to remain open on all seven days -85% of stalled road projects back on track -Total of ₹ 97000 crore will be spend on roads and highways -Rs 218000 crore investment in roads and railways in 2016-17 -10000 kms of national highways in 2016-17 -Additional 50000 kms of state highways will be taken up for up gradation as national highway -Series of measures to modernize p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orts -800 cr for inland waterways -Action plan for revival of unserved and underserved airports -Will partner with state govt to develop some of these airports to enhance regional connectivity -Focus will be quality education -62 new Navodaya Vidyalas will be opened -Higher education financing agency will be set up with an initial capital of ₹ 1000 crore -Digital depository for school and college certificates will be set up -National skill development mission has trained 76 lakh youth -1500 multi-skill institutes will be set up across the country -1 crore youth will be imparted skills in the next 3 years -Govt will pay EPF contribution of 8.33% for all new employees for 1st three years for those with s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alaries upto ₹ 1500 pm -LPG connection in the name of women members of poor connections, ₹ 2000 crore earmarked for the scheme -The mission will cover a total of 5 crore BPL families -75 lakh middle class and lower middle class have voluntarily given up subsidy on LPG -New health protection scheme cover of ₹ 1 lakh per family, senior citizens will get an additional cover of ₹ 30000 -National dialysis service programme will be started to provide dialysis service in all district hospital certain dialysis will get tax subsidy -'Stand up scheme' to promote entrepreneurship in SC/ST and women -The scheme gets ₹ 500 cr -National hub will be created to help SC/ST entrepreneurs - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 300 urban clusters to be set up under Shyama Prasad Mukherji Rurban Mission -5542 villages have been electrified Feb 23, 2016, this is more than the total combined achievement of the past three years -100% electrification by May 1, 2018 -Swatch Bharat gets ₹ 9000 crore -Need to spread digital literacy in rural areas -National digital literacy mission to cover 6 crore rural households -Rs 87765 cr for rural sector as a whole -E-pashudhan haat for connecting farmers and breeders of livestock -Honey production has been increased to 86500 mt tonne -Rs 2.87 Lakh Crores to be given as aid to Gram Panchayats as recommended by Finance Commission, a jump of 128% -Average assistance of rs 80 lakh for gram panch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ayats, ₹ 21 crore for each local body -New projects to be taken for dairy procurement, will issue animal health card, e-marketing portal for contacting breeders -Rs 38,500 crore has been allocated to MNREGA. This will be highest amount spent on NREGA -Rs 500 crore under food security mission earmarked for cultivation of pulses -Unified agricultural market scheme being envisaged -Unified market e-platform will be dedicated to the nation on April 14 Ambedkar's birthday -PM GRAM SADAK Yojna to get ₹ 19000 -NDRF fund norms revised -All time high, ₹ 9 lakh crore for agricultural loans -Rs 5500 cr for PM Fasal Bima Yojna -Online procurement systems under FCI to ensure that farmers get a fair p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rice for their produces -Will continue with reform to ensure the passage of GST Bill -Recapitalization of banks will be done during next FY -Current account deficit has declined from 18.4 billion US dollars in 1st half of last year to 14.4 billion this year -Farmers are backbone of our food security -Govt working to double the income the famers -Only 46% of cultivated land is fed with irrigation -Rs 17000 cr next years and rs 86500 cr in the next five years to increase area of irrigation -Rs 60000 cr to harness ground water -Soil health card scheme is being implemented with greater vigour, all farmers will be covered by March 2017 -working to Increase crop yield in rain fed areas Money with the government ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... belongs to the people -Increased our plan stage in the RE stage in 2015-16 -Risk of global slowdown is mounting -Three serious implications: Improve the firewall against these conditions, domestic demand must pick up and reform process should continue -GDP growth at robust 7.6% -Govt has prioritise expenditure -More spending in priority sectors - farm, social and infra sectors -PM Fasal bIMA yOJNA -New Health insurance -Cooking gas for BPL families - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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