Union Budget 2016-17 Highlights, 2016 Union Budget Highlights
The following are the Highlights of Union Budget 2016-17, presented by Finance Minister Arun Jaitley in the Lok sabha today
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- No change in personal income tax slab
- New manufacturing companies incorporated after March 2016 will be given option of being taxed at 25% plus cess plus surcharges
- Rs 100 crore each for celebrating birth anniversaries of Guru Gobind Singh and Deen Dayal Upadhyay
- Govt plans to spend Rs 19.78 lakh crore in 2016-17 - Rs 5.5 lakh crore under plan head, Rs 14.28 lakh crore under non-plan head
- Limited tax compliance window from June 1-September 30 for declaring undisclosed income at 45% including surcharge and penalties
- 1st home buyers to get additional deduction of Rs 50,000 on interest for loan upto Rs 35 lakh. Cost of house should not be more than Rs 50 lakh
- Rs 900 crore provided to buffer fund created to moderate prices of pulses
- Deduction for rentpayers raised from Rs 20,000 to Rs 60,000 to benefit those living in rented houses
- Ceiling of tax rebate for tax payers with up to Rs 5 lakh annual income to be raised to Rs 5000 from Rs 2000 currently
- An increased allocation of Rs 1,80,000 crore under PM MUDRA Yojana
- A comprehensive plan to be implemented in the next 15-20 years for exploiting Nuclear energy
- Rs 1000 crore allocated for higher education financing
- 85% of stalled road projects back on track, Centre to partner with states to improve quality of airports
- New health protection scheme to provide cover up to Rs one lakh per family; top up of Rs 35,000 for people above 60 years
- Rs 500 crore allocated for Stand Up India scheme for SC, ST, women entrepreneurs
- 3,000 medical stores will be opened under Pradhan Mantri Jan Aushodi Yojana to make quality medicine available
- Government aims to skill 1 crore youth in the next 3 years under the PM Kaushal Vikas Yojana
- Government to set apart Rs 412 crore to encourage organic farming
- Rs. 87,765 crore for rural development as a whole allocated in the budget
- 6 crore additional households to be covered under Digital Literacy scheme in the next 3 years
- Need to spread digital literacy in rural India, approved two schemees for the same
- Agenda for next year is to undertake transformative measures based on 9 pillars for India
- Focus on the rural and social sectors, infrastructure and recapitalization of banks
- A unified agriculture market e-platform will be dedicated to the nation on the birthday of Dr. BR Ambedkar
- A dedicated irrigation fund worth Rs 20,000 crore to be set up under NABARD
- Allocation of Pradhanmatri Gram Sadak Yojna to be increased to 19,000 Crore
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