Key Features of Budget 2016-2017 : Official pdf Download

Key Features of Budget 2016-2017 : Official pdf Download

Key Features of Budget 2016-2017

INTRODUCTION : Growth of Economy accelerated to 7.6% in 2015-16

CHALLENGES IN 2016-17 : Risks of further global slowdown and turbulence.

ROADMAP & PRIORITIES :  ‘Transform India’ to have a significant impact on economy and lives of people

AGRICULTURE AND FARMERS’ WELFARE : Allocation for Agriculture and Farmers’ welfare is Rs. 35,984 crore

RURAL SECTOR : Allocation for rural sector – Rs.87,765 crore.

SOCIAL SECTOR INCLUDING HEALTH CARE : Allocation for social sector including education and health care – Rs.1,51,581 crore.

EDUCATION, SKILLS AND JOB CREATION : 62 new Navodaya Vidyalayas will be opened

SKILL DEVELOPMENT : Allocation for skill development – Rs. 1804. crore.

JOB CREATION : GoI will pay contribution of 8.33% for of all new employees enrolling in EPFO for the first three years of their employment. Budget provision of Rs. 1000 crore for this scheme

INFRASTRUCTURE AND INVESTMENT : Total investment in the road sector, including PMGSY allocation, would be Rs. 97,000 crore during 2016-17.

FINANCIAL SECTOR REFORMS  : A comprehensive Code on Resolution of Financial Firms to be introduced.

GOVERNANCE AND EASE OF DOING BUSINESS : A Task Force has been constituted for rationalisation of human resources in various Ministries

FISCAL DISCIPLINE : Fiscal deficit in RE 2015-16 and BE 2016-17 retained at 3.9% and 3.5%

RELIEF TO SMALL TAX PAYERS : Raise the ceiling of tax rebate under section 87A fromRs. 2000 to Rs. 5000 to lessen tax burden on individuals with income upto Rs.5 laks

BOOST EMPLOYMENT AND GROWTH : Increase the turnover limit under Presumptive taxation scheme under section 44AD of the Income Tax Act to Rs. 2 crores to bring big relief to a large number of assessees in the MSME category.

MAKE IN INDIA : Changes in customs and excise duty rates on certain inputs to reduce costs and improve competitiveness of domestic industry

MOVING TOWARDS A PENSIONED SOCIETY : Withdrawal up to 40% of the corpus at the time of retirement to be tax exempt in the case of National Pension Scheme (NPS).

PROMOTING AFFORDABLE HOUSING : 100% deduction for profits to an undertaking in housing project for flats upto 30 sq. metres in four metro cities and 60 sq. metres in other cities

RESOURCE MOBILIZATION FOR AGRICULTURE, RURAL ECONOMY AND CLEAN ENVIRONMENT : Additional tax at the rate of 10% of gross amount of dividend will be payable by the recipients receiving dividend in excess of Rs.10 lakh per annum

PROVIDING CERTAINITY IN TAXATION : Committed to providing a stable and predictable taxation regime and reduce black money.

SIMPLIFICATION AND RATIONALIZATION OF TAXES : 13 cesses, levied by various Ministries in which revenue collection is less than ` 50 crore in a year to be abolished.

TECHNOLOGY FOR ACCOUNTABILITY : Expansion in the scope of e-assessments to all assessees in 7 mega cities in the coming years.



Anonymous said…
No one will say the present budget is bad.Proposed finance act.2016 will be fully functional from 01.04.2016.this follows that the existing conditions in terms of CBDT Circular 20/2015 dated 02.12.2015 has to be taken as guidelines for the financial year 2015-2016...Both may not be mixed up while furnishing comments for consideration of the central government, for modifications if any.We assume this is the practice being followed in India through Income Tax Act.1961, in the past 54 years...
Anonymous said…
We are not asking the media organisations any thing beyond, what is possible.The present budget proposal has to be on similar lines to that of CBDT Circular Number 20/2015 dated 02.12.2015, to ensure procedural compliance with in territorial jurisdiction of our country...Regards...
Anonymous said…
Very sad to note that even the withdrawal from provident fund is being taxed (60%). The provident fund withdrawal is generally done to meet out the expenses during marriage of children, for paying education fees, medical, const.of his own house etc., and certainly not for personal enjoyment which the FM should have understood. The real meaning of Taxing the provident fund (60%) can be better understood with the following example:
Say a person wants to withdraw 10,00,000/- from the PF. i.e. 6,00,000/- is taxable. The tax amount will be 6,00,000/- x 30% = 1,80,000/- . Whereas the interest earned by keeping the amount in Pro.Fund account is 85,000/-p.a. That means we are not getting any interest but fined or penalized by over Rs.1,00,000/- by keeping the amount in provident fund. Lets think and invest wisely.

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