UNION BUDGET‬ 2016 UPDATES

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- Tax rebate for persons with income less than or equal to Rs 5 lakh increased by Rs 3000
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- First-time home buyers to get additional deduction of Rs 50,000 on interest for loan upto Rs 35 lakh
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- 100% Exemption from Profits earned from specified Housing Projects, subject to provisions of section 115JC
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- Excise Duty of 1% on jewellary without input credit tax
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- 11 New benches of Indirect Taxes Tribunals
TDS Provis
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- NRI not be taxed at higher rate on production of specified documents

-FM Arun Jaitley proposes to amend Sebi Act to increase benches in SAT

-Tax Rates Slab Unchanged..

- Surcharge rate increased from 12% to 15% on income of Rs 1 crore or more

- Krishi Kalyan Cess of 0.5% on all taxable services
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- Tax proposals to provide relief to small taxpayers through rebates
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- Services provided by EPFO exempted from service tax
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- Boost for startups! 100% tax deductions for new startups for first 3 years
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- To hike excise duty on tobacco
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- 1% tax on luxury goods and cars; Infra cess of 1% on small cars & 2.5% on diesel cars
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- 10% extra DDT on dividend recipients earning above Rs 10 lakh per annum
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- Limited tax compliance window from Jun 1 - Sep 30 for declaring undisclosed income at 45% incl. surcharge and penalties
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- NHAI to raise Rs 15,000 crore through bonds in FY17
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- An increased allocation of Rs 1,80,000 cr under PM MUDRA Yojana
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- Rs 25,000 cr towards recapitalization of public sector banks
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- Penalty to be 50% of tax in income under-reporting cases, 200% in misreporting of facts
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- Levy of heavy penalty for non payment of tax has led to high litigation. Proposal to modify scheme for penalties
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- FM Proposes tax of 45% on undisclosed income under New Tax Amnesty Scheme
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- Excise duty on Tobacco products increased by 10-15%

- 2 crore tax payers to get relief of Rs 3,000 in case of income under Rs 5 lakh
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- Increase HRA to Rs 60,000 Per annum
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- Relief to those in rented houses: deduction raised from Rs 24,000 to Rs 60,000 under Section 88G
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- Committed to increase investment in asset reconstruction companies
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Ceiling of tax rebate for tax payers with up to Rs 5 lakh annual income to be raised to Rs 5000 from Rs 2000
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- Committed to implementing GAAR from April 1, 2017
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- Presumptive income tax scheme to be extended to all professionals with income of Rs 50 lakh with presumption of 50% profit
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- Suitable changes to be made in customs & excise duty rates to improve competitiveness and boost Make In India
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Deduction for rent payers raised from Rs 20,000 to Rs 60,000 to benefit those living in rented houses
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- Service tax exempted for general insurance schemes under Niramayi Swasthya Bima Yojana
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- In 2016-17, govt eyes Rs 1,80,000 crore credit target through Mudra bank
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- Service tax exempted for housing construction of houses less than 60 square metre

- Rs 9000 crore allocated for Swachh Bharat
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- A new health protection scheme for health cover upto 1 lakh per family
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- Appreciation for 75 lakh middle class and lower middle class for willingly giving up LPG Subsidy
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- Rs 500 crore for Stand Up India
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- Govt to spend Rs 850 crore in a few years on animal husbandry, cattle and livestock breeding

- 5 lakh acres to be brought under organic farming over a three year period
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- Rs 35,984 allocated for Agriculture in 2016-17
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- A dedicated irrigation fund worth Rs 20,000 crore to be set up under NABARD
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- GDP growth has accelerated to 7.6%:
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- 28 lakh hectares to be brought under new farm irrigation plan

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ALSO SEE: HIGHLIGHTS OF UNION BUDGET 2016