Budget 2016 -2017: Excerpt from Parliament House

New Delhi: Finance Minister Arun Jaitley is presenting the General Budget for the next fiscal today amid worries over the country’s stagnating growth rate, government finances and direction of reforms.

Live Updates:

  • Sensex crashes over 600 points, Nifty over 550 as Jaitley presents Budget 2016

  • Krishi Kalyan Cess to be imposed on all taxable services for agricultural sector

  • Service tax exempted for general insurance schemes under Niramayi Swasthya Bima Yojana

  • 100% deduction for profits of undertakings from housing projects in cities during Jun ’16 – Mar ’19

  • Customs and excise duties incentivise domestic manufacturing capabilities under ‪#‎MakeInIndia‬, flagship scheme of our govt

  • Incentives for new manufacturing companies and smaller enterprise companies

  • No tax on Start Up for first 3 years

  • Service Tax Exemption for services under the Deen Dayal Gram Jyoti Yojana

  • Service tax exemption for construction of affordable housing upto 60 sq. m. under state and central housing schemes

  • FM proposes implementation of General Anti Avoidance Rules (GAAR) from April 1, 2017

  • To lessen burden on individuals with income not exceeding 5 lakh, I propose sealing of tax rebate under sec 87A from 2000 to Rs 5000: Jaitley

  • Propose to increase limit on HRA deduction under 80 GG from Rs 24k/annum to Rs 60k per annum.

  • Move will impact people who do not own house and do not get HRA

  • FM Jaitley retains fiscal deficit target of 3.5% for 2016-2017

  • A National Dialysis Services Program will be introduced under National Health Mission

  • I propose to amend the SEBI act 1992 in coming year to provide for more number of benches of Securities Appellate Tribunal: Jaitley

  • Department of Disinvestment to be renamed as Department of Investment and Public Asset Management

  • Govt will enact necessary amendments in the Motor Vehicles Act and open up the road transport sector in passenger segment

  • Govt to introduce Aadhar Bill in current session of parliament

  • 160 airports and airstrips can be revived at a cost of Rs 50-100 crore each: FM

  • FM Jaitley earmarks Rs 25,000 crore for bank recapitalisation of banks for 2016-17

  • More measures will be taken if banks need more funds

Posted by on February 29, 2016. Filed under Editorial. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.