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Construction : Web Exclusive | February 2016 | Source : CW-India

Union Budget 2016-17

  • 12.44 pm: FM ends its Union Budget 2016speech. Finance Bill has been moved in Parliament
  • Scope of e-assessment to be expanded to 7 mega cities, to simplify compliance for taxpayers: FM
  • FM: allocates Rs 500 crore to support SC/ST, women entrepreneurs
  • FM: Income tax dept. will expand e-sahyog to assist small taxpayers
  • Limited tax compliance window: 45% including surcharge and penalties and immunity from prosecution: FM
  • Penalty to be 50% of tax in income under-reporting cases, 200% in misreporting of facts: FM
  • One time amnesty scheme for domestic taxpayers
  • India will not resort to retrospective taxation in future: FM
  • Govt to introduce bill to amend Companies Act for ease of doing business; to enable registration of companies in a day: FM
  • Move towards a low tax regime with non litigious approach
  • Excise duty on tobacco products except bidis by 10-15 per cent.
  • SUVs and luxury cars will become more expensive.
  • FM: Rs 900 cr provided to buffer fund created to moderate prices of pulses
  • Clean energy cess to be renamed to clean environment cess: FM
  • Krishi Kalyan Cess to be imposed on all taxable services for agricultural sector: FM
  • Fiscal deficit target 3.5% for FY 2016-'17: FM
  • Krishi Kalyan Cess of 0.5% on all taxable services: FM
  • Services provided by EPFO exempted from service tax: FM
  • Earlier 12%, now on 15% - surcharge on income tax for those with incomes exceeding Rs 1 crore per annum: FM
  • Proposes additional tax benefit for first time home buyer: FM
  • For tax payers earning below Rs 5 lakh, ceiling on tax rebate increased by Rs 3,000: Jaitley
  • To lessen burden on individuals with income not exceeding 5 lakh, I propose sealing of tax rebate under sec 87A from 2000 to Rs5000: Jaitley
  • Incentives for new manufacturing companies and smaller enterprise companies: FM
  • 100% deduction for profits of undertakings from housing projects in cities during Jun '16 - Mar '19: FM
  • HRA deduction up from 24,000 to 60,000 per annum: FM
  • Service tax exempted for general insurance schemes under Niramayi Swasthya Bima Yojana: FM
  • Govt to allow 100 per cent FDI through FIPB in marketing of food products produced and manufactured in India
  • Govt to bring new policy for strategic sale of CPSE assets
  • More FDI reforms proposed in insurance, pension, asset restructuring companies and stock markets
  • FM: A new credit rating system for infrastructure will be developed
  • A Public Utility Resolution of Disputes Bill to be passed to solve problems in infrastructure contracts, PPP and public utilities
  • Govt preparing a comprehensive plan for nuclear power generation and allocation could be up to Rs 3,000 crore per annum
  • Govt considering to provide calibrated market freedom to new gas production from deep sea, ultra deep sea to boost stagnant domestic output
  • Abolition of permit law will be our medium-term goal in public transport
  • Shopping malls to be allowed to open on all seven days of week; a model shops and establishment bill to be circulated to states
  • 85 pc of stuck road projects have been put back on track; highest ever contracts awarded in current fiscal
  • Govt to pay 8.33 percent towards employee pension fund
  • FM: 62 new Navodaya vidyalayas to be opened in next two years
  • Govt to provide Rs 500 crore for Stand Up India scheme:
  • Around 160 airports and airstrips can be revived.
  • Use of technology to create accountability
  • A 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: FM
  • Rs 25,000 crore for recapitalization of public sector banks: FM
  • Arun Jaitley is now talking about IT-enabled govt processes for ease of doing business
  • Public Money should reach the poor and deserving without any leakage: FM
  • Amount sanctioned under PM Mudra Yojana has reached Rs.1 lakh crore to cover 2.5 crore borrowers by Feb, 2016: FM
  • Govt stands firmly behind public sector banks: Jaitley
  • Banking Board Bureau will be operationalized, we stand solidly behind public sector banks: FM
  • Financial data management centre for integrated data collection and analysis: FM
  • RBI Act being amended to provide statutory basis for monetary policy framework: FM
  • Dept. of Disinvestment to be renamed as Dept. of Investment and Public Asset Management: FM
  • A new policy for management of assets of public enterprises: FM
  • 100% FDI through FAPB route in marketing of food products produced and manufactured in India: FM
  • Govt is drawing a comprehensive plan to be implemented in the next 15-20 years for exploiting Nuclear energy:FM
  • Total allocation to road sector including PMGSY: Rs. 97,000 crores
  • 85% of stalled road projects back on track: FM
  • Model Shops and Establishments Bill to be circulated, for voluntary adoption by states: FM
  • 300 generic drug stores to be opened PM Jan Aushadi Yojana: FM
  • FM: Objective to skill 1 crore youth in the next 3 years under the PM Kaushal Vikas Yojana
  • Govt. will pay EPF contribution of 8.33% for all new employees for 1st three years: FM
  • Economic empowerment of SC/ST as a tribute to Dr. BR Ambedkar's 125th birth anniversary: FM
  • National Skill Development Mission has imparted training to 76 lakh youth. 1500 Multi skill training institutes to be set up: FM
  • Rs 1700 crore for Pradhan Mantri Kaushal Vikas Yojana
  • FM: A digital depository for school leaving certificates
  • A Higher Education Financing Agency to be set up, with a fund of Rs 1000 crores: FM
  • Stand Up India scheme allocated Rs 500 crores for SC, ST and women entrepreneurs -2 projects to be promoted per bank branch per category
  • Appreciation for 75 lakh middle class and lower middle class for willingly giving up LPG Subsidy under govt initiative: FM
  • FM: Duty cuts announced for dialysis equipment
  • Total outlay for infrastructure stands at Rs. 2,21,246 crore
  • Total allocation to road sector including PMGSY: Rs. 97,000 crore
  • Rs 55,000 crore for roads and highways in this budget
  • Rs 9,000 crore allocated for Swacch Bharat Abhiyan
  • FM: Govt to develop 300 ‘rurban’ clusters
  • Aim to double farmers’ income by 2022
  • World Economic Forum says India’s growth is extraordinary
  • FM: CPI inflation has come down to 5.4%.
  • FM: GDP growth touched 7.6%.
  • The Cabinet has cleared the Budget 2016-17.
  • 11 a.m: Arun Jaitley begins his budget presentation
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