Budget Highlights-12 Last

* To reduce multiplicity of taxes and cascading, 13 taxes with collections of less than Rs.50 crore a year abolished

• Income tax deptartment will expand e-sahyog to assist small taxpayers

• Scope of e-assessment to be expanded to seven mega cities to simplify compliance for taxpayers

   

• Taxation proposals to increase government revenue by Rs.19,610 crore

• Penalty to be 50 percent of tax in income under-reporting cases, 200 percent in misreporting of facts

• Tax arrears can be paid in lieu of interest liabilities in retrospective taxation cases

• Direct Benefit Transfer in fertilisers on pilot basis in few districts

• Limited tax compliance window from June 1 - September 30 for declaring undisclosed income at 45 percent including surcharge and penalties

• Clean energy cess increased from Rs.200/tonne to Rs.400/tonne on coal, lignite and peat

• Moving towards a low tax regime with non-litigious approach

• Committed to provide a stable and predictable taxation regime

• Relief of Rs.3,000 per year to taxpayers with income below Rs.5 Lakh per year to benefit one crore taxpayers

• Surcharge on income tax for incomes exceeding Rs.1 crore per annum raised from 12 percent to 15 percent

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

• Suitable changes to be made in customs and excise duty rates to improve competitiveness and boost Make In India

• Plan, Non-Plan distinction to be removed from 2017-18

• For income below Rs.5 lakh per annum, tax ceiling has been raised from Rs.2,000 to Rs.5,000

• Relief to those in rented houses: Deduction raised from Rs.24,000 to Rs.60,000 under Section 88G

• Corporate income tax: Incentives for new manufacturing companies and relatively small enterprise companies

• Fiscal deficit for 2016-17 targeted at 3.5 percent

• Committed to implementing General Anti-Avoidance Rules (GAAR) from April 1, 2017

• New policy for managing assets of public enterprises

• Comprehensive approach to be adopted for government investment in central public sector enterprises

• Three initiatives for better delivery of public services

• Increased allocation of Rs.1,80,000 crore under PM MUDRA Yojana

• Market Stabilization Fund for Pulses gets Rs.900 crore

• Financial Data Management Centre for integrated data collection and analysis

• RBI Act being amended to provide statutory basis for monetary policy framework

• 100 percent FDI to be allowed through FIPB route in food products produced and marketed in India

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

• Comprehensive plan being drawn up to be implemented in the next 15-20 years for exploiting nuclear energy

• Government to provide health insurance of up to Rs.1 lakh per family; 300 generic drug stores to be opened under PM Jan Aushadhi Yojana

• Roads and highways allocated Rs.55,000 crore, 50,000 km of state highways to be taken up for upgradaing to national highways

• Stand Up India scheme allocated Rs.500 crore for SCs, STs women entrepreneurs

• Government to incentivise gas production from deep sea and other unutilised deep sources

• Public Utility Resolution of Disputes Bill for resolution of infra sector disputes

• Pradhan Mantri Kaushal Vikas Yojan gets Rs.1,700 crore

• Digital depository for school leaving certificates

• Higher education financing agency to be set up with fund of Rs.1,000 crore

• National Skill Development Mission has imparted training to 76 lakh youth; 1,500 multi-skill training institutes to be set up

• Model Shops and Establishments Bill to be circulated for voluntary adoption by states

• Current account deficit down to $14.4 billion

• Rs.2.87 lakh crore for rural and urban local bodies

• Animal welfare programme, animal health card, e-marketing platform for connecting breeders

• 100 percent village electrification to be achieved by May 1, 2018

• Appreciation for 75 lakh middle class and lower middle class families for willingly giving up LPG Subsidy

• Rs.19,000 crore allotted for PMGSY

• Rs.8.5 lakh crore of agricultural credit targetted in 2015-16; and Rs.9 lakh crore in 2016-17

• Rs.35,984 crore allocated for agriculture in 2016-17

• Five lakh acres to be brought under organic farming over three-year period

• MGNREGA to get Rs.38,500 crore

• Recapitalisation of banks during next fiscal

• Prudent fiscal policy needed, domestic demand should be raised, reforms need to be carried out

• Farm, rural sector, infra and social sector to get more funds

• Need to prioritise expenditure given recommendations of 7th Pay Commission and OROP implementation

• Nine pillars for reforming India, among them agriculture, social sector, education, infra, fiscal discipline, and tax reforms

• Presenting budget when global economy in a serious crisis

• Amidst global headwinds, the Indian economy has held its own

• Converted challenges we inherited into opportunities

• CPI inflation down to 5.4 percent from 9 percent-plus, bringing big relief to the public

• Forex reserves at highest-ever level