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Highlights Of Union Budget 2016

  • 12:43  Finance Minister Arun Jaitley’s budget speech ends. House adjourned till tomorrow.
  • 12:41 High-level Committee Chaired By Rev Secy To Allay Fears Of Retro Tax: FM
  • 12:41 Corp tax to be cut to 29% from FY18 for cos with turnover less than ‘5 cr: FM
  • 12:40 Propose to rationalise norms for tax deducted at source: FM
  • 12:40 Dividend Tax rate of 10% for individuals/HUF if dividend in excess of 10 lk/annum: FM
  • 12:38 Propose to abolish 14 different cesses levied by ministers: FM
  • 12:36 Skill development reforms to boost MII: FM
  • 12:35 To lower penalty to 50% of tax in case of under-reporting of income: FM
  • 12:33 Propose 1-time Scheme w.r.t Dispute Resolution Provided Case Withdrawn: FM
  • 12:32 STT increase in options: FM

Highlights Of Union Budget 2016

  • 12:32 Tax of 10% in the hands of dividend recipients above 10 lk: FM
  • 12:31 Propose New Dispute Resolution Scheme: FM
  • 12:31 Offering limited period compliance window for undisclosed income: FM
  • 12:30 To raise excise duty on most tobacco products by 10-15%: FM
  • 12:29 Clean energy cess for coal Rs 400/ tonne: FM
  • 12:29 To levy 1% infra cess on small gasoline cars: FM
  • 12:27 Increase limit for rent paid: FM
  • 12:27 Deduction amount under 80GG increased from 24,000 pa to 60,000 pa: FM
  • 12:26 Deduction to rent payers under 80 GG increased from Rs 24k cr to 60k cr: FM
  • 12:25 Lower corporate tax rates from co with Rev under Rs 5cr to 29% + surcharge + cess: FM
  • 12:25 First home buyers an additional deduction of interest of 50,000 provided value of house does not exceed Rs 50 lakh: FM
  • 12:23 Propose 100% deduction to undertakings for construction of affordable housing: FM
  • 12:23 DDT exempted from REITs: FM
  • 12:21 Propose to make some changes in customs, excise duty rates: FM
  • 12:19 Propose to implement GAAR from April 1, 2017: FM
  • 12:19 New cos will not be allowed to seek any exemption: FM

Highlights Of Union Budget 2016

  • 12:18 LTCG period for unlisted companied reduced to 2 years: FM
  • 12:17 New mfg cos after March 1, 2016 to be taxed at 25% plus cess+surcharge: FM
  • 12:16 Accelerated depreciation limited to 40% from FY18: FM
  • 12:15 Number of measures will be undertaken to deepen corporate bond market: FM
  • 12:15 To enable non institutional investors to invest in ARCs: FM
  • 12:14 Turnover limit of 2 cr for SMEs: FM
  • 12:14 Department of Disinvestment to be renamed as Department of Investment and Public Asset Management: FM
  • 12:14 Govt stands firmly behind public sector banks: FM
  • 12:13 Will undertake massive nationwide of ATMs in the next 3 years: FM
  • 12:12 Total resources allocated to states 99681 cr more than 2015-16 RE: FM
  • 12:10 To do away with plan & non-plan classification from FY18: FM
  • 12:10 2.5% revenue deficit target for FY16 vs budgeted est of 2.8%: FM
  • 12:09 Committee To Review FRBM: FM
  • 12:08 Non-plan classification from FY18: FM
  • 12:06 Non-plan expenditure at ‘14.28 lk cr: FM
  • 12:05 15.3% increase in plan expenditure to to Rs 5.5 lk crore: FM
  • 12:04 FY17 fiscal deficit target at 3.5%: FM
  • 12:04 To adhere to fiscal deficit target: FM
  • 12:01 Aadhaar bill to be introduced in current session of parliament: FM
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