Latest Updates - Budget 2016

-For first time home buyers – additional ₹ 50000 rebate for loans upto ₹ 35 lakhs and houses that cost upto ₹ 50 lakhs

-PM Awas Yojna: 100% deduction for profits of undertakings from housing projects in cities during June 2016 - March 2019

-MAT will apply for such undertakings

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

-Incentives for new manufacturing companies and smaller enterprise companies

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

-Hike in to limit from 1 to 2 crore on small business assess in MSME category.

-Presumptive income of 8% Committed to increase investment in asset reconstruction companies

-Special Patent Regime proposed to power innovation and research

Corporate income tax:

-Incentives for new manufacturing companies and relatively small enterprise companies

-Committed to implementing GAAR from April 1, 2017

-Presumptive income tax scheme to be extended to all professionals with income of ₹ 50 lakh with a presumption of 50 percent profit.

-Accelerated depreciation to be limited to 40% wef from Apr 1, 2017

-Relief to those who living on rent - Rent deduction raised from ₹ 24,000 to ₹ 60,000

-Revenue deficit estimate for FY 2015-16 down to 2.5% from earlier estimates

-Fiscal deficit for Financial Year 2016-'17 targeted at 3.5%

-Govt acknowledges role of tax payer in nation building

-Taxation is a major tool to remove poverty and inequality in the society'

-Tax ceiling has been raised from 2000 to 5000 rupees for those earning less than ₹ 5 lakh ruppes pa

-Relief to those who living on rent - Rent deduction raised from ₹ 24,000 to ₹ 60,000

-The fiscal target will be retained at 3.9 for 2015-16, and 3.5 for 2016-17

-Plan and non-plan classification of govt expenditure will be done away with

-FRBM Act has been under implementation for the past decade, a school of though now feels that instead of a fixed figure, there should a range based target for managing fiscal deficit

-Direct benefit transfer scheme will be implemented for disbursal of fertilizer subsidy  on a pilot basis

-Govt stands firmly behind public sector banks, ₹ 25k crore for bank recapitalisation

-Buffer stock of pulses will be created; 900 crore rupees for Market Stabilization Fund for Pulses

-Govt stands firmly behind public sector banks ₹ 25k crore for bank recapitalisation

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

-Public Money should reach the poor and deserving without any leakage

-A bill on targeted delivery of financial services using Aadhar to be introduced

-SEBI act to be amended to provide more benches on the security appellate tribunal

-Comprehensive code of bankruptcy resolution of financial firms will be introduced as a bill in 2017

-Number of measures to be undertaken to deepen corporate bond market

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

-Process of transformation of IDBI has already started, govt will reduce its stake below 50%

-PM Mudra Yojna amount snactioned has reached ₹ 1 Lakh crore, next year's target is 1,80,000 crore

-Nationwide of ATMS, micro-ATMs across the country

-General Insurance companies owned by the govt will be listed in the stock exchanges

-Task force has been constituted to rationalize the human resources in various ministries has been instituted

-AADHAR NO will not be a proof of citizenship or domicile

-Public Utility Resolution of Disputes Bill for resolution of disputes in infra sector

-Guidelines of renegotiating PPP contracts will be introduced

-New credit rating system for infrastructure

-Considering to incentivize gas production from deep sea, ultra deep water and high temp. areas

-3000 crore rupees earmarked for nuclear power generation

-100% FDI through FAPB route in marketing of food products produced and manufactured in India

-Will encourage CPSEs to sell their assets like land

-Dept of Disinvestment to be renamed as Dept. of Investment and Public Asset Management

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

-Financial Data Management Centre for integrated data collection and analysis

-3,500 medical stores to be opened under Pradhan Mantri Jan Aushodi Yojana

-Retail trade is largest service sector employer in country. Many more jobs are created in this, provided the regulations are simplified:

-Shops will be given an option to remain open on all seven days

-85% of stalled road projects back on track

-Total of ₹ 97000 crore will be spend on roads and highways

-Rs 218000 crore investment in roads and railways in 2016-17

-10000 kms of national highways in 2016-17

-Additional 50000 kms of state highways will be taken up for up gradation as national highway

-Series of measures to modernize ports

-800 cr for inland waterways

-Action plan for revival of unserved and underserved airports

-Will partner with state govt to develop some of these airports to enhance regional connectivity

-Focus will be quality education

-62 new Navodaya Vidyalas will be opened

-Higher education financing agency will be set up with an initial capital of ₹ 1000 crore

-Digital depository for school and college certificates will be set up

-National skill development mission has trained 76 lakh youth

-1500 multi-skill institutes will be set up across the country

-1 crore youth will be imparted skills in the next 3 years

-Govt will pay EPF contribution of 8.33% for all new employees for 1st three years for those with salaries upto ₹ 1500 pm

-LPG connection in the name of women members of poor connections, ₹ 2000 crore earmarked for the scheme

-The mission will cover a total of 5 crore BPL families

-75 lakh middle class and lower middle class have voluntarily given up subsidy on LPG

-New health protection scheme – cover of ₹ 1 lakh per family, senior citizens will get an additional cover of ₹ 30000

-National dialysis service programme will be started to provide dialysis service in all district hospital
certain dialysis will get tax subsidy

-'Stand up scheme' to promote entrepreneurship in SC/ST and women

-The scheme gets ₹ 500 cr

-National hub will be created to help SC/ST entrepreneurs

-300 urban clusters to be set up under Shyama Prasad Mukherji Rurban Mission

-5542 villages have been electrified Feb 23, 2016, this is more than the total combined achievement of the past three years

-100% electrification by May 1, 2018

-Swatch Bharat gets ₹ 9000 crore

-Need to spread digital literacy in rural areas

-National digital literacy mission to cover 6 crore rural households

-Rs 87765 cr for rural sector as a whole
    
-E-pashudhan haat for connecting farmers and breeders of livestock

-Honey production has been increased to 86500 mt tonne

-Rs 2.87 Lakh Crores to be given as aid to Gram Panchayats as recommended by Finance Commission, a jump of 128%

-Average assistance of rs 80 lakh for gram panchayats, ₹ 21 crore for each local body

-New projects to be taken for dairy procurement, will issue animal health card, e-marketing portal for contacting breeders

-Rs 38,500 crore has been allocated to MNREGA. This will be highest amount spent on NREGA

-Rs 500 crore under food security mission earmarked for cultivation of pulses

-Unified agricultural market scheme being envisaged

-Unified market e-platform will be dedicated to the nation on April 14 – Ambedkar's birthday

-PM GRAM SADAK Yojna to get ₹ 19000

-NDRF fund norms revised

-All time high, ₹ 9 lakh crore for agricultural loans

-Rs 5500 cr for PM Fasal Bima Yojna

-Online procurement systems under FCI to ensure that farmers get a fair price for their produces

 
-Will continue with reform to ensure the passage of GST Bill

-Recapitalization of banks will be done during next FY

-Current account deficit has declined from 18.4 billion US dollars in 1st half of last year to 14.4 billion this year

-Farmers are backbone of our food security

-Govt working to double the income the famers

-Only 46% of cultivated land is fed with irrigation

-Rs 17000 cr next years and rs 86500 cr in the next five years to increase area of irrigation

-Rs 60000 cr to harness ground water

-Soil health card scheme is being implemented with greater vigour, all farmers will be covered by March 2017

-working to Increase crop yield in rain fed areas

Money with the government belongs to the people

-Increased our plan stage in the RE stage in 2015-16

-Risk of global slowdown is mounting

-Three serious implications: Improve the firewall against these conditions, domestic demand must pick up and reform process should continue

-GDP growth at robust 7.6%

-Govt has prioritise expenditure

-More spending in priority sectors - farm, social and infra sectors

-PM Fasal bIMA yOJNA

-New Health insurance

-Cooking gas for BPL families
 

Corporate tax incentives expand benefits for new manufacturers and commit to implementing GAAR from next fiscal year onwards. Budget 2016 provides housing incentives for first time buyers and urban affordable housing projects (subject to MAT), corporate tax incentives for new manufacturing and smaller enterprises, extension of a presumptive tax scheme to higher earning professionals, limits on accelerated depreciation, and a commitment to implement GAAR. It sets fiscal targets within a medium term consolidation framework and advances financial sector reforms including bank recapitalisation, amendments to the RBI Act for a statutory monetary policy framework, a Financial Data Management Centre, and measures to deepen corporate bond markets.