- 19,610 cr of net revenue gain from direct & indirect taxes
- High-level Committee Chaired To Allay Fears Of Retro Tax
- Corp tax to be cut to 29% from FY18 for cos with turnover less than ₹ 5 cr
- Creating 11 new benches of Indirect Tax tribunal
- Propose to rationalise norms for tax deducted at source
- Dividend Tax rate of 10% for individuals/HUF if dividend in excess of 10 lk/annum
- Propose to abolish 14 different cesses levied by ministers
- Skill development reforms to boost MII
- To lower penalty to 50% of tax in case of under-reporting of income
- Propose 1-time Scheme w.r.t Dispute Resolution Provided Case Withdrawn
- STT increase in options
- New cos will not be allowed to seek any exemption
- LTCG period for unlisted companies reduced to 2 years
- New mfg cos after March 1, 2016 to be taxed at 25% plus cess+surcharge
- Accelerated depreciation limited for R&D to 150% from FY18
- Accelerated depreciation limited to 40% from FY18
- Number of measures will be undertaken to deepen corporate bond market
- Raise personal I-T house rent exemption to 60,000 from 24,000/yr
- To enable non institutional investors to invest in ARCs
- Turnover limit of 2 cr for SMEs
- Department of Disinvestment to be renamed as Department of Investment and Public Asset Management
- Govt stands firmly behind public sector banks
- Will undertake massive nationwide of ATMs in the next 3 years
- To propose introduction of DBT in fertilizer on pilot basis
- Total resources allocated to states 99681 cr more than 2015-16 RE
- To do away with plan & non-plan classification from FY18
- 2.5% revenue deficit target for FY16 vs budgeted est of 2.8%
- Committee To Review FRBM
- Non-plan classification from FY18
- Non-plan expenditure at ₹ 14.28 lk cr
- 15.3% increase in plan expenditure to to ₹ 5.5 lk crore
- FY17 fiscal deficit target at 3.5%
- To adhere to fiscal deficit target
- Aadhaar bill to be introduced in current session of parliament
- Govt has option to reduce stake in IDBI below 50%
- Amend SEBI act to increase benches in SAT
- 25,000 cr for bank recap
- Comprehensive framework to deal with CIS schemes
- 100% FDI through FIPB route in marketing of food products marketing will be allowed
- To announce 3 initiatives in reinvigorate pvt sector
- SEBI to bring new derivative pdts for commodity markets
- Tax of 10% in the hands of dividend recipients above 10 lk
- Propose New Dispute Resolution Scheme
- Offering limited period compliance window for undisclosed income
- Voluntary disclosure of income for blackmoney
- To raise excise duty on most tobacco products by 10-15%
- Clean energy cess for coal ₹ 400/ tonne
- To levy 1% infra cess on small gasoline cars
- Increase limit for rent paid
- Deduction amount under 80GG increased from 24,000 pa to 60,000 pa
- Deduction to rent payers under 80 GG increased from ₹ 24k cr to 60k cr
- Benefits of research will be 150% by 1st April 2017 and 100% by 1st April 2020
- Lower corporate tax rates from co with Rev under ₹ 5cr to 29% + surcharge + cess
- First home buyers an additional deduction of interest of 50,000 provided value of house does not exceed ₹ 50 lakh
- Tax exempt 40% of withdrawal from NPS at retirement
- Propose 100% deduction to undertakings for construction of affordable housing
- DDT exempted from REITs
- Propose to make some changes in customs, excise duty rates
- Propose to implement GAAR from April 1, 2017
- Propose complete passthrough of IT to trusts of ARCs
- Govt to open up the road transport sector in the passenger segment
- Abolition of permit raj to be our medium term goal
- Approve 10K Km of National Highways in FY17
- RBI act to be amended to provide framework for monetary policy code
- Bankruptcy code to be introduced in parliament in FY17
- Total investment in road sector at 97000 cr in FY17
- Encourage CPSEs to divest non-core assets like land etc
- Propose further FDI reforms for stock exchanges, ins, pension
- Duty drawback schemes to be widened
- Propose 31,300 cr of infra bonds to be issued by various agencies
- To issue guidelines for renegotiation of PPP contracts
- To introduce public utility resolution bill
- Calibrated market prices for gas based on landed price of alt fuels
- Propose to develop 10 of 25 non-functional airstrips
- To incentivise gas production from deep sea & ultra deep waters
- To partner state govts to rejuvenate regional airports
- To amend motor vehicle act to open up road passenger sector
- Necessary amendments to open up road transport for passenger seg
- Allocate 55,000 cr for roads highways; excl 15,000 cr nhai bonds
- Need to derive greater benefit from demographic advantage
- Launching 2 schemes to promote digital literacy
- To pay 8.33% for new employees towards EPFO contribution for 3 years
- 75 lk households have voluntarily given up cooking gas subsidy
- 3000 Stores For Generic Drugs Will Be Opened In FY17
- Stand up india scheme allocated ₹ 500 cr for SC, ST and women entrepreneurs
- To set up high education financing agency with 1,000 cr capital
- Additional 30,000 cr coverage to be provided for senior citizens above 60 years
- Propose to exempt parts of dialysis equipment from basic customs duty
- Propose to launch new health care scheme with 1 lk as cover per family
- Need to adopt prudent fiscal strategy
- Must rely on domestic demand since foreign mkts are weak
- Allocate ₹ 2,000 cr for initial cost of LPG connection to women members
- Mission to provide LPG gas connection to women household members
- Embark on a mission to give LPG connection to women in poor households
- Looking at reforming dispute redressal mechanism in PPP projects
- Propose 87,765cr for rural dvpt in FY17
- 28.5 lk hectares to be brought under PM's Krishi Sinchai Yojana
- 89 irrigation projects will be fast tracked
- 368 cr provided for National soil health and fertility program
- Allocate 9,000cr towards Swachh Bharat Mission
- Govt committed to achieve 100% village electrification by May 1, 2018
- Krishi Vikas Yojana will bring 5lk acres under organic farming
- 12 states have already amended their APMC acts
- 38,500 Cr allocation to MNREGA
- Urgent need to focus on areas rural distress
- Propose ₹ 2.87 lakh cr as grants to rural local bodies in FY17
- Rs.2.87 lac cr to be given as grants to aid gram panchayats
- Propose ₹ 5,500 cr for crop insurance scheme for FY17
- 4 new schemes to enhance dairy farming in India at ₹ 850 cr
- To implement online procurement system under Food Corp of India
- Target of Agri credit at all-time high of ₹ 9 lakh cr
- Rs.15,000 cr to be allocated for interest subvention for agri loans
- Sadak Yojana allocation at ₹ 19,000 Cr for FY17
- Unified agri market scheme to enhance farmer access to markets
- To set up e-platform to enhance farmer access to markets
- Propose to spend ₹ 86,500 Cr on irrigation projs in 5 years
- Allocation for AIBP at ₹ 17,000 Cr for FY17
- Create new infra for irrigation, value addition to farm-mkt connectivity
- Have to give farmers income security, aim to double farmer income
- Allocation to farming sector at ₹ 35,984 Cr
- Proposed to double farmers' income in 5 years
- Propose to tax reforms to reduce compliance burden
- Budget focus on infra & enhancing quality of life
- To enact law to give statutory backing to Aadhaar
- Focus on social sector especially health care, education & skill dvpt
- Will pursue implementation of GST, reform measures pending before parliament
- Budget focus on tax reforms to reduce burden of compliance
- Budget to focus on rural employment & infrastructure
- Focus to pass GST, bankruptcy code
- Will Give Statuatory Backing To Aadhar Platform
- Priority To Provide Addl Resource To Vulnerable Sections In Rural Areas
- Will Focus On Areas Of Utmost Importance To Govt
- Will focus on areas of utmost importance to govt
- To Make Provision For Bank Recap, Farm & Social Sector In FY17
- New Initiative To Support BPL Families With Cooking Gas Subsidy
- Additional burden on account of 7thpay comm & OROP
- Increase plan expenditure for FY16
Corporate tax reform expands relief and introduces dispute resolution schemes while broad tax measures simplify compliance and governance. The Budget advances tax reform and compliance simplification through targeted corporate tax rate reductions for smaller firms, rationalisation of TDS norms, limits on accelerated depreciation, expanded research and housing incentives, revised dividend taxation, and a proposed
GAAR implementation. It introduces a new dispute resolution scheme with a limited compliance window and proposes tribunal and appellate bench expansion, statutory backing for Aadhaar, and measures to deepen capital markets and broaden FDI, all alongside fiscal targets and reallocations prioritising infrastructure and social sector spending.
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