Sunday, 28 February 2016

Budget 2016

Finance minister of india Arun Jaitley's Budget 2016 Latest and live Updates 


Sensex, Nifty Likely to Open on a Weak
  • Center share of taxes reduced
  • Swachh Bharath Scheme Allocated 9500  Crores 

  • 35 k  crores  allocation to farm sector

  • income security for farmers schemes to double farmer income by 2020 to ensure income security 

  • 20 crore allocated to NABARD

  • Target to complete pradhan mantri gram sadak yojana to 2019

  • 2 schemes to promote digital literacy scheme in rural areas

  • Modernization of Land records will be done for litigation free county

  • 2000 CR allocated for providing LPG connections for poor women

  • 15000 CR for interest subsidy for Farmers

  • 100 % electrification to 2018

  • 500 CR to promote women enterpreneurship among women SC/ST

  • 28 lakh hectares to be brought under the new farm irrigation plan

  • PM fasal Bima yojana 5.5 CR Allocated for 2016

  • Undertake Significant Bank reforms

  • 5 lakh acres to be brought under organic farmeing over three years

  • 30 k crores for Health Protection 

  • A Digital Depository for school leaving certificates

  • 1700 crores for Pradhan Mantri Kaushal Vikas Yojana

  • 19 CR for Rural Road Development

  • Higher Eductation Financing Agency

  • 100 % village Electrification

  • 87765 CR for Rural Development

  • 97000 CR to Build Roads

  • 3000 Rurban clusters to be set up under shyama prasad mukherji Rubam Mission

  • Guildelines for PPP agreements will be issued

  • 2.87 Lakh Cr to aid gram Panchaya

  • 50000 KM state highways to National Highways

  • 1500 New Skill Develpment Instutution

  • New Infra Credit Rating System

  • FDI norms in insurance and pension funds based

  • 100% FDI in marketing food processing

  • Direct Banefit Transfer scheme to farmers for Fertilizers

  • Comprehensive code to introduced to provide a specialised resolution mechanism for bankruptcy of banks and insurance cpmpanies

  • Measures to be undertaken to deepen corporate bond market

  • Small and Medium Shops To open on all 7 Days whem malls can be open why  small shop not  ?

  • Duty relief for Dialysis Eqipments

  • 25000 CR for Recapitalization of Public sector Banks

  • Financial burden due to OROP bank recap

  • HRA for Self Employed

  • Relief to small taxpayers through rebates

  • Rewiew working of FRBM act

  • incentives for new manufacturing companies and relatively small enterprise companice

  • POEM deffered by 1 yr

  • Presumptive tax 

  • Tax rebate for tax payers with upto Rs 5 lakh

  • Tax Audit for turnover in increased from Rs 1 CR to of Rs 2 CR
  • New Manufacturing companies setup after 1 st april 2016 to be taxed at 25 %

  • black money declaration taxed at 45 %

  • Dividend to be taxed @ 10% in the hands of recipients in excess of 10 lac

  • surcharge on income tax for those with income exceeding 1 crire per annum incresed from 12 % to 15%

  • 12.5 % Excise duty on Jewellery with input tax credit 

  • 1% luxury Tax for High end cars and goods

  • Amendment to companies Act to easy registration and boost startups

  • E assessment to be expanded to 7 mega cities to simplify compliance for tax payayers

  • Allocation for Agriculture Farmers welfare & irrigation doubled.

  • CBCR county -By-County-Reporting Required for companies with consolidated revenue of more than Euro 750 Million 

  • General Anti Avoidance Rules to be implemented with effect from 1st April 2017 (GAAR)

  • voluntary Disclosure for domestic Taxpayers 

  • Settlement Schemes for litigation 

  • Penalty Provisions revisited quantum reduced

  • Startup Tax Holiday for 3 Years 

  • Presumptive Tax for Professionals Scope Extended

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