15% Surcharge on Total Income Exceeding Rs. 1 Crore per Year
Excise Duty on Jewellery Hiked.
1% Pollution Cess to be imposed on all Cars
Interest on Refund increased to 9% from 6% in case it is related to Delay in giving Appellate order by more than 90 days.
e-Assessment in 7 Cities: No face to face interaction required.
Scheme of deferred payment of Custom Duty for exporters with Proven Track Records.
Rationalization of TDS Provisions based on Eswar Committee Report
Proposes to Amend Cenvat Credit Rule 2004 to reduce litigation and for better compliance
Rule 8D to amend read with section 14A be amended to limit dis allowance to 1% per Month of Monthly Average Investment subject to Maximum of Actual Expenditure.
Penalty Rate increased from 50% to 200% on Concealment with no discreation to AO.
One time Scheme for cases related to Retrospective Taxation in which taxpayer need not pay interest and Penalty
Dispute Resolution Scheme to provide relief from Penalty and Interest
Scheme for Voluntary Disclosure of Income for limited period
To Raise Excise Duty on Tobacco Products by 10-15%
Clean Energy Cess on Coal at Rs. 400 Per Tonne
New Health Insurance Scheme for those Aged above 60 Years
No DDT on REITs
STT For Option Proposed to Hike to 0.05%
10% Tax on Dividend in excess of Rs. 10 Lakh in the hand of recipient
100% Deduction to undertaking engaged in Construction of affordable Housing
Implement GAAR from 01.04.2017
No Service Tax on Services Provided by EPFO and Annuity
Tax Exemption on 40% of withdrawal from NPS
LTCG Period for Unlisted Companies Reduced to 2 Years from 3 Years
Service Tax Exemption under Din Dayal Scheme
100% Tax Benefit for New Start up for 3 years in 5 years.
Corporate Tax Rate at 29% plus Surcharge and Cess for Companies with Total Income Less than 5 Crore.
Phased Out / Reduced Deductions for Research, SEZ
Accelerated Depreciation Limited to 40%.
Presumptive Scheme for Professional with Turnover below 50 Lakh with Profit at 50%
Presumptive Scheme Income Limit Increased to Rs. 2 Crore.
Deduction for Rent U/s. 80GG increased to Rs. 60000/- from Rs. 24000
87A Rebate for Income below Rs. 500000 increased to Rs. 5000
Govt will Partner with State Government to Rejuvenate Regional Airports
Govt to Introduce Model shops and establishment bill Soon
Govt. to set up higher education financing agency with corpus of Rs 1,000 crore
FM Propose to launch new health care scheme with Rs 1 lakh as cover per family
Govt Allocates Rs. 55000 Crore for National Highways which no includes Rs. 15000 Crore of NHAI Bonds
Proposes to Exempt Parts of Dialysis Equipment from Custom Duty / Excise Duty
Rs 60,000 crore for recharging of ground water recharging
Government to set apart Rs 412 crore to encourage organic farming
Announced Digital Literacy Scheme for India
Total allocation for agri and farmer welfare is Rs 35,984 crore
Four new projects for dairy farmers, to costs Rs 850 crore
To provide statutory backing to Aadhar: FM
Rs 287K cr allocated to the rural sector
Rs 2,000 crore to meet initial cost of proving LPG connections for rural areas. Scheme to continue for 5 years to cover BPL households
Rs 1700 crore for Pradhan Mantri Kaushal Vikas Yojana
Rs. 87765 Crores for Rural Development in FY 2017
Rs. 8500 Crores for Rural Electrification in FY 2017
Swacch Bharat Abhiyan gets Allocation of Rs. 9000 Crore in FY 17
Allocated Rs. 38500 Crore for MANREGA
Rs. 15500 Croreo to be allocated for Interest Subvention for Agri Loans
Allocation for AIBP
Proposes Rs. 5500 for Corp Insurance Schemefor FY 2017.
Rural Sadak Yojna Allocation at Rs. 19000 Crore for FY 17
E-Platform to Connect wholesale Rural Market Across India
To Spend Rs. 86500 Crore on Irrigation Projects in Coming 5 Years
Allocation to Farming Sector 35984 Crore
Recapitalization of banks will be done during next Financial Year
Govt to Focus on Passing GST and Bankruptcy Code
Govt. to take new initiative for BPL Families to Provide for Cooking Gas Subsidies
Tax Reforms to Reduce Compliance Burden for Taxpayers
Rural electrification: 5542 villages in Feb 2016, more than total combined achievement of previous three years
Nine pillars on which Budget 2016 would be focusing: –
1. Agriculture and farmer welfare
2. Rural sector with a view to improve employment
3. Social sector, with focus on primary healthcare
Education sector with a focus on improving skills
Infrastructure and investment, with a view to improving quality of life
Financial sector reforms
Governance and ease of doing business
Fiscal discipline and delivering benefits to needy
Tax reforms
