Key Features of Budget 2016-2017 : Official pdf Download
Key Features of Budget 2016-2017
INTRODUCTION : Growth of Economy accelerated to 7.6% in 2015-16
CHALLENGES IN 2016-17 : Risks of further global slowdown and turbulence.
ROADMAP & PRIORITIES : ‘Transform India’ to have a significant impact on economy and lives of people
AGRICULTURE AND FARMERS’ WELFARE : Allocation for Agriculture and Farmers’ welfare is Rs. 35,984 crore
RURAL SECTOR : Allocation for rural sector – Rs.87,765 crore.
SOCIAL SECTOR INCLUDING HEALTH CARE : Allocation for social sector including education and health care – Rs.1,51,581 crore.
EDUCATION, SKILLS AND JOB CREATION : 62 new Navodaya Vidyalayas will be opened
SKILL DEVELOPMENT : Allocation for skill development – Rs. 1804. crore.
JOB CREATION : GoI will pay contribution of 8.33% for of all new
employees enrolling in EPFO for the first three years of their
employment. Budget provision of Rs. 1000 crore for this scheme
INFRASTRUCTURE AND INVESTMENT : Total investment in the road sector,
including PMGSY allocation, would be Rs. 97,000 crore during 2016-17.
FINANCIAL SECTOR REFORMS : A comprehensive Code on Resolution of Financial Firms to be introduced.
GOVERNANCE AND EASE OF DOING BUSINESS : A Task Force has been
constituted for rationalisation of human resources in various Ministries
FISCAL DISCIPLINE : Fiscal deficit in RE 2015-16 and BE 2016-17 retained at 3.9% and 3.5%
RELIEF TO SMALL TAX PAYERS : Raise the ceiling of tax rebate under
section 87A fromRs. 2000 to Rs. 5000 to lessen tax burden on individuals
with income upto Rs.5 laks
BOOST EMPLOYMENT AND GROWTH : Increase the turnover limit under
Presumptive taxation scheme under section 44AD of the Income Tax Act to
Rs. 2 crores to bring big relief to a large number of assessees in the
MSME category.
MAKE IN INDIA : Changes in customs and excise duty rates on certain
inputs to reduce costs and improve competitiveness of domestic industry
MOVING TOWARDS A PENSIONED SOCIETY : Withdrawal up to 40% of the
corpus at the time of retirement to be tax exempt in the case of
National Pension Scheme (NPS).
PROMOTING AFFORDABLE HOUSING : 100% deduction for profits to an
undertaking in housing project for flats upto 30 sq. metres in four
metro cities and 60 sq. metres in other cities
RESOURCE MOBILIZATION FOR AGRICULTURE, RURAL ECONOMY AND CLEAN
ENVIRONMENT : Additional tax at the rate of 10% of gross amount of
dividend will be payable by the recipients receiving dividend in excess
of Rs.10 lakh per annum
PROVIDING CERTAINITY IN TAXATION : Committed to providing a stable and predictable taxation regime and reduce black money.
SIMPLIFICATION AND RATIONALIZATION OF TAXES : 13 cesses, levied by
various Ministries in which revenue collection is less than ` 50 crore
in a year to be abolished.
TECHNOLOGY FOR ACCOUNTABILITY : Expansion in the scope of e-assessments to all assessees in 7 mega cities in the coming years.
Authority: www.indiabudget.nic.in/
