February 29th, 2016
Image(ARCHIVE) Source: ibtimes
Finance Minister Arun Jaitley today announced “Union Budget 2016-2017”. This time budget saw a change in focus towards the rural economy.
Important highlights of the announcement made are:
- No changes have been made to existing income tax slabs.
- Under the National Pension Scheme, the government announced an exemption for withdrawal of up to 40% of the corpus at the time of retirement.
- Tax exemption for house rent allowance will be raised to Rs 60,000 from the current Rs 24,000-level.
- An additional 1% tax on luxury cars above Rs 10 lakh was imposed by the Centre in the Union Budget today.
- The Centre also imposed an additional infrastructure cess of 1% on small petrol cars and a 2.5% cess on diesel cars.
- 2.87 lakh crore to be given grant-in-aid for gram panchayats and municipalities; it is the quantum jump of 228 per cent.
- The government, in the Union Budget for 2016-17, decided to keep service tax rates unchanged at 14.5% (14% service tax + 0.5% Swach Bharat Cess).
- Rs 38,500 crore allocated for MNREGA in 2016-17, the highest ever if the entire amount is spent.
- 3,000 medical stores will be opened under Pradhan Mantri Jan Aushodi Yojana to make quality medicine available.
- Rs 60,000 crore for recharging of ground water recharging.
- A Digital depository for school leaving certificates.
- Objective to skill 1 crore youth in the next 3 years under the PM Kaushal Vikas Yojana.
- The target of 10,000 km of national highway and upgradation of 50,000 km of state highways in 2016/17.
- Total allocation for agriculture and farmer welfare at Rs 35984 crores.
- Swacch Bharat Abhiyan allocated Rs.9,500 crores.
- 2.2 lakh renal patients added every year in India. Basic dialysis equipment gets some relief.
- Rs. 1,700 crore for 1500 multi-skill development centres.
- Initial sums of Rs 100 crore each for celebrating the Birth Centenary of Pandit Deen Dayal Upadhyay and the 350th Birth Anniversary of Guru Gobind Singh.