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Union Budget 2016-2017 Arun Jaitley India Budget Live News, Highlights

Union Budget

Finance Minister Arun Jaitley has revealed Union Budget for the poor on Monday .This Union Budget 2016-2017 is planned for the economic growth of the India and it is the one step for the making India. Finance Minister Arun Jaitley has allocated particular money for each department. Jaitley repeated a forecast that India would grow by 7.6 percent in the fiscal year that. From here people can check Arun Jaitley India Budget Live News and highlights.

Here are the highlights of Finance Minister Jaitley’s Budget for the fiscal year that begins on April 1. People who want to get the Highlights Sector Wise about the Indian Union Budget 2016-2017 can get check the Live Updates from here. In the each sector some programs are started for the development of India. Following are the highlights of Union Budget for 2016-2017 presented by Arun Jaitley today.

Indian Union Budget

Union Budget

Fiscal Deficit

  • Fiscal deficit seen at 3.9 percent of GDP in 2015/16
  • Fiscal deficit seen at 3.5 percent of GDP in 2016/17
  • Plan expenditure seen at Rs 5.5 trillion in 2016/17
  • Proposes to locate up panel to review fiscal responsibility management act

Rural Economy

  • Rural jobs programme allocated Rs 385 billion rupees ($5.61 billion) in 2016/17
  • Farmer welfare budget to total Rs 359.84 billion
  • Rural road development to get Rs 190 billion
  • Target of agriculture credit at Rs 9 trillion
  • Interest subvention towards farm loans at Rs 150 billion

Rail Budget 2016 Highlights

Policy Reforms

  • economic failure code for financial firms to be introduced in parliament in 2016/17
  • RBI act is being revised for executing monetary policy framework
  • To list general insurances corporation on stock exchanges

Banking Reforms

  • Government to infuse Rs 250 billion capital into state-run banks in 2016/17; will find possessions for additional capital for banks if required

Taxation

  • Will not way out to display taxation in future; one time tax dispute resolution proposed for retrospective taxation
  • To reduce corporate tax for new manufacturing companies
  • To implement general anti avoidance tax rule from April 1, 2017
  • Security transaction tax on options raised to 0.05 percent
  • Proposes to levy infrastructure cess of 1-4 percent on certain models of cars
  • Raises factory gate tax on various tobacco products by 10-15 percent
  • Proposes limited agreement window on undeclared income of domestic tax payers
  • Proposes new difference of opinion resolution scheme to resolve tax disputes
  • Proposes to abolish 13 different levies

Budget Price Alert

Borrowing

  • Gross market borrowing seen at 6 trln rupees for 2016/17

Infrastructure

  • Allocates Rs 2.21 trillion for infrastructure expansion for 2016/17
  • Allocation for roads and highways development at Rs 550 billion
  • Capital expenditure on roads and rail development at Rs 2.18 trillion

Investment

  • 100 percent foreign direct investment to be allowed in food processing industry
  • Promises further reforms in foreign direct investment policy in insurance, pension, asset recast companies

Ways to Pay Less Tax

Divestment

  • To encourage central public enterprises to divest own assets for raising resources for new projects

Market Reaction

  • India’s benchmark 10-year bond yield falls 5-6 bps as Jaitley sets 2016/17 fiscal deficit target at 3.5 percent of GDP
  • India’s state-owned banks shares pare gains after Jaitley announces lower-than-expected capital infusion; SBI down 0.5 percent
  • Indian rupee gains sharply to 68.61/dollar from around 68.70 levels on 2016/17 fiscal deficit target

Latest Updates of India Budget

11:47 AM

  • 3,500 medical stores to be opened under Pradhan Mantri Jan Aushodi Yojana
  • Retail trade is leading service sector employer in country. Many more jobs are created in this, provided the policy are simplified
  • Shops will be given an option to remain open on all seven days
  • 85% of stalled road projects back on track
  • Series of measures to modernize ports
  • 800 cr for inland waterways
  • Action plan for revival of unserved and underserved airports
  • Will partner with state govt to develop some of these airports to enhance regional connectivity
  • Total of Rs 97000 crore will be spend on roads and highways
  • Rs 218000 crore investment in roads and railways in 2016-17
  • 10000 kms of national highways in 2016-17
  • Additional 50000 kms of state highways will be taken up for up gradation as national highway

Important Highlights of Union Budget

11:55 AM

  • Public Utility Resolution of Disputes Bill for resolution of disputes in infra sector
  • Guidelines of renegotiating PPP contracts will be introduced
  • New credit rating system for infrastructure
  • Considering to incentivize gas production from deep sea, ultra deep water and high temp. areas
  • 3000 crore rupees earmarked for nuclear power generation
  • Dept of Disinvestment to be renamed as Dept. of Investment and Public Asset Management
  • 100% FDI through FAPB route in marketing of food products produced and manufactured in India
  • Will encourage CPSEs to sell their assets like land
  • RBI Act being amended to provide statutory basis for monetary policy framework
  • Financial Data Management Centre for integrated data collection and analysis

12:00 PM

  • SEBI act to be amended to provide more benches on the security appellate tribunal
  • Comprehensive code of bankruptcy resolution of financial firms will be introduced as a bill in 2017
  • Process of transformation of IDBI has already started, govt will reduce its stake below 50%
  • PM Mudra Yojna amount snactioned has reached Rs 1 Lakh crore, next year’s target is 1,80,000 crore
  • Nationwide of ATMS, micro-ATMs across the country
  • Number of measures to be undertaken to deepen corporate bond market
  • RBI Act being amended to provide statutory basis for monetary policy framework
  • General Insurance companies owned by the govt will be listed in the stock exchanges
  • Task force has been constituted to rationalize the human resources in various ministries has been instituted
  • AADHAR NO will not be a proof of citizenship or domicile

12:08 PM

  • The fiscal target will be retained at 3.9 for 2015-16, and 3.5 for 2016-17
  • Plan and non-plan classification of govt expenditure will be done away with
  • FRBM Act has been under implementation for the past decade, a school of though now feels that instead of a fixed figure, there should a range based target for managing fiscal deficit
  • Direct benefit transfer scheme will be implemented for disbursal of fertilizer subsidy  on a pilot basis
  • Govt stands firmly behind public sector banks Rs25k crore for bank recapitalisation
  • Govt will enact necessary amendments in the Motor Vehicles Act and open up the road transport sector in passenger segment
  • Govt stands firmly behind public sector banks, Rs 25k crore for bank recapitalisation
  • Buffer stock of pulses will be created; 900 crore rupees for Market Stabilization Fund for Pulses
  • Public Money should reach the poor and deserving without any leakage
  • A bill on targeted delivery of financial services using Aadhar to be introduced

Current National News

12:16 PM

  • Relief to those who living on rent – Rent deduction raised from Rs 24,000 to Rs 60,000
  • Govt acknowledges role of tax payer in nation building
  • Taxation is a major tool to remove poverty and inequality in the society’
  • Tax ceiling has been raised from 2000 to 5000 rupees for those earning less than Rs 5 lakh ruppes pa
  • Revenue deficit estimate for FY 2015-16 down to 2.5% from earlier estimates
  • Fiscal deficit for Financial Year 2016-’17 targeted at 3.5%
  • Relief to those who living on rent – Rent deduction raised from Rs 24,000 to Rs 60,000

12:19 PM

  • Hike in to limit from 1 to 2 crore on small business assess in MSME category.
  • Presumptive income of 8% Committed to increase investment in asset reconstruction companies
  • Incentives for new manufacturing companies and relatively small enterprise companies
  • Committed to implementing GAAR from April 1, 2017
  • Special Patent Regime proposed to power innovation and research
  • Corporate income tax:
  • Presumptive income tax scheme to be extended to all professionals with income of Rs 50 lakh with a presumption of 50 percent profit.
  • Accelerated depreciation to be limited to 40% wef from Apr 1, 2017

Latest Current Affairs

12:29 PM

  • PM Awas Yojna: 100% deduction for profits of undertakings from housing projects in cities during June 2016 – March 2019
  • Incentives for new manufacturing companies and smaller enterprise companies
  • Service tax exempted for general insurance schemes under Niramayi Swasthya Bima Yojana
  • MAT will apply for such undertakings
  • Suitable changes to be made in customs and excise duty rates to improve competitiveness and boost Make In India

Current  International News

12:40 PM

  • Levy of heavy penalty for non payment of tax has led to high litigation. Proposal to modify scheme for penalties
  • I propose to lower corporate IT rate for next financial yr of relatively small enterprises companies with turnovers nt exceeding 5cr
  • Krishi Kalyan Cess of 0.5% on all taxable services
  • Tax evasion will be countered strongly:
  • Service tax on single premium annuity to be reduced to 1.5 percent from 3.5 percent.
  • Penalty to be 50% of tax in income under-reporting cases, 200% in misreporting of facts
  • Tax arrears can be paid in lieu of interest liabilities  in retrospective taxation cases
  • Monetary limit for cases to be decided by 1-member bench up from 15 lakh to 50 lakhs
  • Incentives for new manufacturing companies and smaller enterprise companies
  • 11 new benches of tax tribunals to be established to reduce pendency
  • To reduce multiplicity of taxes and cascading – 13 taxes with collection less than Rs 50 Cr a year abolished
  • Companies Act to amended for ease of doing business; to enable registration of companies in a day
  • 10% dividend on earnings over earnings over 10 lakhs
  • Presumptive income tax scheme to be extended to all professionals with income of Rs 50 lakh with a presumption of 50 percent profit.
  • Limited tax compliance window from Jun 1 – Sep 30 2016 for declaring undisclosed income at 45% including surcharge and penalties. There shall be no scrutiny or prosecution in this regard
  • Clean energy cess increased from RS 200 per tonnne to 400 per tonnne on coal, lignite and peat
  • Service tax exempted for housing construction of houses less than 60 sq metres
  • 15% surcharge on income tax for those with incomes exceeding 1 crore pa
  • Move towards a low tax regime with non litigious approach
  • Committed to provide a stable and predictable taxation regime

Uttar Pradesh Budget

12:46 PM

  • New grading system of imposing penalties – on the basis of under reporting or concealment of income
  • Income tax department will expand e-sahyog to assist small taxpayers
  • Income tax dept. will expand e-sahyog to assist small taxpayers:
  • Start-ups to get 100% tax exemption for 3 years except MAT which will apply from April 2016-2019
  • Excise duty on Tobacco products increased by 10-15%
  • Net impact of taxation proposals is an increase in Govt revenue by Rs 19,610 cr
  • Scope of e-assessment to be expanded to 7 mega cities

Awards and Honours in India

13:00 PM

  • No change in Income Tax slabs
  • First time home buyer – Rs 50,000 deduction for upto Rs 35 lakh loan provided house cost not more than Rs 50 lakh
  • FM announces 9 objectives for tax reforms
  • Tax rebate for those earning less than 5 lahk per annum
  • Under 5 lakh income – rebate increased from 2000 to 5000
  • Corporate Tax – New manufacturing companies registered on/post March 01, 2016 – option of tax 25% surcharge + cess
  • Lower Corporate tax for small companies at 29% surcharge + cess
  • National Pension scheme – withdrawal of 40% of corpus at time of retirement tax exempt
  • Reduction of Rs 60,000 per annum for those who don’t own house and pay rent
  • Penalty to be 50% of tax in income under-reporting cases, 200% in misreporting of facts
  • National Pension scheme – withdrawal of 40% of corpus at time of retirement tax exempt
  • National Pension scheme – withdrawal of 40% of corpus at time of retirement tax exempt
  • Presumptive tax extended for professional earning up to Rs 50 lakh

Current Affairs New Appointments

According to this Finance Minister Arun Jaitley is trying to provide a growth to the India and with this help of Indian Union Budget 2016-2017 India will move one step ahead towards the development.

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