Union Budget 2016-17 Highlights

Monday, Feb 29, 2016,13:56 IST By Metrovaartha A A A

New Delhi | Following are the highlights of Union Budget 2016-17 presented by Finance Minister Arun Jaitley in Parliament today:

* No change in personal Income Tax slabs

* 4-month Compliance Window for domestic black moneyholders; tax, interest on them at 45%

* Relief for tax payers who earn below Rs 5 lakh; ceiling of rebate u/s 87A raised to Rs 5,000 from Rs 2,000

* House rent deduction raised from Rs 20,000 to Rs 60,000    * One-time dispute resolution scheme for retro tax cases, penalty, interest waived

* High level committee headed by Revenue Secretary to oversee creation of fresh liability using retro tax law

* Corporate Tax for new manufacturing units fixed at 25%

* Clean energy cess increased from Rs 200/ton to 400/ton on coal, lignite and peat

* First home buyers to get addl deduction of Rs 50,000 on interest for loan up to Rs 35 lakh; cost of house should not be more than Rs 50 lakh

* To achieve fiscal deficit of 3% of GDP by (2017-18)

* Fiscal Deficit target 3.9% in 2015-16, 3.5% in 2016-17

* Revenue Deficit to be 2.8% in 2015-16

* Current Account Deficit for 2015-16 at USD 14.4 billion or 1.4% of GDP

* Forex reserves at highest at USD 350 billion

* Budget lists 9 transformative pillars including doubling farm income by 2022, infrastructure, investment, reforms

* Highest ever allocation of Rs 38,500 cr for MGNREGA

* Certain equipment for dialysis exempt from basic customs duty, Excise CVD

* Govt to circulate Model Shops and Establishment Bill, small retail shops may remain open for 7 days

* 100% rural electrification by May 1, 2018

* Govt to pay EPF contribution of 8.33% of new employees for first 3 years.

* Start-ups to get 100% tax exemption for 3 years except MAT which will apply from April 2016-2019

* To give statutory status to Aadhaar programme

* Infrastructure outlay at Rs 2.21 lakh cr

* Rs 35,984 crore earmarked for farmer welfare; to spend Rs 86,500 crore on irrigation in 5 years

* Rs 20,000 crore irrigation fund to be set up under NABARD

* Rs 2,000 crore for LPG connection to poor; scheme for MP connection for women

* Stand Up India allocated Rs 500 crore

* Roads and highways allocation at Rs 55,000 crore; NHAI can issue tax free bonds.