A big day for finance minister Sri Arun Jaitley as he is going to face a tough budget this time. The main challenge is to keep happy both the tax payers and the market.Union budget 2016-17 update, Lots of pressure is going to come this time as he need to keep happy the farmers as the majority of the nation relies on them. 7th pay commission burden sorry it’s not burden, it is the right of the central government employee. One rank one pension is also going to be implemented this time.Union budget 2016-17 update Due to the 7th pay commission government need to pay 1.02 lakh crore and with that need to keep the GDP growth optimum. Now lets talk about the common man. Taxpayers are hoping that Finance minister Srin Arun Jaitley is going tto
Increase the tax paying slab from 2,50,000 to 3,00,000.
Union budget 2016-17 update & expectation from Budget 2016-17(Gist)
increase the tax paying slab from 2,50,000 to 3,00,000.
Increase in allowances like TA, education, HRA etc.
Interest cut on house loan to boost the infrastructure sector and bank sector.
Tax deduction limit on saving account may increase from 10,000 to 20,000.
Plan to bring down the online transaction fee to boost online shopping and stopping black money.
Tax deduction on investment on Gold bond.
Union budget 2016-17 update
Agiculture and Farmers welfare
Financial sector development
Educatoinal skills development
Social sector and healthcare development
Rural Sector development
• Personal income tax: Personal Income 5,00,000/- deduction 5,000/ last year up from 2,000/-. Relif tax liability 3, 000/- increase security transaction tax in case of ‘Options’ from 0.017 to 0.05 %. HRA deduction up from 24,000/- – 60,000/-
• Incease Price: Luxyry Car, Tain Ticket, Air Ticket, Cigarate, Coal, Resturant, Brand Fhasion item, Gold / Platinum, Cinema Ticket
• Service tax: 14.5% to 15% service tax inscrease of all sector
• Surcharge: Extra surcharge in people income 1 coroes
• Excise Duty: Excise Duty increas all sector (Tobaco, 10% to 15%
• Corporate Surcharge: Lowering of Corporate IT rate for companies not exceeding Rs. 5 crore turnover to 25% plus surcharge.
• Pension will be now partialy txable
• New joining employee EPF 8.33%
• Allocation almost 97,000 croes of road sector in rural area alo
• 160 airports and airstreap revived in the country almost 50-100 crores each state
• Government allocation 38,500 crores in MNREGA Scheam, ths is the highest allocation in this scheam.
• Government allocation in Agriculture sector almost 35,984 crores for farming. Under the Krishi Vikas Yojana 5 lakh acres will be brought under organic farming in the next three years said minister.
• Allocation 100 % FDI through FIPB in marketing in India for food products produced and manufactured.
• Preparing for plan per year allocation nuclear power generation up to Rs 3,000 crore.
• Total infrastructure allocation at Rs 2.21 lakh crore for 2016-17
• 8.33 % pay employee pension fund
• 62 Navodaya Vidyalayas open in next 2 year
• Pradhan Mantri Jan Aushodi Yojana almost open 3,000 medical store in India
• 75 lakhs people given up LPG subsidy
• Allocation for Swacch Bharat Abhiyan 9,000 crores
• Grants in aid to Village Panchyats and Municipalities allocation 2.87 crores Union budget 2016-17 update
• Government aim to 2018 all over the India 100% electricity conection
• Government bought under irrigation 28.5 lakhs Hectores
• 60,00 crores for water resources management
• Farmer income will be double in 2022 govt. aim
• Direct Benefit Transfer for fertiliser subsidy
• Four scheam for Animal welfare
• CAD is 1.4% of GDP
• GDP grouth down 7.6% to 5.4%
• providing health insurance Rs. 1 lakh per family, Rs. 35,000 for people above 60 years.
• 1500 Skills development centre allocation for 1700 crores
Visit Official Website to download the Budget Update PDF