Budget 2016: Everything you need to know

Budget 2016: Jaitley listed ‘nine pillars’ including tax reforms, promoting ease of doing business and ensuring fiscal discipline, that will transform India.

By: Express Web Desk | New Delhi | Updated: February 29, 2016 8:19 pm
Budget 2016, Budget 2016 news, Union budget 2016, Budget highlights, Arun Jaitley, Budget latest news Union Budget 2016: Union Finance Minister Arun jaitley listed ‘nine pillars’ including tax reforms, promoting ease of doing business and ensuring fiscal discipline, that will transform India.

Union Finance Minister Arun Jaitley on Monday presented the much anticipated Union Budget 2016-17 in the Lok Sabha. Jaitley laid much emphasis on farmers, agriculture, growth, investment and infrastructure in his speech.

He listed ‘nine pillars’ including tax reforms, promoting ease of doing business and ensuring fiscal discipline, that will transform India.

Aiming to double farmers income by 2022, the minister also announced an allocation of nearly Rs 36,000 crore for the farm sector while raising the agri-credit target to Rs 9 lakh crore for the next fiscal.

The budget offered sops for small and marginal income tax payers, hiked the surcharge by 3 per cent on earnings above Rs 1 crore, levied a pollution cess on petrol, diesel cars and SUVs and offered a one-time compliance window for domestic black money holders slapping a tax and penalty of 45 per cent.

The budget, therefore, was considered by many as being pro-poor and focusing extensively on the farming sector. On the tax proposals front, some analysts have termed it as a mixed bag without major surprises as most key measures were on expected lines.

Here are the highlights of the Budget 2016-17:

Arun Jaitley’s biggest announcements from farm sector to taxes

Aiming to double farmers income by 2022, the minister also announced an allocation of nearly Rs 36,000 crore for the farm sector while raising the agri-credit target to Rs 9 lakh crore for the next fiscal. READ Here

Here is how your income will change (or won’t)

The question most of us want answered on Budget Day is how our taxes will change and how our incomes will be affected. However, in Budget 2016, Finance Minister Arun Jaitley did not have the regular change in tax slabs and exemptions. But does that mean there is not going to be any change in your tax structure the coming fiscal? READ HERE

Cars to become costly as Arun Jaitley proposes 4% cess on SUVs

Car prices, including those of mass market small ones, are set to go up as Finance Minister Arun Jaitley on Monday proposed to levy an infrastructure cess of up to 4 per cent on various kinds of vehicles. Diesel vehicles would see the highest increase in prices. The Finance Minister proposed a cess of 1 per cent on small petrol, LPG and CNG cars, 2.5 per cent on diesel cars of certain capacity and 4 per cent on other high-powered vehicles and SUVs. READ HERE

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Tech industry gives a thumbs-up to Arun Jaitely’s proposals

The Union Budget for 2016-2017 has been presented and reactions are now pouring in from various sectors. The technology industry has reacted favourably to the budget. Here are the top reactions so far

Govt announces 0.5 per cent Krishi Kalyan Cess to fund farm programmes 

The government on Monday announced a Krishi Kalyan Cess of 0.5 per cent on all taxable services effective from June 1 this year to fund farm initiatives. It also proposed cut in excise duty on irrigation pumps and soil nutrients besides slashing import duty on cold storage related equipments. READ HERE

Tax proposals a mixed bag, more could have been done, say experts

Experts have termed tax proposals in the Budget as a mixed bag without major surprises as most key measures were on expected lines. However, they expressed doubts about government collecting the targeted higher indirect tax mop-up at Rs 20,600 crore, saying in the past too this was not achieved. READ HERE

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Budget is pro-village, pro-poor, pro-farmers: PM Modi

Commenting on the Budget 2016-17, he said special attention has been paid to agriculture, village infrastructure, healthcare, employment generation and Dalit entrepreneurship. READ HERE

60% of EPF deposits to be taxed on withdrawal after April 1

Breaking from the long-held practice of exemption at all stages, the Budget for 2016-17 seeks to impose a retirement tax at the time of final withdrawal on 60 per cent of contributions made after April 1, 2016, to EPF and other schemes. At present, social security schemes run by retirement fund body EPFO are tax free ‘Exempt-Exempt-Exempt (EEE)’ scheme under which deposits, accrual of interest and withdrawals are tax free. READ HERE

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Budget 2016: What’s become cheap, what’s become costly

Cars, cigarettes, branded garments, all services like bill payments, eating out, air travel will become more expensive, while footwear, solar lamps and routers are slated to be cheaper following a host of changes in the tax structure in the Budget for 2016-17. READ HERE

The finance minister has an onerous job, says Arun Jaitley

Finance Minister Arun Jaitley said a forecast that India would grow by 7.6 percent in the fiscal year that is drawing to a close. He addressed the media after tabling the budget 2016-17. Here is what he said

Analysis of Jaitley’s Budget in Videos

Here is an in-house analysis of Jaitley’s second full Union Budget

Policy Makers, Politicians React to Arun Jaitley’s Budget Announcements

Politicians across the spectrum commented on the Union Budget 2016. Here’s what they had to say

Govt plans to revive 160 airports; each to cost Rs 50-100 crore

To boost air connectivity, the government is preparing an action plan to revive 160 airports and airstrips, each of would cost about Rs 50-100 crore. Presenting the Budget for 2016-17, Finance Minister Arun Jaitley said the government is drawing up an action plan for revival of unserved and underserved airports. READ HERE

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