New Delhi, Feb 29: Following are the highlights of Union Budget 2016-17 presented by Finance Minister Arun Jaitley in Parliament on Monday.
* No change in personal Income Tax slabs
* 4-month Compliance Window for domestic black money holders; 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
* Surcharge on super-rich with income of over Rs 1 cr raised to 15 per cent, from 12 pc
* 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 MPG 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.
