Monday, 29 February 2016

Interesting Information About Union Budget 2016-17

The government invited suggestions from citizens through Twitter for the first time, even conducting a series of polls to gauge public priorities and expectations from the Budget

The event provides us an opportunity to reflect on the proposals and promises that were made during last year’s Budget.
Budgets are about numbers and best understood using charts and graphics.

About 8.5 Crore employees whose retirement savings are managed by the Employees’ Provident     Fund Organization (EPFO) could get an option to transfer over a third of their EPF contributions to the National Pension System, regulated by the Pension Fund Regulatory and Development Authority or PFRDA
 The stock markets don't seem very enthused ahead of the Budget — Sensex opens 38.86 points lower, currently at 23,115.44.
The Sensex falls 59 points in early trade on reduced bets by cautious retail investors amid continued capital outflows by foreign funds ahead of the Budget.

GDP growth has accelerated to 7.6%. CPI inflation has come down to 5.4%.

Forex reserves are at the highest ever levels — $350 billion.

 CAD is 1.4% of GDP

New scheme for BPL families for gas connections. Staturtory backing for Aadhaar platform to ensure delivery of benefits

Arun Jaitley announces the nine pillars of his Budget — Agriculture and farmers' welfare, rural sector, social sector including healthcare, education, skills and job creation, infrastructure, financial sector reforms, ease of doing business, fiscal discipline, tax reforms to reduce compliance burden.

Agricultural credits target of Rs. 9 lakh crore. Govt.  to  allocate Rs 5,500 crore for crop insurance scheme.

Rs. 38,500 crore for MNREGA - Highest ever for the rural employment scheme.

Rs. 9,000 crore for Swachch Bharat Abhiyan.

Small shops should be given the choice to remain open on all 7 days a week.

Rs. 97,000 crore for all roads. Total outlay on roads and rails will be Rs. 2.80 lakh crore. 10,000 km of national highways in 2016-17 and 50,000 km state highways to be converted to NH roads.

There are 160 airports and airstrips which can be revived.

RBI Act to be amended to set up monetary policy committee.

Dept of Disinvestment renamed as Dept of Investment and Public Asset Management.

Amendment to the Companies Act to ensure speedy registration and boost start-ups.

FIscal deficit at 3.5% of GDP in 2016-17.

Ceiling under 87A to be increased to Rs. 3,000. HRA deduction up from Rs. 24,000 to Rs. 60,000 P.A.

40% of corpus at the time of retirement under National Pension Scheme to be tax exempt.

Infrastructure cess to be levied.

No changes have been made to existing income tax slabs.
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