FM Arun Jaitley to present Union Budget 2016 today at 11.00 AM. CASANSAAR are providing you live updates of Union Budget 2016.

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Finance Minister Arun Jaitley's budget speech ends. House adjourned till tomorrow.

Finance Minister Arun Jaitley tables the Union Budget 2016 and the Finance Bill.

A new grading system of imposing penalties to be introduced on the basis of under reporting or concealment of income.

Scope of e-assessment to be expanded to 7 mega cities, to simplify compliance for taxpayers.
Income tax dept. will expand e-sahyog to assist small taxpayers.

Additional deduction of Rs 50,000 on the interest paid by first-time home buyers on home loan of up to Rs 35 lakh.

Proposal for government will pay interest rate of 9% over 6% if delay is more than 90 days.

FM proposes to amend Section 14A; disallowance should not increase the actual expenditure

Tax proposals will bring additional revenue of Rs. 19,610 crores to Govt. exchequer: FM

No higher withholding tax if non-resident does not have PAN but furnishes an alternative document.

A new grading system of imposing penalties to be introduced on the basis of under reporting or concealment of income

I propose to accept various recommendations of Justice Eshwar Committee examining simplification of Income tax laws - FM

To reduce multiplicity of taxes and cascading - 13 taxes with collection less than Rs 50 crore a year abolished.

Limited tax-compliance window to be open from June 1 - September 30 for declaring all undisclosed income by paying a 45% tax - inclusive of surcharge and penalties. There shall be no scrutiny or prosecution in this regard,

Levy of heavy penalty for non payment of tax has led to high litigation. Proposal to modify scheme for penalties:

Monetary limit for cases to be decided by 1-member bench up from 15 lakh to Rs 50 lak.

A new dispute resolution scheme is introduced, no penalty upto disputed amount of 10 lacs

Limited period compliance window for taxpayers to declare undisclosed income. Declarations to have immunity from prosecutions:

Tax evasion will be countered strongly. Move towards a low tax regime with non litigious approach: Arun Jaitley

He talks about role of tech in enforcing tax compliance and checking tax evasion.

List of new cesses announced 

*0.5% for agriculture welfare.

Cars to be costlier 
* Infra cess of 1% on small petrol, cng cars. 2.5% on diesel cars. 4% on high-end cars.

Krishi Kalyan Cess of 0.5% on all taxable services.

Incentives for new manufacturing companies and smaller enterprise companies; 100% deduction for profits of undertakings from housing projects in cities during Jun '16 - Mar '19.

Service tax exempted for general insurance schemes under Niramayi Swasthya Bima Yojana; HRA deduction up from 24,000 to 60,000 per annum.

Suitable changes to be made in customs and excise duty rates to improve competitiveness and boost Make In India; consolidation roadmap for public sector banks next year.

Committed to implementing GAAR from April 1, 2017.

4% high capacity tax for SUVs.

Presumptive taxation scheme introduced for all professionals with receipts up to Rs. 50 lakhs.

Reduction in corporate tax - New manufacturing companies after March 1, 2016 have to pay tax at 25%

Corporate tax reduced to 29% for small business having turnover less than 5 crores.

Capital gain exemption proposed for investment in start-up

40% Withdrawal from Super Annuation Funds proposed to be tax exempt

Relief to the small tax payer

Those with less than Rs 5 lakh income given a Rs 2000 to Rs 5000 tax rebate.

Rent deduction limit raised from Rs 24000 to 60000 under Section 80 GG.

Rs. 100 crore for Deendayal Upadhyay's birthday celebrations and Guru Gobind Singh 300th birth anniversary

Necessary interim provisions made for implementation of 7th Pay Commission recommendations: FM

Revenue deficit estimate for FY 2015-16 down to 2.5% from earlier estimates: FM

Registration of Companies should be given in one day - Companies Act proposed to be amended.

Rs 900 crore rupees for market stabilization fund for pulses:

62 new Navodaya school will be opened in uncovered districts: FM

Public Money should reach the poor and deserving without any leakage

Target of disbursement under MUDRA increased to Rs 1,80,000 crore; amount sanctioned already disbursed has reached Rs 1 lakh crore to cover 2.5 crore borrowers by Feb, 2016

Rs 25,000 crore for recapitalisation of public sector banks; Banking Board Bureau will be operationalised, we stand solidly behind public sector banks.

A public utility resolution of disputes bill will be introduced during 2016-17: FM

Hard Copies of the Union Budget will not be distributed to the media today as part of Green Effort of Ministry of Forests.

Banking Board Bureau will be operationalized, we stand solidly behind public sector banks.

Financial Data Management Centre for integrated data collection and analysis.

Shopping malls to be allowed to open on all 7 days of week.A model shops & establishment bill to be circulated to states: FM

Comprehensive code of bankruptcy resolution of financial firms will be introduced as a bill in 2017: FM

RBI Act being amended to provide statutory basis for monetary policy framework; Financial Data Management Centre for integrated data collection and analysis; comprehensive code to be introduced to provide a specialised resolution mechanism for bankruptcy of banks and insurance companies

FM proposes further FDI reform in stock exchanges, insurance and pension sectors.

100% FDI will be allowed via FIPB for marketing of food produced in India.

Rs 1000 crore set aside for higher education financing. He also announces a digital literacy scheme for rural India.

4 state-owned insurance company to be listed.

Rs 3,000 crore rupees earmarked for nuclear power generation.

We will interlink state employment exchanges with national service career platform: FM

In the power sector, the govt is drawing up a plan for 15-20 years to augment investment. Rs. 3,000 crore per annum for this.

There are 160 airports and airstrips which can be revived

Motor Vehicles Act to be amended to enable entrepreneurship in the road transport sector.

Rs. 97,000 crore for all roads. Total outlay on roads and rails will be Rs. 2.80 lakh crore.

Total capital expenditure on railway and road sectors in 2016-17 to be at mammoth Rs 2.18 lakh crore. 50,000 km of state highways to be taken up for upgradation as national highways.

A Digital depository for school leaving certificates: FM 4 minutes A Digital depository for school leaving certificates.

A National Dialysis Services Program to be introduced under National Health Mission

Rs 55,000 crore for roads and highways

Govt. will pay EPF contribution of 8.33% for all new employees for 1st three years

Objective to skill 1 crore youth in the next 3 years under the PM Kaushal Vikas Yojana

National Skill Development Mission has imparted training to 76 lakh youth. 1,500 Multi skill training institutes to be set up.

A Higher Education Financing Agency to be set up, with a fund of 1000 crore, a digital depository for school leaving certificates, Rs 1,700 crore for Pradhan Mantri Kaushal Vikas Yojana: Arun Jaitley

Rs 500 crores for StandUpIndia. The Rs Rs 500 Crores will be for SC, ST and women entrepreneurs. Two projects to be promoted per bank branch per category. Economic empowerment of SC/ST a tribute to Dr BR Ambedkar on his 125th birth anniversary, says the Finance Minister. He announces a National SC/ST Hub in partnership with the Ministry of Micro, Small & Medium Enterprises and industry associations to support these SC/ST entrepreneurs.

Rs 500 crores for StandUpIndia. A National SC/ST Hub in partnership with the Ministry of Micro, Small & Medium Enterprises and industry associations to support SC/ST entrepreneurs also announced.

Senior citizens will get additional healthcare cover of Rs 30,000 under the new scheme:

A new health protection scheme for health cover up to 1 lakh per family.

Govt to spend Rs 850 crore in a few years on animal husbandry, cattle and livestock breeding

Rs 500 crore for Startup India, Standup India.

Massive mission to be launched to provide LPG connections to BPL households: FM

A new health protection scheme for health cover up to 1 lakh per family. 90% of domestic honey is now exported: FM

New restructured scheme to increase the governance capabilities of PRIs to be launched under Rashtriya Gram Swaraj Abhiyan:.

More power! 5,542 villages electrified. 100 village electrification to be achieved by May 1, 2018

Rs 9,000 crore for Swachh Bharat Mission in Union Budget 2016.  Rs 87,765 crores for rural development as a whole have been allocated in the budget - FM


A dedicated irrigation fund worth Rs 20,000 crore to be set up under NABARD. Nominal premium and highest ever compensation in case of crop loss under the PM Fasal Bima Yojana. 

100 village electrification to be achieved by 1st May, 2018:

Shares of companies in agriculture sector advance as Budget shows focus on improving agriculture output.

Rs 15,000 crore allocated towards interest subvention scheme to ease the hardship of farmers unable to pay loans.

Rs 38,500 crores allocated to MNREGA - FM


2.87 lakh crore grants to gram panchayats and municipalities - a quantum jump of 228%: FM

FM announces animal welfare programme, animal health card, e-marketing platform for connecting breeders in Union Budget.

Rs 35,984 allocated for Agriculture in 2016-17, Special focus has been given on timely credit to farmers: FM

To allocate Rs 17,000 crore for irrigation schemes in FY17
:

Soil health card scheme to be implemented with greater vigour, all 14,000 crore Farms to be included under it by 2017. Rs 19000 crore allotted for PMGSY


5 lakh acres to be brought under organic farming over a three year period: FM

Rs 35,984 allocated for Agriculture in 2016-17, A dedicated irrigation fund worth Rs 20,000 crore to be set up under NABARD: FM

For agriculture and farmers' welfare, aim to double income of farmers by 2022; total allocation is 35,984 crore.

Rateful to our farmers for being backbone of food security. Need to think beyond food security and give farmers a sense of income security. We aim to double their income by 2020.

Will aim to give statutory backing to Aadhaar platform for direct benefit transfer:.


My budget agenda has nine pillars, says Arun Jaitley. They are: 

1. Agriculture and farmers welfare
2. Rural sector
3. Social sector including healthcare
4. Education skills and job creation
5. Infrastructure and investment
6. Financial Sector reforms
7. Ease of doing business
8. Fiscal discipline
9. Tax reforms to reduce compliance burden

FM says that recapitalization of banks will be done during next FY.

Farm, rural sector, infra, social sector to have more Government expenditure

Nominal premium and highest ever compensation in case of crop loss under the PM Fasal Bima Yojana. 

We have to implement a prudent fiscal policy, raise domestic demand, carry out reforms, says Jaitley, while setting out the agenda for his third budget. which is already being tagged as Vikaskabudget.

We converted challenge into opportunity, We wish to increase expenditure on infrastructure, rural development and bank recapitalisation: FM

CPI inflation has come down to 5.4% under our government, despite two poor monsoons. GDP growth accelerated to 7.4%. We have bridged the trust deficit created by the previous government

Money with the government belongs to the people and the government believes we need to spend it for the welfare of the poor and the downtrodden

Indian economy has held its ground firmly but the global risk is mounting: FM

He is making the speech at a time when the world economy is in crisis. India a haven in the middle of all these troubles, says the Finance Minister.

I rise to present a statement of the estimated receipts and expenditures of the government of India for the year 2016-17," Finance Minister Arun Jaitley begins his Budget speech.

FM Starts his Budget Speech.

Parliament Starts.

PM Narendra Modi and Venkaiah Naidu exit the cabinet meeting.

Cabinet meeting in Parliament ends, Union Budget 2016 approved by the Cabinet.

Cabinet meeting ends ahead of the Union Budget. Half-an-hour to go for Finance Minister Arun Jaitley's Budget address.

Finance Minister Arun Jaitley briefs Cabinet on Budget 2016

Pre-Budget Cabinet meet Starts

Copies of UnionBudget 2016 brought to Parliament

FM Jaitley and MoS Jayant Sinha reach Parliament.

FM Arun Jaitley and MoS Jayant Sinha at North Block, leave for Rashtrapati Bhawan 

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