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How budget impacts you
With Union Finance Minister Arun Jaitley walking a tight rope to present a balanced Budget for 2016-17, the entire nation awaited with bated breath. Many proposals made in the budget impacts you and me. Jaitley gave a marginal tax relief of up to `6,600 for small tax payers, a 3 per cent hike in surcharge on super-rich,
With Union Finance Minister Arun Jaitley walking a tight rope to present a balanced Budget for 2016-17, the entire nation awaited with bated breath. Many proposals made in the budget impacts you and me. Jaitley gave a marginal tax relief of up to `6,600 for small tax payers, a 3 per cent hike in surcharge on super-rich, new levies on cars and SUVs and a compliance window to domestic black money holders in the Budget that envisages a huge spending of `1.77 lakh crore in rural areas to address the agrarian distress.
Small mercies for individuals
Individual tax payers got a small relief of Rs 3,000 who are having an annual income of less than Rs 500,000. The ceiling of tax rebate under Section 87A of the IT Act has been proposed to be increased to Rs 5,000 from Rs 2,000. This will be applicable for individuals with an income less than Rs.500,000. The limit of deduction of house rent paid under Sec 80GG has also been raised to Rs 60,000 from the existing Rs 24,000 per annum.
5 lakh acres of organic farms
The ‘Parmparagat Krishi Vikas Yojana’ will be taken up to bring 5 lakh acres of rain-fed areas under organic farming. Domestic and export markets will be found to the organic produce generated under the ‘Organic value chain development in North East Region’ scheme.
Surcharge on super-rich
The government has increased surcharge on the super-rich having an annual income of over Rs 1 crore by 3%. It is proposed to raise the surcharge from 12% to 15% on persons, other than companies, firms and cooperative societies having income above Rs 1 crore. However, the current income tax slabs are kept unchanged.
Govt relies more on indirect taxes
The government is expecting to earn additional revenue of close to Rs 19,610 crore from various tax proposals."My direct tax proposals would result in revenue loss of Rs 1,060 crore and my indirect proposals are expected to yield Rs 20,670 crore. Thus, the net impact of all tax proposals would be revenue gain of Rs 19,610 crore," Jaitley said.
3,000 new drug stores, dialysis centres
The government will set up 3,000 new generic medicine stores across the country to tackle the shortage of drugs in rural areas, Finance Minister Arun Jaitley said. He announced the launch of a National Dialysis Programme to address the high costs involved in the renal dialysis processes. At least 2,000 new dialysis centres will be started in the country under the programme.
Luxury cars to become costlier
Finance Minister Arun jaitley has announced that an additional 1 percent tax will be imposed on cars valued at above Rs 10 lakh. “I propose to levy an infrastructure cess, of 1 percent on small petrol, LPG, CNG cars, 2.5 percent on diesel cars of certain capacity and 4 percent on other higher engine capacity vehicles and SUVs,” Jaitley said while expressing the government's concern over pollution and traffic situation in cities.
