Template:Infobox government budget
The 2016 Union budget of India is the annual financial statement of India for the fiscal year 2016–2017. It was presented before the parliament on 29 February 2016 by the Finance Minister of India, Arun Jaitley.[1] The printing of the budget documents began with a traditional Halwa ceremony on 19 February 2016.[2] For 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.
[3]
Key points
Template:INRConvert revenue loss through direct tax proposals, and Template:INRConvert revenue gain through indirect tax proposals. Revenue gain of Template:INRConvert in Union Budget 2016 proposals.[3] Surcharge was increased from 12% to 15% on tax on all incomes above Template:INRConvert and those earning dividend of over Template:INRConvert per annum will now have to pay tax on it.[4] Monetary limit for deciding an appeal by a single member Bench of ITAT enhanced from Template:INRConvert to Template:INRConvert.[5] STT (Securities Transaction Tax) was retained at 0.1% for delivery based equities.[6]
Allocations
- Template:INRConvert fora buffer stock of pulses.[3]
- Template:INRConvert to the home ministry of which Template:INRConvert is under non-plan and Template:INRConvert under plan heads.[7]
- Template:INRConvert for agriculture and farmer welfare[8]
- Template:INRConvert towards rural development[8]
- Template:INRConvert for roads, railways and other facilities[9]
- Template:INRConvert was allocated to the Urban Development Ministry, while Housing and Poverty Alleviation got Template:INRConvert.[10]
Complete list of allocations and receipts can be found on the official site [11]
Reactions
Opposition member and former Prime Minister of India, Dr. Manmohan Singh termed it a "mixed bag Budget" with no big idea.[12]
See also
References
- ↑ Government to present Union Budget for 2016-17 on Feb 29, says Jayant Sinha(Jan 20, 2016).
- ↑ Printing Of Union Budget Document Begins With 'Halwa' Ceremony(February 19, 2016).
- ↑ 3.0 3.1 3.2 Union Budget 2016-17: 'I-T slabs remain unchanged'(29 February 2016).
- ↑ Budget 2016: It's bad news for the 'rich' as govt shifts focus(1 March 2016).
- ↑ Budget 2016: Highlights of FM Arun Jaitley's speech(29 February 2016).
- ↑ Definition of Securities Transaction Tax(10 October 2016).
- ↑ Budget 2016: Home ministry gets Rs 77,383.12 cr, a 24.56% hike(29 February 2016).
- ↑ 8.0 8.1 Budget 2016: Triple taxation of profits could be avoided, says Raamdeo Agrawal, Motilal Oswal Fin Services(2 March 2016).
- ↑ 'Budget delivers on all counts'(3 March 2016).
- ↑ Govt expects Real estate Bill to be a reality soon: Naidu(2 March 2016).
- ↑ Budget at a glance.
- ↑ Mixed Bag Budget with No Big Idea, Says Manmohan Singh.