Union Budget 2016-2017 Highlights pdf – Budget Summary Speech 2016 Income Tax by Modi Govt :- Here is a very important news of the Union Budget released today by Narendra Modi’s government NDA. This Budget has got some latest changes but one thing to notice that Budget 2016 shows no change in Income tax slab. Budget 2016 summary and the budget 2016 highlights are given here in a pdf version comprising all the latest questions with answers in the form of current affair which is very important from the competitive exams aspects. The key factors included in the Union Budget including all the sectors of the government shows the remarkable progress of the NDA government. The Reputed Finance Minister of India Mr. Arun Jaitely proposed the finance bill on the table in the Indian Parliament today. Keeping an eye on shouldering the small tax-payer and the small investor, the Minister announced a bunch of schemes, and income tax exemptions.
The Union Budget 2016-17 went this way as given below.
12.41 p.m.: Finance Minister Arun Jaitley proposed the Union Budget 2016 and also the Finance Bill.
12.40 p.m.: INR. 1,060 crore revenue loss through direct tax proposals, and INR. 20,670 crore revenue gain through indirect tax proposals. Revenue gain of INR 19,600 crore in Union Budget 2016 proposals.
12.39 p.m.: 13 different cesses levied by various ministries with collections less than Rs.50 crore a year to be done away with.
12.38 p.m.: No Service Tax for houses built under 60 square metres.
12.35 p.m.: Excise duty on tobacco increased by 10-15 per cent.
12.34 p.m.: Committed to stable taxation regime. No more retrospective amendments.
12.29 p.m.: 4% high capacity tax for SUVs.
12.28 p.m.: Limited period compliance window for domestic taxpayers to declare undisclosed income. Declarations to have immunity from prosecutions.
12.26 p.m.: No changes have been made to existing income tax slabs.
12.25 p.m.: Infrastructure cess, of 1% on small petrol, LPG, CNG cars, 2.5% on diesel cars of certain capacity and 4% on other higher engine capacity vehicles 13 and SUVs.
12.23 p.m.: 1 per cent service charge on purchase of luxury cars over Rs. 10 lakh and in-cash purchase of goods and services over Rs. 2 lakh.
12.22 p.m.: Additional exemption of Rs. 50,000 for housing loans up to Rs. 35 lakh, provided cost of house is not above Rs. 50 lakh.
For more details log on to the link below as what exactly happened since 7.00 A.M on 29 Feb 2016 Monday.
All the competitors can get the most important questions and answers in form of current affair. Budget 2016 current affairs are most important for the upcoming exams like SSC CPO, SSC CGL , UPSC CDS and various other competitive exams held in India.
Keep reading and stay tuned to read more about Union Budget special 2016. Have a nice day !