Following are the highlights of Union Budget 2016-17 presented by Finance Minister Arun ...

Following are the highlights of Union Budget 2016-17 presented by Finance Minister Arun Jaitley in Parliament today:
* No change in personal Income Tax slabs
* 4-month Compliance Window for domestic black money
Holders; tax, interest on them at 45%
* Relief for tax payers who earn below Rs 5 lakh; ceiling
Of rebate u/s 87A raised to Rs 5,000 from Rs 2,000

* Surcharge on super-rich with income of over Rs 1 cr
Raised to 15 per cent, from 12 pc
* House rent deduction raised from Rs 20,000 to Rs 60,000
* One-time dispute resolution scheme for retro tax cases,

Penalty, interest waived
* High level committee headed by Revenue Secretary to
Oversee creation of fresh liability using retro tax law
* Corporate Tax for new manufacturing units fixed at 25%
* Clean energy cess increased from Rs 200/ton to 400/ton on
Coal, lignite and peat
* First home buyers to get addl deduction of Rs 50,000 on
Interest for loan up to Rs 35 lakh; cost of house should
Not be more than Rs 50 lakh
* To achieve fiscal deficit of 3% of GDP by (2017-18)
* Fiscal Deficit target 3.9% in 2015-16, 3.5% in 2016-17
* Revenue Deficit to be 2.8% in 2015-16

* Current Account Deficit for 2015-16 at USD 14.4 billion
Or 1.4% of GDP
* Forex reserves at highest at USD 350 billion
* Budget lists 9 transformative pillars including doubling
Farm income by 2022, infrastructure, investment, reforms
* Highest ever allocation of Rs 38,500 cr for MGNREGA
* Certain equipment for dialysis exempt from basic customs
Duty, Excise CVD
* Govt to circulate Model Shops and Establishment Bill,
Small retail shops may remain open for 7 days
* 100% rural electrification by May 1, 2018
* Govt to pay EPF contribution of 8.33% of new employees
For first 3 years.

* Start-ups to get 100% tax exemption for 3 years except
MAT which will apply from April 2016-2019
* To give statutory status to Aadhaar programme
* Infrastructure outlay at Rs 2.21 lakh cr
* Rs 35,984 crore earmarked for farmer welfare; to spend Rs
86,500 crore on irrigation in 5 years
* Rs 20,000 crore irrigation fund to be set up under NABARD
* Rs 2,000 crore for LPG connection to poor; scheme for MPG
Connection for women
* Stand Up India allocated Rs 500 crore
* Roads and highways allocation at Rs 55,000 crore; NHAI
* Long term capital gains for unlisted companies to be

Reduced from 3 to 2 years
* Rs 9,000 crore allocated to Swachh Bharat Abhiyaan
* Targets 10,000 km national highways, upgradation of
50,000 kms of state highways
* Incentivise gas production from deep sea, other
Unutilised deep sources
* Rs 31,300 cr Infra Bonds to be issued by various agencies
-- NHAI, IREDA, NABARD
* Further relaxation of FDI rules in insurance, pension,
Stock exchanges, asset reconstruction companies
* 100% FDI in food products made domestically
* Rs 25,000 cr for recapitalisation of PSU banks
* Department of Disinvestment renamed Department of
Investment & Public Asset Management
* NITI Aayog to identify CPSEs for strategic sale

* To design framework for PSU bank consolidation
* To consider lowering govt stake in IDBI to below 50%
* Health insurance scheme to provide Rs 1 lakh per family
* Senior citizens to get additional healthcare cover of Rs
30,000 under the new scheme
* Comprehensive Code for providing specialised resolution
Mechanism for bankruptcy of banks/insurance firms
* To amend Companies Act for registration of firms in a day
* GAAR to be implemented from April 1, 2017.
* Legislation to deal with the menace of illicit deposit
Taking schemes
* Place of Effective Management rules deferred by a year

* Withdrawal up to 40% of the corpus at the time of
Retirement to be tax exempt in the case of NPS
* Steps to re-vitalise Public-Private-Partnership mode
* Public Utility (Resolution of Disputes) Bill to be
Introduced, Guidelines for renegotiation of PPP
Concession Agreements
* New credit rating system for infrastructure projects
* Interest rate setting Monetary Policy Committee in 2016.