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

Can issue tax free bonds.
* 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.