No change in Income Tax slabs, rent relief increased to Rs 60,000

Mangalore Today News Network

New Delhi, Feb 29, 2016: Presenting his third Budget, Finance Minister Arun Jaitley said that his government will undertake 9-point reforms including steps to ensure ease of business in governance, fiscal discipline to ensure benefits for people and tax reforms to ensure compliance.

 

In his opening remarks, Jaitley pledged to "spend prudently and wisely for the people, especially for the poor and downtrodden."

Stay tuned as we bring you live updates from the Budget.

For first time home buyers – additional Rs 50000 rebate for loans upto Rs 35 lakhs and houses that cost upto Rs 50 lakhs

-PM Awas Yojna: 100% deduction for profits of undertakings from housing projects in cities during June 2016 - March 2019

-MAT will apply for such undertakings

-Suitable changes to be made in customs and excise duty rates to improve competitiveness and boost Make In India

-Incentives for new manufacturing companies and smaller enterprise companies

-Service tax exempted for general insurance schemes under Niramayi Swasthya Bima Yojana

 
Hike in to limit from 1 to 2 crore on small business assess in MSME category.

-Presumptive income of 8% Committed to increase investment in asset reconstruction companies

-Special Patent Regime proposed to power innovation and research

Corporate income tax:

-Incentives for new manufacturing companies and relatively small enterprise companies

 

-Committed to implementing GAAR from April 1, 2017

-Presumptive income tax scheme to be extended to all professionals with income of Rs 50 lakh with a presumption of 50 percent profit.

-Accelerated depreciation to be limited to 40% wef from Apr 1, 2017


Budget 2016: Rs 500 crore for SC/ST,women entrepreneurs, says Jaitley

The government has allocated Rs 500 crore for scheduled caste, scheduled tribes and women entrepreneurs in the annual budget under the Stand Up India scheme, finance minister Arun Jaitley announced on Monday.

 

Two projects will be promoted per bank branch in every category of entrepreneur under the scheme, he said.

Last year, the government had announced a Mudra Bank with an initial corpus of Rs 20,000 crore to provide credit facilities to SC/ST businesses. Women’s empowerment is also high on the government’s agenda.

 

The announcement comes as the government faces heat in both houses of Parliament over the suicide of Dalit scholar Rohith Vemula in Hyderabad. A wave of campus protests have swept the nation following the death of the 26-year-old that was allegedly triggered after the human resource development ministry egged on the university administration to suspend him. Prominent lower-caste leaders such as BSP chief Mayawati and RJD’s Lalu Prasad have dubbed the BJP “anti lower-caste” – a perception that was said to be behind the saffron coalition’s drubbing in last year’s Bihar polls.