Budget Highlights 2016

Posted on 01st Mar 2016 | 1002 views

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Education, skills and job creation : 62 new Navodaya Vidyalayas will be opened Sarva Shiksha Abhiyan to increasing focus on quality of education Regulatory architecture to be provided to ten public and ten private institutions to emerge as world-class Teaching and Research Institutions Higher Education Financing Agency to be set-up with initial capital base of Rs 1000 Crores Digital Depository for School Leaving Certific .

Skill development : Allocation for skill development - Rs 1804 crore. 1500 Multi Skill Training Institutes to be set-up. National Board for Skill Development Certification to be setup in partnership with the industry and academia Entrepreneurship Education and Training through Massive Open Online Courses

Budget Highlights 2016

Job creation : GoI will pay contribution of 8.33 per cent for of all new employees enrolling in EPFO for the first three years of their employment. Budget provision of Rs 1000 crore for this scheme. Deduction under Section 80JJAA of the Income Tax Act will be available to all assesses who are subject to statutory audit under the Act 100 Model Career Centres to operational by the end of 2016-17 under National Career Service. Model Shops and Establishments Bill to be circulated to States. National Career Service35 million job-seekers have registered; propose to interlink state employment exchanges with National areer Service Retail tradebiggest employer in country Small and medium-shops should be given option to remain open all 7 days on voluntary basis

Make in India : Changes in customs and excise duty rates on certain inputs to reduce costs and improve competitiveness of domestic industry in sectors like Information technology hardware, capital goods, defence production, textiles, mineral fuels & mineral oils, chemicals & petrochemicals, paper, paperboard & newsprint, Maintenance repair and overhauling [MRO] of aircrafts and ship repair.

Technology for accountability : Expansion in the scope of e-assessments to all assesses in 7 mega cities in the coming years. Interest at the rate of 9 per cent p.a against normal rate of 6 per cent p.a for delay in giving effect to Appellate order beyond ninety days. > 'e-Sahyog' to be expanded to reduce compliance cost, especially for small taxpayers.

Corporate sector: : The Budget 2016 also allowed 100% tax exemption to start-ups for three years, except MAT, which will apply from April 2016 to April 2019 for creation of jobs. Mudra, another of the government's schemes to provide loans at concessional rates to small entrepreneurs, got a good response, as the target of disbursement under Mudra scheme has been increased to Rs.1.8 trillion.

Tax reforms:

Relief to small taxpayers, measures for moving towards pension society, reducing litigation, simplification of taxation Ceiling of tax rebate at Rs.5,000 for income less than Rs.5 lakh Relief to people living in rented housesDeduction for rent paid will be raised from Rs.20,000 to Rs.60,000 to benefit those living in rented houses Presumptive taxation schemesto increase turnover limit to Rs.2 crorerelief for many in MSME category Extend presumptive taxation scheme to all professionals with gross receipts up to Rs.50 lakh Corporate tax rate reduction should be calibrated with benefits of phasing out exemptions Corporate tax rate for establishments with turnover less than Rs.5 crore lowered to 29% of surcharge plus cess Make in India100% deduction of profits for start-ups adhering to certain conditions,MAT will apply To implement GAAR from 1 April 2017 To reduce customs duty on refrigerated containers Exemptions for braille paper Pension society Exemption of service tax for NPS, EPFO to employees Affordable housing100% deduction on profits for flats up to 30 sq.m in metro cities from 2016-19; MAT will apply First-time home buyersrelief on housing loans for up to Rs.50 lakh Surcharge on luxury cars costing more than Rs.10 lakh 0.5% Krishi Kalyan surcharge cess on all taxable services from 1 June 2016, to be given to agriculture development EnvironmentPollution cess on all vehicles To impose additional duty on jewellery Change excise duty on branded ready-made garments Revive clean energy cess on coal, others


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