Union Budget 2020-21 Pdf Download | Summary | Date | Highlights – Union Budget 2020-21 | Full Coverage & Analysis ,Budget 2020-21 India: Date, Timings, Speech, Schedule, Income Tax . Union Budget 2020-21 India Date and Time, Timings, Income Tax Slab Rate Expectations: The Budget 2020-21 will be presented by Finance Minister Nirmala Sitaraman .The government will present the Union Budget 2019 on February 1, a day after the Budget session of Parliament commences on January 31.
What Is Union Budget ?
The Union Budget of India, also referred to as the Annual Financial Statement in the Article 112 of the Constitution of India, is the annual budget of the Republic of India.
The Government presents it on the first day of February so that it could be materialized before the beginning of new financial year in April.
Until 2016 it was presented on the last working day of February by the Finance Minister of India in Parliament.
The budget, which is presented by means of the Finance bill and the Appropriation bill has to be passed by Lok Sabha before it can come into effect on April 1, the start of India’s financial year.
What does the Budget presentation speech comprise? | Union Budget
The Budget presentation speech comprises the following parts:
Annual Financial Statement (AFS)
Demand for Grants (DG)
Macro-economic framework for the relevant financial year
Medium-Term fiscal policy and a strategy statement
Union Budget Of India 2020-21 Date |
Union Budget 2020-21 Will be presented By Finance Minister Nirmala Sitarman On 1 February 2020.
What is interim Budget ? | Union Budget
The government of India is expected to present an interim Budget, or vote on account, on February 1 as it nears the end of its term. Here, the government of India seeks the approval of Parliament to meet its expenditure for the first four months of the fiscal year (April to March) — paying salaries, ongoing programmes in various sectors etc — with no changes in the taxation structure, until a new government takes over and presents a full Budget that is revised for the full fiscal.
How Interim Budget is Differ From General Budget ?
It differs from a General Budget, which is a comprehensive account of the finances. It lays down consolidated report of revenue from all sources, and outlays for schemes and projects.
The budget also carries Budgeted Estimates which are the estimates of the Central government’s accounts for the upcoming fiscal.
Important Abbreviations Union Budget 2020-21 | Indian Union Budget Abbreviations
IMF– International Monetary Fund
FDI- Foreign Direct Investment
CPI– Consumer Price Index
GDP– Gross Domestic Product
FCNR– Foreign Currency (Non-Resident) Account
GST– Goods and Service Tax
TEC India- Transform, Energise and Clean India
PACS– Primary Agriculture Credit Societies
KVKs– Krishi Vigyan Kendras
NAM– National Agricultural Market
APMC– Agricultural Produce Marketing Committee
MGNREGA– Mahatma Gandhi National Rural Employment Gurantee Act
PMGSY– Pradhan Mantri Gram Sadak Yojana
PMEGP– Prime Minister’s Employment Generation Programme
NRDWP– National Rural Drinking Water Programme
PMKK– Pradhan Mantri Kaushal Kendras
SANKALP– Skill Acquisition and Knowledge Awareness for Livelihood Promotion programme
STRIVE– Skill Strengthening for Industrial Value Enhancement
NTA– National Testing Agency
ICDS– Integrated Child Development Services
IRCTC– Indian Railway Catering and Tourism Corporation
TIES– Trade Infrastructure for Export Scheme
FIPB– Foreign Investment Promotion Board
CERT-Fin- Computer Emergency Response Team for our Financial Sector
IRFC– Indian Railway Finance Corporation Limited
FFO– Further Fund Offering
PMMY– Pradhan Mantri Mudra Yojana
BHIM– Bharat Interface for Money
UPI– Unified Payment Interface
USSD– Unstructured Supplementary Service Data
IMPS– Immediate Payment Service
SIDBI– Small Industries Development Bank of India
DBT- Direct Benefit Transfer
FRBM– Fiscal Responsibility and Budget Management Act
MAT– Minimum Alternate Tax
MSE– Medium and Small Enterprises
NPA– Non-Performing Asset
MSME– Micro, Small and Medium Enterprises
SIT– Special Investigation Team
FPI– Foreign Portfolio Investor
TDS– Tax Deducted at Source
QIBs– Qualified Institutional Buyers
SEBI- Securities and Exchange Board of India
RBI– Reserve Bank of India
CBDT– Central Board of Direct Taxation
IPO– Initial Public Offering
HUF– Hindu Undivided Family
OECD– Organisation for Economic Co-operation and Development
EBITDA– Earnings Before Interest, Taxes, Depreciation and Amortisation
TCS– Tax Collection at Source
FTC– Foreign Tax Credit
MPEDA– Marine Products Export Development Authority
APDEA– Anchorage Police Department Employees Association
AAR– Authority for Advance Ruling
FMV– Full Motion Video
FEMA– Foreign Exchange Management Act
LED– Light-Emitting Diode
RCS– Regional Connectivity Scheme
PCBs– Printed Circuit Boards
VPEG– Vinyl Polyethylene Glycol
MTA– Medium Quality Terephthalic Acid
QTA– Qualified Terephthalic Acid
NSSF– National Small Savings Fund
Union Budget 2019-2020 Highlights | Important Key Points To Know
Current account deficit (CAD) likely to be 2.5 per cent of GDP
Fiscal deficit brought down to 3.4% in FY19.
Inflation in December 2018 down to 2.19%
Capital expenditure for FY20 set at Rs 3.36 lakh crore
Expenditure target for FY20 set at Rs 27.84 lakh crore
Full tax rebate for Individual taxpayers with income upto Rs 5 lakh
No Tax in making investment in provident funds and prescribed equities for People with gross income upto 6.5 lakh
All income tax returns will now be processed in 24 hours and refunds will be issued simultaneously.
Within next 2 years, all assessment of returns to be done electronically
TDS threshold on rental income raised from Rs. 1.8 lakh to Rs. 2.4 lakh
TDS threshold on interest on bank,post office deposit raised to 40,000
Standard deduction raised from Rs 40,000 to Rs 50,000
No tax on notional rent on second self-occupied house
Capital Gainsexemption under Section 54 will be available on two house properties
Thebenefits under Sec 80 (i) BA being extended for one more year, for all housing projects approved till end of 2019-20.
Most items of daily use under 0-5% tax slab
Businesses with less than₹ 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to return quarterly returns
Mega Pension Scheme
Government launches Mega Pension Scheme,Pradhan Mantri Shram Yogi Mandhan, for social security coverage of unorganised labour. The Unorganised labour will get ₹3,000 per month after the age of 60 Pensioners will have to contribute Rs 100 per month and the Government will contribute equally in pension accounts under this scheme.
Farmers severely affected by severe natural calamities to get 2 per cent interest subvention and additional 3 percent interest subvention if loans are repaid in time
Two percent interest subsidy to be given to farmers involved in animal husbandry activities through Kisaan Credit Card scheme.
Govt to create separate department of fisheries
2% interest subvention for animal husbandry & fisheries farmers
PM Kisan Samman Nidhi:₹75,000 crore of budgetary allocation. Farmers owing 2 hectares land will get Rs 6,000 per year – to be transferred annually in three installments
Employees’ State Insurance eligibility cover limit has been raised to₹21,000 per month from ₹15,000 per month
Workers who suffer grievous injuries will receive₹6 lakh from ₹ 5 lakh through Employee Provident Fund Organisation (EPFO)
Gratuity limit increased from₹10 lakh to ₹ 30 lakh
₹60,000 crore allocated to MNREGA
GST registered MSME units to get 2 per cent interest subvention on loan of Rs 1 crore
₹38,572 crore allocated for the National Education Mission
Rs 76,800 crore allocated for welfare of Scheduled Castes (SCs) and Scheduled Tribes (STs)
Centre will implement special strategy for uplift of nomadictribes
1 lakh digital villages to be set up soon
Allocation for North Eastern states increases to 21%,amounting to Rs 58,166 crores.
Sanction of 15.56 lakh loans amounting Rs 7.23 lakh crore under the Mudra scheme.
Economically weak given 10% quota
Pradhan Mantri Gram Sadak Yojana
₹19000 crore allocated for Gram Sadak Yojana
Capital expenditure raised to Rs 64,586 crore in FY20 from Rs 53,060 crore in FY19
Defence Budget increasesto over Rs 3 lakh crore for the financial year 2019-20
Rashtriya Gokul Yojana for protection of cows
₹750 crore allocated under Rashtriya Gokul Yojana for protection of cows.
‘Rashtriya Kamdhenu Aayog‘ to be set up for implementation of policies and schemes for welfare of cows.
PM Ujjwala Yojana
Total of 8 crore LPG connection to be distributed by next year
AnotherAll India Institutes of Medical Sciences (AIIMS) to be set up in Haryana (this would be the 22nd AIIMS in the country)
Single window clearance to be made available for film-makers to ease shooting of films.In order to combat film piracy, Anti-camcording provision to be introduced to Cinematography Act.
National Centre for Artificial Intelligence under consideration. National AI portal to be developed soon.
Budget 2019 Infographics Pdf – Union Budget 2019-20 Infographics
Interim Budget 2019 Highlights And key Points you need to Know
Budget Highlights: Tax
Additional deduction of Rs. 1 lakh on interest paid for affordable house of Rs. 45 lakh, borrowed on or before March 31, 2020
After interest deduction, affordable home buyers will gain tax benefit of Rs. 7 lakh over the period of interest deduction
Cash withdrawals over Rs. 1 crore a year to be taxed at 2 per cent
Budget Highlights: Social Welfare
One woman in every self-help group eligible for loan of Rs. 1 lakh under Mudra scheme
Centre proposes to consolidate and streamline multiple labour laws into only four codes
Budget Highlights: Pensions
Pension to be provided to three crore retail traders
Pension for shopkeepers, retailers with turnover less than Rs. 1.5 crore
Budget Highlights: Growth
Centre to invest in raising foreign direct investment in media and aviation
There will be 100 per cent FDI for insurance intermediaries
Budget Highlights: Infrastructure
1.25 lakh km roads will be upgraded at a cost of Rs. 80,000 crore
Budget Highlights: Markets
Centre proposes electronic fundraising platform to list social enterprises, voluntary organisations
This will help social enterprises working for welfare raise capital
Budget Highlights: Economy
India will grow to become a $3 trillion economy (from $2 trillion) in fiscal 2020
Budget Highlights: Income Tax
No income tax for income less than Rs. 5 lakh a year
Surcharge on individuals with taxable income of Rs. 2-5 crore raised to 3 per cent, and Rs. 5 crore to 7 per cent
Budget Highlights: Start-ups
A TV programme for start-ups under Doordarshan, designed and run by start-ups themselves
Angel investors and start-ups who file tax returns won’t be subjected to scrutiny
E-verification will resolve the issue of identifying the investor and the source of funds
Budget Highlights: Companies
Corporate tax rate of 25 per cent extended to all companies having annual turnover up to Rs.400 crore
Budget Highlights: What is cheaper, what got costlier
Electric vehicles, affordable houses, imported defence equipment, imported parts of electric vehicles, imported raw material for manufacture of artificial kidneys and imported wool fiber, wool tops have become cheaper.
Petrol, diesel, cash withdrawal over Rs. 1 crore/year, imported auto parts, imported gold and precious metals, imported paper and paper products including printed books, imported loud-speakers, indoor and outdoor unit of split AC, imported plugs, sockets, switches, CCTV cameras, IP cameras, PVC, Vinyl flooring, Metal fittings, tiles, imported cashew kernels and cigarettes have become expensive.
Union Budget 2018 -2019 Highlights | Summary | key Points you Need To Know
Prime Minister Narendra Modi arrives in Parliament ahead of budget speech
Highlight: Finance Minister Arun Jaitley arrives in Parliament for his Budget speech
FM Arun Jaitley will present the Budget speech at 11 am
Finance Minister will go to Rashtrapati Bhavan before presenting the Budget in Parliament
The Finance Minister may expand the tax exemption limit from Rs 2.5 lakh per annum to Rs 3 lakh
Arun Jaitley may re-introduce standard deduction for salaried individuals
Finance Minister may announce an increase in limit of Section 80C in his budget speech
Finance Minister Arun Jaitley may lower corporate tax in his budget speech
Finance Minister Arun Jaitley to present Budget 2018-19 today
Union Budget Key Terminologies And Most Important Keywords
What Is Union Budget
Union Budget is the most comprehensive report of the Government’s Advances in which revenues from all sources and outlays for all activities are consolidated. The Budget also contains estimates of the Government’s accounts for the next Fiscal year called Budgeted Estimates.
Direct and Indirect Taxes – Direct taxes are the one that fall directly on individuals and corporations. For example, income tax, corporate tax etc. Indirect taxes are imposed on goods and services. They are paid by consumers when they buy goods and services. These include excise duty, customs duty etc.
Fiscal Deficit -When the government’s non-borrowed receipts fall short of its entire expenditure, it has to borrow money form the public to meet the shortfall. The excess of total expenditure over total non-borrowed receipts is called the Fiscal Deficit .
Revenue Deficit -The difference between revenue expenditure and revenue receipt is known as revenue Deficit. It shows the shortfall of government’s current receipts over current expenditure.
Primary Deficit -The primary deficit is the fiscal deficit minus interest payments. It tells how much of the Government’s borrowings are going towards meeting expenses other than interest payments.
Fiscal policy – It is the government actions with respect to aggregate levels of revenue and spending. Fiscal policy is implemented though the budget and is the primary means by which the government can influence the economy.
Capital Budget – The Capital Budget consists of capital receipts and payments. It includes investments in shares, loans and advances granted by the central Government to State Governments, Government companies, corporations and other parties
Revenue Budget –
The revenue budget consists of revenue receipts of the Government and it expenditure.
Revenue receipts are divided into tax and non-tax revenue.
Tax revenues constitute taxes like income tax, corporate tax, excise, customs, service and other duties that the Government levies.
The non-tax revenue sources include interest on loans, dividend on investments.
Budget Estimates – Amount of money allocated in the Budget to any ministry or scheme for the coming Financial year
Guillotine – Parliament, unfortunately, has very limited time for Scrutinizing the expenditure demands of all the Ministries.
So, once the prescribed period for the discussion on Demands for Grants is over, the Speaker of Lok Sabha puts all the outstanding Demands for Grants, Whether discussed or not, to the vote of the House.
This process is popularly known as ‘Guillotine’.
Here are the highlights of Arun Jaitley’s speech Budget 2018-2019 -Union Budget 2018 Highlights pdf
One medical college per every three Parliamentary constituencies.
National health protection scheme for 10 crore poor families with 50 crore beneficiaries by providing Rs 5 lakh per family per year for secondary and tertiary care hospitalisation. This is the world’s largest health programme.
Rs 1,200 crore for the flagship programme in health wellness centres.
Eighteen new schools of planning and architecture will be set up… I propose railway university in Vadodara.
By 2022, every block with more than 50% ST population and at least 20,000 tribal people will have ‘Ekalavya’ school at par with Navodaya Vidayalay: FM Jaitley.
Government to launch ‘Revitalising Infrastructure and Systems in Education by 2022: FM Jaitley
Integrated B.Ed programme to be initiated for teachers, to improve quality of teachers.
Technology will be the biggest driver in improving education.
We aim that by 2022, all poor people have a house to live in.
Government plans to construct 2 crore more toilets under Swachh Bharat Mission: Arun Jaitley
Government proposes to increase the target of providing free LPG connections to 8 crore to poor women: FM Jaitley
Air Pollution in Delhi-NCR is a cause for concern, special scheme will be implemented to support governments of Haryana, Punjab,Uttar Pradesh and Delhi-NCT to address it and subsidise machinery for management of crop residue: FM Jaitley
Agri-Market Development Fund with a corpus of Rs 2000 crore to be set up for developing agricultural markets.
Grameen Agricultural Market (GRAM) will provide farmers a means to sell directly to buyers.
The focus is on low-cost farming, higher MSP. Emphasis is on generating farm and non-farm employment for farmers.
I am very happy to announce that minimum support price has been set at 1.5 times the production cost for kharif crops: Jaitley
The government will ensure payment of full MSP even if farmers sell below MSP.
The Minimum Support Price of all crops shall be increased to at least 1.5 times that of the production cost.
Budget 2018 will focus on agriculture and rural economy, health, infra, senior citizens, says Jaitley.
Budget 2018 will work with states to provide more resources to improve quality of education, says Jaitley.
Indian economy is on course to achieve high growth of 8%. Economy to grow at 7.2-7.5% in second half of 2018-19: FM Jaitley.
India grew at an average of 7.5% in the first three years since 2014. It is now a $2.5 trillion economy: Jaitley.
Indian economy has performed very well since our government took over in may 2014. It is now the seventh largest in the world, says finance minister Arun Jaitley.
Indian Government Union Budget 2018-2019 Highlights
Highlights Key Points you Need To Know
Finance Minister Shri Arun Jaitley presents general Budget 2018-19 in Parliament.
Budget guided by mission to strengthen agriculture, rural development, health, education, employment, MSME and infrastructure sectors
Government says, a series of structural reforms will propel India among the fastest growing economies of the world. Country firmly on course to achieve over 8 % growth as manufacturing, services and exports back on good growth path.
MSP for all unannounced kharif crops will be one and half times of their production cost like majority of rabi crops: Institutional Farm Credit raised to 11 lakh crore in 2018-19 from 8.5 lakh crore in 2014-15.
22,000 rural haats to be developed and upgraded into Gramin Agricultural Markets to protect the interests of 86% small and marginal farmers.
“Operation Greens” launched to address price fluctuations in potato, tomato and onion for benefit of farmers and consumers.
Two New Funds of Rs10,000 crore announced for Fisheries and Animal Husbandry sectors; Re-structured National Bamboo Mission gets Rs.1290 crore.
Loans to Women Self Help Groups will increase to Rs.75,000 crore in 2019 from 42,500 crore last year.
Higher targets for Ujjwala, Saubhagya and Swachh Mission to cater to lower and middle class in providing free LPG connections, electricity and toilets.
Outlay on health, education and social protection will be 1.38 lakh crore. Tribal students to get Ekalavya Residential School in each tribal block by 2022. Welfare fund for SCs gets a boost.
World’s largest Health Protection Scheme covering over 10 crore poor and vulnerable families launched with a family limit upto 5 lakh rupees for secondary and tertiary treatment.
Fiscal Deficit pegged at 3.5 %, projected at 3.3 % for 2018-19.
Rs. 5.97 lakh crore allocation for infrastructure
Ten prominent sites to be developed as Iconic tourist destinations
NITI Aayog to initiate a national programme on Artificial Intelligence(AI)
Centres of excellence to be set up on robotics, AI, Internet of things etc
Disinvestment crossed target of Rs 72,500 crore to reach Rs 1,00,000 crore
Comprehensive Gold Policy on the anvil to develop yellow metal as an asset class
100 percent deduction proposed to companies registered as Farmer Producer Companies with an annual turnover upto Rs. 100 crore on profit derived from such activities, for five years from 2018-19.
Deduction of 30 percent on emoluments paid to new employees Under Section 80-JJAA to be relaxed to 150 days for footwear and leather industry, to create more employment.
No adjustment in respect of transactions in immovable property where Circle Rate value does not exceed 5 percent of consideration.
Proposal to extend reduced rate of 25 percent currently available for companies with turnover of less than 50 crore (in Financial Year 2015-16), to companies reporting turnover up to Rs. 250 crore in Financial Year 2016-17, to benefit micro, small and medium enterprises.
Standard Deduction of Rs. 40,000 in place of present exemption for transport allowance and reimbursement of miscellaneous medical expenses. 2.5 crore salaried employees and pensioners to benefit.
Relief to Senior Citizens proposed:-
Exemption of interest income on deposits with banks and post offices to be increased from Rs. 10,000 to Rs. 50,000.
TDS not required to be deducted under section 194A. Benefit also available for interest from all fixed deposit schemes and recurring deposit schemes.
Hike in deduction limit for health insurance premium and/ or medical expenditure from Rs. 30,000 to Rs. 50,000 under section 80D.
Increase in deduction limit for medical expenditure for certain critical illness from Rs. 60,000 (in case of senior citizens) and from Rs. 80,000 (in case of very senior citizens) to Rs. 1 lakh for all senior citizens, under section 80DDB.
Proposed to extend Pradhan Mantri Vaya Vandana Yojana up to March, 2020. Current investment limit proposed to be increased to Rs. 15 lakh from the existing limit of Rs. 7.5 lakh per senior citizen.
More concessions for International Financial Services Centre (IFSC), to promote trade in stock exchanges located in IFSC.
To control cash economy, payments exceeding Rs. 10,000 in cash made by trusts and institutions to be disallowed and would be subject to tax.
Tax on Long Term Capital Gains exceeding Rs. 1 lakh at the rate of 10 percent, without allowing any indexation benefit. However, all gains up to 31st January, 2018 will be grandfathered.
Proposal to introduce tax on distributed income by equity oriented mutual funds at the rate of 10 percent.
Proposal to increase cess on personal income tax and corporation tax to 4 percent from present 3 percent.
Proposed changes in customs duty to promote creation of more jobs in the country and also to incentivise domestic value addition and Make in India in sectors such as food processing, electronics, auto components, footwear and furniture.
Proposal to roll out E-assessment across the country to almost eliminate person to person contact leading to greater efficiency and transparency in direct tax collection.
Union Budget 2017-18 Highlights | Summary | Short Notes | Key Points
Demonetisation is expected to have a transient impact on economy.
We will have a great impact on the economy and lives of our people . The effects of Dem. are not expected to spill over next year.
Demonetisation a bold and decisive measure and will lead to higher GDP growth.
The effects of demonetisation will not spillover to the next fiscal.
Sowing farmers should feel secure against natural calamities.
Rs. 10 lakh crore as credit to farmers with 60 days interest waiver says FM
NABARD fund to be increased to Rs. 40,000 crore
Govt will set up mini lab in Krishi Vigyan Kendras for soiling:
A dedicated micro irrigation fund will be set up for NABARD with Rs 5,000 cr initial corpus
Irrigation corpus increased from Rs 20,000 crores to Rs 40,000
Dairy processing infrastructure fund with be created initially with a corpus of Rs. 2000 cr
Issuance of Soil cards has gained momentum
A model law on contract farming will be prepared and shared with States
Government targets to bring 1 crore households out of poverty by 2019
During 2017-18, 5 lakh farm ponds to be taken up under MGNREGA
Over Rs 3 lakh cr spend for rural India. MGNREGA to double farmers income
Participation of women in mgnrega up to 55%
During 2017-18, 5 lakh farm ponds to be taken up under MGNREGA
Using space tech in a big way to plan MGNREGA works
We propose to complete 1 crore houses for those without homes
Allocating Rs. 19,000 cr for Pradhan Mantri Gram Sadak Yojana in 2017-18
We are well on our way of achieving 100% rural electrification by March 2018.
Swachh Bharat mission has made tremendous progress, sanitation coverage has gone up from 42% in Oct 13 to 60% now.
Sanitation coverage in rural areas gone up from 42% in Oct 2014 to 60% now.
Introduction of a system of measuring annual learning outcomes, innovation fund for secondary education.
There will be a focus on 3,479 educationally-backward blocks
Colleges will be identified based on accreditation
Skill India mission was launched to maximise potential. 100 India International centres across country.
Courses on foreign languages to be introduced.
Skill India Mission was launched in 2015 to maximise the potential of our youth. 100 India International Skill centres will be established across the country.
Steps to create 5000 PG seats per annum
For the poor; health care
Mahila Shakthi Kendras – Rs. 500 cr allocated.
Nationwide scheme for pregnant women – Rs. 6000 each will be transferred.
For women and Kids – Rs. 1,84,632 cr. allocation investment
Affordable housing to be given infrastructure status.
Surplus liquidity – banks have already started reducing lending rates for housing
Elimination of tuberculosis by 2025 targeted.
1.5 lakh health sub centres to be transformed into health wellness centre.
Two new AIIMS in Jharkhand and Gujarat.
Structural transformation of regulator framework for medical education in India
Allocation for Scheduled Caste – Rs. 52,393 crore
Aadhaar-based smart cards for senior citizens to monitor health.
A total allocation of Rs. 39,61,354 crore
Total allocation for Railways — Rs. 1,31,000 crore
No Service charge while booked tickets with IRCTC
Raksha coach with a corpus of Rs. 1 lakh cr fore five years (for passenger safety)
Unmanned level crossings eliminated by 2020
3,500 km of railway lines to be commissioned this year up from 2,800 km last year.
SMS based clean my coach service started
Coach mitra facility – to register all coach related complaints
2019 – bio toilets for all trains
500 stations to be made differently-abled friendly
Railways to partner with logistics players for front end and back end solutions for select commodities.
Railways will offer competitive ticket booking facility
2,000 km for coastal connectivity of roads –
Rs. 64,000 crore allocation for highways.
Allocation of high speed Internet 1,50,000 gram panchayats
A strategic policy for crude reserves will be set up
Rs. 1.26,000 cr for energy production-based investments received
Trade infra export scheme will be launched 2017-18
FDI policy reforms – more than 90% of FDI inflows are now automated.
Shares of Railway PSE like IRCTC would be listed on Stock Exchanges.
Bill on resolution of financial firms to be introduced in this session of parliament.
Decided to abolish FIPB in 2017-18.
Foreign Investment Promotion Board to be abolished.
Revised mechanism to ensure time bound listing of CPSEs
Computer emergency response team for financial sector to be formed.
Pradhan Mantri Mudra Yojana lending target at Rs 2.44 lakh crore for 2017-18
Digital India – Bhim app will unleash mobile phone revolution – two new schemes to promote the app.
Total expenditure – Rs. 21, 47,000 crore
Abolition on plan, non-plan expenditure, focus on capital expenditure ( Capital expenditure will be 25.4 per cent)
Rs. 3,000 crore under Dept of Economic Affairs for implementing Budget announcements.
Defence expenditure, excluding pension, at Rs 2,74,114 crore
Expenditure in science and technology — Rs. 37,435 crore
Total resources transferred to States and UTs is Rs 4.11 lakh crore
Recommended 3% fiscal deficit for three years with deviation of 0.5% of GDP.
Revenue deficit – 1.9 %
Pegged fiscal deficit of 2017-18 at 3.2% of GDP and remain committed to achieving 3% in the next year.
On funding of political parties
Maximum amount of cash donation for political parties will be Rs 2,000 from any one source from Rs 20,000
Political parties will be entitled to receive donations by cheque or digital mode from donors.
Amendment is being proposed to RBI Act to enable issuance of electoral bonds that government will scheme. Donor can purchase these bonds from banks or post office via cheque or digital transactions. They can be redeemed only by registered political parties.
India’s tax to GDP ratio is not favourable.
Out of 13.14 lakh registered companies, only 5.97 lakh companies have filed returns for 2016-17.
Proportion of direct tax to indirect tax is not optimal.
1.95 crore individuals showed income between Rs 2.5 lakh to Rs 5 lakh.
Out of 76 lakh individual assessees declaring income more than Rs 5 lakh, 56 lakh are salaried.
Only 1.72 lakh people showed income of more than Rs 50 lakh a year.
Between Nov 8 to Dec 30: Deposits between Rs 2 lakh and Rs 80 lakh was made in 1.09 crore accounts.
Net tax revenue of 2013-14 was Rs 11.38 lakh crore.
Out of 76 lakh individual assessees declaring income more than Rs 5 lakh, 56 lakh are salaried.
1.95 crore individuals showed income between Rs 2.5 lakh to Rs 5 lakh.
Rate of growth of advance tax in Personal I-T is 34.8% in last three quarters of this financial year.
Holding period for long term capital gain lowered to 2 years
Propose to have carry-forward of MAT for 15 years.
Capital gains tax to be exempted for persons holding land from which land was pooled for creation of state capital of Telangana.
Corporate tax: In order to make MSME companies more viable, propose to reduce tax for small companies of turnover of up to Rs 50 crore to 25%. About 67 lakh companies fall in this category. 96% of companies to get this benefit.
Propose to reduce basic customs duty for LNG to 2.5% from 5%
SIT on black money suggested no cash transactions of more than Rs 3 lakh. Govt has accepted this proposal.
Income Tax Act to be amended. No transaction above Rs 3 lakh to be permitted in cash.
Limit of cash donation by charitable trust reduced to Rs 2,000 from Rs 10,000.
Net revenue loss in direct tax could be Rs. 20,000 crore.
Personal Income Tax
Existing rate of tax for individuals between Rs. 2.5- Rs 5 lakh reduced to 5% from 10%
All other categories of tax payers in subsequent brackets will get benefit of Rs 12,500.
Simple one page return for people with annual income of Rs. 5 lakh other than business income.
People filing I-T returns for the first time will not come under govt. scrutiny.
10% surcharge on individual income above Rs. 50 lakh and up to Rs 1 crore to make up for Rs 15,000 crore loss due to cut in personal I-T rate. 15 surcharge on individual income above Rs. 1 crore to remain.
Union Budget 2016 -2017 Highlights | Summary | Key Facts | Union Budget
Amidst global headwinds, the Indian economy has held its own. Indian Economy performing Well If we compare with rest of world Economy Like – USA, China
Inflation has come down even though there was a fall in monsoons . Inflation rate Is Down Now compare to Last Years
Indian Foreign exchange reserves are at highest ever level . India Receiving Highest number of Remittance from other Countries
CPI inflation has declined to 5.4% .
The growth of GDP has accelerated to 7.6% . Which is a Good Sign for Indian Economy Recovery .
Government of india has to prioritize expenditure. Main Focus will be on the rural and social sectors, infrastructure and recapitalization of bank
Recapitalization of banks will be done during next financial year
Nominal premium and highest ever compensation in case of crop loss under the PM Fasal Bima Yojana
Aim to double the income of farmers in five years. Rs 35,984 crores total allocation for farmers’ welfare
Farm, rural sector, infra, social sector to have more government expenditure
Dedicated irrigation fund worth Rs 20,000 crore to be set up under NABARD
A unified agriculture market e-platform will be dedicated to the nation on the birthday of Dr. BR Ambedkar
5 lakh acres to be brought under organic farming over three years
Aim to double farmers’ income in 5 years. Rs 35,984 crore allocation for their welfare
65 eligible habitats to be connected via 2.23 lakh km of road. Current construction pace is 100 km per day
Government is launching a new initiative to provide cooking gas to BPL families with state support
Will enact a law to confer benefits on deserving sections on aadhar platform
Govt to provide incentive for deepwater gas exploration
Union Budget Pdf Download | Highlights Of Union Budget Of India
Work for passage of insolvency and bankruptcy laws, to undertake significant reforms
Allocation of Pradhanmatri Gram Sadak Yojna to be increased to Rs 19,000 crore
Rs 38,500 crores allocated to MNREGA
Rs 5,500 crores allocated to PM Fasal Bima Yojana
300 rurban clusters to be set up under Shyama Prasad Mukherji Rurban Mission
100% rural electrification to be achieved by 1st May, 2018
Rs 87,765 crores for rural development as a whole have been allocated in the budget
6 crore additional households to be covered under digital literacy scheme in next 3 years
Appreciation for 75 lakh middle class and lower middle class for willingly giving up LPG subsidy
New restructured scheme to increase the governance capabilities of PRIs to be launched: Rashtriya Gram Swaraj Abhiyan
Rs 9,000 crores allocated to Swaccha Bharat Abhiyaan
Allocation of Rs 35,984 crore for farm sector
Govt to set apart Rs 412 crore to encourage organic farming
Rs 2.87 lakh crore to be given grant-in-aid for gram panchayats and municipalities; it is quantum jump of 228%
Stand Up India scheme allocated Rs 500 crore for SC, ST and women entrepreneurs
2 projects under Stand Up India to be promoted per bank branch per category
62 new Navodaya Vidyalayas will be opened in the next 2 years
National Skill Development Mission has imparted training to 76 lakh youth.
1,500 multi skill training institutes to be set up
Objective to skill 1 crore youth in the next 3 years under the PM Kaushal Vikas Yojana
Health insurance of upto Rs 1 lakh per family.
300 generic drug stores to be opened under PM Jan Aushadi Yojana
85% of stalled road projects back on track
Rs 97,000 crore allocated to road sector including PMGSY
Total outlay for infrastructure Rs 2,21,246 crores in 2016/17
Target of 10,000km of national highway and upgradation of 50,000km of state highways in 2016/17
Rs 1,000 crore for higher education financing
Govt drawing a comprehensive plan to exploit nuclear energy to be implemented in the next 15-20 years
100% FDI to be allowed through FIPB route in Food Products Produced and Marketed in India
New Financial Data Management Centre to facilitate integrated data analysis
Department of Disinvestment to be renamed as Department of Investment and Public Asset Management
RBI Act to be amended to give statutory backing for monetary policy
Amount sanctioned under PM Mudra Yojana has reached Rs 1 lakh crore to cover 2.5 crore borrowers by Feb, 2016
Union Budget Pdf Download | Highlights Of Union Budget Of India
25,000 crore for recapitalization of public sector banks
DBT on pilot basis in fertilizers to be introduced in some districts
A bill on targeted delivery of financial services using Aadhaar to be introduced
FDI Policy: Changes proposed in areas – Insurance & Pension, Asset Reconstruction Companies, Stock Exchange
More number of benches of Security Appellate Tribunal to be introduced by amending SEBI Act to reduce pendency
Fiscal deficit for FY 2016-’17 targeted at 3.5%
Tax proposals to provide relief to small taxpayers through rebates
Ceiling of tax rebate for tax payers with up to Rs 5 lakh annual income to be raised to Rs 5,000 from Rs 2,000
Relief of Rs 3,000 per year to taxpayers with income below Rs 5 lakh per year, 1 crore tax payers to benefit
Deduction for rent payers raised from Rs 20,000 to Rs 60,000 to benefit those living in rented houses
Consolidation roadmap for public sector banks next year
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 Exemption for services under the Deen Dayal Gram Jyoti Yojana
HRA deduction up from 24,000 to 60,000 per annum
100% deduction for profits of undertakings from housing projects in cities during Jun’16 – Mar’19
Krishi Kalyan cess to be imposed on all taxable services for agricultural sector
15% surcharge on income tax for those with incomes exceeding 1 crore per annum
Clean energy cess increased from RS. 200/ton to 400/ton on coal, lignite and peat
Limited period compliance window for taxpayers to declare undisclosed income. Declarations to have immunity from prosecutions
Govt to introduce bill to amend Companies Act for ease of doing business; to enable registration of companies in a day
Clean Energy Cess to renamed as Clean Environment Cess
Limited tax compliance window: 45% including surcharge and penalties and immunity from prosecution
Levy of heavy penalty for non payment of tax has led to high litigation. Proposal to modify scheme for penalties
To reduce multiplicity of taxes and cascading – 13 taxes with collection less than Rs 50 crore a year abolished
Income tax department will expand e-sahyog to assist small taxpayers
Govt will pay interest rate of 9% over 6% if delay is more than 90 days
Net revenue gain of Revenue deficit 19,610 crores due to surplus from indirect taxes http://indiabudget.nic.in/
Sector Wise Union Budget 2016-17 Highlights | Union Budget Notes Pdf Download
Total allocation for agriculture and farmer welfare at Rs 35984 crores
28.5 lakh heactares of land wil be brought under irrigation.
5 lakh acres to be brought under organic farming over a three year period
Rs 60,000 crore for recharging of ground water recharging as there is urgent need to focus on drought hit areas cluster development for water conservation.
Dedicated irrigation fund in NABARD of Rs.20.000 cr
Nominal premium and highest ever compensation in case of crop loss under the PM Fasal Bima Yojna.
Social Sector total Budget Allocation
Rs38,500 crore for Mahatma Gandhi MGNREGA for 2016-17
Swacch Bharat Abhiyan allocated Rs.9,500 crores.
Hub to support SC/ST entrpreneurs
Government is launching a new initiative to provide cooking gas to BPL families with state support.
LPG connections to be provided under the name of women members of family: Rs 2000 crore allocated for 5 years for BPL families.
2.87 lakh crore grants to gram panchayats and municipalities – a quantum jump of 228%.
300 urban clusters to be set up under Shyama Prasad Mukherji Rurban Mission
6 crore additional households to be covered under Digital Literacy scheme in next 3 years
Four schemes for animal welfare.
Health Sector fund Allocation Budget 2016-2017
2.2 lakh renal patients added every year in India. Basic dialysis equipment gets some relief.
A new health protection scheme for health cover upto 1 lakh per family.
National Dialysis Service Prog with funds thru PPP mode to provide dialysis at all district hospitals.
Senior citizens will get additional healthcare cover of Rs 30,000 under the new scheme
PM Jan Aushadhi Yojana to be strengthened, 300 generic drug store to be opened
Education Sector – Union Budget 2016-17
10 public and 10 private educational institutions to be made world-class.
Digital repository for all school leaving certificates and diplomas. Rs. 1,000 crore for higher education financing.
Rs. 1,700 crore for 1500 multi-skill development centres.
Rs. 3000 crore earmarked for nuclear power generation
Govt drawing comprehensive plan to be implemented in next 15-20 years for exploiting nuclear energy
Govt to provide incentive for deepwater gas exploration
Deepwater gas new disc to get calibrated market freedom, pre-determined ceiling price based on landed price of alternate fuels.
Rs. 27,000 crore to be spent on roadways
65 eligible habitats to be connected via 2.23 lakh kms of road. Current construction pace is 100 kms/day
Shops to be given option to remain open all seven days in a week across markets.
Rs. 55,000 crore for roads and highways. Total allocation for road construction, including PMGSY, – Rs 97,000 crore
India’s highest-ever production of motor vehicles was recorded in 2015
Total outlay for infrastructure in Budget 2016 now stands at Rs. 2,21,246 crore
New greenfield ports to be developed on east and west coasts
Revival of underserved airports. Centre to Partner with States to revive small airports for regional connectivity
100 per cent FDI in marketing of food products produced and marketed in India
Dept. of Disinvestment to be renamed as Dept. of Investment and Public Asset Management
Govt will amend Motor Vehicle Act in passenger vehicle segment to allow innovation.
MAT will be applicable for startups that qualify for 100 per cent tax exemption
Direct tax proposals result in revenue loss of Rs.1060 crore, indirect tax proposals result in gain of Rs.20,670 crore
Banks get a big boost: Rs 25,000 crore towards recapitalisation of public sector banks. Jaitley says: Banking Board Bureau will be operationalised, we stand solidly behind public sector banks.
Target of disbursement under MUDRA increased to 1,80,000 crore
Process of transfer of government stake in IDBI Bank below 50% started
General Insurance companies will be listed in the stock exchange
Govt to increase ATMs, micro-ATMs in post offices in next three years
Union Budget Important Points For UPSC, SSC, IBPS And Other Competitive Exams
Important Links For Study Material And Test Series
EContact US – email@example.com / firstname.lastname@example.org
Note & Disclaimer – All Study Materials Here are shared Only For Educational Purposes .Most of The Material Is Already Available On Internet .We Are Just Sharing That Link Only . Whole Materials Is For Education Purpose Only .We Work hard to Provide You Quality Study Materials And Error Free Study Materials For All Competitive Exams .You can Also Share Study Materials,Notes Or Any Materials With Us .We Will Publish That Material On Our Website .It is a Humble Request To All Of You Please Share This Post With Your Friends And On Social Media .