Finance Minister Arun Jaitley on Monday gave relief to small tax payers, nudged the affluent to shell out more while focusing on the rural economy with much higher fiscal outlays, as he presented India's national budget for 2016-17 in the Lok Sabha....
* Services provided by EPFO exempted from service tax * Limited tax compliance window from June 1 - September 30 for declaring undisclosed income at 45 percent including surcharge and penalties...
Union Budget announcements, combined with negative Asian cues, and a dip in the rupee value depressed the Indian equity markets during the afternoon trade session on Monday....
* Relief of Rs.3,000 per year to taxpayers with income below Rs.5 Lakh per year to benefit one crore taxpayers...
* For income below Rs.5 lakh per annum, tax ceiling has been raised from Rs.2,000 to Rs.5,000...
Budget Highlights * Presenting budget when global economy in a serious crisis * Amidst global headwinds, the Indian economy has held its own * Converted challenges we inherited into oppoortunities * CPI inflation down to 5.4 percent from 9 percent plus, bringing big relief to the public * Forex reserves at highest-ever level ...
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* New policy for managing assets of public enterprises * Comprehensive approach to be adopted for government investment in central public sector enterprises ...
* Financial Data Management Centre for integrated data collection and analysis * RBI Act being amended to provide statutory basis for monetary policy framework...
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