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Wednesday, March 2, 2016

UNION BUDGET 2016

 
Tax proposals

Health, Motor premium to go down: Service tax to be exempted on premium of general insurance policies. That means, health and motor insurance policies to get cheaper.

Dividend tax: Dividend receipt of over Rs.10 lakh per annum to be taxed at 10% which is over and above DDT. This will impact debt funds, making them less attractive for HNIs and corporates.

Service tax hike: Introduction of Krishi Kalyan Cess of 0.5% on service tax for the welfare of farmers.

Tax sop for NPS subscribers: No tax on lumpsum withdrawal of up to 40% from NPS corpus.

Service tax exemption: Service tax to be reduced from 3.5% to 1.5% on premium of single premium annuity policy.

STT hike: Security transaction tax (STT) to be increased from 0.017% to 0.5% in option trading (call option, put option)

LTCG tenure: Tenure of long term capital gain (LTCG) on transfer of unlisted shares to be reduced from 3 years to 2 years. 

Relaxation for house owners: Deduction amount claimed against rent paid to be increased from 24,000 pa to 60,000 pa.
 
Relief to small tax payers: Additional rebate of Rs.3,000 for an individual having annual income of up to Rs.5 lakh per annum. Now, such individuals can avail total rebate of Rs.5,000 in an assessment year.

Encouraging real estate investment: First time home buyers to get an additional deduction of Rs.50,000 on interest component of EMI.  Value of such houses should not exceed Rs 50 lakh.

Tax exemption on REIT: No Dividend Distribution Tax (DDT) on dividend received from the units of REIT.
 
Non tax proposals

Rs. 25,000 crore for bank recapitalization in FY16-17

Government to raise Rs. 15,000 crore through NHAI bonds in FY16-17

Four public sector general insurance companies to be listed

GAAR to be implemented from 1 April 2017

Fiscal deficit target of 3.5% for FY16-17

More number of benches for Security Appellate Tribunal

Voluntary disclosure of income for black money

More measures to deepen corporate bond market

Department of Disinvestment to be renamed as Department of Investment and Public Asset Management

Government to do away with the classification of plan & non-plan expenditure from FY18

Aadhaar Bill to be introduced in current session of parliament

Government has option to reduce stake in IDBI below 50%

A legislation to deal with unscrupulous collective investment schemes

Bankruptcy code to be introduced in Parliament in FY17

To set up a panel to review Fiscal Responsibility and Budget Management (FRBM) Act
 
SEBI to come up with new derivative products.
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