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Budget 2016: Relief for those residing in rented houses and other highlights so far

These are some of the highlights of the Union Budget 2016 currently being presented by Union Finance Minister Arun Jaitley

Income tax: Earlier: 12%, Now on : 15% — surcharge on income tax for those with incomes exceeding 1 crore per annum

Arun Jaitley. PTI

Arun Jaitley. PTI

Consolidation roadmap for public sector banks to be spelt next year; govt open to reducing its stake in PSBs below 50 per cent.

Accelerated depreciation to be limited to 40 pc wef from Apr 1, 2017 as part of phasing out of exemptions to industry.

The Banking Boards Bureau will be operationalised next fiscal.

Presemptive income tax scheme to be extended to all professionals with income of Rs 50 lakh with a presumption of 50 per cent profit.

Deduction for rent paid will be raised from Rs 20,000 to Rs 60,000 to benefit those living in rented houses.

Service tax exempted for housing construction of houses less than 60 sq m: SEBI Act to be amended to  provide for more benches for Securities Appellate Tribunal.
Ceiling of tax rebate for tax payers with up to Rs 5 lakh annual come to be raised to Rs 5000 from Rs 2000 currently.

Relief will amount to Rs 3000 per annum; 1 cr tax payers to benefit.  Rs 25,000 cr to be provided for recapitalisation of public sector banks.

SEBI to develop new derivatives products as well as products for corporate bond market.

BI Act to be amended to provide statutory backing for monetary policy framework and monetary policy committee (MPC).

BI Act to be amended to provide statutory backing for monetary policy framework and monetary policy committee (MPC).

Govt to allow 100 per cent FDI through FIPB in marketing of food products produced and manufactured in India.

Govt to increase ATMs, micro-ATMs in post offices in next three years.

Govt to bring new policy for strategic sale of CPSE assets.

More FDI reforms proposed in insurance, pension, asset restructuring companies and stock markets.

A new credit rating system for infrastructure will be developed: FM.

In 2016-17, govt eyes Rs 1,80,000 crore credit target through Mudra bank: FM.

Duty drawback scheme widened and deepened to include more products and countries.

A Public Utility Resolution of Disputes Bill to be passed to solve problems in infrastructure contracts, PPP and public utilities. PTI

Updated Date: Feb 29, 2016 12:33 PM

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