union_budget_2016 - Key Highlights

The Union Budget 2016 was announced on February 29, 2016. Here is a compilation of the key points which you may find useful.

  1. No change in tax slabs.
  2. The government has achieved the fiscal deficit target of 3.9% for FY 16 and has retained target of limiting fiscal deficit to 3.5% in FY 17.
  3. Allocation of Rs. 2.21 Lac Crs towards infrastructure development for building national highways and rural roadways.
  4. Aadhaar platform to be given statutory backing, paving the way for more targeted delivery of subsidies.
  5. Significant emphasis on providing impetus to rural economy with stated objective of doubling rural income within 5 years.
  6. A number of incentives announced to promote entrepreneurship.
  7. Additional deduction of Rs. 50,000 on home loan interest for 1st time home buyers, for property worth up to Rs. 50 Lacs and loan is up to Rs. 35 Lacs.
  8. Exemption from service tax for annuity services provided by NPS and services provided by EPFO to employees.

Read More:

BUDGET 2016: HERE ARE 11 WAYS ARUN JAITELY CAN HELP THE COMMON MAN SAVE MORE

What are the Income Tax Slabs and Tax Deductions for Financial Year: 2016-17?

 

L/II/2119/2015-16

About The Author

ICICI Prudential Life Insurance Company Limited is one of the leading life insurance companies in India. We provide insurance plans & policies that include a range of products like term insurance, ULIPs, tax saving plans and pension & retirement plans.

Please wait...

Subscribe to our newsletter

Want to be notified when our article is published? Enter your email address and name below to be the first to know.
Close