Highlights of the Union Budget 2016 – 17
The Union Budget 2016 was announced on February 29, 2016. Here is a compilation of the key points which you may find useful.
- No change in tax slabs.
- 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.
- Allocation of Rs. 2.21 Lac Crs towards infrastructure development for building national highways and rural roadways.
- Aadhaar platform to be given statutory backing, paving the way for more targeted delivery of subsidies.
- Significant emphasis on providing impetus to rural economy with stated objective of doubling rural income within 5 years.
- A number of incentives announced to promote entrepreneurship.
- 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.
- Exemption from service tax for annuity services provided by NPS and services provided by EPFO to employees.