Union Budget 2016 – 17
Union Budget 2016 is going to present by Finance Minister Arun Jaitley on 29th of February 2016. This time the expectations are high that the government may increase in tax exemption
limit on savings. Dear visitors we will update the highlights and Headlines of the Union Budget 2016 2016 how the budget is for AAM this year and for other all the details will be highlighted on this page as soon as it will be out by the Finance Minister in the parliament.
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Finance Ministry Arun Jaitley is going through the suggestion to raise the tax exemption limit form Rs 1.5 Lakh Per year to Rs 2.5 Lakh Per annum, at present the maturity period for tax free term deposit is 5 year and which now going to be reduce in the budget to 1 year.
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Hike in tax breaks to promote saving is already demand of Bankers to thefinance ministry. The Reserve Bank of India also wants to focus more on the increase country’s savings
Currently, the government gives tax exemption of up to Rs 1.5 lakh a year on various investment instruments such as public provident fund, five-year tax-free deposits, equity linked savings schemes, and unit linked insurance plans and so on.
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Government launched gold bond scheme and gold monetisation scheme so that they can turn their idle gold holdings into productive use. The scheme is yet to attract large investors and seeks need of holding physical gold.
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Sukanya Samriddhi Account Scheme was launched by the government last year which result in 9.2 per cent interest rate for 2015-16 on the amount of upto Rs 1.5 Lakh. This scheme is a long term saving scheme and the maturing of it is on when the daughter turns 21 years of age.
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Dear visitors keep connected with the page to keep you updated with the Union Budget 2016. As soon as the budget will be presented by the FinanceMinistry Arun Jaitely we will update the information first here on this page, so don’t go anywhere else from this page, you have to wait to check the highlighted of the budget till 29th February 2016.
Applicants don’t forget to bookmark this page using Ctrl + D so that you can access this page easily, if you want to know more details on other Budget which will be presented by the government then you must visit our portal where you will find other budget details also.
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Union Budget 2016 Highlights
- 2015/16 fiscal deficit seen at 3.9 percentage of GDP seems achievable
- 2016/17 expected to be challenging from fiscal point of view
- Credibility and optimality argue for adhering to 3.5% of GDP fiscal deficit target
- Time is right for a review of medium-term fiscal framework
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- CPI inflation seen around 4.5 to 5% in 2016/17
- Low inflation has taken hold, confidence in price stability has improved* Expect RBI to meet 5 percentage inflation target by March 2017
- Prospect of lower oil prices over medium term likely to dampen inflationary expectations
- Low inflation has taken hold, confidence in price stability has improved
CURRENT ACCOUNT DEFICIT:
- 2016/17 current account deficit seen around 1-1.5% of GDP
- Rupee’s value must be fair, avoiding strengthening; fair value can be achieved through monetary relaxation
- India needs to prepare itself for a major currency readjustment in Asia in wake of a similar adjustment in China
- Gradual depreciation in rupee can be allowed if capital inflows are weak
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- Proposes widening tax net from 5.5% of earning individuals to more than 20%
- Tax revenue expected to be higher than budgeted levels in FY15/16
- Easiest way to widen the tax base would be not to raise exemptionthresholds
- Favours review and phasing out of tax exemptions
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BANKING & CORPORATE SECTOR:
- Estimated capital requirement for banks likely around Rs 1.8 trillion by 2018/19
- Corporate, bank balance sheets remain stretched, affecting prospects for reviving private investments
- Underlying stressed assets in corporate sector must be sold or rehabilitated.
- Govt. could sell off certain non-financial companies to infuse capital in state-run banks.
- Govt. proposes to make available 700 bln rupees via budgetary allocations during current, succeeding years in banks