3,816
edits
m
robot: added template for meta tags
>DiplomatTesterMan (merge to) |
m (robot: added template for meta tags) |
||
| (2 intermediate revisions by 2 users not shown) | |||
| Line 1: | Line 1: | ||
{{Use dmy dates|date=February 2016}} | {{Use dmy dates|date=February 2016}} | ||
{{Use Indian English|date=February 2016}} | {{Use Indian English|date=February 2016}} | ||
| Line 16: | Line 15: | ||
| url = http://indiabudget.nic.in | | url = http://indiabudget.nic.in | ||
}} | }} | ||
'''2016 Union budget of India''' is the ''annual financial statement'' of India for the fiscal year 2016–2017. It was presented before the [[Parliament of India|parliament]] on 29 February 2016 by the [[Finance Minister of India]], [[Arun Jaitley]].<ref name="IndianExpress">{{citation |title=Government to present Union Budget for 2016-17 on Feb 29, says Jayant Sinha|url=http://indianexpress.com/article/india/india-news-india/government-to-present-union-budget-for-2016-17-on-feb-29-says-jayant-sinha|work=Indian Express|agency=PTI|date=Jan 20, 2016}}</ref> The printing of the budget documents began with a traditional ''[[Halwa]] ceremony'' on 19 February 2016.<ref name="NDTV">{{citation |title=Printing Of Union Budget Document Begins With 'Halwa' Ceremony|url=http://www.ndtv.com/india-news/printing-of-union-budget-document-begins-with-halwa-ceremony-1279156|work=NDTV|agency=Press Trust of India|date=February 19, 2016}}</ref> For Budget 2016-17, the government invited suggestions from citizens through Twitter for the first time, even conducting a series of polls to gauge public priorities and expectations from the Budget. | The '''2016 Union budget of India''' is the ''annual financial statement'' of India for the fiscal year 2016–2017. It was presented before the [[Parliament of India|parliament]] on 29 February 2016 by the [[Finance Minister of India]], [[Arun Jaitley]].<ref name="IndianExpress">{{citation |title=Government to present Union Budget for 2016-17 on Feb 29, says Jayant Sinha|url=http://indianexpress.com/article/india/india-news-india/government-to-present-union-budget-for-2016-17-on-feb-29-says-jayant-sinha|work=Indian Express|agency=PTI|date=Jan 20, 2016}}</ref> The printing of the budget documents began with a traditional ''[[Halwa]] ceremony'' on 19 February 2016.<ref name="NDTV">{{citation |title=Printing Of Union Budget Document Begins With 'Halwa' Ceremony|url=http://www.ndtv.com/india-news/printing-of-union-budget-document-begins-with-halwa-ceremony-1279156|work=NDTV|agency=Press Trust of India|date=February 19, 2016}}</ref> For Budget 2016-17, the government invited suggestions from citizens through Twitter for the first time, even conducting a series of polls to gauge public priorities and expectations from the Budget. | ||
<ref name=hindu/> | <ref name=hindu/> | ||
==Key points== | ==Key points== | ||
{{INRConvert|10.6|b}} revenue loss through direct tax proposals, and {{INRConvert|206.7|b}} revenue gain through indirect tax proposals. Revenue gain of {{INRConvert|196|b}} in Union Budget 2016 proposals.<ref name=hindu>{{citation |title=Union Budget 2016-17: 'I-T slabs remain unchanged' |url=http://thehindu.com/business/budget/live-union-budget-201617/article8293531.ece |work=[[The Hindu]] |date=29 February 2016 }}</ref> Surcharge was increased from 12% to 15% on tax on all incomes above {{INRConvert|1|c}} and those earning dividend of over {{INRConvert|10|l}} per annum will now have to pay tax on it.<ref>{{citation |title=Budget 2016: It's bad news for the 'rich' as govt shifts focus |url=http://timesofindia.com/budget-2016/union-budget-2016/Budget-2016-Its-bad-news-for-the-rich-as-govt-shifts-focus/articleshow/51201896.cms |work=[[The Times of India]] |date=1 March 2016 }}</ref> Monetary limit for deciding an appeal by a single member Bench of [[Income Tax Appellate Tribunal|ITAT]] enhanced from {{INRConvert|15|l}} to {{INRConvert|50|l}}.<ref>{{citation |title=Budget 2016: Highlights of FM Arun Jaitley's speech |url=http://economictimes.indiatimes.com/news/economy/policy/budget-2016-highlights-of-fm-arun-jaitleys-speech/articleshow/51186309.cms |work=[[The Economic Times]] |date=29 February 2016 }}</ref> [[Securities Transaction Tax|STT (Securities Transaction Tax)]] was retained at 0.1% for delivery based equities.<ref name="ET">{{cite news|title=Definition of Securities Transaction Tax|url=http://economictimes.indiatimes.com/definition/Securities-Transaction-Tax|accessdate=24 October 2016|publisher=Economic Times|date=10 October 2016}}</ref> | {{INRConvert|10.6|b}} revenue loss through direct tax proposals, and {{INRConvert|206.7|b}} revenue gain through indirect tax proposals. Revenue gain of {{INRConvert|196|b}} in Union Budget 2016 proposals.<ref name=hindu>{{citation |title=Union Budget 2016-17: 'I-T slabs remain unchanged' |url=http://thehindu.com/business/budget/live-union-budget-201617/article8293531.ece |work=[[The Hindu]] |date=29 February 2016 |last1=Desk |first1=Internet }}</ref> Surcharge was increased from 12% to 15% on tax on all incomes above {{INRConvert|1|c}} and those earning dividend of over {{INRConvert|10|l}} per annum will now have to pay tax on it.<ref>{{citation |title=Budget 2016: It's bad news for the 'rich' as govt shifts focus |url=http://timesofindia.com/budget-2016/union-budget-2016/Budget-2016-Its-bad-news-for-the-rich-as-govt-shifts-focus/articleshow/51201896.cms |work=[[The Times of India]] |date=1 March 2016 }}</ref> Monetary limit for deciding an appeal by a single member Bench of [[Income Tax Appellate Tribunal|ITAT]] enhanced from {{INRConvert|15|l}} to {{INRConvert|50|l}}.<ref>{{citation |title=Budget 2016: Highlights of FM Arun Jaitley's speech |url=http://economictimes.indiatimes.com/news/economy/policy/budget-2016-highlights-of-fm-arun-jaitleys-speech/articleshow/51186309.cms |work=[[The Economic Times]] |date=29 February 2016 }}</ref> [[Securities Transaction Tax|STT (Securities Transaction Tax)]] was retained at 0.1% for delivery based equities.<ref name="ET">{{cite news|title=Definition of Securities Transaction Tax|url=http://economictimes.indiatimes.com/definition/Securities-Transaction-Tax|accessdate=24 October 2016|publisher=Economic Times|date=10 October 2016}}</ref> | ||
==Allocations== | ==Allocations== | ||
| Line 27: | Line 26: | ||
* {{INRConvert|360|b}} for agriculture and farmer welfare<ref name=eco>{{citation |title=Budget 2016: Triple taxation of profits could be avoided, says Raamdeo Agrawal, Motilal Oswal Fin Services |url=http://economictimes.com/news/economy/finance/budget-2016-triple-taxation-of-profits-could-be-avoided-says-raamdeo-agrawal-motilal-oswal-fin-services/articleshow/51217813.cms |work=[[The Economic Times]] |date=2 March 2016 }}</ref> | * {{INRConvert|360|b}} for agriculture and farmer welfare<ref name=eco>{{citation |title=Budget 2016: Triple taxation of profits could be avoided, says Raamdeo Agrawal, Motilal Oswal Fin Services |url=http://economictimes.com/news/economy/finance/budget-2016-triple-taxation-of-profits-could-be-avoided-says-raamdeo-agrawal-motilal-oswal-fin-services/articleshow/51217813.cms |work=[[The Economic Times]] |date=2 March 2016 }}</ref> | ||
* {{INRConvert|880|b}} towards rural development<ref name=eco/> | * {{INRConvert|880|b}} towards rural development<ref name=eco/> | ||
* {{INRConvert|2.21|lc}} for roads, railways and other facilities<ref>{{citation |title='Budget delivers on all counts' |url=http://thehindu.com/business/budget/budget-delivers-on-all-counts-sumit-mazumder/article8309610.ece |work=[[The Hindu]] |date=3 March 2016 }}</ref> | * {{INRConvert|2.21|lc}} for roads, railways and other facilities<ref>{{citation |title='Budget delivers on all counts' |url=http://thehindu.com/business/budget/budget-delivers-on-all-counts-sumit-mazumder/article8309610.ece |work=[[The Hindu]] |date=3 March 2016 |last1=Mazumder |first1=Sumit }}</ref> | ||
* {{INRConvert|210|b}} was allocated to the Urban Development Ministry, while Housing and Poverty Alleviation got {{INRConvert|54|b}}.<ref>{{citation |title=Govt expects Real estate Bill to be a reality soon: Naidu |url=http://wap.business-standard.com/article/economy-policy/govt-expects-real-estate-bill-to-be-a-reality-soon-naidu-116030200858_1.html |work=[[Business Standard]] |date=2 March 2016 }}</ref> | * {{INRConvert|210|b}} was allocated to the Urban Development Ministry, while Housing and Poverty Alleviation got {{INRConvert|54|b}}.<ref>{{citation |title=Govt expects Real estate Bill to be a reality soon: Naidu |url=http://wap.business-standard.com/article/economy-policy/govt-expects-real-estate-bill-to-be-a-reality-soon-naidu-116030200858_1.html |work=[[Business Standard]] |date=2 March 2016 }}</ref> | ||
| Line 33: | Line 32: | ||
==Reactions== | ==Reactions== | ||
Opposition member and former Prime Minister of India, Dr. [[Manmohan Singh]] termed it a "mixed bag Budget" with no big idea.<ref>http://profit.ndtv.com/news/budget/article-mixed-bag-budget-with-no-big-idea-says-manmohan-singh-1282404</ref> | Opposition member and former Prime Minister of India, Dr. [[Manmohan Singh]] termed it a "mixed bag Budget" with no big idea.<ref>{{Cite web|url=http://profit.ndtv.com/news/budget/article-mixed-bag-budget-with-no-big-idea-says-manmohan-singh-1282404|title = Mixed Bag Budget with No Big Idea, Says Manmohan Singh}}</ref> | ||
==See also== | ==See also== | ||
| Line 43: | Line 42: | ||
{{Union budget of India}} | {{Union budget of India}} | ||
{{#seo: | |||
|keywords=Union budgets of India, 2016 government budgets, 2016 in Indian economy, Modi administration | |||
|description= | |||
}} | |||
[[Category:Union budgets of India]] | [[Category:Union budgets of India]] | ||