Budget 2016 – Highlights-5

Highlights-5

  • Committee to look into FRBM guidelines and recommend
  • Rs9000 crore for Swachch Bharat Abhiyan
  • Committee to be set up to review FRBM Act: FM Arun Jaitley
  • Plan and non-plan expenditure classification to be done away with from 2017-18
  • FY17 Fiscal deficit target at 3.5 per cent
  • Deduction will be available for all assess for who are covered under tax audit for 30% of expenditure for additional employments. The number of days conditions has been reduced from 300 to 240. Earlier this was for only manufacturing undertakings
  • HRA relief raised from Rs 24,000 to Rs 60,000
  • Salaried people upto Rs 5 lakh to get Rs 3,000 relief per year
  • Thrust of tax policy are in 9 categories: Relief to taxpayers likely
  • Fiscal target to have a range than fixed target to give govt elbow to manage uncertainties
  • Non-plan expenditure at Rs 14.28 lakh crore

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