Budget 2016
India unveiled a budget for the poor on Monday, announcing new rural aid schemes and skimping on a bank bailout, in a strategy shift that seeks to boost Prime Minister Narendra Modi's ruling party in coming state elections.
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Corporate income tax:
Incentives for new manufacturing companies and relatively small enterprise companies: FM @arunjaitley #VikasKaBudget12:15 PM - 29 Feb 2016- Reply
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Ceiling of tax rebate for tax payers with up to Rs 5 lakh annual income to be raised to Rs 5000 from Rs 2000. #VikasKaBudget.12:15 PM - 29 Feb 2016
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India to implement general anti avoidance rule from April 1, 2017: Jaitley #UnionBudget2016 -
Pension withdrawal of up to 40 pct to be made tax free at the time of retirement - Jaitley -
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100% deduction for profits of undertakings from housing projects in cities during Jun '16 - Mar '19: FM #VikasKaBudget #Budget201612:21 PM - 29 Feb 2016
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Service tax exempted for housing construction of houses less than 60 sq. m: FM @arunjaitley #VikasKaBudget #Budget201612:23 PM - 29 Feb 2016
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Sensex down more than 380 points at 12.23 p.m. Wipro and Infosys are the worst Sensex performers, falling more than 3 percent each.
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Earlier: 12%, Now on : 15% - surcharge on income tax for those with incomes exceeding 1 crore per annum: FM #VikasKaBudget #Budget201612:24 PM - 29 Feb 2016
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Service tax exemption for construction of affordable housing upto 60 sq. m. under state and central housing schemes: FM #VikasKaBudget12:23 PM - 29 Feb 2016
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Jaitley says to create agriculture cess -
Excise duty on branded ready-made garments - Jaitley
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Proposes to levy infrastructure cess of 1 percent-4 percent on certain model of cars: Jaitley
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Raises excise duty from 10 to 15 percent on tobacco products other than beedis - Jaitley
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#CleanEnergy cess to be renamed to #CleanEnvironment cess, increased from 200 to 400 rs/ton of coal: FM #VikasKaBudget #Budget201612:27 PM - 29 Feb 2016
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Infrastructure cess between 1-4 pct on sale of all cars to fight pollution. There goes the auto sector recovery! #Budget2016by Aditi Shah via twitter 2/29/2016 6:58:21 AM -
Clean energy cess increased from RS. 200/ton to 400/ton on coal, lignite and peat: FM #VikasKaBudget12:27 PM - 29 Feb 2016
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Markets haven't taken FM Jaitley's budget announcements well so far, with the benchmark now trading more than 300 points lower at 12.29 p.m.
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FM Jaitley proposes limited compliance window on undeclared income of domestic tax payers #Budget2016
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Perhaps the first political reaction to budget proposals. This one from the Congress party.12:27 PM - 29 Feb 2016
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Limited tax compliance window from Jun 1 - Sep 30 for declaring undisclosed income at 45% incl. surcharge and penalties: FM #VikasKaBudget12:30 PM - 29 Feb 2016
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Discretionary powers of tax officers reduced - Jaitley
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India will not resort to retrospective taxation in future: Arun Jaitley #Budget2016
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Tax arrears can be paid in lieu of interest liabilities in retrospective taxation cases: FM @arunjaitley #VikasKaBudget #Budget201612:33 PM - 29 Feb 2016
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Penalty to be 50% of tax in income under-reporting cases, 200% in misreporting of facts: FM #VikasKaBudget #Budget201612:34 PM - 29 Feb 2016
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Jaitley has made this a pro-poor budget, but vowed to stick to his deficit target of 3.5 pct/GDP for 2016/17. That doesn't leave much cash to throw around, and the 250 billion rupees to recapitalise state banks is less than expected. -
Additional 1 pct tax on sale of luxury cars costing more than 1 mln rs. So much for Indian car buyers wanting to go upmarket! #Budget2016by Aditi Shah via twitter 2/29/2016 7:06:12 AM
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Shares in cigarette maker ITC extend falls, down 4.7 percent at 12.36 p.m.; Jaitley raises tax on some tobacco products
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Monetary limit for cases to be decided by 1-member bench up from 15 lakh to 50 lakh rupees: FM #VikasKaBudget #Budget201612:35 PM - 29 Feb 2016
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FM Arun Jaitley proposes to abolish 13 different levies #Budget2016
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I-T department to expand online mechanism in mismatches of tax returns - Jaitley
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A new grading system of imposing penalties to be introduced on the basis of under reporting or concealment of income: Shri @arunjaitleyRetweeted by FinMinIndia12:34 PM - 29 Feb 2016
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Scope of e-assessment to be expanded to 7 mega cities, to simplify compliance for taxpayers: FM #VikasKaBudget #Budget201612:39 PM - 29 Feb 2016
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Additional 1 pct tax on sale of luxury cars costing more than 1 mln rs. So much for Indian car buyers wanting to go upmarket! #Budget2016by Aditi Shah via twitter 2/29/2016 7:10:43 AM
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BSE auto index down nearly one percent at 12.39 p.m. after the finance minister announces infrastructure cess on certain vehicles
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#UnionBudget2016 It's official - It's a farmer's budget. And as usual, no cheers for tobacco users :-pby David Lalmalsawma via twitter 2/29/2016 7:11:15 AM -
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No where is the phrase "The Devil is in the Detail" more apt than in India's #Budget2016!by Nita Bhalla via twitter 2/29/2016 7:11:27 AM -
Net revenue gain of 196.10 billion rupees see from tax in 2016-17: Jaitley
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#Budget2016: Finance Minister Arun Jaitley makes no mention of revising gold import duty in speech
Air strikes pound rebel-held Aleppo districts
BEIRUT Dozens of air strikes hit rebel-held areas of the northern Syrian city of Aleppo overnight, a monitor and defense worker said, continuing a fierce air campaign by Syrian government and allied forces since a ceasefire broke down almost a week ago.