Highlights of Union Budget for 2016-17
MUMBAI - Highlights of the Union Budget for 2016-17 (Apr-Mar), presented
by Finance Minister Arun Jaitley in the Lok Sabha today:
INFALTION
* CPI inflation came down to 5.4% under our govt
* Fall in CPI inflation providing big relief to public
FARM SECTOR
* Plan doubling farmers' income in 5 yrs
* Plan to up spend on farm, rural, social sectors FY17
* Need to create new infrastructure for irrigation
* Need to address water resource utilisation
* To allocate 359.8 bln rupees for farm, farmers' welfare
* Need to give income security to farmers
* Need to think beyond food security
* To allocate 4.12 bln rupees for organic farming
* Policy to convert city waste into compost
* 140 mln farms to be covered by soil health card by Mar 2017
* Fertiliser co to market city compost fertilisers
* 600 bln rupees for sustainable mgmt of water resources
* Soil health card plan being implemented with great vigour
* To form 200 bln rupee long-term irrigation fund in NABARD
* To allot 865 bln rupees in five yrs for irrigation schemes
* To bring 2.85 mln ha under PM irrigation plan
* To allocate 170 bln rupees for irrigation scheme FY17
* FY17 Crop insurance scheme allocation 55 bln rupees
* FY17 interest subvention for farmers seen 150 bln rupee
* Farm credit target for FY17 at 9 trln rupees
* 9.7 mln tn agri storage capacity added FY16
* 3.68 bln rupees provided for soil health scheme FY17
* 12 states have amended APMC Act to join e-market plan
* Unified agri market e-platform to be launched on Apr 14
* Plan e-market platform for agriculture wholesale markets
* To allot 5 bln rupees under food security plan for pulses
* 5 bln rupees for pulses production in 622 districts
* 86,000 tn honey produced in FY16; 90% exported
* Need to focus on drought-hit areas
* Food Corp of India to make online payment of farm goods
* To launch 4 new dairy programmes
* To take up allied activities to increase farm income
* To encourage states to take up decentralised procurement
* Made effective mgmt for pulses procurement
* MSP online procurement system through FCI
* To encourage states for decentralised procurement of crops
* Allocate 55 bln rupees for PM Fasal bima Yojna
* Price stabilisation fund for pulses has 9 bln rupee corpus
* To introduce direct benefit plan for fertiliser on pilot
SOCIAL SECTOR, EDUCATION
* To focus on educational skills, job creation
* Plan law to give statutory backing to Aadhaar
* To announce health scheme covering 1/3rd of population
* Health insurance, BPL cooking gas scheme planned
* To focus on delivery of benefits to needy
* Infra, social sectors to have more govt spend
* BPL families to get LPG connection
* Aim to list public sector general insurance cos
* To undertake 3 major schemes for weaker sections of society
* Self-help groups' set up hastened for livelihood generation
* FY17 aid to gram panchayat, municipality at 2.87 trln rupee
* Digital repository for educational certificates
* Digital depository for school-, college-leaving documents
* Education, skill development, jobs 4th pillar of Budget
* To allot 10 bln rupee for higher education financing agency
* 62 new Navodaya schools to focus on quality education
* 1.52 trln rupees allocated for social sector
* To form national scheduled caste, tribe hub in MSME min
* Stand-up India scheme allocation 5 bln rupees
* This must be year of empowering scheduled castes, tribes
* 5 bln rupees for scheduled caste, tribe entrepreneurs
* Aadhaar not to be proof of citizenship or domicile
* Social security platform to be used for Aadhaar
* Aadhaar bill to be introduced FY17
* To introduce targeted delivery of subsidies via Aadhaar
* Task force to rationalise human resources in ministries
SKILL DEVELOPMENT, JOB CREATION
* 17 bln rupees for skill development scheme FY17
* 1,500 multi-skill training institutes across country
* To interlink national, state employee bureaus
* Plan to set up 100 model career centres
* 10 bln rupees for new EPF scheme
* Govt to pay 8.33% EPF contribution for new staff 1st 3 yrs
RURAL DEVELOPMENT
* Allocated 877.65 bln rupees for rural development FY17
* Rural insurance scheme for farmers planned
* To provide more funds to vulnerable sections in rural areas
* Cluster facilitation under rural job plan to conserve water
* 385 bln rupees for rural job plan FY17
* See 228% jump in gram panchayat allotment
* To focus on rural employment, infrastructure
* National digital literacy mission to cover 60 mln houses
* Need to spread digital literacy in rural areas
* FY17 allocation for rural electrification 85 bln rupees
* All villages to be electrified by May 1, 2018
* 18,542 villages not electrified as of Apr 1, 2015
* To allot 190 bln rupees FY17 for PM Gram Sadak Yojana
* To spend 270 bln rupee with states FY17 on rural roads plan
* To launch new panchayat scheme at 6.5 bln rupees
* To allot 877.65 bln rupees for rural development schemes
* To allot 20 bln rupees for LPG connection to rural women
HEALTHCARE
* To start National Dialysis Service under PPP mode
* To exempt certain dialysis equipment from basic custom duty
* Health protection scheme with 100,000 rupee/family cover
* 3000 drug stores to be opened under PM Aushadhi Yojana
* To provide 130,000 rupee/yr health cover to senior citizens
* To launch new health protection scheme
INFRASTRUCTURE, INDUSTRY
* Propose to circulate model shops and establishments bill
* To give choice to shops to remain open on 7 days/week
* 10,000 km of national highways to be added FY17
* Total outlay for infra 2.21 trln rupees FY17
* Total outlay for roads, railway 2.18 trln rupees FY17
* Total investment in road sector 970 bln rupees
* NHAI to raise 150 bln rupees via bonds FY17
* Allot 550 bln rupees for roads, highways FY17
* 85% of 70 stranded road projects back on track FY16
* To allot 550 bln rupees for roads, highways
* India's highest ever kilometre of highways awarded in 2015
* 30 bln rupees/yr to augment nuclear power in 15-20 yrs
* Mkt freedom for gas from difficult blocks to have price cap
* Mull calibrated mkt freedom for gas from difficult blocks
* Need to diversify resources for power generation
* Drawing up comprehensive plan on nuclear power
* To incentivise ultra-deep sea gas exploration
* Achieved highest coal production growth
* To provide incentives for gas production from tough blocks
* 10 non-functional air strips to be redeveloped
* To partner with state govts to develop airports
* Started series of measures for modernising ports
* To partner with states to develop regional airports
* Medium-term goal is to abolish permit raj
* Plan new public transport policy to up pvt participation
* FY17 allocation for new port development 8 bln rupees
* Motor Vehicles Act to be amended to up passenger segment
* New greenfield ports to be developed on east, west coasts
* Govt to open up road transport sector
* Medium-term goal is to abolish permit raj
* 50,000 km state highways to be converted to national highways
* FY17 total infrastructure outlay 2.21 trln rupees
* To have new policy for mgmt of assets of PSUs
* NITI Aayog to identify PSUs for strategic sale
* To encourage PSUs to divest individual assets
* 100% FDI in marketing of food pdts produced in India
* To have more FDI reforms in asset restructuring companies
* To change FDI policy for asset reconstructions cos
* To modify FDI policy for bourses, asset recast cos
* Duty drawback schemes to be widened, deepened
* Have deepened, expanded duty drawback scheme
* More FDI reforms in insurance, stock exchanges, pension
* To modify FDI policy for insurance, pension sectors
* FDI policy to address requirements of farmers
* To allow mobilisation of 313 bln rupee by govt infra bodies
* Mulling gas production incentive from high temperature area
* May incentivise gas production from ultra deep water areas
* Mulling incentives for gas production from deep sea areas
* New credit rating system for infra to be developed
* To issue guidelines for renegotiation of PPP contracts
* Received conflicting suggestions on FRBM roadmap
* To amend Companies Act for ease of doing business
* Will amend companies act this Parliament session
* Registration of cos to be done in one day
* 300,000 fair price shops to be automated by Mar 2017
FINANCIAL SECTOR, BANKING
* Banking Board bureau to be operational in FY17
* To strengthen debt recovery tribunal
* Considering cutting stake in IDBI Bank to below 50%
* Stand solidly behind PSU banks
* To find resources if PSU banks need additional capital
* Allot 250 bln rupees for recapitalisation of PSU bks FY17
* Not interfering in lending activities of PSU bks
* To amend SEBI act to provide for more SAT benches
* To bring legislation FY17 on illicit deposit taking schemes
* Sponsor in asset recast cos can hold 100% stake
* Financial Data Management Centre to be established
* To allow 100% FDI in asset recast cos
* To make necessary amendments in SARFASI Act
* Bankruptcy code to help deepen corporate bond mkt
* SEBI to develop new commodity derivative pdts
* SEBI to introduce new derivative pdts in commodity mkts
* To adopt comprehensive approach for invest in central PSUs
* To introduce comprehensive Bankruptcy Code in Parliament
* To rename divest dept as Dept of Invest & Public Asset Mgmt
* To amend RBI Act to implement monetary policy framework
* Vibrant fincl sector critical for econ growth
* PM Mudra Yojana target to give 1.8 trln rupees loans FY17
* To draw road for consolidation of PSU banks
* Banking board bureau to be operationalized in FY17
* To draw roadmap for consolidation of PSU banks
* To take up massive rollout of micro-ATMs across nation
* Public money should reach poor without leakages
* Nationwide roll out of ATMs via post offices
* To list govt-owned general insurance cos on stock exchanges
* To list general insurance cos on stock exchanges
* To set up panel to review FRBM Act
* Time has come to review FRBM Act
* Propose to set up committee to review FRBM Act
* Govt open to reducing its stake in PSU banks below 50%
* Consolidation roadmap for PSU banks next year
INDIRECT TAX
* Propose changes in customs duty to push Make in India plan
* Exempt svc tax on general insurance plans in Nirmaya scheme
* Committed to implementing GAAR from Apr 1, 2017
* Asset recast cos' income to be taxed at hands of investors
* Propose special patent regime to power innovation, research
* Services provided by EPFO exempted from service tax
* STT of 0.05% on options contracts
* Service tax waiver for houses of less than 60 sq mtr
* Service Tax exempt for svc under rural electrification plan
* To give excise duty exemption to ready-mix concrete
* Excise of 12.5% with input tax credit on jewellery
* To abolish 13 cesses by ministries
* To amend Central Value Added Tax credit rules
* To amend CENVAT credit rules
* Taxation panel to fix demand under retrospective tax cases
* Hope old cases on retrospective tax reach conclusion soon
* No retrospective taxation to be undertaken
* 1-time no-interest liability in retrospective tax cases
* To up excise duty on various tobacco products by 10-15%
* Cos incorporated post Mar 1 to be taxed at 25%+ surcharge
* Doubles clean energy cess on coal to 400 rupees/tn
* To up excise duty on some tobacco pdts by 10-15%
* Infra cess of 2% on diesel cars
* 4% infra cess on high capacity vehicles, SUVs
* To levy 1% infra cess on small petrol, LPG, CNG cars
DIRECT TAX
* Plan simplification, rationalisation of taxes
* Tax rebate on rent paid upped to 60,000 rupees vs 24,000
* Tax changes to support Make in India, affordable housing
* To give relief to small taxpayers
* To launch steps to move towards pension society
* To give relief to small tax payers
* Withdrawal upto 40% from Natl Pension plan to be tax exempt
* To allow lower corporate tax for some cos from FY17
* Reduction in corporate tax has to be calibrated
* Faster depreciation rate under income tax act at 40% FY17
* Reduction in corporate tax has to be caliberated
* Detailing roadmap for phasing out corporate tax exemption
* Propose 0.5% Krishi Kalyan cess on all taxable svcs Jun 1
* Propose Krishi Kalyan cess
* To raise surcharge on income over 10 mln rupees to 15%
* 10% tax on recipient if got dividend over 1 mln rupees/yr
* Some home buyers to get extra exemption of 50,000 rupee/yr
* No changes in income tax slabs
* To rationalize tax deducted at source for small tax payers
* Penalty of 200% of tax for misreporting of income
* Penalty of 50% of tax for under-reporting of income
* Penalty to be 50% of tax in income under-reporting cases
* Modifying scheme of penalty under Income Tax Act
* Revenue secy to head committee on taxation
* Committed to stable, predictable taxation regime
* To focus on bringing to book people with black money
* Prosecution immunity for undisclosed income declaration
* 300,000 tax cases worth 5.5 trln rupees pending
* New dispute resolution scheme for taxation proposed total 45% Tax
* Compliance window for undisclosed income Jun 1-Sep 30
* 7.5% surcharge on undisclosed income in compliance window
* Govt committed to removing black money
* To move towards low tax regime with non litigious approach
* Limited period compliance window on undisclosed income
* To strongly counter tax evasion
* Moving towards a low tax regime
Kerala Budget 2016-17
Chief Minister Oommen Chandy presented the interim Kerala Budget 2016-17 on 12-02-2016.
Key highlights of Kerala Budget 2016-17
- Rs 100 crore for building new dam in Mullaperiyar
- Rs 500 crore for rubber farmers so as to ensure that they get Rs 150 per kg of rubber
- Rs 40 crore for Sabarimala Master Plan
- Rs 24.6 crore for Vizhinjam port project
- Rs 694 crore for urban development
- Education sector to get Rs 1330.7 crore
- New agriculture colleges at Ambalavayal, Kumarakam and Chittoor
- Agripolytechnic at Chennithala and nursing college at Haripad - both in Alappuzha district
- Kasargod package worth Rs 87.98 crore, Rs 19 crore for Wayanad
- Health sector gets Rs 1013.11 crore
- Rs 20 crore for cancer centre in Kochi
- Kerala State Road Transport Corporation to get CNG buses
- New underpasses to be constructed in Pattam and Peroorkada in Thiruvananthapuram
- LNG exempted from tax for another year.
- Kasaragod to get Solar Park.
- 20 per cent tax imposed for polypropylene bags.
- Sales Tax Department will be reformed.
- Financial aid for Hajj Committee increased to Rs 1.5 crore.
- Govt has signed agreement with Indian Railway for rapid railway.
- Free rice for BPL families via ration shops.
Departmental Test January 2016 Answer Keys
Here is the Answer key for the Departmental Examinations held on January 2016.
| Sl No. | NAME OF THE EXAMINATION | DOWNLOAD LINK |
| 1 | ACCOUNT TEST LOWER - PAPER -I-KSR | |
2
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ACCOUNT TEST LOWER - PAPER II - KFC
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3
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ACCOUNT TEST LOWER - PAPER III - INTRODUCTION T
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4
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ACCOUNT TEST LOWER - IV PAPER - KTC
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5
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ACCOUNT TEST HIGHER -PART-II - I PAPER INTRODUCTION
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6
| ACCOUNT TEST HIGHER - PART-II - II PAPER - KTC | |
7
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ACCOUNT TEST - HIGHER- PART II - III PAPER - KSR
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8
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ACCOUNT TEST HIGHER - PART-I - II PAPER - KFC
| DOWNLOAD |
9
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MANUAL OF OFFICE PROCEDURE
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OTHERS PANCHAYAT TEST - I PAPER, PANCHAYAT TEST - II PAPER , LOCAL FUND AUDIT - LOWER - II PAPER, LAWS RELATING TO MOTOR VEHICLES - II PAPER, KERALA STATE PROBATION TEST - PART I - II PAPER, KERALA STATE PROBATION TEST - PART I - I PAPER, FOREST TEST - FOR CLERICAL AND PROTECTIVE STAFF - II PAPER, EXCISE TEST - PART A - II PAPER, CIVIL JUDICIAL TEST - II PAPER, AGRICULTURAL INCOME TAX AND SALES TAX - II PAPER, SECRETARIAT MANUAL, KPSC OFFICE MANUAL, DISTRICT OFFICE MANUAL, CIVIL JUDICIAL TEST - I PAPER, REVENUE TEST - I PAPER, KERALA REGISTRATION TEST PART I - I PAPER, KERALA POLICE MANUAL, KERALA MUNICIPAL TEST - II PAPER, LOCAL FUND AUDIT DEPARTMENTAL TEST - LOWER - I PAPER, TEST ON LAWS RELATING TO MOTOR VEHICLES - I PAPER, KERALA JAIL OFFICERS TEST - I PAPER, EXCISE TEST- PART A - I PAPER, ACCOUNT TEST - HIGHER- PART I - I PAPER - PWD - A CODE
TDS- Self-Declaration and Documents of Eligible Deduction to DDO
All employees (both gazetted and nongazetted) whose gross salary for the current financial year exceed the income tax basic exemption limit (Rs.2,50,000/- for F.Y 2015-16) are requested to submit a declaration/statement of their final income tax liability along with supporting documents with regard to their savings, investments or sums qualified for deduction or exemption under salaries to their respective DDO s on or before 10/02/2016 without fail.
The tax liability of those who wouldn't submit the self-assessment statement will be computed , without any consideration to eligible deductions, exemptions, and reliefs based on the gross salary drawn by the employee, and this shall be deducted from the salary for the month of February 2016 without any further notice. In case the employee had drawn salary from more than one employer, he /she is required to furnish details of the income received from the former employer and also tax deducted at source therefrom, in writing and duly verified by him and by the former/other employer.
Some useful TDS preparation softwares for Kerala Government and Pensioners are attached below.. Thanks to the contributors.
| Sl No | Name of the Sotware | User Guide | Date released | Developed by | Contact Details | Platform | Download |
| 1 | Tax Consultant 2016 V 1.21 |  | 05-02-2016 | Saffeeq MP (Kerala Water Authority) | www.saffeeq.com saffeeq@gmail.com | Excel | Download |
| 2 | Income Tax Calculator 2015-16 using MS Excel | Not available | 05-02-2016 | E.T. Muraleehomhan KSEB | etmuralimohan@gmail.com | Excel | Download |
| 3 | Income Tax Calculator 2015-16 for senior citizens | Not available | 05-02-2016 | E.T. Muraleehomhan KSEB | etmuralimohan@gmail.com | Excel | Download |
NB: 1. Maximum efforts has been taken by the developers for the accuracy of their software/programme. But a manual double checking is recommended.
2. You may download and use the above softwares for personal use but not to be copied or posted without prior permission, on any network computer,websites,blogs or broadcast, or published in any media.
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