- Personal Income Tax for Rs 2.5-5 lakh bracket reduced to 5%.
- Political donations capped at Rs 2000 from one single source.
- No cash transactions above Rs 3 lakh will be permitted.
- No service charge on rail e-tickets from 1 April.
- Mixed reactions from experts and business bigwigs to the Budget.
- Sensex, Nifty cheer at FM Arun Jaitley’s Budget.
- The finance minister presented an ‘uttam’ Budget devoted to the poor, says PM Modi.
- Demonetisation was a bold strike in a series of measures to arrive at a bigger, cleaner and real GDP, says FM.
- Despite protests by Congress, LS Speaker allows Budget presentation.
- Budget presentation kicks off with an obituary reference for late MP E Ahamed.
'Affordable Housing to All'
Under the scheme for profit-linked income tax deduction for promotion of affordable housing, carpet area instead of built up area of 30 and 60 Sq.mtr. will be counted. The 30 Sq.mtr. limit will apply only in case of municipal limits of 4 metropolitan cities while for the rest of the country including in the peripheral areas of metros, limit of 60 Sq.mtr. will apply.
For builders for whom constructed buildings are stock-in-trade, tax on notional rental income will only apply after one year of the end of the year in which completion certificate is received
Clueless, Useless, Baseless Budget: Mamata Banerjee
West Bengal Chief Minister Mamata Banerjee tweet-stormed against the Budget announcement to express her disapproval.
Excise Duty on Cigarettes Hiked by 6% Across All Lengths
Finance Minister Arun Jaitley hiked excise duty on cigarettes of all lengths by 6 percent, but below the market expectations.
Excise duty on non-filter cigarettes of length not exceeding 65 mm raised to Rs 311 per thousand from Rs 215 per thousand.
Excise duty on pan masala containing tobacco (Gutkha) raised to 12% from 10%.