Union Budget 2016-17 News

Finance Ministry on Thursday said it refrained from reducing the corporate tax rate by 1 percent in 2016-17 Budget as it would have resulted in revenue sacrifice of Rs 15,000 crore and impacted the fiscal consolidation programme.  

Opening another front against the Modi government, Congress vice president Rahul Gandhi, Thursday, demanded that the proposal to tax Employees' Provident Fund (EPF) should be withdrawn.

The price increase would be between 3 percent and 5 percent depending on the model, leading to a price hike between Rs 1 lakh and Rs 5 lakh.

The budget is not likely to "fire" the market or the mood, Citigroup said in a research report, maintaining a positive view on India with an year-end Sensex target of 27,200.

Revenue Secretary Hasmukh Adhia on Tuesday said that Public Provident Fund (PPF) contributions will continue to be tax exempt.

FM Jaitley's Budget announcement certainly has some good news for people earning less than or equal to Rs 5 lakh.

American companies, either having a foothold or planning to set foot in India, are bullish on the latest budget presented by the Modi government, business advocacy group USIBC has said.

Possibly too keenly aware of the BJP being seen as corporate friendly and, possibly, deriving lessons from the Bihar drubbing, the government has most conspicuously given an agri and rural push.

Opposition on Monday dubbed as "mere rhetoric" projection of the budget as pro-poor and said government will not be able to "fool" farmers with "hollow promises".

For every rupee in the government coffer, 21 paise will come from market borrowing in 2016-17, while 19 paise would be spent towards interest payment.

Praising the Indian Budget, NRI industrialist Lord Swraj Paul on Monday said that it had got its priorities right by focussing on the rural sector and those less well-off.

Currently, capital gains tax is levied on consolidation or merger of multiple plans within a mutual fund (MF) scheme.

The government on Monday allocated about Rs 7,296 crore for two central schemes -- Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and 'Smart Cities' Mission.

Here are the highlights of the Union Budget for 2016-17 (Apr-Mar), presented by Finance Minister Arun Jaitley in the Lok Sabha.

First time home buyers will get a deduction of an additional interest of Rs 50,000 per annum for loan upto Rs 35 lakh, during 2016-17, provided the house value does not exceed Rs 50 lakh.

Budget 2016 will fool neither farmers nor the poor of this country, feels Rahul Gandhi.