Professional Documents
Culture Documents
Important reforms
a) Provide statutory back to AADHAR card to ensure benefits reach the
deserving.
b) Incentivising gas discovery and exploration by providing calibrated marketing
freedom.
c) Introduce comprehensive law to deal with resolution of financial firms.
d) Provide legal framework for dispute resolution and negotiations.
MAJOR REFORMS IN INSURANCE AND BANKING
1. A long term irrigation fund of Rs 20,000 cr to be created in NABARD.
2. Increased allocation to Rs. 19,000 cr under Pradhan Mantri Gram Sadal
Yajana and Rs. 5,500 cr under Pradhan Mantri Fasal Bima Yojana.
3. Concept of Soil Health Cards to cover 14cr farm holdings by March 2017
SOCIAL SECTOR
DEVELOPMENT
i.
ii.
iii.
iv.
v.
INCLUDING
HEALTH
CARE
&
SKILLS
FINANCIAL SECTOR
i.
ii.
iii.
FISCAL DISCIPLINE
i.
ii.
iii.
Raise the ceiling of tax rebate under section 87A from Rs 2000 to Rs
5000 to lessen tax burden on individuals with income upto Rs 5lakhs.
Increase the limit of deduction of rent paid under section 80GG from Rs
24000 per annum to Rs 60000, to provide relief to those who live in
rented houses.
iii.
Companies with revenue less than Rs. 5crores to be taxed at 29% plus
surcharge and cess
iv.
Addition exemption of Rs 50,000 for interest paid on housing loans up to
Rs 35lakhs, provided cost of house is not above Rs. 50lakhs.
v. Non-banking financial companies shall be eligible for deduction to
the extent of 5% of its income in respect of provision for bad and
doubtful debts.
vi.
10% tax on dividends in excess of Rs. 10lakhs received by individuals,
HUFs that will be in addition to DDT.
vii. Withdrawal up to 40% of the corpus at the time of retirement to be
tax exempt in the case of National Pension Scheme (NPS).
Annuity fund which goes to legal heir will not be taxable.
viii. Tax to be deducted at source at the rate of 1 % on purchase of
luxury cars exceeding value of Rs 10lakh and purchase of goods
and services in cash exceeding Rs 2lakh.
MAKE IN India
Changes in customs and excise duty rates on certain inputs to reduce
costs and improve competiveness of domestic industry in sectors like
Information technology hardware, capital goods, defence production,
textiles, mineral fuels & mineral oils, chemicals & petrochemicals, paper,
paperboard & newsprint, Maintenance repair and overhauling (MRO) of
aircrafts and ship repair.