Budget 2016 disappoints
Professional Tax Payers has been disappointed once again with Finance Minister Arun Jaitley’s Union Budget. He did not make any changes to the Tax exemption slabs except increasing House Rent Allowance to 60000 per annum.
Aiming to double farmer’s income by 2022, the minister also announced an allocation of nearly Rs 36,000 crore for the farm sector while raising the Agri-credit target to Rs 9 lakh crores for the next. He also allocated Rs 15,000 crore for interest subvention on the farm credit, Rs 5,500 crore for the new crop insurance scheme and Rs 500 crore to boost pulses output.
The finance minister announced an additional 50000 deduction on house loans for house up to 50 Lakh and loan up to 35 Lakh. Also the car buyers will be burdened by additional cess imposed. Diesel cars will cost more. The Finance Minister introduced a new 0.05% Krushi cess which takes the Service Tax hiked to 14.55% which makes mobile bill payments, Internet, DTH, Restaurants etc.