2016 Union budget of India
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| Submitted by | Arun Jaitley, Finance Minister |
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| Presented | 29 February 2016 |
| Parliament | Indian Parliament |
| Party | Bhartiya Janta Party |
| Website | http://indiabudget.nic.in |
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2016 Union budget of India is the annual financial statement of India for the fiscal year 2016 - 2017. It was presented before the parliament on 29 February 2016 by the Finance Minister of India, Arun Jaitley. The printing of the budget documents began with a traditional Halwa ceremony on 19 February 2016. For Budget 2016-17, the government invited suggestions from citizens through Twitter for the first time, even conducting a series of polls to gauge public priorities and expectations from the Budget.
₹10.6 billion (US$170 million) revenue loss through direct tax proposals, and ₹206.7 billion (US$3.2 billion) revenue gain through indirect tax proposals. Revenue gain of ₹196 billion (US$3.1 billion) in Union Budget 2016 proposals. Surcharge was increased from 12% to 15% on tax on all incomes above ₹1 crore (US$160,000) and those earning dividend of over ₹10 lakh (US$16,000) per annum will now have to pay tax on it. Monetary limit for deciding an appeal by a single member Bench of ITAT enhanced from ₹15 lakh (US$23,000) to ₹50 lakh (US$78,000).STT (Securities Transaction Tax) was retained at 0.1% for delivery based equiities.
Complete list of allocations and receipts can be found on the official site
Opposition member and former Prime Minister of India, Dr. Manmohan Singh termed it a "mixed bag Budget" with no big idea.
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