New Delhi, Feb. 23 (ANI): With the Budget Session having commenced on Tuesday, the nation already has their eyes trained on the government hoping for a Budget that will be affable and amenable to the common man.
Here is a throwback to the Budget’s announced in the past five years:
• The budget was presented on 28 February by Finance Minister Arun Jaitley
• There was no change in income tax slabs of individuals. The wealth tax was abolished.
• Salaried employees were given the choice between Employees’ Provident Fund and National Pension Scheme as their pension fund
• The service tax rate was raised from 12.36% to 14%
• A Swachh Bharat cess was announced, under which 2% will be added on select services.
• The excise duty on cigarettes was increased by 25%. The excise on cut tobacco was raised from Rs 60 to Rs70 per kg.
• The states of Bihar and West Bengal were given special assistance packages from the centre
• Prime Minister Narendra Modi party called the budget progressive and positive.
• Former Finance Minister P. Chidambaram said the budget appeases taxpayers and corporates but ignores the poor.
• The Railway budget was presented by the Railway Minister Suresh Prabhu in the Parliament on 26 February.
• The Budget of India for 2014-2015 was presented by Finance Minister Arun Jaitley on 10 July.
• This was the first budget of the Prime Minister Narendra Modi led NDA Government
• Rupees 70.6 billion provided for the development of Smart Cities
• Five new IITs and IIMs and four new AIIMS announced
• FDI cap in Defense and Insurance sector increased to 49% from 26%
• No changes in personal income tax slabs. But tax exemption limit has been increased to Rs250,000 from Rs200,000 for those below the age of 60.
• Former prime minister Manmohan Singh reacted on budget saying that “Budget lacks road-maps”
• The Union Budget of for 2013-2014 was presented by Finance Minister P. Chidambaram on 28 February.
• Planned defence expenditure of Rs. 203000 crore
• Rs. 3511 crore allocated to Minority Affairs Ministry.
• Allocation of Rs. 1000 crore (US$150 million) for Nirbhaya Fund to empower women and increase their safety
• Surcharges on the highly paid personnel (10% above whose income exceeding Rs10 million per year
• No changes in personal income tax slabs. But a special redemption of Rs. 2,000 has been given for income group between Rs. 2 to 5 Lakhs.
• Union Budget for the year 2012-2013 was presented by Finance Minister Pranab Mukherjee on March 16.
• Introduction of amendments to the FRBM Act as part of Finance Bill, 2012.
• Budgetary allocation for rural drinking water and sanitation increased from ‘11,000 crore to ‘14,000 crore representing an increase of over 27 per cent.
• National Urban Health Mission launched.
• Pradhan Mantri Swasthya Suraksha Yojana being expanded to cover upgradation of 7 more Government medical colleges
• During Twelfth Plan period, investment in infrastructure to go up to ’50 lakh crore with half of this, expected from private sector.
• GDP growth estimated at 6.9 per cent in real terms in 2011-12. Slowdown in comparison to preceding two years is primarily due to deceleration in industrial growth.
• The Union Budget for 2011-2012 was presented by, Finance Minister Pranab Mukherjee on 28 February.
• Individual income tax exempt slab increased from Rs 160,000 to Rs 180,000.
• Targets: To keep inflation at 5%, fiscal deficit at 4.6% while fiscal deficit for previous year was 5.1%, revenue deficit at 1.8%.Indian economy expected to grow at 9%.
• Govt provides subsidy on food, electricity to provide for the common man
• Govt puts into operation 5-point agenda with legislation to curb black money, 11 tax information exchange treaty signed.
• 80 years above will come under very senior citizen – a new category with tax exemption up to Rs 500,000
• Defence budget hiked to Rs1640 billion
• The qualifying age limit for senior citizens has been lowered from 60 years to 65 years and increased the current exemption limit under two categories.
What to expect from Budget 2016:
• Increase in basic exemption limit.
• The investment limit should be revised and increased.
• Salaried people hope for hike in limit of taxable interest earned from savings accounts.
• Increase in exemption limits on medical treatment under income tax.
• Re-introducing the standard deduction for salaried class.
The Railway Budget 2016 will be announced on 25th February and the Union Budget will be announced on February 29th. (ANI)