2016 Union budget of India

The 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.

Key points
inr 10600000000 revenue loss through direct tax proposals, and inr 206700000000 revenue gain through indirect tax proposals. Revenue gain of inr 196000000000 in Union Budget 2016 proposals. Surcharge was increased from 12% to 15% on tax on all incomes above inr 10000000 and those earning dividend of over inr 1000000 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 inr 1500000 to inr 5000000. STT (Securities Transaction Tax) was retained at 0.1% for delivery based equities.

Allocations

 * inr 9000000000 fora buffer stock of pulses.
 * inr 773830000000 to the home ministry of which inr 674080000000 is under non-plan and inr 99750000000 under plan heads.
 * inr 360000000000 for agriculture and farmer welfare
 * inr 880000000000 towards rural development
 * inr 2210000000000 for roads, railways and other facilities
 * inr 210000000000 was allocated to the Urban Development Ministry, while Housing and Poverty Alleviation got inr 54000000000.

Complete list of allocations and receipts can be found on the official site.

Reactions
Opposition member and former Prime Minister of India, Dr. Manmohan Singh termed it a "mixed bag Budget" with no big idea.