12.44 pm: FM ends its Union Budget 2016speech. Finance Bill has been moved in Parliament Scope of e-assessment to be expanded to 7 mega cities, to simplify compliance for taxpayers: FM FM: allocates Rs 500 crore to support SC/ST, women entrepreneurs FM: Income tax dept. will expand e-sahyog to assist small taxpayers Limited tax compliance window: 45% including surcharge and penalties and immunity from prosecution: FM Penalty to be 50% of tax in income under-reporting cases, 200% in misreporting of facts: FM One time amnesty scheme for domestic taxpayers India will not resort to retrospective taxation in future: FM Govt to introduce bill to amend Companies Act for ease of doing business; to enable registration of companies in a day: FM Move towards a low tax regime with non litigious approach Excise duty on tobacco products except bidis by 10-15 per cent. SUVs and luxury cars will become more expensive. FM: Rs 900 cr provided to buffer fund created to moderate prices of pulses Clean energy cess to be renamed to clean environment cess: FM Krishi Kalyan Cess to be imposed on all taxable services for agricultural sector: FM Fiscal deficit target 3.5% for FY 2016-'17: FM Krishi Kalyan Cess of 0.5% on all taxable services: FM Services provided by EPFO exempted from service tax: FM Earlier 12%, now on 15% - surcharge on income tax for those with incomes exceeding Rs 1 crore per annum: FM Proposes additional tax benefit for first time home buyer: FM For tax payers earning below Rs 5 lakh, ceiling on tax rebate increased by Rs 3,000: Jaitley To lessen burden on individuals with income not exceeding 5 lakh, I propose sealing of tax rebate under sec 87A from 2000 to Rs5000: Jaitley Incentives for new manufacturing companies and smaller enterprise companies: FM 100% deduction for profits of undertakings from housing projects in cities during Jun '16 - Mar '19: FM HRA deduction up from 24,000 to 60,000 per annum: FM Service tax exempted for general insurance schemes under Niramayi Swasthya Bima Yojana: FM Govt to allow 100 per cent FDI through FIPB in marketing of food products produced and manufactured in India Govt to bring new policy for strategic sale of CPSE assets More FDI reforms proposed in insurance, pension, asset restructuring companies and stock markets FM: A new credit rating system for infrastructure will be developed A Public Utility Resolution of Disputes Bill to be passed to solve problems in infrastructure contracts, PPP and public utilities Govt preparing a comprehensive plan for nuclear power generation and allocation could be up to Rs 3,000 crore per annum Govt considering to provide calibrated market freedom to new gas production from deep sea, ultra deep sea to boost stagnant domestic output Abolition of permit law will be our medium-term goal in public transport Shopping malls to be allowed to open on all seven days of week; a model shops and establishment bill to be circulated to states 85 pc of stuck road projects have been put back on track; highest ever contracts awarded in current fiscal Govt to pay 8.33 percent towards employee pension fund FM: 62 new Navodaya vidyalayas to be opened in next two years Govt to provide Rs 500 crore for Stand Up India scheme: Around 160 airports and airstrips can be revived. Use of technology to create accountability A new health protection scheme to provide cover up to Rs one lakh per family; top up of Rs 35,000 for people above 60 years: FM Rs 25,000 crore for recapitalization of public sector banks: FM Arun Jaitley is now talking about IT-enabled govt processes for ease of doing business Public Money should reach the poor and deserving without any leakage: FM Amount sanctioned under PM Mudra Yojana has reached Rs.1 lakh crore to cover 2.5 crore borrowers by Feb, 2016: FM Govt stands firmly behind public sector banks: Jaitley Banking Board Bureau will be operationalized, we stand solidly behind public sector banks: FM Financial data management centre for integrated data collection and analysis: FM RBI Act being amended to provide statutory basis for monetary policy framework: FM Dept. of Disinvestment to be renamed as Dept. of Investment and Public Asset Management: FM A new policy for management of assets of public enterprises: FM 100% FDI through FAPB route in marketing of food products produced and manufactured in India: FM Govt is drawing a comprehensive plan to be implemented in the next 15-20 years for exploiting Nuclear energy:FM Total allocation to road sector including PMGSY: Rs. 97,000 crores 85% of stalled road projects back on track: FM Model Shops and Establishments Bill to be circulated, for voluntary adoption by states: FM 300 generic drug stores to be opened PM Jan Aushadi Yojana: FM FM: Objective to skill 1 crore youth in the next 3 years under the PM Kaushal Vikas Yojana Govt. will pay EPF contribution of 8.33% for all new employees for 1st three years: FM Economic empowerment of SC/ST as a tribute to Dr. BR Ambedkar's 125th birth anniversary: FM National Skill Development Mission has imparted training to 76 lakh youth. 1500 Multi skill training institutes to be set up: FM Rs 1700 crore for Pradhan Mantri Kaushal Vikas Yojana FM: A digital depository for school leaving certificates A Higher Education Financing Agency to be set up, with a fund of Rs 1000 crores: FM Stand Up India scheme allocated Rs 500 crores for SC, ST and women entrepreneurs -2 projects to be promoted per bank branch per category Appreciation for 75 lakh middle class and lower middle class for willingly giving up LPG Subsidy under govt initiative: FM FM: Duty cuts announced for dialysis equipment Total outlay for infrastructure stands at Rs. 2,21,246 crore Total allocation to road sector including PMGSY: Rs. 97,000 crore Rs 55,000 crore for roads and highways in this budget Rs 9,000 crore allocated for Swacch Bharat Abhiyan FM: Govt to develop 300 ‘rurban’ clusters Aim to double farmers’ income by 2022 World Economic Forum says India’s growth is extraordinary FM: CPI inflation has come down to 5.4%. FM: GDP growth touched 7.6%. The Cabinet has cleared the Budget 2016-17. 11 a.m: Arun Jaitley begins his budget presentation