Govt seeks public comments for Budget 2016-17

Government has invited suggestions from the public for 2016-17 Budget in its bid to make the exercise more broad-based.
Citizen ideas and proposals, expressed on MyGov, had found a place in the Union and Rail Budgets 2015-16, an official statement said.
The suggestions and views for Union Budget 2016-17 can be posted on https://bsmedia.business-standard.commygov.Nic.In portal.
The preparations for the next Budget have already started.
In the run-up to the budget, the government holds discussions with various stakeholders like trade unions, economists, industry representatives and social sector activists.
The annual financial statement, which lays out the government's taxation proposals and expenditure plans for the fiscal, is generally presented on the last working day of February.

Finance Minister Arun Jaitley's Budget team comprises Minister of State for Finance Jayant Sinha, Chief Economic Advisor Arvind Subramanian and NITI Aayog vice chairman Arvind Panagariya.

In a bid to shore up the economy hit by global slowdown,
the Budget proposes a 15.3 per cent higher expenditure at Rs 19.78 lakh crore in 2016-17, consisting of Rs 5.50 lakh crore under Plan and Rs 14.28 lakh crore under non-Plan.
The Budget provides an outlay of Rs 162,759 crore for defence in 2016-17, up by 13 per cent from Rs 143,236 crore in the revised estimates for the current year. Capital expenditure on defence has been put at Rs 86,340 crore against Rs 81,400 crore in the current year's revised estimates.

Interest payment will account of Rs 492,670 crore against Rs 442,620 crore. Subsidies will marginally lower at Rs 250,433 crore as opposed to Rs 257,801 crore in the revised estimates.
In relief to small tax payers, the Budget proposes to raise the ceiling of tax rebate under Section 87(A) from Rs 2000 to Rs 3000 for incomes not exceeding Rs 5 lakh per annum. There are two crore tax payers in this category who would get a relief of Rs 3000 in their tax liability.
Those who do not have house of their own and do not get house rent allowance from employers will get a deduction of Rs 60,000 per year as against existing Rs 24,000.

First time home buyers will get a deduction of an additional interest of Rs 50,000 per annum for loan upto Rs 35 lakh, during 2016-17, provided the house value does not exceed Rs 50 lakh.
The Budget proposes to extend the presumptive taxation scheme to professionals with gross receipt up to Rs 50 lakh with the presumption of profit being half of the gross receipt.