The Union Budget of India is the annual budget presented by the Finance Minister in Parliament each year on the last working day of February. Key facts from the 2016 budget include a projected fiscal deficit of 3.9-3.5% and revenue deficit of 2.8-2.5%. On taxes, an infrastructure and agriculture 'cess' will be imposed and car prices will increase due to new pollution cess. Company tax will be 29% for revenue under Rs. 5 crore. The agriculture allocation totals Rs. 35,984 crore, which will support irrigation of 28.5 lakh hectares of land and organic farming of 5 lakh acres over three years.

1. UNION BUDGET 2016
TAX & AGRICULTURE -Analysis
AKSHAY N M
BBM

2. WHAT IS UNION BUDGET ?
 The Union Budget of India, also referred to as the Annual financial
statement in the Article 112 of the Constitution of India, is the annual budget
of the Republic of India. It is presented each year on the last working day of
February by the Finance Minister of India in Parliament. The budget, which is
presented by means of the Financial bill and the Appropriation bill has to be
passed by the Houses before it can come into effect on April 1, the start of
India's financial year.

3. FACTS TO BE REMEMBERED!!
Current FISCAL DEFICIT – 3.9% -3.5%
Expected REVENUE DEFICIT – 2.8%-2.5%

4. TAX
 Infrastructure and Agriculture ‘cess’ to be imposed.
 Car prices to go high.
 Pollution cess of 1 per cent on small petrol, LPG and CNG cars; 2.5
per cent on diesel cars of certain specifications; 4 per cent on
higher-end models.
 Company with revenue less than Rs. 5 crore to be taxed 29% +
surcharge.
 Limited tax compliance window from Jun 1 - Sep 30 for declaring
undisclosed income at 45% incl. surcharge and penalties.

5. TAX
 Excise 1 per cent imposed on articles of jewelry, excluding
silver.
 0.5 per cent Krishi Kalyan Cess to be levied on all services.
 Dividend in excess of Rs. 10 lakh per annum to be taxed at
additional 10 per cent.
 Excise duty raised from 10% to 15% on tobacco products
other than beedis.

6. AGRICULTURE
35,984 cr.

7. AGRICULTURE
 Total allocation for agriculture and farmer welfare at Rs 35984 crores
 28.5 lakh hectares of land will be brought under irrigation.
 5 lakh acres to be brought under organic farming over a three year period
 Rs 60,000 crore for recharging of ground water recharging as there is urgent
need to focus on drought hit areas cluster development for water
conservation.
 Dedicated irrigation fund in NABARD of Rs.20.000 cr
 Nominal premium and highest ever compensation in case of crop loss under
the PM Fasal Bima Yojna.

8. THANK YOU!!