Union Budget 2016: Jaitley focuses on rural and farm sectors

Submitted by alvin on Mon, 2016-02-29 13:20 New Delhi: Finance Minister Arun Jaitley on Monday presented the 2016-17 annual budget with focus on farming and rural sector.Jaitley listed out the nine pillars on which the budget stood on: farmer welfare, rural sector, social sector, education skills, infrastructure, financial reforms, ease of doing business, fiscal discipline and tax reform.The finance minister set an ambitious target of doubling farmers’ income by 2022. The minister has also allocated a sum of nearly Rs36,000 crore for the farm sector while raising the agri-credit target to Rs9 lakh crore for the next fiscal. Below are the key takeaways from Jaitley's budget:Highlights from the budget:1) For people living in rented houses, HRA deduction increased to Rs 60,000 per annum. 2) Ceiling of tax rebate for tax payers with up to Rs 5 lakh annual income to be raised to Rs 5000 from Rs 20003) Relief of Rs3000 per year to taxpayers with income below Rs. 5 Lakh per year;1 cr tax payers to benefit.4) Deduction for rent payers raised from Rs 20,000 to Rs 60,000 to benefit those living in rented houses.5) Suitable changes to be made in customs