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The news related to economy, their key persons and business, focusing SMEs and are covered. The futuristic views or opinions of government officials are usually not incorporated; however a reputed institution’s independent views are well received. Impact of business policy initiation, notification, circulars or govt. reports is given preference.

Petrol Rs. 64.47 Diesel Rs. 50.25 Gold Rs. 29467/- USD/INR 68.43

Fast Facts of Indian Railway World’s longest railway platform - Gorakhpur, measuring 1.35 KM. Busiest railway station – 974 trains – Howrah 1st rail tunnel – 1865 – Thane 4th Largest railroad network – 64,000 KM 19K trains run every day. 7.2K Stations. 23M passengers, 1.3M tons fright every day. 1.7M employees. Revenue 1.58 lacs crores.

Rail Budget highlights No change in train fares. Antyoday express, Humsafar, Tejas & Uday – introduced as new trains 65K additional berths, 30K bio-toilets to be provided Service of “Clean my coach” to be provided. Smart coaches with improved design, capacity and amenities

Senior citizens’ quota to be increased by 50%. Rail Mitra Seva will be provided for old and disabled passengers. Development of 400 stations through PPP. Major stations to be brought under CCTV. A1 stations will be provided Station directors. High tech screens at 2K stations. 2.5K Water vending machines.

Coolies will be called Sahayyak and they will provided new uniforms & trained soft skills. Automatic ticket vending machines, cashless ticket purchase, bar coded tickets, increase in e-ticketing and ticket cancellation system E-catering services will be expanded, Janani Seva with children’s menu items Wi-fi will be provided to 400 stations Optional rail travel insurance at booking.

Finance Budget highlights 9 pillars to transform India - Agriculture, Rural, Social, Education, Infrastructure, Financial, Governance, Prudence in Government finance, Tax reforms. No change in individual taxation. New manufacturing companies incorporated after 01.03.2016 has option of 25% I. Tax. Small enterprises to have lower I. Tax @ 29% Start ups to have 100% tax exemption for 3 years. MAT will be applicable.

1 day Registration of companies. Rs. 25,000 Crores for banks rehabilitation. 100% FDI in food processing industry. LTCG on unlisted securities are limited to 2 years. Withdrawal of 40% corpus during retirement will be tax-free. 100% tax deduction for companies building houses up to 30 sq. mtrs.

Service tax exemption for construction of affordable housing up to 60 sq. mtrs. 1st time Home buyers get Rs. 50K interest on loan upto 35 lacs, if the property value not exceeds Rs. 50 lacs. STT on options is increased to 0.05% Krishi Kalyan Cess @ 0.5% on all taxable services w.e.f. 01/06/2016. Infra Cess @ 1%, 2% & 4% resp. on petrol- gas, diesel cars and SUVs.

Excise duty on tobacco products other than Bidi raised to 15%. Dividend on individuals over 10 lacs will be taxed. Deduction u/s 80JJAA now applicable to all. Govt. to contribute 8.33% for all new enrollments in EPFO. TDS @ 1% on purchase of luxury cars exceeding Rs. 10 lacs+ and goods/ services exceeding Rs. 2 lacs+. 13cesses by various ministries, to be abolished.

Presumptive taxation of turnover limit u/s 44AD is raised to Rs Presumptive taxation of turnover limit u/s 44AD is raised to Rs. 2 crores. Extended the scheme to professionals with 50% profit and Rs. 50 lacs turnover. Ceiling of tax rebate increased to Rs. 5K for incomes not exceeding Rs. 5 lacs. Deduction of rent paid u/s 80GG, is increased to Rs. 60K.

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