New Delhi: Union Finance Minister Arun Jaitley, who presented his third India’s budget for 2016-17, announced  Increased allocation of Rs.1,80,000 crore under PM MUDRA Yojana.

He also said that the government is committed to provide  a stable  and predictable taxation regime.

While presenting the budget, Jaitley added that Market Stabilization Fund for Pulses gets Rs.900 crore whereas Fiscal deficit for 2016-17 aimed at 3.5 percent.

Jaitley also provide relief to those living in rented houses: Deduction raised from Rs.24,000 to Rs.60,000 under Section 88G.

He further added that Plan, Non-Plan distinction to be removed from 2017-18.

Jaitley also raised the tax ceiling from Rs.2,000 to Rs.5,000 for the people having an income below Rs.5 lakh per annum.

Government is committed to implementing General Anti-Avoidance Rules (GAAR) from April 1, 2017, says Jaitley.

To reduce multiplicity of taxes and cascading, 13 taxes with collections of less than Rs.50 crore a year abolished, the finance minister said.

Jaitley also assures that Income tax deptartment will expand e-sahyog to assist small taxpayers while Scope of e-assessment to be expanded to seven mega cities to simplify compliance for taxpayers.

Taxation proposals to increase government revenue by Rs.19,610 crore, he added.

Penalty to be 50 percent of tax in income under-reporting cases, 200 percent in misreporting of facts.

Tax arrears can be paid in lieu of interest liabilities in retrospective taxation cases. Direct Benefit Transfer in fertilisers on pilot basis in few districts.

Limited tax compliance window from June 1 – September 30 for declaring undisclosed income at 45 percent including surcharge and penalties

Clean energy cess increased from Rs.200/tonne to Rs.400/tonne on coal, lignite and peat

*Moving towards a low tax regime with non-litigious approach.