Union Budget 2016-17: Key announcements by FM Jaitley

Income tax slabs to remain unchanged
Finance minister Arun Jaitley kept the income tax slabs unchanged for the next fiscal year in Union Budget 2016-17. Meanwhile, ceiling of tax rebate for tax payers with up to Rs 5 lakh annual income is proposed to be raised to Rs 5,000 from Rs 2,000 currently. This relief will Rs 3,000 per annum which will benefit 1 crore tax payers.

HRA deduction limit raised to Rs 60,000
The government on Monday proposed to  raise the HRA deduction under section 80 GG to Rs 60,000 per annum from the current Rs 24,000 per annum limit. The step is a relief to house rent payers in the country.

Jaitley outlines 9 pillars for transforming India
Finance Minister Arun Jaitley on Monday listed 'nine pillars' including tax reforms, promoting ease of doing business and ensuring fiscal discipline, that will transform India. As Jaitley tabled Budget 2016, he also outlined NDA government's top four priorities for fiscal year 2016-17 that will set the tone of Indian economy going forward: Farm, social, infrastructure and banks.

Budget 2016-17: Expenditure on social, rural and agri sectors to be raised
Finance minister Arun Jaitley on Monday said the govt would enhance expenditure for social, rural and agriculture sector. Delivering the speech for Budget 2016-17 in Parliament, Jaitley said the government is launching a new initiative to provide cooking gas to BPL families with state support.