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Budget'16 brings tax breaks for start-ups, investment in rural development

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Budget'16 brings tax breaks for start-ups, investment in rural development

Finance Minister Arun Jaitley, presented his third budget today in the parliament. A pro-poor and pro-rural budget, there was ample indication that initiatives like Make In India, Start Up India and Stand Up India had been given high priority in the budget.

Some of the key highlights of Budget 2016 include:

* No change in income tax labs

* New manufacturing companies registered post March 01, 2016 will be given option of tax 25 per cent plus surcharge + cess

* Start-ups to get 100 per cent tax exemption, except MAT, for 3 years  in first 5 years

* Ammendment to Companies Act proposed for ease of doing business and to enable registration of companies in a day

* Proposal to reduce corporate tax rate to 29 per cent (plus surchage + CESS)from next financial year for companies with turnover of less than Rs 5 crore

* Digital literacy scheme to encompass 6 crore new, rural households

* 100 per cent FDI (through FIPB) for marketing of food products produced and manufactuered in India

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