Congress on Monday criticised the Union budget saying it has failed to create an “immediate stimulus” to address challenges of employment generation and agriculture sector. “This is a budget of future clarifications. There is no immediate stimulus to create disposable income in the hands of people or to generate employment. “Unfortunately, what was needed to be done has not been done. Biggest challenge which we face today is in employment and agriculture sectors. There is not anything on that,” Congress leader Kamal Nath said.
Finance Minister Arun Jaitley on Monday presented in Parliament the Union Budget 2016-17 in which no change in personal Income Tax slabs has been done while a 4-month Compliance Window for domestic black money holders has been given. The budget has also given relief to tax payers who earn below Rs. 5 lakh per annum and ceiling of rebate u/s 87A has been raised to Rs. 5,000 from Rs. 2,000. Mr. Jaitley also announced that a high-level committee headed by the Revenue Secretary will oversee creation of fresh liability using retro tax law while clean energy cess has been increased from Rs. 200/ton to 400/ton on coal, lignite and peat