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Wednesday, February 1, 2017

Union Budget 2017-18 by Arun Jaitely

The union finance minister Arun Jaitley presented Union Budget 2017 on Wednesday, that focused mainly on the farming sector, the rural population, the youth, poor and underprivileged health care, infrastructure, the financial sector, public services and tax administration for the honest and the measures to push India towards a digital economy.

Here are the highlights of his budget speech :

- The demonetisation is a bold and the decisive measure that will lead to the higher GDP growth.
- Rs.10 lakh crore is allocated as the credit to the farmers, with 60 days interest waiver.
- The NABARD fund will be increased to the Rs.40,000 crore.
- The government will set up the mini labs in Krishi Vigyan Kendras for the soil testing.
- Micro Irrigation fund will be set up for the NABARD with Rs.5,000 crore initial corpus.
- 1 crores houses will be built for homeless for in rural areas.
- Rs.19,000 crore will be allocated for the Pradhan Mantri Gram Sadak Yojana in 2017-2018.
- 100 India International centres will be set up across the country under skill India mission.
- Mahila Shakthi Kendras will get Rs.500 crore.
- Rs.6000 will be given to pregnant women under the nationwide scheme.
- Two AIIMS will be set up in the Jharkhand and Gujrat.
- Rs.52,393 crore will be allocated to Schedule Castes.
- The infrastructure will have Rs.39,61,354 crore.
- Rs.1,31,000 crore will be allocated to the railway.
- There will be no any service charge on the ticket booked through IRCTC.
- All the train will have bio-toilets by 2019.
- New metro rail policy will be announced with the new modes of financing.
- 1,50,000 gram panchayats will get high speed internet.
- The trade infra export scheme will be launched in 2017-18.
- The two shcemes one referral bonus for the users and second cash back for the traders will be introduced to promote BHIM App.
- The shares of IRCTC will be listed on stock exchanges.
- The government will abolished foreign investment promotion board.
- The 2017-18 fiscal deficit pegged at 3.2% of the GDP. The government will set target to achieve 3% in the next year.
- The political parties can only accept maximum cash donation of Rs.2,000 from any one source. It can receive donations by cheque or digital mode from the donors.
- The defence sector will be allocated Rs.2.74,114 crore.
- The small companies with a turnover of upto Rs.50 crore will get tax reduction in their tax.
-The Income Tax Act will be amended so that no transaction above Rs.3 lakh is permitted in cash in the company.
- The tax rate for the individuals between Rs.2.5-Rs.5 lakh is reduced to 5% from 10%.
- The people filing I-T returns for the first time will not be scrutinized by the government.
- The individual between Rs.50 lakh and upto Rs.1 crore will have to pay 10% surcharge to make up for Rs.15,000 crore loss due to the cut in personal I-T rate.

Income Tax Slab :


Income
Tax rate
Individual tax payers
Up to Rs 2,50,000
No tax
Rs 2,50,001 to Rs 5,00,000
5%
Rs 5,00,001 – 10,00,000
20%
More than Rs 10,00,000
30%
Senior citizens who are 60 years old and above but less than 80 years
Up to Rs 3,00,000
No tax


(Surcharge of 10 per cent on income of all individuals above Rs 50 lakh and less than Rs 1 crore and surcharge of 15 per cent on income above Rs 1 crore).

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