Download PDF- Highlights of Union Budget 2017
All
taxpayers above 5 lakh rupees to get benefit of 12,500 rupees across the board.
No corporate
tax reduction for large companies.
5% TDS On
Insurance Agents Removed.
A single one-page
form for filing IT returns for taxable income up to 5 lakh rupees.
Tax on
income from 2.5 lakh to 5 lakh reduced from 10 per cent to 5 per cent.
Amendment to
RBI Act proposed to enable electoral bonds.
Time period
of revising tax return to be reduced to 12 months.
No proposal
to withdraw MAT. However, carry-forward to be extended to 15 years from 10,
says FM Jaitley.
Political
parties will be entitled to receive donations in cheque or digital payment,
every political party to file IT returns.
Total
expenditure for 2017-18 at Rs 21,47,000 crore, Capital expenditure up by 25.4%
over previous year.
Political
Funding: Maximum amount of cash donations any political party can receive wil
be Rs 2000 from any one source.
No
transaction above Rs 3 lakhs to be permitted in cash.
Tax rate for
companies with an annual turnover up to 50 crores to be reduced to 25%, to
strengthen MSME sector.
Basic
customs duty on LNG to be reduced from 5% to 2.5%.
To protect
the poor from chit fund schemes, draft bill placed in public domain.
To make
MSMEs more viable, income tax for smaller companies to be reduced.
Profit
linked deduction available to Startups for 3 years out of 5 years will be
available for 3 years out of 7 years.
Capital
gains tax to be exempted,for persons holding land from which land was pooled
for creation of state capital of Telangana.
Holding
period for gain from immovable property reduced to two years.
Net Tax
Revenue Growth At 17% For Last 2 Years.
Abolished
Foreign Investment Promotion Board (FIPB).
Because of
efforts made by the government, growth in personal income tax at 34% in first 3
quarter of the year.
Revenue
Deficit target at 1.9% of GDP.
1.95 crore
individuals showed income between Rs 2.5 lakh to Rs 5 lakh.
As against
4.2 cr people working in organised sector, only 1.74 cr file annual tax
returns.
Only 1.72
lakh showed income above Rs 50 lakh, says Arun Jaitley.
Aadhar-enabled
payment system AadharPay to be launched.
Fiscal deficit
pegged at 3.2 percent of GDP.
Defence
allocation of Rs 2.74 lakh crore.
Pradhan
Mantri Kaushal Kendras to be extended to more than 600 districts across the
country: FM.
State run
companies like IRCON and IRCTC to be listed in markets.
Total
resource transfer to States and UTs with legislature at Rs 4.11 lakh crore up
from Rs 3.6 lakh crore in BE 16-17.
Total
allocation for rural, agricultural & allied sectors for 2017-18 a record
1,87,223 cr, up by 24%.
Total
expenditure of this year's budget is 21 lakh 47 thousand crore rupees.
Innovation
Fund for secondary education to be created.
Web based
pension distribution system for defense pensioners.
Road sector
budget increased from 57,676 cr rupees in 2016-17 to 64,900 crore rupees in
2017-18.
Centralised
Defense Travel System has been designed to allow defense personnel to book
tickets online.
20 lakh
Aadhaar-based swipe machines by 2020.
Proposal to
step up allocation for PMAY Gramin from 15,000 crore to 23,000 crore in next
yr.
Rs 2000 Cr
announced for coastal road connectivity, essentially to enhance connectivity to
ports & coastal villages.
Delhi and
Jaipur to have solid waste management plants and five more to be set up later.
19,000 crore
in 2017-18 for PMGSY; together with contribution from states, 27,000 crore to
be spent.
Lending
target under MUDRA to be doubled to Rs 2,44,000 crore.
The Airport
Authority Act will be amended to monetise airport land.
To be
eliminated Kala Azar & Filariasis by 2017, Leprosy by 2018, Measles by 2020
& Tuberculosis by 2025.
During
2017-18, another 5 lakh ponds to be constructed, for drought-proofing.
Rs 10,000
crore for recapitalisation of banks.
3.5 Crore
youth will be trained under Sankalp program launched by the government.
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