Union Finance Minister Arun Jaitley presented Budget for the financial year 2017-18 in Lok Sabha Today. Here are the highlights of his budget presentation...
Fiscal Deficit for 2017-18 is estimated to be 3.2% of GDP. Whereas, Revenue Deficit stood at 1.9%. Fiscal Deficit target for 2018-19 is 3% of GDP.
Total Budget Allocation for financial year 2017-18 stood at Rs. 21.47 trillion
Only 1.74 crore out 4.2 crore employees in organized sector filing tax returns. Out of the 3.7 crore people who filed tax returns in 2015-16, There are only Rs 24 lakh individuals who had shown income above Rs 10 lakh.
Defence allocation of Rs 2.74 lakh crore
No cash transactions above Rs 3 lakh
Income Tax on annual income between Rs 2.5 to 5 lakh reduced to 5% from 10%
10% surcharge for Income between Rs. 50 lakh to 1 crore
15% surcharge for incomes over Rs. 1 crore remains
Capital Gains Tax holding period reduced from 3 years to 2 years
Cash donation to political parties limited to Rs. 2,000. Political Parties can accept donations by cheque & digital modes
Income Tax for firms with turnover up to Rs 50 crore reduced to 25%
35% increase in personal income tax post Demonetisation
20 Lakh Aadhaar-based swipe machines by 2020
Rs 10,000 crore for recapitalisation of Banks
Allocation for Highways - Rs. 64,000 crore
'Swachh Railways': All Railway Coaches to have bio-toilets by 2019.
Service Tax for bookings via IRCTC withdrawn
25 stations to be redeveloped in 2017-18
No Unmanned Railway Crossings by 2020
Allocation for Scheduled Castes - Rs 55,393 crore
Women & Child Welfare Allocation - Rs 1,84,362 crore
Rs. 48,000 crore allocation for MNREGA
100 India international Skill Centres to be set up
100% rural electrification soon
Double growth in farm income within 5 years
Foreign Investment Promotion Board abolished
New Law to confiscate assets of offenders who flee country
Fiscal Deficit for 2017-18 is estimated to be 3.2% of GDP. Whereas, Revenue Deficit stood at 1.9%. Fiscal Deficit target for 2018-19 is 3% of GDP.
Total Budget Allocation for financial year 2017-18 stood at Rs. 21.47 trillion
Only 1.74 crore out 4.2 crore employees in organized sector filing tax returns. Out of the 3.7 crore people who filed tax returns in 2015-16, There are only Rs 24 lakh individuals who had shown income above Rs 10 lakh.
Defence allocation of Rs 2.74 lakh crore
No cash transactions above Rs 3 lakh
Income Tax on annual income between Rs 2.5 to 5 lakh reduced to 5% from 10%
10% surcharge for Income between Rs. 50 lakh to 1 crore
15% surcharge for incomes over Rs. 1 crore remains
Capital Gains Tax holding period reduced from 3 years to 2 years
Cash donation to political parties limited to Rs. 2,000. Political Parties can accept donations by cheque & digital modes
Income Tax for firms with turnover up to Rs 50 crore reduced to 25%
35% increase in personal income tax post Demonetisation
20 Lakh Aadhaar-based swipe machines by 2020
Rs 10,000 crore for recapitalisation of Banks
Allocation for Highways - Rs. 64,000 crore
'Swachh Railways': All Railway Coaches to have bio-toilets by 2019.
Service Tax for bookings via IRCTC withdrawn
25 stations to be redeveloped in 2017-18
No Unmanned Railway Crossings by 2020
Allocation for Scheduled Castes - Rs 55,393 crore
Women & Child Welfare Allocation - Rs 1,84,362 crore
Rs. 48,000 crore allocation for MNREGA
100 India international Skill Centres to be set up
100% rural electrification soon
Double growth in farm income within 5 years
Foreign Investment Promotion Board abolished
New Law to confiscate assets of offenders who flee country
Tags:
finance