Highlights of the Budget 2017

Budget Highlights

> This is the 4th budget by Arun Jaitley.

> This is the first time that budget is presenting on 1st February.

> Earlier it was presented on 28th and 29th February.

> In 92 years, first time Rail Budget is not to be presented separately.

> Rail Budget is combined with Union Budget.

> FM Arun Jaitley begins budget speech amid protests in the House to postpone it for a day

> FM says global “retreat from globalisation” a challenge. Will impact exports.

> According to the IMF, India is expected t be one fo the fastest growing economies

> FM says progress reflected in global reports; Doing Business report rank up from 131 last year to 130 this year

> India is 6th largest manufacturing country, up from 9th

> FM Arun Jaitley begins budget speech amid protests in the House to postpone it for a day

> FM says global “retreat from globalisation” a challenge. Will impact exports.

> According to the IMF, India is expected t be one fo the fastest growing economies

> FM says progress reflected in global reports; Doing Business report rank up from 131 last year to 130 this year

> India is 6th largest manufacturing country, up from 9th

> Theme No. 1 of Jaitley’s Budget: doubling farmers’ income in 5 years

> Computerization of 63,000 primary agricultural credit societies in 3 years

> Rs 10 L crore as farm credit target set this year

> Micro irrigation fund Rs 5000 crore to achieve Per drop more crop

> “Our agenda for the next year is TEC India: Transform, Energize and Clean India

> Pradhan Mantri Sadak yojana now extended to 133 km per day as against an avg of 73 km per day

> MNREGA allocation increased to Rs48,000 crore, says PM Jaitley

> Building 1 cr houses by 2019 for the homeless and those living kaccha houses

> PM’s rural housing scheme outlay raised to Rs 23K crore

> 100% village electrification to be achieved by 1 May 2018

> Higher education: Good quality institutions to get greater autonomy

> Innovation fund for secondary education should be created

> Emphasis on science education

> Autonomous national testing agency for all entrance tests

> Special scheme for employment in leather and footwear sector

> 100 mini-labs to be set up by startups and govt. will support the entrepreneurs working in this field

> 100 India International Skill Centers

> 5 lakh people to get mason training by 2022

> Rs 1.84 L crore for women and children

> Higher investment in affordable housing; affordable housing to get infra status

> Two new AIIMS at Jharkhand and Gujarat

> Steps to create additional 5,000 medical PG seats per annum

> 1.5 lakh health sub-centers to be made wellness centers

> Tuberculosis elimination by 2025

> Aadhaar-based health smart cards for senior citizens

> Railway infra to focus on: passenger safety, development, cleanliness, accounting reforms

> Railways gets 1 lakh crore corpus safety funds

> Unmanned railway crosses for all broad guage lines to be eliminated

> More dedicated trains for tourists and pilgrims

> 500 railway stations to get lifts and escalators

> Bio-toilets in all coaches by 2019

> More dedicated trains for tourists and pilgrims

> Service charges for IRCTC ticket booking to be withdrawn

> New metro rail policy to be announced

> Allocated Rs.241,387 crore capital to the transportation sector

> Global electronics hub to be set up

> FIPB will be abolished

> Total allocation for infrastructure – Rs 3.96 L crore

> New rules regarding medical devices will be devised to reduce their cost

> Selected airports in Tier 2 to be taken up via PPP mode: FM Arun Jaitley

> PSUs will be listed on various stock exchanges

> Strategic crude oil reserves at 2 more locations in addition to the existing 3

> Cybersecurity: computer emergency response team for financial sector security

> Under BharatNet, by 2017, high-speed broadband to reach 1.5 lakh gram panchayats: FM

> We have decided to abolish Foreign Investment Promotion Board from next year

> Mission Antyodaya to bring 1 crore households out of poverty and to make 50,000 Gram Panchayats poverty-free

> Aadhar Pay will be launched shortly

> Referral bonus and cashback to promote Bhim App

> 125 lakh people have adopted the BHIM app

> Head post offices to be front offices for passport service

> Negotiable Instruments Act to be amended

> Centralized defense travel system for soldiers

> New law to confiscate properties of absconding offenders

> Tribunals to be merged, rationalized

> Web-based pension system for defense personnel

> 25 percent hike in capital expenditure

> Proposal for Payment regulatory board under RBI

> Select airports in tier-II cities to be taken up for operations, development on PPP mode

> Delhi and Jaipur to have solid waste management plants and five more to be set up later

> Fiscal deficit pegged at 3.2 percent of GDP, to be lowered to 3 percent the following year

> Low numbers for entities filing returns a concern

> Only Rs 1.75cr filed as taxes by individual salaried people

> Nearly half of 5.94 L companies that file returns show losses

> Tax evaders put a burden on honest tax payers

> From 8 Nov-30 Nov, Rs 2-80 lakh deposited in 1.09 crore bank accounts; average deposit was Rs 5.03 lakh: FM

> 34% growth in advance tax in personal income tax

> Affordable housing gets impetus.

> Indexation will be change to 1.4.2001 from earlier 1.4.1981: Capital Gains

> LTCG: Proposals cap gain long term period reduced from 3 to 2 years; indexation base shifted from 1/4/81 to 1/4/2001

> 1 year tax exemption for unoccupied, unsold buildings

> Affordable housing, tax exemptions for developers to be based on carpet area

> Capital gains tax regime being tweaked

> Net tax revenue grew by 17 percent

> IT exemptions to startups extended

> In order to make MSME more viable, reducing income tax for companies with turnover less than Rs 50,000, to 25% : FM

> Corporate tax rate for companies with turnover upto INR 50 crore reduced from 30% to 25%

> Minimum alternative tax: Not feasible to remove this at present.

> Presumptive Income Tax reduced from 8% to 6%

> Limit of cash to be received by charitable instt reduced from Rs 10,000 to Rs 2000
> A proposal to receive all government receipts beyond a certain threshold through e-modes under consideration: FM

> No cash transactions above Rs. 3 lakh to be allowed; income tax amendment to be made.

> Out of 3.7 crore who filed tax returns in 2015-16, only 24 lakh persons showed income above Rs 10 lakh.

> Maximum cash donation to political party from an individual is capped at Rs. 2000.

> Excise duties on POS readers, micro ATMs, finger print readers reduced.

> Political parties should file I-T returns

> Electoral volts from RBI for political donations proposed

> AIFs category 1 and 2 exempt from provisions of indirect tax

> Parties will be entitled to get donations as cheque

> Propose to reduce basic customs duty on LNG from 5% to 2.5%

> Time period for revising I-T returns, scrutiny reduced

> Rs 12.5K break per person for those in higher tax brackets

> Income tax rate on income between Rs 2.5 lakh and Rs 5 lakh cut to 5% from 10% – FM

> No tax on income till Rs. 3 lakhs

> To Levy Surcharge Of 10% On Income Between Rs 50 Lakh To Rs 1 Cr, says FM