01/02/2017
Major Highlights of Union Budget 2017:
1. Total Budget of ₹ 21.47 Lakhs crores for 2017-2018.
2. Increase in Direct Tax collection by 34% after demonetisation.
3. Holding period for LTCG for Land & Building reduced to 2 years.
4. Carried forward of MAT Credit for 15 years instead of 10 years.
5. 5% tax exemption for companies having turnover below ₹ 50 crores.
6. 6% presumptive tax for turnover upto ₹ 2 crores.
7. No cash transaction above ₹ 3 Lakhs will be permitted.
8. Maximum Donation receivable from unknown source by pol party will be ₹ 2k.
9. Change in period of limitation for scrutiny assessment.
10. 5 % tax for income below ₹ 5 Lakhs.
11. No tax for income upto ₹ 3 Lakhs.
12. 10% surcharge for assesse income between ₹ 50 Lakhs to ₹ 1 crores.
13. One page Income Tax return proposed
- First focus on Farmers
- Target for agricultural credit fixed at ₹10 Lakh Cr
- Agriculture expected to grow 4.1% this year
- Mission antyodhay to bring 1cr households our of poverty and 50,000 gram panchayats out of poverty
- 5 Lakh ponds to be taken up in MGNREGA. Women participation at 55%
- ₹48,000 Cr outlay for MGNREGA Job Guarantee
- Space technology used for MGNREGA
- PM Gram Sadak Yojana: 133km/day last year
- ₹27,000 Cr to be available this year for GSY.
- On the way to 100% electrification by next year
- Swacch Bharat: 28,000 habitations to get safe drinking water
- Total allocation for rural/agricultural: ₹1,87,223Cr
Jaitley gets going
- Minister pats himself on the back for controlling inflation, high growth and war on black money
- Inflation has dropped from 6% to 3.4%
- Current account deficit declined from 1% to 0.3% of GDP in the first half of the year
- Forex reserves at $361Bn (12 months of imports)
- India is 6th largest manufacturing country in the world now.
- Reforms in UGC.
- Online swayam courses to be launched
- PM Kaushal Kendras to be extended to 600 centers
- Affordable housing to be given infrastructure status
- National Housing Bank will refinance individual loans total of ₹20,000 Cr
- Eliminate Leprosy by 2018, TB by 2025
- Additional 5,000 postgraduate seats per annum
- New 🏥AIIMS in Jharkand and Gujarat
- Allocation for SC up to ₹52,393Cr
- Aadhar-based smart cards with health details for Senior Citizens
- LIC to create scheme with guaranteed pension of 8% for senior citizens
- FDI at ₹1.45Lakh Crore
- Huge shift towards digitisation amongst all sectors of society.
- Liquidity in banks due to demonetisation will lower borrowing rates
Transform, energise, and clean India that is TEC-India
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- FIPB abolished, FDI to be liberalised
- ₹10,000Cr for recapitalisation of banks
- PM Mudra yojana lending target: ₹2,44,000Cr target
- Aadhar pay to be introduced
- Post office to become the front-end for passport services
