Income Tax:
- To bring more people into the tax net, income between Rs 2.5 lakh and Rs 5 lakh to be taxed at 5 % instead of the current 10% rate
- Additional charge of 10% for individuals with income in the Rs.50 lakhs-Rs. 1 crore range.
- 15% surcharges on income above 1 crore to continue
- No transaction above Rs 3 lakh will be allowed in cash
- FM Arun Jaitley announced that long term capital gains will now be applicable after 2 years on immovable property instead of 3 years.
- In order to strengthen small and medium scale companies which have an annual turnover of up to Rs. 50 crores, tax rate has been reduced to 25% from 30%.
- Due to demonitisation advance tax on personal Income tax increased by 34.8%: FM
- Post demonetisation results of deposit between Rs 2 to 80 lakhs made in 1.09 crore bank accounts: FM
- Fiscal deficit target set at 3.2% for 2017-18 and 3% for 2018-19
- For defence expenditure excluding pension, allocation is Rs 2.74 lakh crores
- DigiGaon intiative will be launched to provide tele-medicine. education & skills through Digital Technology
- Digital Platforms like UPI would account for digital transactions worth of Rs. 2,500 crores according to the government’s target.
- Rs.10,000 Crore allocated for recapitalisation of banks: FM
- Governement will introduce cashback scheme and referal bonus scheme to promote the usage of BHIM app. 125 lakhs people are already using it: Arun Jaitely
- The lending target for Pradhan Mantri Mudra Yojana has been doubled to Rs. 2.44 lakh crores.
- New FDI policy under consideration
- FM: We allocated Rs.1.31 lakh crores for development of Railways including Rs. 55,000 crores from the Budget.
- National Housing Bank will refinance loans worth Rs. 20,000 crore
- Service charges on e-tickets on IRCTC will be withdrawn: FM
- 7000 Solar Power railway station in the medium term: FM
- For Senior Citizens, Aadhaar-based Smart Cards containing health details: FM
- Skill Khowledege awareness initiative called Sankalp at Rs. 4000 Cr.
- 100 International skill centres will set up by Govt
- Farmers will denefit from 60 day intrest waiver in respect of loans
- Fasal Bima Yojana coverage to be increased from 30% in 2016-17 to 40% in 2017-18 and 50% in 2018-19
- FM: Will deliver 1 crore houses by 2019 for living in kachcha houses
- MNREGA allocation increased to Rs. 48000 crore
- Target of agricultural loans to farmers set at record 10 lakh crore for 2017-18
- The loans under Credit linked Subsidy Scheme of the Pradhan Mantri Aawas Yojana now have an extended tenure of 20 years increased from the earlier 15 year tenure.
- IMF estimates world GDP to grow at 3.1% in 2016 and 3.4% in 2017: FM
- FM has begun his Budget 2017 speech.
- FM’s Budget 2017 speech from 11 AM.
- The Budget 2017 session has started.