We are largely a tax non-compliant society & the burden of tax-evaders falls on honest taxpayers : FM
Rate of growth in advance tax in personal income tax in last 3 quarters of this financial year is as high as 34.8%
76 lakh individuals reported income over Rs 5 lakh, 56 lakh of them are salaried
10% Surcharge Proposed on Income above Rs. 50 Lakh up to 1 Crore
Rebate U/s 87A proposed to be reduced to Rs. 2500 and will be available only for Taxpayer having Income up to Rs. 3.50 Lakh
Propose to Introduce new one Page Income Tax Return Form for Assessee having Income up to Rs. 5 Lakh
Tax Rate for Income up to Rs. 5 Lakh proposed to be reduced to 5% from existing 10%
Income Tax Scrutiny period proposed to be reduced to 18 Month for FY 18-19 and 12 months for FY 19-20
No TDS on Commission subject to furnishing of self deceleration
Presumptive Income Scheme proposed to be extended for Turnover up to Rs. 2 Crore
Charitable Donation cash limit proposed to be Reduced to Rs. 5000/- from existing 10000
FM proposed maximum cash donation limit to Rs. 2000 for political parties from one source
Basic customs duty on LNG reduced from 5% to 2.5%
The net tax revenue grew by 17% in 2015-16: FM
No Transaction over 3 Lakh will be permitted in Cash
Presumptive Taxation for Cashless Turnover proposed @ 6% for small businesses
Tax Rate for Corporates having Turnover up to Rs. 50 Crore been reduced to 25%
MAT Credit can be carried forward upto 15 Years instead of earlier period of 10 Years
Period of holding for long term capital gain of Immovable property (Land & Building) reduced to 2 Years
Indexation for Capital Gain to Strart from Year 2001 instead of Earlier 1981
Affordable Housing Scheme- benefit will be based on Carpet Area instead of Built Area
Notional Rent on unsold property lying in stock of builders
AadharPay, a merchant version of Aadhaar-enabled payment system to be launched shortly for those without debit cards, mobile phones
The Pradhan Mantri Mudra Yojana lending target has been doubled at Rs 2.44 lakh crore for 2017-18
100% village electrification to complete by May 2018, it will light up homes of poor & energize their quality of life.
High level committee under Prime Minister will be set up to commemorate 150th birth anniversary of Mahatma Gandhi
Rs 10,000 crore provided for recapitalisation of banks, more will be provided if required
Promotion of Digital Economy an integral part of strategy to clean up system and weed out corruption & Black Money
Rs 2000 Cr announced for coastal road connectivity – essentially to enhance connectivity to ports & coastal villages:
Total allocation for infrastructure in in Budget 2017 stands at a record level Rs 3,96,135 crore in 2017-18.
Elimination of unmanned level crossings on the BG network by 2020
Rashtriya Rail Sanraksha Kosh is proposed to be created with a corpus of Rs. 1 lakh crore
Total capital & developmental expenditure Rs1.31 lakh crore for Railways in 2017-18 including Rs 55,000 crore to be provided by govt.
3,500 km railway lines to be commissioned in 2017-18 as against 2,800 km in 2016-17
By 2019 all coaches of Indian Railways will be fitted with Bio-Toilets
Sanitation coverage in rural areas have gone up from 42 % in Oct 2014 to about 60% now
Railways will integrate end to end transport solutions for selected commodities through partnership
DigiGaon initiative will be launched to provide tele-medicine, education & skills through digital technology
Mahila Shakti Kendra to be set up at village level
3.5 Crore youth will be trained under Sankalp program launched by the government:
To take up second phase of Solar Power development for additional 20,000 MW
The FIPB has been proposed to be abolished, New FDI Policy under consideration
By end of FY 2017-18 high speed broadband connectivity on optic fibres will be available in more than 1,50,000 gram panchayats:
Two new AIIMSs would be set up in Jharkhand and Gujarat
Proposed to feed 7000 railway stations through solar power.
Service charges on tickets booked through IRCTC website stands withdrawn.
To invest 1.31 lakh crores in railways in F.Y. 2017-18.
A new metro rail policy will be announced with focus on innovative models of implementation and finance
Coverage of Fasal Bima Yojana to go up from 30% of cropped area, to 40% in 2017-18 & 50% in 2018-19
Total allocation for Rural, Agricultural & Allied sectors for 2017-18 is a record 1,87,223 crore up 24% from last year
Increase in Rural spendings
5000 cr micro irrigation fund
Allocation to housing increased to 23000 crores- Proposal to step up allocation for PMAY Gramin from 15,000 crore to 23,000 crore in next Year
Will set up 100 India-International Centres
Allocation to SC and ST funds have been increased
Smart Aadhaar Cards with medical history will be given to Senior citizens
100% Rural Electrification by May 2018.
Bank Landing Rates Coming Down Post Demonetisation.
Infra Status to Affordable Housing
Rs. 19,000 crores proposed for PMGKY Scheme so as to construct 1 crore houses for those living in kachha houses. To complete 1 cr houses by 2019 for houseless and those living in Kaccha houses.
Target of agricultural loans to farmers set at record Rs 10 lakh crore.
Budget allocation to MNREGA increased to a record Rs 48,000 crore for 2017-18, from Rs 37,000 crore in 2016-17
Govt to spend more on rural areas, infrastructure & poverty alleviation with fiscal prudence.
Union Budget 2017-18: Budget Speech by Union Finance Minister Shri Arun Jaitley
Ten Theme of Union Budget 2017
- Farmers: for whom we have committed to double income in five years
- Rural population: providing employment and basic infrastructure
- Youth: Energizing them through education, skills and jobs
- Poor and under-privileged: Strengthening the system of social security, health care and affordable housing
- Infrastructure: for efficiency, productivity and quality of life
- Financial sector: growth and stability through stronger Institutions
- Digital Economy: for speedy accountability and transparency
- Public Service: Effective Governance and Efficiency of service delivery through people’s participation
- Prudent Fiscal Management: to ensure optimal deployment of resources and preserve financial stability
- Tax Administration: Honouring the Honest