BUDGET 2017: Read Major Points, Income Tax Rate For Individuals Earning Between Rs2.5 Lakh And Rs5 Lakh Reduced To 5% From 10%

Arun Jaitley says India largely a tax non-compliant country.

Income tax rate for individuals earning between Rs2.5 lakh and Rs5 lakh reduced to 5% from 10%. 10% surcharge on those individuals who have an income between Rs50 lakh and Rs1 crore. Arun Jaitley also proposes one-page, income tax return form.

Political parties will be entitled to receive donation by cheque or in digital mode, from their donors.

No transaction above RS 3 lakh to be allowed in cash.

Government considering new law to confiscate assets of big time offenders fleeing country to escape law.

24 lakh people show income above Rs10 lakh in 2016. 1.7 crore people file income tax returns out of 4.2 crore salaried people.

Due to demonetisation, advance tax on personal Income tax increased by 34.8%

Service charge on e-tickets booked through IRCTC will be withdrawn; railway tariffs to be fixed on the basis of cost, social obligation and competition; new metro rail policy to be unveiled.

Allocation of Rs10,000 crore for Bharat Net project for providing high-speed broadband in FY18.

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

Budget allocation for highways stepped up to Rs64,000 crore in FY18 from Rs57,676 crore. For transport sector, including railways, road and shipping, government provides Rs 2.41 lakh crore.

Allocation of Rs10,000 crore for Bharat Net project for providing high-speed broadband in FY18.

Allocation of Rs10,000 crore for Bharat Net project for providing high-speed broadband in FY18

Model Shops and Establishment Bill to open up additional opportunities for employment of women. For senior citizens, Aadhaar-based health cards will be issued.

In higher education, we will undertake reforms in UGC (University Grants Commission), give autonomy to colleges and institutions. The allocation for rural agri and allied sector in 2017-18 is record Rs181,223 crore.

Cabinet extends tenure of loans under Credit Linked Subsidy Scheme of Pradhan Mantri Awas Yojana from 15 to 20 years.

Rs27,000 crore on to be spend on Pradhan Mantri Gram Sadak Yojana; one crore houses to be completed by 2017-18 for the homeless.

The merger of the railway budget with the general budget brings focus on a multi-modal approach for development of railways, highways and inland water transport. Functional autonomy of the railways to be maintained.

 

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