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
