Union Budget 2017

lcafanboy

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Union Budget 2017: Highlights
BusinessFeb 1, 2017, 10.28AM IST

Finance minister Arun Jaitley presented the Union Budget 2017-18 in the Lok Sabha today. Here are the highlights of the Union Budget:HIGHLIGHTS

  • 1. India stands out as a bright spot amid world economic gloom.

    2. Our focus will be on energising youth to reap benefits of growth and employment.
    3. IMF estimates world GDP will grow by 3.4 per cent in 2017.

    4. Oil prices, rising dollar and volatile commodity prices seen as risks to Indian economy.

    5. India is seen as engine of global growth, have witnessed historic reform in last one year.

    6. Demonetisation is a bold and decisive measure, for many decades tax evasion was a way of life for many.

    7. Note ban is expected to have only a transient impact on economy.

    8. I am reminded of what our father of the nation Mahatma Gandhi said: "A right cause never fails".

    9. The pace of remonetisation has picked up.

    10. Effects of demonetisation not expected to spill over to next year.

    11. Budget preponement to February 1 will give sufficient time to departments to implement government schemes.

    12. Our Budget agenda is - transform, energise and clean India - TEC India.

    13. Our approach in preparing the Budget is to spend more on rural areas, infrastructure and poverty alleviation with fiscal prudence.

    14. Agriculture sector is expected to grow at 4.6%, agriculture expenditure targeted at Rs 10 lakh crore.

    15. 36% increase in FDI flow; forex reserves at $361 billion in January, which is enough to cover 12 months needs.

    16. Allocation under MNREGA increased to 48,000 crore from Rs 38,500 crore. This is highest ever allocation

    17. Total allocation for rural, agricultural and allied sectors for 2017-18 is Rs 187223 crore, which is 24% higher than last year.

    18. One crore houses for poor by 2019.

    19. Safe drinking water to cover 28,000 arsenic and Fluoride-affected habitations in the next four years.

    20. 133-km road per day constructed under Pradhan Mantri Gram Sadak Yojana as against 73-km in 2011-14.

    21. For senior citizens, Aadhar cards giving their health condition will be introduced.

    22. Two new All India Institute of Medical Sciences(AIIMS) to be set up in Jharkhand and Gujarat.

    23. 3500km railway lines to be put up.

    24. Service charge on rail tickets booked through IRCTC to be withdrawn.

    25. Rail safety fund with corpus of Rs 100,000 crore will be created over a period of five years.

    26. 500 rail stations to be made differently abled-friendly by providing lifts and escalators.

    27. A new metro rail policy will be announced, this will open up new jobs for our youth.

    28. Foreign investment promotion board (FIPB) to be abolished.

    29. Allocation for infrastructure stands at a record Rs 3,96,135 crore.

    30. Government to set up strategic crude oil reserves in Odisha and Rajasthan.

    31. 1.25 crore people have already adopted Bhim App for digital payments.

    32. Aadhaar Pay- an app for merchants- to be launched' 20 lakh aadhaar-based POS by September 2017.

    33. Government is considering introduction of new law to confiscate assets of offenders who escape the country.

    34. Defence expenditure excluding pension at Rs 2.74 lakh crore.

    35. Fiscal deficit for 2017-18 pegged at 3.2 percent of GDP.

    36. Fiscal deficit target for next three years pegged at 3 percent.

    37. India's tax-to GDP ratio is very low. We are largely a tax non compliance society, when too many people evade taxes burden falls on those who are honest.

    38. Out of 3.7 crore who filed tax returns in 2015-16, only 24 lakh persons showed income above Rs 10 lakh.

    39. Of 76 lakh individuals who reported income of over Rs 5 lakh, 56 lakh are salaried.

    40. Small firms with turnover up to Rs 50 crore to pay 25% tax now, instead of 30%.

    41. Black money SIT has suggested no cash transaction above Rs 3 lakh. The government has accepted this recommendation.

    42. Maximum cash donation any party can receive will be Rs 2000 from one source.

    43. Political parties will be entitled to receive donations by cheques or digital modes.

    44. An amendment being proposed to RBI Act to enable the issuance of electoral bonds for political funding.

    45. Jaitley reduces income tax rate from 10% to 5% for tax slab of Rs 250,000 to Rs 500,000.

    46. Surcharge of 10% for those whose annual income is Rs 50 lakh to 1 crore.

    47. 15% surcharge on incomes above Rs 1 crore to continue.http://m.timesofindia.com/business/union-budget-2017-highlights/articleshow/56905903.cms
 

Kshatriya87

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Reduction of the existing rate of tax for low tax bracket individuals

"Reduce existing rate for income from Rs 2.5 lakh to 5 lakh to 5 % from 10%. 50% saving in income tax if a person is earning up to Rs 5 lakh. Tax forgone due to this step stands at Rs 15,500 crore. The government to levy surcharge of 10% on those who are earning between Rs 50 lakh to Rs 1 crore," says Jaitley.
 

tharun

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4. Oil prices, rising dollar and volatile commodity prices seen as risks to Indian economy.
Surely they will ruin our party...

15. 36% increase in FDI flow; forex reserves at $361 billion in January, which is enough to cover 12 months needs.
What does he exactly mean to say..looks like preparing for worst nightmare or apocalypse

25. Rail safety fund with corpus of Rs 100,000 crore will be created over a period of five years.
1 Lakh crore..that's huge..in future more railways accidents will happen for sure.

40. Small firms with turnover up to Rs 50 crore to pay 25% tax now, instead of 30%.
Now big companies will split into small companies for this reward

45. Jaitley reduces income tax rate from 10% to 5% for tax slab of Rs 250,000 to Rs 500,000.

46. Surcharge of 10% for those whose annual income is Rs 50 lakh to 1 crore.

47. 15% surcharge on incomes above Rs 1 crore to continue
People who earns more than 50 lakhs will surely finds way to decrease their tax...
 

lcafanboy

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Defence ministry allocation excluding pensions for this year is Rs 2.74 lk crore, out of which Rs 86000 cr for capital expense.

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mayfair

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People who earns more than 50 lakhs will surely finds way to decrease their tax...
I think this may be in part to cover those who were reducing their incomes from 1 crore to just below (say 99.5 lakhs) to escape the 15% surcharge. Now they will still be able to avoid the 15% surcharge, but not by much.

10% to dena hi padega.
 

tharun

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Looks like railway is eating more than it is generating....sad very sad...
 

mayfair

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Looks like railway is eating more than it is generating....sad very sad...
Railways have been neglected for long. Unless we augment the freight services, railways will never earn to their potential. I suspect a lot of it will go to new infra, including freight corridors, which is a pressing need.
 

Vishwarupa

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What is in store for farmers?

there is nothing mentioned about river linking, nothing on building water canals or no mention of minimum price for commodities, then how will they double income for rural farmers.

Can anyone explain what is in store for Farmers & Agriculture?
 

Kshatriya87

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What is in store for farmers?

there is nothing mentioned about river linking, nothing on building water canals or no mention of minimum price for commodities, then how will they double income for rural farmers.

Can anyone explain what is in store for Farmers & Agriculture?

Rs. 10000 crore allocated to farmers.

34. Our Government has made a conscious effort to reorient MGNREGA to support our resolve to double farmers’ income. While providing at least 100 days employment to every rural household, MGNREGA should create productive assets to improve farm productivity and incomes. The target of 5 lakh farm ponds and 10 lakh compost pits announced in the last Budget from MGNREGA funds will be fully achieved. In fact, against 5 lakh farm ponds, it is expected that about 10 lakh farm ponds would be completed by March 2017. During 2017-18, another 5 lakh farm ponds will be taken up. This single measure will contribute greatly to drought proofing of gram panchayats.

http://indianexpress.com/article/bu...-minister-tax-income-tax-rail-budget-4502271/

21. In last year’s Budget speech, I focused on ‘income security’ of farmers to double their income in 5 years. I had also announced a number of measures. We have to take more steps and enable the farmers to increase their production and productivity; and to deal with post-harvest challenges.

22. For a good crop, adequate credit should be available to farmers in time. The target for agricultural credit in 2017-18 has been fixed at a record level of ` 10 lakh crores. We will take special efforts to ensure adequate flow of credit to the under serviced areas, the Eastern States and Jammu & Kashmir. The farmers will also benefit from 60 days’ interest waiver announced by Honourable Prime Minister in respect of their loans from the cooperative credit structure.

23. About 40% of the small and marginal farmers avail credit from the cooperative structure. The Primary Agriculture Credit Societies (PACS) act as the front end for loan disbursements. We will support NABARD for computerisation and integration of all 63,000 functional PACS with the Core Banking System of District Central Cooperative Banks. This will be done in 3 years at an estimated cost of ` 1,900 crores, with financial participation from State Governments. This will ensure seamless flow of credit to small and marginal farmers.

24. At the time of sowing, farmers should feel secure against natural calamities. The Fasal Bima Yojana launched by our Government is a major step in this direction. The coverage of this scheme will be increased from 30% of cropped area in 2016-17 to 40 per cent in 2017-18 and 50 per cent in 2018-19. The Budget provision of ` 5,500 crores for this Yojana in BE 2016-17 was increased to Rs 13,240 crores in RE 2016-17 to settle the arrear claims. For 2017-18, I have provided a sum of Rs 9,000 crores. The sum insured under this Yojana has more than doubled from Rs 69,000 crores in Kharif 2015 to Rs 1,41,625 crores in Kharif 2016.

25. Issuance of Soil Health Cards has gathered momentum. The real benefit to farmers would be available only when the soil samples are tested quickly and nutrient level of the soil is known. Government will therefore set up new mini labs in Krishi Vigyan Kendras (KVKs) and ensure 100% coverage of all 648 KVKs in the country. In addition, 1000 mini labs will be set up by qualified local entrepreneurs. Government will provide credit linked subsidy to these entrepreneurs.

28. For the post-harvest phase, we will take steps to enable farmers to get better prices for their produce in the markets. The coverage of National Agricultural Market (e-NAM) will be expanded from the current 250 markets to 585 APMCs. Assistance up to a ceiling of ` 75 lakhs will be provided to every e-NAM market for establishment of cleaning, grading and packaging facilities. This will lead to value addition of farmers’ produce.

29. Market reforms will be undertaken and the States would be urged to denotify perishables from APMC. This will give opportunity to farmers to sell their produce and get better prices.

30. We also propose to integrate farmers who grow fruits and vegetables with agro processing units for better price realisation and reduction of post-harvest losses. A model law on contract farming would therefore be prepared and circulated among the States for adoption.

31. Dairy is an important source of additional income for the farmers. Availability of milk processing facility and other infrastructure will benefit the farmers through value addition. A large number of milk processing units set up under the Operation Flood Programme has since become old and obsolete. A Dairy Processing and Infrastructure Development Fund would be set up in NABARD with a corpus of Rs 8,000 crores over 3 years. Initially, the Fund will start with a corpus of Rs 2,000 crores.
 

Bahamut

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21. For senior citizens, Aadhar cards giving their health condition will be introduced.
What about a combined emergency response unit? A common no for police, fire fighters and ambulance and increasing their training?
 

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