Welcome to the Forum of "Knowledge Portal".. Now you may ask your questions directly from our experts and get a free resolution.. Email us at: ask@knowledgeportal.co.in

Wednesday, 1 February 2017

Union Budget 2017 Highlights

We are largely a tax non-compliant society & the burden of tax-evaders falls on honest taxpayers : FM

1) Rate of growth in advance tax in personal income tax in last 3 quarters of this financial year is as high as 34.8%

2) 76 lakh individuals reported income over Rs 5 lakh, 56 lakh of them are salaried

3) 10% Surcharge Proposed on Income above Rs. 50 Lakh up to 1 Crore

4) 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

5) Propose to Introduce new one Page Income Tax Return Form for Assessee having Income up to Rs. 5 Lakh

6) Tax Rate for Income up to Rs. 5 Lakh proposed to be reduced to 5% from existing 10%

7) Income Tax Scrutiny period proposed to be reduced to 18 Month for FY 18-19 and 12 months for FY 19-20

8) No TDS on Commission subject to furnishing of self deceleration

9) Presumptive Income Scheme proposed to be extended for Turnover up to Rs. 2 Crore

10) Charitable Donation cash limit proposed to be Reduced to Rs. 5000/- from existing 10000

11) FM proposed maximum cash donation limit to Rs. 2000 for political parties from one source

12) Basic customs duty on LNG reduced from 5% to 2.5%

13) The net tax revenue grew by 17% in 2015-16: FM

14) No Transaction over 3 Lakh will be permitted in Cash

15) Presumptive Taxation for Cashless Turnover proposed @ 6% for small businesses

16) Tax Rate for Corporates having Turnover up to Rs. 50 Crore been reduced to 25%

17) MAT Credit can be carried forward upto 15 Years instead of earlier period of 10 Years

18) Period of holding for long term capital gain of Immovable property (Land & Building) reduced to 2 Years

19) Indexation for Capital Gain to Strart from Year 2001 instead of Earlier 1981

20) Affordable Housing Scheme- benefit will be based on Carpet Area instead of Built Area Notional Rent on unsold property lying in stock of builders

21) AadharPay, a merchant version of Aadhaar-enabled payment system to be launched shortly for those without debit cards, mobile phones

22) The Pradhan Mantri Mudra Yojana lending target has been doubled at Rs 2.44 lakh crore for 2017-18

23) 100% village electrification to complete by May 2018, it will light up homes of poor & energize their quality of life.

24) High level committee under Prime Minister will be set up to commemorate 150th birth anniversary of Mahatma Gandhi

25) Rs 10,000 crore provided for recapitalisation of banks, more will be provided if required

26) Promotion of Digital Economy an integral part of strategy to clean up system and weed out corruption & Black Money

27) Rs 2000 Cr announced for coastal road connectivity – essentially to enhance connectivity to ports & coastal villages:

28) Total allocation for infrastructure in in Budget 2017 stands at a record level Rs 3,96,135 crore in 2017-18.

29) Elimination of unmanned level crossings on the BG network by 2020

30) Rashtriya Rail Sanraksha Kosh is proposed to be created with a corpus of Rs. 1 lakh crore

31) Total capital & developmental expenditure Rs1.31 lakh crore for Railways in 2017-18 including Rs 55,000 crore to be provided by govt.

32) 3,500 km railway lines to be commissioned in 2017-18 as against 2,800 km in 2016-17

33) By 2019 all coaches of Indian Railways will be fitted with Bio-Toilets

34) Sanitation coverage in rural areas have gone up from 42 % in Oct 2014 to about 60% now

35) Railways will integrate end to end transport solutions for selected commodities through partnership

36) DigiGaon initiative will be launched to provide tele-medicine, education & skills through digital technology

37) Mahila Shakti Kendra to be set up at village level

38) 3.5 Crore youth will be trained under Sankalp program launched by the government:

39) To take up second phase of Solar Power development for additional 20,000 MW

40) The FIPB has been proposed to be abolished, New FDI Policy under consideration

41) By end of FY 2017-18 high speed broadband connectivity on optic fibres will be available in more than 1,50,000 gram panchayats:

42) Two new AIIMSs would be set up in Jharkhand and Gujarat

43) Proposed to feed 7000 railway stations through solar power.

44) Service charges on tickets booked through IRCTC website stands withdrawn.

45) To invest 1.31 lakh crores in railways in F.Y. 2017-18.

46) A new metro rail policy will be announced with focus on innovative models of implementation and finance

47) Coverage of Fasal Bima Yojana to go up from 30% of cropped area, to 40% in 2017-18 & 50% in 2018-19

48) Total allocation for Rural, Agricultural & Allied sectors for 2017-18 is a record 1,87,223 crore up 24% from last year

49) Increase in Rural spendings

50) 5000 cr micro irrigation fund

51) 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

52) Will set up 100 India-International Centres

53) Allocation to SC and ST funds have been increased

54) Smart Aadhaar Cards with medical history will be given to Senior citizens

55) 100% Rural Electrification by May 2018.

56) Bank Landing Rates Coming Down Post Demonetisation.

57) Infra Status to Affordable Housing

58) 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.

59) Target of agricultural loans to farmers set at record Rs 10 lakh crore.

60) Budget allocation to MNREGA increased to a record Rs 48,000 crore for 2017-18, from Rs 37,000 crore in 2016-17

61) Govt to spend more on rural areas, infrastructure & poverty alleviation with fiscal prudence.

Ten Theme of Union Budget 2017

I) Farmers: for whom we have committed to double income in five years

II) Rural population: providing employment and basic infrastructure

III) Youth: Energizing them through education, skills and jobs

IV) Infrastructure: for efficiency, productivity and quality of life

V) Financial sector: growth and stability through stronger Institutions

VI) Digital Economy: for speedy accountability and transparency

VII)Public Service: Effective Governance and Efficiency of service delivery through people’s participation

VIII) Prudent Fiscal Management: to ensure optimal deployment of resources and preserve financial stability

IX) Tax Administration: Honouring the Honest

X) Poor and under-privileged: Strengthening the system of social security, health care and affordable housing

Most Viewed Post Last 30 Days