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| Highlights of Union Budget 2017 |
Union Budget 2017
Highlights of Union Budget 2017 as follows:
1. ₹ 21.47 Lakhs crores is the total Budget for 2017-2018.2. 34% is the increase in Direct Tax collection after demonetisation.
3. Holding period for LTCG for Land & Building is reduced to 2 years.
4. Carried forward of MAT Credit of 10 years is increased to 15 years.
5. 5% tax exemption for companies have turnover below ₹ 50 crores.
6. Turnover of companies upto ₹ 2 crores will have 6% presumptive tax.
7. Cash transaction above ₹ 3 Lakhs will not be permitted.
8. Maximum Donation from unknown source to any political party will be ₹ 2k.
9. Change in period of limitation for scrutiny assessment.
10. 5 % tax for income below ₹ 5 Lakhs.
11. No income tax upto ₹ 3 Lakhs.
12. 10% surcharge for assesse income between ₹ 50 Lakhs to ₹ 1 crores.
13. One page Income Tax return proposed.
First focus on Agriculture
- Target for agricultural credit fixed at ₹10 Lakh Cr
- Agriculture expected to grow 4.1% this year.
- "Mission Antyodhay" is to bring 1cr households out of poverty and 50,000 gram panchayats out of poverty
- 5 Lakh ponds to be taken up in MGNREGA. Women participation at 55%
- ₹48,000 Cr outlay for MGNREGA Job Guarantee
- Space technology used for MGNREGA
- PM Gram Sadak Yojana: 133km/day last year constructed
- ₹27,000 Cr will be available this year for GSY.
-100% Rural electrification by next year
- Swacch Bharat: 28,000 habitations across country to get safe drinking water.
- Total allocation for rural/agricultural: ₹1,87,223Cr
- Inflation this year has dropped from 6% to 3.4%
- Current account deficit in the first half of the year is declined from 1% to 0.3% of GDP
- Forex reserves is $361Bn (12 months of imports)
- India is now 6th largest manufacturing country in the world.
- Reforms in UGC on priority.
- Online swayam courses soon to be launched
- PM "Kaushal Kendras" will be extended to 600 centers.
- Affordable housing has to be given infrastructure status.
- National Housing Bank will refinance individual loans total of ₹20,000 Cr.
- Eliminate the Leprosy by 2018, TB by 2025 in the country.
- 2 New AIIMS in Jharkand and Gujarat.
- Allocation of fund for SC up to ₹52,393Cr
- Aadhar-based smart cards for Senior Citizens with health details.
- LIC to create scheme with guaranteed pension of 8% for senior citizens.
- FDI is ₹1.45Lakh Crore at present.
- Liquidity in banks due to demonetisation will lower the borrowing rates.
Transform, energise, and clean India that is "TEC-India"
-FIPB is abolished, FDI to be liberalised.
- ₹10,000Cr for recapitalisation of banks.
- PM Mudra yojana lending target is ₹2,44,000Cr total.
- Aadhar pay would be introduced
- Post office will become the front-end for passport services.
