Budget 2017 Key Highlights

First combined railways and financial budget 2017

  • Agri Credit Target 10L crores
  • Highest ever budget allocation towards MNREGA at Rs.48000 fcr for 2017-18 increased from 38,500
  • Building 1 Crore houses by 2019 for the homeless and those living kaccha houses
  • National testing agency to conduct entrance exams across all platforms, free up AICTE and CBSE from such responsibilities
  • 100% village electrification
  • 5 new special tourism zones in partnership with States to improve tourism
  • 2 New AIIMS to be set up in Jharkhand and Gujarat.
  • Rs 9,000 crore higher allocation for payment of sugarcane arrears
  • Plan To Elimiate Kala Azhar by 2017, Leprosy by 2018, Measles by 2020 and Tuberculosis by 2025
  • LIC to introduce pension scheme for senior citizens with assured return of 8%
  • No service charge on E Rail tickets. That is no service charge on tickets¬†booked through IRCTC
  • Proposal to set up a 1 trillion rupee fund for rail safety.
  • 500 stations will be made disabled-friendly
  • A new metro rail policy will be announced, this will open up new jobs for youth.
  • Total rail capital expenditure for fiscal year 2018 pegged at 1.31 trillion rupees
  • FIPB will be abolished in 2017-18
  • Computer Emergency Response Team for financial sector will be established
  • IRCTC, IRFC, IRCON to be listed in stock exchanges.
  • PM Mudra Yojana, proposal to double the lending target at Rs 2.44 lakh crore¬†priority to dalits, tribals, backwards.
  • The government will launch two new schemes for BHIM App usage.
  • Head Post Offices will be the front office for passport services
  • New Laws for Economic Defaulters fleeing the country and their assests
  • Total exp 2017-18 at 21,47, 000 L cr. Stepped up capital exp by 25% from last year.
  • Central travel system to be set up for defence personnel
  • Total expenditure of budget has been placed at Rs 21,47,000 cr, up by 8.5% compared to budget estimates.
  • Fiscal deficit pegged at 3.2 per cent of GDP in 2017-18 and 3 per cent in the following year.Defence capital expenditure excluding pensions: Rs 86,000 crore
  • Holding period from immovable property for long term capital gains tax reduced from 3 years to 2 years
  • Capital gains tax to be exempted for persons holding land from which land was pooled for creation of Telangana
  • The tax free period 4 building affordable housing projects increased from 3 yrs to 5 yrs.
  • MAT can be carried forward for 15 years by companies as against 10 allowed earlier.
  • Corporate tax reduced to 25% to encourage MSMEs with annual turnover of less than 50 crore.
  • No transaction above Rs 3 lakh will be permitted in cash.
  • Cash donations to political parties from any one source down to Rs.2000/- from Rs.20,000/-
  • Amendment will be made to RBI Act for electoral bonds where donors can purchase bonds for their choice of political party.
  • Propose to reduce existing rate of taxation of those with income between 2.5 lakh to 5 lakh from 10% to 5%
  • Surcharge of 10% on income between Rs 50 to 1 crore
  • ITR filing become easy a single one-page form for filing IT returns for taxable income up to 5 lakh rupees
  • Surcharge of 10% for individuals earning between Rs 50 lakh- 1 Cr Surcharge for incomes Rs 1 Cr at 15% to continue

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