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Home >> News >> Union Budget 2017 Highlights: Income Tax Relief, Surgical Strike on Political Funding

Union Budget 2017 Highlights: Income Tax Relief, Surgical Strike on Political Funding

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Posted on: 01 Feb, 2017 Tags   Budget Session Union Budget 2017

IndiaNewsonWeb: 01 Feb, 2017, Finance Minister Arun Jaitley present Union Budget in Parliament. Jaitley's toolbox for ordinary people overcame many gifts. The budget's tax cuts for middle class, for farmers Jaitley's opened its government boxes. Farmers have pledged 10 trillion debt. North East and J&K farmers, especially in Jammu and Kashmir Finance Minister also announced it will prevail.

Read about the pressing issues of the budget went to some major announcements

Defence

2 lakh 74 thousand 114 crore for defense announced the allocation. These are in addition to a pension. It protects the capital 86 488 crore. Defence pensioners to reduce complaints of interactive web-based delivery system announced pension. The pension system will receive offers and will centralize the payment. Defence personnel to eliminate the hassle of booking a railway ticket online ticket booking system announced.

Tax

No tax on income of three lacks. Three and a half just two and a half thousand tax on income up to Rs. Five lakh 5 per cent instead of 10 per cent tax on income. Over 5 million before income tax bracket. Taxpayers will benefit up to Rs 12000 per year.

Railway

Railway Safety Fund of Rs 1 lakh crore. 2020 completely unmanned crossing. 1 lakh 31 thousand crore for rail safety. Stations for the development of 25 selected stations. Railways sanitation, emphasis on security. 3500 km new railway line will form. 7,000 solar lines at stations. IRCTC's e-ticketing service tax will not. For Diwyang railway stations will be easy. IRCTC in 2019 as a company to list Bio Toilet market. Metro will be announced for the new policy. Trains will run separately for tourism and pilgrimage. Coach Friend scheme was introduced for coach complaints.

Infrastructure

PM Housing scheme of 23 thousand million allotted. Up to 2019 to 4 trillion spending plan under PM Road Scheme. 1 million home by 2019 under housing scheme. Electricity to all villages in the country by May 1 will be forwarded. 3.96 lakh crore will be allocated for infrastructure. The airport will be built in smaller towns by PPP Model.

Farmer

Farmers will be given a loan of Rs 10 lakh crore. Farmer’s lender will be computerized. Agriculture growth in 2017-18 estimated at 4.1. Crop insurance will be 40% instead of 30 per cent. 9 thousand million provision for crop insurance. Farmers' incomes doubled in 5 years to try. The highest allocation under the scheme so far this year. And emphasis on the promotion of village infrastructure. Ponds will meet its target of 10 million. 8 Dairy Development Fund of Rs. 5 thousand million fund for irrigation.

Demonetization

Demonetization historic step. It has affected the economy, but it will increase transparency and reduce corruption. Demonetization have more money due to banks and bank loans are cheap. Demonetization will accelerate the domestic development.

Health

By 2018, smallpox and tuberculosis by 2022 will end. Jharkhand and Gujarat will be 2 new AIIMS. Blue print to end black marketing.

Education

350 online courses will begin. Skill India 1000 Skills Center will be opened. IIT and medical examinations will form a separate body. The proposal for the National Examination Agency. UGC to improve higher education reform.

Jaitley's Budget speech highlights...

  • Government will spend a total of 21.47 million.
  • 1.5 million Limit for investment
  • 5 To 20 Lack 20% income tax
  • Above 10 Million income tax by 30 per cent
  • 15 percent surcharge on those earning over 1 million will continue
  • 50 Million and 1 million of income taxed at 10 percent surcharge
  • Tax bracket changes, from 2.5 million to 5 million of income tax on 5%
  • Income Tax reduced
  • Income tax relief: tax-free income of 3 million, 12,500 taxpayers benefit
  • Political parties to take money more than RS2000 from Check or draft
  • One party may take only 2 thousand in cash from a person
  • Political parties can be received bonds
  • Political Parties must file income tax
  • More than 3 Million in cash transactions not allowed
  • Political Parties can take the cash 2,000, from the current 20,000 limit was
  • Small company’s tax relief announced
  • 50 Million annual turnover of up to 25% will have to pay tax. As a reminder, there is still a 30 percent tax
  • Middle Class, relieve stress on cheap loans
  • After Demonetization people more income is falling
  • We will plan to change homes cheap
  • Land acquisition compensation will be tax-free
  • Just 24 million people Show 10 lack income
  • 99 lack people given income below 2.5 lacks
  • Tax evasion has loads of honest people
  • 1.72 lack people income reported more than 50 lacks
  • Tax savers majority is more
  • BHIM App payments will be promoted
  • Check Bounce Rules will be more Hard
  • Government will be tough on Economic offenders
  • The country will seize the assets of criminals flee economic
  • Soldiers Centralized travel system
  • 274 114 million budgeted for defense budget
  • 37 435 million allocated to Scientist ministries
  • Government deficit of 3.2 percent to 3 percent target next year
  • New law on illegal deposit will
  • Financial Area proposed for QRT
  • Cashback proposal for Businessmen
  • Target of 2.5 thousand million digital transactions
  • FDI Be liberalized, FIPB would end
  • Aadhar Card to pay 20 million machines will be attached
  • The Post Office will also participate in the Digital Plan
  • Passport will be built in Post Office
  • 64 thousand crore for the development of Highway
  • Foreign investment companies will be filed online
  • 90 Per cent FDI through auto route
  • For basic Framework the allocation of 3.96 lakh crore
  • IRCTC as a company to list on the stock market
  • Metro Rail to the new policy to be announced
  • PPP Model airport will be built in smaller towns
  • Trains will run separately for pilgrimage & religious journey
  • For Complaints Coach Mitra will be introduced
  • LIC plan for senior citizens, the government will bring
  • By 2019 bio toilets in all trains
  • Allotted 1.32 lakh crore for Railway Development
  • Railway stations will be made easier for Diwyang
  • 3 500 km. The new rail line would become
  • 7000 solar lines at stations
  • The e-ticket service charge by IRCTC will be ended
  • 5 thousand seats will be increased in Medical PG course
  • Railway development and emphasis on hygiene
  • Human crossing completely eliminate
  • 1 trillion allocated for Railway Safety
  • 25 stations selected for the development
  • By 2018 will eliminate the smallpox and tuberculosis by 2022
  • Jharkhand And Gujarat will be 2 new AIIMS
  • By 2017 blueprints to end up black marketing
  • 350 Online courses launched
  • For Skil India 1000 Skills Center
  • IIT And medical examinations will form a separate body. The proposal for the National Examination Agency
  • UGC to improve high education reform
  • 9 thousand million for Corp insurance
  • Allocation of 23 thousand crore for PM housing scheme
  • PM Road plan by 2019 will spend 4 trillion
  • PM Housing scheme by 2019 will be home to one crore
  • Electricity to all villages in the country by next year May 1 will be forwarded
  • 5 Thousand million fund for irrigation
  • Manrega Far the largest allocation, the 48 thousand million
  • Dairy Development Fund of Rs 8000 Crore
  • Jammu and Kashmir and highlighted North East farmers in debt
  • Try to give employment to the every poor
  • 10 million ponds target will be met
  • 150th anniversary of BAPU aim to bring 1 million people out of poverty
  • 10 trillion debt will be to Farmers
  • Computerization of the lender
  • 2017-18 Estimated 4.1 growth rate in agriculture
  • Corp Insurance now 40 percent instead of 30 percent
  • Demonetization would reduce corruption
  • For Tax Will respect the honest persons
  • Emphasis on the promotion of basic schematic of villages
  • For Farmers Try to double Income in 5 years
  • TEC plans to live up to the expectations of people
  • TEC Next agenda of the Government of India
  • Demonetization Long-term benefit, the bank can make loans cheaper
  • Demonetization Effect will end in the coming years
  • During demonetization cash Came, tax increases
  • Jaitley Said- Demonetization will pick up the growth
  • Pulse Production will accelerate
  • Foreign exchange reserves were 361 billion
  • Dearness Rate will be between 2 and 6 per cent
  • Focus on Youth Employment
  • Petroleum Prices could drop
  • Current Deficit is reduced
  • Transparency has come in 2.5 years
  • Tremendous pace of growth will come from GST
  • The Indian economy in the world, shining star
  • Changes in government policies
  • The government tried to get everyone benefits

Suspense was on Budget

Previously been feared MP E. Ahmed following the death is to be avoided budget. But the speaker made it clear that the budget will have to present, it is the constitutional responsibility. This is the first time when budgets are being introduced simultaneously. Although Congress has spoken to postpone for a day budget. Congress leader Mallikarjun Kharge said that the budget would be inhumane to do.

After Demonetization the first budget

This time the budget was special in many ways. The government faces another challenge was to speed up the growth of the economy on the other, in view of the general public to relieve demonetization attention on Jaitley said. The growing importance of the budget went to the polls in the wake.
 

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