". VdoTips: Budget 2017 India

Budget 2017 India

Budget 2017 India Highlights

Ø  Surcharge on 10% on people whose income between Rs 50 lakh to Rs 1 crore
Ø  Incpme tax  of those with income between Rs 2.5 lakh to Rs 5 lakh from 10% to 5%
Ø  IMF estimates world GDP will grow by 3.4 per cent in 2017 .
Ø  Agriculture sector is expected to grow at 4.6%, agriculture expenditure targeted at Rs 10 lakh crore.
Ø  Head post offices to be used as head office for passport procurement in far flunged areas
Ø  36% increase in FDI flow; forex reserves at $361 billion in January, which is enough to cover 12 months needs.
Ø  Allocation under MNREGA increased to 48,000 crore from Rs 38,500 crore. This is highest ever allocation
Ø  Total allocation for rural, agricultural and allied sectors for 2017-18 is Rs 187223 crore, which is 24% higher than last year .
Ø  One crore houses for poor by 2019.
Ø  Sanitation coverage in rural areas has gone up to 60 percent (12:28)
Ø  By 2019 all passenger coaches of railways to be fitted with bio-toilets
Ø  Rs 19,000 crore in 2017-18 for PMGSY; together with contribution from states, Rs 27,000 crore to be spent
Ø  One crore houses for poor by 2019.
Ø  Safe drinking water to cover 28,000 arsenic and Fluoride-affected habitations in the next four years.
Ø  133-km road per day constructed under Pradhan Mantri Gram Sadak Yojana
Ø  5% reduction in Income Tax for companies with annual turnover of less than Rs 50 crore
Ø  Mahila Shakti Kendra given Rs500cr to provide one stop convergance system to empower rural women
Ø  SANKALP programme for skill development for training of 1 crore youth
Ø  Outcome based ranking system for higher education institutions
Ø  High speed broadband connectivity for more than 1 lakh gram panchayats
Ø  2,000km coastal roads have identified for construction
Ø  New Metro Rail policy to be announced
Ø  Two new All India Institute of Medical Sciences(AIIMS) to be set up in Jharkhand and Gujarat .

Ø  Selected airports in tier-2 cities to be operated under PPP model
Ø  3500km railway lines to be put up.
Ø  Service charge on rail tickets booked through IRCTC to be withdrawn.
Ø  Rail safety fund with corpus of Rs 100,000 crore will be created over a period of five years.
Ø  500 rail stations to be made differently abled-friendly by providing lifts and escalators .
Ø  A new metro rail policy will be announced, this will open up new jobs for our youth.
Ø  Foreign investment promotion board (FIPB) to be abolished .
Ø  Allocation for infrastructure stands at a record Rs 3,96,135 crore .
Ø  Government to set up strategic crude oil reserves in Odisha and Rajasthan.
Ø  1.25 crore people have already adopted Bhim App for digital payments .
Ø  Aadhaar Pay- an app for merchants- to be launched' 20 lakh aadhaar-based POS by September 2017 .
Ø  Government is considering introduction of new law to confiscate assets of offenders who escape the country.
Ø  Defence expenditure excluding pension at Rs 2.74 lakh crore .
Ø  Fiscal deficit for 2017-18 pegged at 3.2 percent of GDP .
Ø  Fiscal deficit target for next three years pegged at 3 percent.
Ø  Small firms with turnover up to Rs 50 crore to pay 25% tax now, instead of 30%.
Ø  no cash transaction above Rs 3 lakh.
Ø  Maximum cash donation any party can receive will be Rs 2000 from one source.
Ø  Political parties will be entitled to receive donations by cheques or digital modes .
Ø  Jaitley reduces income tax rate from 10% to 5% for tax slab of Rs 250,000 to Rs 500,000 .
Ø  Surcharge of 10% for those whose annual income is Rs 50 lakh to 1 crore .
Ø  15% surcharge on incomes above Rs 1 crore to continue.
Ø  Food subsidy estimated at Rs 1.45 trillion in 2017/18 versus Rs 1.35 trillion revised estimate for 2016/17

Ø  Coverage of Fasal Bima Yojana to go up from 30 percent of cropped area, to 40 percent in 2017-18, 50 percent in 2018-19
Ø  NABARD to set up dedicated micro-irrigation fund to be set to achieve Per Drop More Crop mission
Ø  Corpus of NABARD's long-term irrigation fund raised to Rs 40,000 crore
Ø  Mini soil-testing labs in Krishi Vigyan Kendras to ensure 100 percent coverage
Ø  Government has taken conscious effort to reinvent MNREGA, Rs 48,000cr earmarked for it
Ø  Highest ever allocation to MGNREGA at Rs 48,000 crore
Ø  Merger of Railway Budget with Budget 2017 a historic step

Ø  A single one-page form for filing IT returns for taxable income up to Rs 5 lakh