Feb 01, 2017:
- Tax on income from 2.5 lakh to 5 lakh reduced from 10 per cent to 5 per cent
- All taxpayers above 5 lakh rupees to get benefit of 12,500 rupees across the board
- 10% Surcharge on individuals with income between 50 lakh to 1 Crore, Surcharge for incomes > Rs 1 crore at 15% to continue
- Long-term capital gains tax on immovable property to apply after 2 years, instead of 3 years now
- Basic customs duty on LNG to be reduced from 5% to 2.5%
- Rate of growth in advance tax in personal income tax in last 3 quarters of this financial year is as high as 34.8%
- Tax rate for companies with an annual turnover up to 50 crores to be reduced to 25%, to strengthen MSME sector
- Rs 7,200 cr revenue loss due to reduction in tax on smaller companies
- Only 1.72 lakh people show income above Rs 50 lakh
- 1.5 crore people show income between Rs 2.5-5 lakh; 52 lakh people between between Rs 5-10 lakh; 24 lakh above Rs 10 lakh
- State run companies like IRCON and IRCTC to be listed in markets
- Total expenditure in FY18 at Rs 21.47 lakh cr
- Revenue Deficit target at 1.9% of GDP
- Fiscal deficit pegged at 3.2 percent of GDP
- Defence allocation of Rs 2.74 lakh crore
- Thrust in budget are affordable housing, promote digital economy, bringing transparency in political funding
- Govt doubles distribution target under Mudra Yojana to Rs 2.44 lakh crore for 2017-18
- Total allocation for rural, agri and allied sectors for 2017-18 is a record Rs 1,87,223 cr, up 24 per cent from last year
- Coverage of Fasal Bima Yojana to go up from 30 pc of cropped area to 40 pc in 2017-18 and 50 per cent next year
- Dedicated micro-irrigation fund to be set up by NABARD to achieve mission of Per Drop, More Crop
- Amendment to RBI Act proposed to enable electoral bonds
- Political parties will be entitled to receive donations in cheque or digital payment, every political party to file IT returns
- Maximum amount of cash donation a political party can receive to be 2000 rupees from any one source
- Head post offices to issue passports
- Pradhan Mantri Kaushal Kendras to be extended to more than 600 districts across the country
