Budget highlights 2017 : Main Summary of the budget

By | 1st February 2017


Income Tax rate
Individual tax payers
Up to Rs 2,50,000 No tax
Rs 2,50,001 to Rs 5,00,000 5%
Rs 5,00,001 – 10,00,000 20%
More than Rs 10,00,000 30%
Senior citizens who are 60 years old and above but less than 80 years
Up to Rs 3,00,000 No tax
Rs 3,00,001 to Rs 5,00,000 10%
Rs 5,00,001 to Rs 10,00,000 20%
More than Rs 10,00,000 30%
Senior Citizens who are 80 years old and above
Up to Rs 5,00,000 No tax
Rs 5,00,001 to Rs 10,00,000 20%
More than Rs 10,00,000 30%
(Surcharge of 10 per cent on income of all individuals above Rs 50 lakh and less than Rs 1 crore and surcharge of 15 per cent on income above Rs 1 crore).

* All taxpayers above 5 lakh rupees to get benefit of 12,500 rupees across theboard:FM.

* No corporate tax reduction for large companies.

* 5% TDS On Insurance Agents Removed.

* A single one-page form for filing IT returns for taxable income up to 5 lakh rupees: FM.

* Tax on income from 2.5 lakh to 5 lakh reduced from 10 per cent to 5 per cent: FM.

* Amendment to RBI Act proposed to enable electoral bonds: FM.

* Time period of revising tax return to be reduced to 12 months.

* No proposal to withdraw MAT. However, carry-forward to be extended to 15 years from 10, says FM Jaitley.

* Political parties will be entitled to receive donations in cheque or digital payment, every political party to file IT returns.

* Total expenditure for 2017-18 at Rs 21,47,000 crore, Capital expenditure up by 25.4% over previous year to have multiplier effect: FM.

* Political Funding: Maximum amount of cash donations any political party can receive wil be Rs 2000 from any one source.

* No transaction above Rs 3 lakhs to be permitted in cash: FM.

* Tax rate for companies with an annual turnover up to 50 crores to be reduced to 25%, to strengthen MSME sector: FM.

* Basic customs duty on LNG to be reduced from 5% to 2.5%:FM.

* There is an urgent need to protect the poor from chit fund schemes, draft bill placed in public domain: Jaitley.

* To make MSMEs more viable, income tax for smaller companies to be reduced: FM.

* Profit linked deduction available to Startups for 3 years out of 5 years will be available for 3 years out of 7 years.

* Capital gains tax to be exempted,for persons holding land from which land was pooled for creation of state capital of Telangana: FM.

* Holding period for gain from immovable property reduced to two years.

* Net Tax Revenue Growth At 17% For Last 2 Years.

* Jaitley abolishes Foreign Investment Promotion Board (FIPB).

* Because of efforts made by the government, growth in personal income tax at 34% in first 3 quarter of the year, says Jaitley.

* Thrust in budget are affordable housing, promote digital economy, bringing transparency in political funding: FM.

* We are committed to make our taxation rate reasonable,our tax admn more fair & expand the tax base of the country.

Revenue Deficit target at 1.9% of GDP.

* We are still mining the data from demonetisation. Once mined, it’ll help India widen its tax base.

* Committed to make taxation rates affordable, says FM Arun Jaitley.

* Direct tax collections not commensurate with income & expenditure pattern of Indian economy: FM.

* 1.95 crore individuals showed income between Rs 2.5 lakh to Rs 5 lakh.

* As against 4.2 cr people working in organised sector, only 1.74 cr file annual tax returns.

* We are largely a tax non compliant society: Arun Jaitley.

* Only 1.72 lakh showed income above Rs 50 lakh, says Arun Jaitley.

* Aadhar-enabled payment system AadharPay to be launched: FM.

* Fiscal deficit pegged at 3.2 percent of GDP.

* Defence allocation of Rs 2.74 lakh crore.

* Pradhan Mantri Kaushal Kendras to be extended to more than 600 districts across the country: FM.

* State run companies like IRCON and IRCTC to be listed in markets.

* Total resource transfer to States and UTs with legislature at Rs 4.11 lakh crore up from Rs 3.6 lakh crore in BE 16-17.

* Total allocation for rural, agricultural & allied sectors for 2017-18 a record 1,87,223 cr, up by 24%: FM.

* Total expenditure of this year’s budget is 21 lakh 47 thousand crore rupees: FM.

* Innovation Fund for secondary education to be created: FM.

* Introduction of a new law for Economic offenders fleeing the country by confiscating their properties: FM.

* Web based pension distribution system for defense pensioners.

* The Rs 10,000 crore announced by FM Jaitley for recapitalisation of public sector banks seen as grossly inadequate.

* Road sector budget increased from 57,676 cr rupees in 2016-17 to 64,900 crore rupees in 2017-18: FM.

* Centralised Defense Travel System has been designed to allow defense personnel to book tickets online.

* BHIM app will unleash power of mobiles for digital payments: FM.

* 20 lakh Aadhaar-based swipe machines by 2020.

* 20 lakh Aadhaar-based swipe machines by 2020.

* Proposal to step up allocation for PMAY Gramin from 15,000 crore to 23,000 crore in next yr: FM.

* Rs 2000 Cr announced for coastal road connectivity;essentially to enhance connectivity to ports & coastal villages: FM.

* Delhi and Jaipur to have solid waste management plants and five more to be set up later: Arun Jaitley.

* By 2019, All Railway Coaches to be fitted with Bio toilets: FM.

* 19,000 crore in 2017-18 for PMGSY; together with contribution from states, 27,000 crore to be spent: FM.

* Improvement in working of CPSEs through consolidation, merger and acquisition.

* Lending target under MUDRA to be doubled to Rs 2,44,000 crore.

* The Airport Authority Act will be amended to monetise airport land, says Jaitley.

* Action plan to eliminate Kala Azar & Filariasis by 2017, Leprosy by 2018, Measles by 2020 & Tuberculosis by 2025.

* A revised mechanism of listing of Public Sector Enterprises: FM.

* During 2017-18, another 5 lakh ponds to be constructed, for drought-proofing: FM.

* Rs 10,000 crore for recapitalisation of banks.

* 3.5 Crore youth will be trained under Sankalp program launched by the government.

* 20,000 MW solar power capacity to be set up.

* A new metro rail policy will be announced with focus on innovative models of implementation and finance.

* FM proposes further liberalisation of FDI policy.

* Mission Antyodaya to bring 1 crore households out of poverty, & to make 50,000 Gram Panchayats poverty-free : FM.

* 2 new Strategic Oil Reserves to be set up in Odisha and Rajasthan.

* DigiGaon initiative will be launched to provide tele-medicine, education & skills through digital technology.

* Expert committee will be formed to study Commodity Market: FM.

* Foreign Investment Promotion Board to be abolished: FM.

* Railway lines of 3,500 km to be commissioned in 2017-18.

* Total allocation for infrastructure 3 lakh 96 thousand 135 crore rupees for 17-18: FM.

* Focus on Swachh Railways: All railway coaches will have bio-toilets by 2019, says Jaitley.

* By end of FY 2017-18 high speed broadband connectivity on optic fibres will be available in more than 1,50,000 gram panchayats: Arun Jaitley.

* Railways will offer competitive ticket booking facility to public at large.

* Rs 2,41,387 crore allotted for the transportation sector in 2017-18: FM

* Eco system to make India a global hub for electronics manufacture. Allocation of Rs 745 cr: Jaitley.

* Budget allocation for road sector increased from Rs 57,000 crore to Rs 64,000 cr.

* Bharat Net allocation set at Rs 10,000 cr.

* 500 railway stations to be differently abled friendly, selected airport in tier two cities will be in PPP mod: FM.

* FM Arun Jaitley: Allocation For Scheduled Tribe Welfare At Rs 31,900 Cr.

* Mini Soil Testing Lab in Krishi Vigyan Kendras to ensure 100% coverage: FM.

* Railways will implement end-to- end transport solutions for certain logistics: Jaitley.

* Service tax on tickets booked through IRCTC to be withdrawn, says FM Jaitley.

* Redevelopment contracts for at least 25 stations to be awarded in 2017-18, says FM Jaitley.

* Capital outlay for the Railways raised from s 1.21 lakh crore in 2016-17 to Rs 1.31 lakh crore. This includes an allocation of Rs 55,000 crore from the government.

* National Agriculture Market to be expanded to 585 Markets

* 35% increase in funds allocated for development for people belonging to SC

* Target for agricultural credit in 2017-18 has been fixed at a record level of 10 lakh crore rupees: FM

* Women, child, welfare allocation upped to Rs 1,84,362 crore

* Total capital for Railways is pegged at 1 lakh 31 thousand crores rupees: FM.

* Propose To Amend Drug Rules To ensure Availability Of Drugs at Reasonable Prices.

* Aim is to eliminate tuberculosis by 2025, says FM Jaitley.

* Govt committed to structural reforms in medical education: FM

* PM Awas Yojna – Gramin allocation rasied to 23000 crore: FM.

* Speed of construction of roads per day has increased to 133 km per day.

* Two new AIIMS in Jharkhand and Gujarat.

* Budget focus on youth education a welcome shift to outcome-based incentives for education.

* Arun Jaitley Says Have Hiked Allocation For Women Skill Development To Rs 1.84 Lakh Cr In FY18.

* Incredible India second campaign to be launched world over: FM

* Good institutions to have greater administration & academic autonomy.

* Safe drinking water to cover 28,000 arsenic & Fluoride effected habitations in the next four years.

* Affordable housing to be given infra status: FM.

* Special scheme for leather and footwear sector: FM.

* FM: Focus on youth education. What it means: Welcome shift to outcome-based incentives for education.

* Open defecation free villages are now being given priority for Pipe to water supply.

* National testing agency to conduct all entrance examinations across the country: FM.

* To complete 1,00,00,000 houses by 2019 for houseless and those living in kaccha houses: FM Arun Jaitley

* Sanitation coverage in rural areas have gone up from 42 % in Oct 2014 to about 60% now Increased allocation of Rs 23,000 cr for PM Awas Yojana: FM

* FM Jaitley says innovation fund will be created for secondary education

* Budget Impact: Focus on roads and infrastructure to benefit companies like IRB Infra and companies in the low cost housing space.

* Allocation for rural sector for FY18 is Rs 1,87,200 cr, which is a record, and represents an increase of 24%: FM.

* Tractor, fertiliser stocks spiked as agri sector expected to grow at 4.1% this year.

* National agri markets to be expanded to 585 markets: FM.

* Pace of construction of roads has increased to 133km/day in FY17: FM.

* Irrigation fund hiked to Rs 40,000 crore; Jain Irrigation, EPC Industries gain up to 5%.

* Well on our way to achieving 100% rural electrification by May 1, 2018: FM.

* Modern law on contract farming will be prepared, says FM Jaitley.

* With better Monsoon, agriculture is expected to grow at 4.1 per cent in current year, says Arun Jaitley

* Uncertainty around commodity prices, especially around crude oil, one of the major challenges, says Arun Jaitley

* Participation of women in the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) has increased from 40% to 55%, says Finance Minister Arun Jaitley

* Issuance of Soil Health cards has gathered momentum: FM

* Demonetisation aims to create a new normal, where the GDP would be bigger, cleaner and real: FM

* Target of Rs 10 lakh crore credit to farmers: FM

* Rs 3,00,000 cr spent in rural sector every year. We will bring 1 cr households out of poverty and 50,000 gram panchayats to be made poverty free: FM

* Will take steps to ensure farmers get better prices for their crops: FM

* Dedicated micro irrigation fund set up by Nabard to have initial corpus of Rs 5,000 cr.

* Dedicated micro irrigation fund set up by Nabard to have initial corpus of Rs 5,000 cr.

* Fasal Bima Yojana: coverage to be raised from 30% in FY17 to 40% in FY18 and 50% in FY19: FM

* FM : My approach in preparing the #Budget2017 is to spend more on rural areas, infrastructure & poverty alleviation with fiscal prudence.

* We will take special efforts to ensure adequate flow of credit to under served areas, Eastern states and J&K: Jaitley

* Government has continued with a steady path of fiscal consolidation: FM

* Expected to grow 4.1% this year: FM

* Agriculture expected to grow 4.1% this year: FM

* Favourable price developments reflect prudent macroeconomic management: FM

* Tax administration will be honouring the honest: FM

* To double farmers’ income: FM

* Double digit inflation has been controlled; sluggish growth replaced by high growth; war on blackmoney launched, says Arun Jaitley.

* The advanced economies are expected to increase their growth from 1.6%-1.9% and emerging economies from 4.1%-4.5%, says Arun Jaitley.

* India’s Current Account Deficit decreased from about 1% of GDP last year to 0.3% of GDP in first half of 2016-17, says Arun Jaitley.

* Agenda for next year: Transform, Energise and Clean India (Tech India): FM

* Will continue with economic reforms, promote investment: FM

* Monetary policy stance of US Fed a major concern for emerging markets: FM

* Growth in a no. of emerging economies is expected to recover in 2017 .

* Demonetisation was a continuation of a series of measures taken over the last two years – a bold and decisive measure, says FM.

* FDI inflows into India grew 36% while global FDI fell 5%: Jaitley

* IMF estimates world GDP to grow at 3.1% in 2016 and 3.4% in 2017: Jaitley

* Government has launched a massive war on black money, says FM Arun Jaitley.

* Effects of demonetisation will not spill over to the next financial year: FM Arun Jaitley.

* CPI inflation is expected to remain within RBI’s mandated range of 2 to 6%: Arun Jaitley.

* Demonetisation was a continuation of a series of measures taken over the last two years – a bold and decisive measure, says FM.

* GST will spur growth, increase transparency: FM Arun Jaitley.

* As per IMF, India will be one of fastest growing economies in 2017: FM

* India is 6th largest manufacturing country in the world, up from 9th position: FM

* There are positive signs and point to optimistic outlook for the next year: Arun Jaitley

* We have moved from a discretionary administration to a policy-based administration: FM Jaitley

* We shall continue to undertake many measures to ensure fruits of growth reach everyone, FM says amid uproar.

* IMF estimates world GDP at 3.1% in 2016, and 3.4% in 2017: FM

* The govt now seen as a trusted custodian of public money: FM

* Would have adjourned the House but today’s sitting for the presentation of Budget has been approved by the President: Sumitra Mahajan

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