Key Point of Budget 2017

  1. Big Budget push! MGNREGA allocation at Rs 48,000 crore, highest ever, says FM.
  2. Target for agriculture credit fixed at Rs 10 lakh crore
  3. PM scheme for housing has been raised from Rs 15,000 crore to Rs 23,000 crore in current year, Jaitley says
  4. Govt will continue to work closely with farmers to improve life and environment: Arun Jaitley
  5. We have to complete 1,00,00,000 houses by 2019 for the houseless and those living in kaccha houses” 11:44 AM (IST), Feb 01
  6. FM pushes for safe train rides in Budget: Rs 1 lakh cr safety corpus for Railways
  7. Rs 9,000 crore higher allocation for payment of sugarcane arrears: Jaitley 11:48 AM (IST), Feb 01
  8. Committed to doubling the farmers’ income in 5 years
  9. FM pushes for safe train rides in Budget: Rs 1 lakh cr safety corpus for Railways.
  10. Aadhar based smart card for senior citizens
  11. Scheme for senior citizens to give them assured income and health benefits.
  12. Two new AIIMS to be set up in Gujarat and Jharkhand
  13. Service charges on tickets booked through IRCTC stands withdrawn says FM.
  14. A new metro rail policy will be announced, this will open up new jobs for our youth
  15. By 2019, all coaches of Indian Railways will be fitted with bio-toilets.
  16. Total rail capital expenditure for fiscal year 2018 pegged at 1.31 trillion rupees
  17. We will continue reform agendas and abolish FIPB (Foreign Investment Promotion Board)
  18. Rs 500 crore allocated to set up Mahila Shakti Kendras; Allocation raised from Rs 1.56 lakh crore to Rs 1.84 lakh crore for women and child welfare.
  19. Total capital and developmental expenditure Rs1.31 lakh crore for Railways in 2017-18 including Rs 55,000 crore to be provided by govt.
  20. Rs. 3.96 Cr for Infra structure….Announces new scheme for Trade Infrastructure exports…!
  21. Govt. plans to merge Tribunals, wherever necessary….Master stroke by our Taxmann FM
  22. Jena – AKT: .New metro rail policy to be unveiled
  23. Aadhaar Pay to be launched soon.
  24. India is at the cusp of a massive digital revolution”.
  25. 3.5 crore youth will be trained under Sankalp program launched by the government.
  26. A new law likely to confiscate assets of the big-time economic offenders fleeing country.
  27. Head post offices to be used as the front office for passport sevices.
  28. Total allocation for infrastructure in Budget stands at a record level Rs 3,96,135 crore in 2017-18: Arun Jaitley
  29. Jena – AKT: Non ITR filers have no escape route cautions FM…!
  30. cars sold and foreign travel being compared with return filed by individuals
  31. By end of 2017-18, high speed broadband connectivity on optic fibres will be available in more than 1,50,000 gram panchayats
  32. Fiscal deficit pegged at 3.2 per cent of GDP in 2017-18 and 3 per cent in the following year.
  33. Draft Bill to curb illegal deposit scheme ready
  34. Total ITR showing income above 5lacs is only 76 lacs out of which 56 lacs are salaried employees..
  35. When too many people evade taxes, burden falls on those who are honest” 12:27 PM (IST), Feb 01
  36. From the 3.5 crore individuals who filed tax returns, 99 lakh showed income below income tax slab, while only 24 lakh show income above Rs 10 lakhs, Jaitley says in Parliament
  37. 34 percent increase in advance tax for 3 qtrs
  38. holding period for long term reduced to 2 years in case of property
  39. Corporate Tax Rate reduced to 25% for Cos turnover upto Rs 50 Cr
  40. Mat credit carry forward period increased to 15 from 10
  41. Custom duty on LPG reduced to 2.5%
  42. Cash donation recd by charitable trusts reduced to Rs 2000/- from Rs. 10000/-
  43. Threshold limit under Section 40A(3) for payment of expenses in cash is reduced to Rs. 10,000
  44. Finance Bill proposes ban on cash transactions above 3 lakhs
  45. Presumptive income under Section 44AD for digital receipts is reduced to 6%
  46. Capital gains tax to be exempted for the land acquired for creation of Telangana: Arun Jaitley
  47. Domestic TP norms is simplified..great move to reduce TP litigations
  48. Threshold limit for audit of entities opting for presumptive taxation under Section 44AD is increased to 2 crores.
  49. Personal IT- exemption limit remains same
  50. But 2.5 to 5 lacs reduced to 5% instead of present 10 % all other category remains the same
  51. First time return filers wont be subject to scrutiny for 1st year..T&C apply
  52. One page ITR form to be introduced for taxpayers with taxable income of up to 5 lakhs except business income
  53. Govt. proposes levy of surcharge of 10% for income between Rs. 15 lakhs and Rs. 1 crores

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