Union Finance Minister, Arun Jaitley with Chief Economic Adviser Arvind Subramanian, Economic Affairs Secretary Shaktikanta Das at North Block in New Delhi.Mobile phones will be costlier with the Budget proposing a 2 per cent special auxillary duty on import of populated printed circuit boards (PCBs). It has also been reforming India&China xps underlay Manufacturers39;s tax regime.C. Rangarajan, former governor of India's central bank, said it was a fairly routine budget.While excise duty on pan masala has been hiked to 9 per cent from 6 and that on unmanufactured tobacco to 8.Noting that India is "a non-compliance tax society", Arun Jaitley said he hoped cutting tax rates would persuade people to pay up.5 lakh and Rs 5 lakh income would reduce the tax liability of all below Rs 5 lakh to either to zero (with rebate) or 50 per cent of their existing liability.The Finance Minister expressed confidence that the pace of demonetisation had picked up and would soon reach comfortable levels with its harsher consequences not expected to spill over into the next fiscal.In case of senior citizens above 60 years, there will be no tax up # to Rs 3 lakh, while the exemption will be up to Rs 5 lakh in case of citizens above 80 years.
The total allocation for rural, agriculture and allied sectors has been pegged at Rs 187,223 crore, which is 24 per cent higher than the previous year.2 per cent.The existing benefit of rebate available to people is being reduced to Rs 2,500 for only those who have income up to Rs 3.Since taking office in May 2014, Prime Minister Narendra Modi's government has been pumping funds into boosting education, while increasing spending on roads, irrigation and other infrastructure. Nevertheless, I am happy that the fiscal deficit is maintained at 3. There will also be modernisation and upgradation of identified corridors. Arun Jaitley said spending on highways would rise to 650 billion rupees ($9.In a bid to boost infrastructure spending, the minister proposed a total of Rs 1,31,000 crore towards capital and development expenditure of the Railways which includes Rs 55,000 crore provided by the government.3 per cent from 4.Softening the demonetisation blow, the Union Budget for 2017-18 today halved tax to 5 per cent on incomes up to Rs 5 lakh but proposed a new surcharge of 10 per cent on incomes between Rs 50 lakh and Rs 1 crore.5 lakh. He announced a five percent reduction in tax rates for small and medium-sized businesses with annual turnover of up to 500 million rupees.In a bid to boost the rural and informal sectors hurt by the note ban, the Budget raised the target for agriculture credit during the coming year to a record Rs 10 lakh crore that will ensure flow of credit to under serviced areas.Arun Jaitley in his Union Budget 2017 speech says 15 per cent surcharge on Rs 1 crore income remains in place.
Both categories will attract income tax of 20 per cent on income between Rs 5 lakh and Rs 10 lakh and 30 per cent for income above Rs 10 lakh. Steps would be taken to dedicated trains for tourism and pilgrimages.75 and 7.While the tax liability of people with income up to Rs 5 lakh is being reduced to half, all other categories of tax payers in the subsequent slabs will also get a uniform benefit of Rs 12,500 per person. While the surcharge alone would net Rs 2,700 crore a year, his give-away on direct tax proposals would result in a loss of Rs 15,500 crore.The Budget provisions under rural employment guarantee scheme MGNREGA has been increased from Rs 38,500 crore in the current year to Rs 48,000 crore in 2017-18, while Rs 19,000 crore has been given under the rural roads programme. As a measure of transparency in political funding, Arun Jaitley lowered to one-tenth the donation that political parties can accept in cash to Rs 2000 per donor.47 trillion rupees.Arun Jaitley projected economic growth of between 6. A passenger safety fund is being created with a corpus of Rs 1 lakh crore over five years.In presenting to Parliament the Union Budget for fiscal year that starts April 1, Finance Minister Arun Jaitley said the economy was doing well despite slowing growth in other emerging economies and a massive demonetisation order late last year that affected the country's mostly cash-based business activities.
The Union Budget proposes total spending for the fiscal year of 21. "There have not been much changes on the revenue side.Finance Minister Arun Jaitley2017 Union Budget was a break from the past as it merged the Railway Budget within the general and was also presented a month in advance.The Railways will focus on four major areas of passenger safety, capital and development work, cleanliness and finance and accounting reforms.For the transportation sector as a whole, including rail, road and shipping, the Union Budget 2017 provides for Rs 2,41,387 crore in FY18.Jaitley, however, retained the 15 per cent surcharge on taxable income above Rs 1 crore.5 percent in 2017-18. The original road map has set it at 3 percent.The Budget provides for Rs 9000 crore under the Crop Insurance Scheme and proposed to set up a dedicated micro-irrigation fund under NABARD with an initial corpus of Rs 5,000 crore.54 billion) in 2017-18, up from 580 billion rupees in 2016-17.In the road sector, allocation for highways has been stepped up to Rs 64,900 crore against Rs 57,976 crore in 2016-17.The change in the personal income tax for individual assessees between Rs 2.Against the backdrop of demonetisation intended to eliminate blackmoney and introduce clean transactions, the Budget barred any transaction in cash above Rs 3 lakh.The Finance Minister ruled out the abolition of Minimum Alternate Tax (MAT) on companies but allowed them a carry-forward facility for 15 years instead of 10 to allow them MAT credit. (Photo: PTI) New Delhi: Finance Minister Arun Jaitley pledged relief for middle class taxpayers and small and medium-sized companies in the Union Budget 2017 on Wednesday, saying the government would spend thousands of crores to double farmers' incomes, upgrade ramshackle infrastructure and provide cheap housing. "This magnitude of investment will spur a huge amount of economic activity across the country and create more job opportunities," Arun Jaitley said.Since the proposed GST is expected to be rolled out soon, he left indirect taxes largely untouched expect for some changes in duties on tobacco products, solar panels and circuit for mobile phones."Finance Minister Arun Jaitley also stepped up allocations for infrastructure, rural, agriculture and the social sectors.Railway lines of 3,500 km will be commissioned in the next fiscal against 2,800 km in the previous year.2, the same on filter and non-filter cigarettes of all lengths was also hiked.He also abolished income tax for people earning up to 300,000 rupees a year
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