04/02/2017
*Highlights of Union Buget 2017 - 2018*
*GST* - No changes in service tax & excise duty as GST draft will be launching soon
*Fiscal Deficit* - Seen at 3.2% (17-18) & 3% (18-19)
*Current Account Deficit* - 0.3% (16-17) 1st Half
*FDI Investments* - 1.45 Lakh Crores (16-17) 1st Half
*Direct Tax* - Tax to GDP Ratio is very low
Income upto 2.5 Lakhs - Nil Tax
Income above 2.51 Lakhs to 5 Lakhs - Reduces to 5% Tax from 10%
Income above 50 Lakhs to 1 Crore - 10% surcharge
*Farmer* - Double their income in 5 years
*Agriculture* - 10 Lac Crores credit
*MNREGA* - Allocation 48,000 Crores
*PM Gram Sadak Yojna* - Allocation 19,000 Crores
*Sr. Citizen* - 8% guaranteed pension for 10yrs by LIC of India scheme
*Rail Budget* - 1.31 Lakh Crores, New Railway Line of 3500 kms, No service charge on IRCTC Ticket booking
*Highway* - 67,000 Crores for National Highways
*Disinvestment* - Continue through ETF's and timely disinvestments of PSU's,
Target 72500 Crores
*Banking* - 10,000 Crores to PSU banks for Recapitalisation, Double landing targets to Bank 2.44 Lac Crores, 2.44 Lac Crores under mudra scheme
*Total Expenditure* - Estimated at 21.47 Lac Crores
*Defence Expenditure* - 2.74 Lakh Crores excluding Pension
*Long Term Capital Gain* - For immovable property reduced to 2yrs from 3yrs
*Income Tax* - Companies turnover less than 50 Crores will pay 5% less tax, Effective rate 25%
*Cash Transaction* - No transaction over 3 lakes will be permitted in cash
*Infra* - Insurance company has to invest 25% in Infra bonds
*New slab rate for income tax 2017-18 income*:
Till 2.5L - NIL
2.5L - 5L - 5%
5L - 10L - 20%
Over 10L - 30%
Rebate of 87A reduced to 2.5K from 5K
