Highlights of Union Budget 2017-18

The 2017 Union Budget, presented by Finance Minister Arun Jaitley on Wednesday, was broadly focused on 10 issues — farming sector, rural population, youth, poor and health care for the underprivileged, infrastructure, financial sector for stronger institutions, speedy accountability, public services, prudent fiscal management and tax administration for the honest.

Demonetisation

  1. Demonetisation is expected to have a transient impact on the economy.
  2. It will have a great impact on the economy and lives of people .
  3. Demonetisation is a bold and decisive measure that will lead to higher GDP growth.
  4. The effects of demonetisation will not spill over to the next fiscal.

Agriculture sector

  1. Sowing farmers should feel secure against natural calamities.
  2. A sum of Rs. 10 lakh crore is allocated as credit to farmers, with 60 days interest waiver.
  3. NABARD fund will be increased to Rs. 40,000 crore.
  4. Government will set up mini labs in Krishi Vigyan Kendras for soil testing.
  5. A dedicated micro irrigation fund will be set up for NABARD with Rs 5,000 crore initial corpus.
  6. Irrigation corpus increased from Rs 20,000 crore to Rs 40,000 crore.

For the poor and healthcare

  1. 500 cr allocated for Mahila Shakthi Kendras.
  2. Under a nationwide scheme for pregnant women, Rs. 6000 will be transferred to each person.
  3. A sum of Rs. 1,84,632  crore allocated for women and children.
  4. Affordable housing will be given infrastructure status.
  5. Owing to surplus liquidity, banks have started reducing lending rates for housing.
  6. Elimination of tuberculosis by 2025 targeted.
  7. Health sub centres, numbering 1.5 lakh, willl be transformed into health wellness centres.

Personal income tax

  1. Existing rate of tax for individuals between Rs.  2.5- Rs 5 lakh reduced to 5% from 10%
  2. All other categories of tax payers in subsequent brackets will get benefit of Rs 12,500.
  3. Simple one page return for people with annual income of Rs. 5 lakh other than business income.
  4. People filing I-T returns for the first time will not come under govt. scrutiny.
  5. 10% surcharge on individual income above Rs. 50 lakh and up to Rs 1 crore to make up for Rs 15,000 crore loss due to cut in personal I-T rate. 15 surcharge on individual income above Rs. 1 crore to remain.
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