- FY 18 revenue deficit pegged in at 1.9% of GDP.
- Fiscal deficit for 2017-18 pegged at 3.2% in line with market expectations.
- Total Budget of Rs.21.47 Lakh Crores for 2017-2018.
- No Income tax on income up to Rs.3 lakhs.
- Income tax rate from Rs.2.50 lakhs to Rs.5 lakhs reduced to 5%.
- 10% surcharge for income between Rs.50 lakhs and Rs.1 crore.
- One page income tax return proposed.
- No transaction over Rs.3 lakhs will be permitted in cash.
- 6% presumptive tax for companies with a turnover upto Rs.2 crore doing digital transactions.
- 5% tax exemption for companies having a turnover below Rs.50 crores.
- Holding period of Long Term Capital Gains for Land & Building reduced to 2 years.
- Increase in Direct tax collection by 34% after demonetization.
- Maximum donation receivable from unknown sources by political parties will be Rs.2 lakhs.
- Propose to reduce tax for small companies with a turnover of less than Rs.50 crore to 25%.
- Defence capital expenditure Rs.80,000crores.
- New FDI policy under consideration.
- Aadhaar-Pay will be launched shortly.For senior citizens, Aadhaar based Health Cards will be introduced.
- Govt. doubles lending target of banks to Rs.2.44 lakhs crores
- Amend Negotiable Instruments Act to protect payees dishonoured cheques.
- National Highway allocation at Rs.64,000crores.
- Unmanned Railway lines to be eliminated by 2020
- Propose to feed 7000 solar railway stationsin medium term.
- Propose to amend drug rules to ensure drugs available at reasonable prices.
- Affordable housing to be given Infra status
- 100% rural electrification by May 01, 2018.
- Propose to finish 1 crore houses by 2019 for those living in kachcha houses.
- To up crop insurance coverage to 50% in FY 2019.
- Govt. to set up dairy processing fund.
- Focus on Rural India – Total allocation for rural sector up by 24% at Rs.187,000crores.
- NABARD to digitise 63,000primary agri co-ops.
- Additional Rs.20,000crore allocated to NABARD for long term irrigation fund.
- SEC 40A (3) amended—cash expenses reduced from Rs 20,000 to Rs 10,000( Foe example, cash salary, cash rent, cash conveyance etc.)
- New Section 234F introduced for delay in filing income tax returns beyond due date – late filing fee of Rs.5,000/- up to 31stDecember of the year in which due date of income tax return filing is due and thereafter Rs.10,000/-.
- Budget agenda was to – Transform Energize and Clean India – TEC India.
- Oil prices, rising dollar and volatile commodity prices seen as risks to Indian economy.
- Focus on digitizing India to continue.
- Service charge on rail tickets booked through IRCTC to be withdrawn.
- Maximum cash donation any Political party can receive will be Rs.2,000 from one source.
This post first appeared on IMPACT OF DEMONITIZATION OF CURRENCY IN INDIA IN 2016, please read the originial post: here
