Aam Budget 2017
Aam Budget 2017 has been announced by our finance minister Mr. Arun Jaitley. Aam budget is also known as Union Budget. According to union/ aam budget 2017 Rs. 19,000 cr allocated to Pradhan Mantri Gram Sadak Yojana, NABARD fund to be increased to Rs. 40,000 crore, 1.5 lakh health sub centres to be transformed into health wellness centre, Rs. 52,393 crore allocated for Scheduled Caste, Foreign Investment Promotion Board to be abolished, Existing rate of tax for individuals between Rs. 2.5- Rs 5 lakh reduced to 5% from 10% and many other highlights.
For more highlights of the Aam budget 2017 you just need to read the below given segment of the page up to the end.
Highlights of union budget By Arun Jaitley
Demonetization effects are not expected to spill over next year and next fiscal
It is expected to have a transient impact on economy
Demonetisation a bold and decisive measure.
Demonetization will lead to higher GDP growth.
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A dedicated micro irrigation fund will be set up for NABARD with Rs 5,000 cr initial corpus
A model law on contract farming will be prepared and shared with States
Dairy processing infrastructure fund will be created initially with a corpus of Rs. 2000 cr
Finance minister says Rs. 10 lakh crore as credit to farmers with 60 days interest waiver
will set up mini lab in Krishi Vigyan Kendras for soiling:
Irrigation corpus increased from Rs 20,000 crores to Rs 40,000 crores
Soil cards Issuance has gained momentum
NABARD fund to be increased to Rs. 40,000 crore
Sowing farmers should feel secure against natural calamities.
5 lakh farm ponds to be taken up under MGNREGA during 2017- 2018
By 2019, Government targets is to bring 1 crore households out of poverty
For Pradhan Mantri Gram Sadak Yojana in 2017-18 allocating around Rs. 19,000 cr
For those without homes, we propose to complete 1 crore houses
Over Rs 3 lakh cr spend for rural India. MGNREGA to double farmers income
Sanitation coverage in rural areas gone up from 42% in Oct 2014 to 60% now.
Swachh Bharat mission has made tremendous progress, sanitation coverage has gone up from 42% in Oct 13 to 60% now.
Using space tech in a big way to plan MGNREGA works
We are well on our way of achieving 100% rural electrification by March 2018.
Women’s participation in MGNREGA up to 55%
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Colleges will be identified based on accreditation
Courses on foreign languages to be introduced.
Innovation fund for secondary education.
Introduction of a system of measuring annual learning outcomes
Skill India mission was launched to maximise potential. 100 India International centres across country.
Steps to create 5000 PG seats per year
There will be a focus on 3,479 educationally-backward blocks
For the poor; health care
5 lakh health sub centres to be transformed into health wellness centre.
Aadhaar-based smart cards for senior citizens to monitor health.
Affordable housing to be given infrastructure status.
Allocating Rs. 500 cr to Mahila Shakthi Kendras.
Allocation for Scheduled Caste – Rs. 52,393 crore
Elimination of tuberculosis by 2025 targeted.
For women and Kids – Rs. 1,84,632 cr. allocation investment
Nationwide scheme for pregnant women – Rs. 6000 each will be transferred.
Structural transformation of regulator framework for medical education in India
Surplus liquidity – banks have already started reducing lending rates for housing
Two new AIIMS in Jharkhand and Gujarat.
A total allocation of Rs. 39,61,354 crore
No Service charge while booked tickets with IRCTC
Raksha coach with a corpus of Rs. 1 lakh cr fore five years (for passenger safety)
Unmanned level crossings eliminated by 2020
3,500 km of railway lines to be commissioned this year up from 2,800 km last year.
SMS based clean my coach service started
Coach mitra facility – to register all coach related complaints
2019 – bio toilets for all trains
500 stations to be made differently-abled friendly
Railways to partner with logistics players for front end and back end solutions for select commodities.
Railways will offer competitive ticket booking facility
2,000 km for coastal connectivity of roads –
64,000 crore allocation for highways.
Total allocation for Railways — Rs. 1,31,000 crore
Allocation of high speed Internet 1,50,000 gram panchayats
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For crude reserves a strategic policy will be set up
In 2017-18 trade infra export scheme will be launched
1.26,000 cr for energy production-based investments received
FDI policy reforms – more than 90% of FDI inflows are now automated.
Shares of Railway PSE like IRCTC would be listed on Stock Exchanges.
Bill on resolution of financial firms to be introduced in this session of parliament.
Decided to abolish FIPB in 2017-18.
Foreign Investment Promotion Board to be abolished.
Revised mechanism to ensure time bound listing of CPSEs
Computer emergency response team for financial sector to be formed.
Pradhan Mantri Mudra Yojana lending target at Rs 2.44 lakh crore for 2017-18
Digital India – Bhim app will unleash mobile phone revolution – two new schemes to promote the app.
Total expenditure – Rs. 21, 47,000 crore
Abolition on plan, non-plan expenditure, focus on capital expenditure ( Capital expenditure will be 25.4 per cent)
3,000 crore under Dept of Economic Affairs for implementing Budget announcements.
Defence expenditure, excluding pension, at Rs 2,74,114 crore
Expenditure in science and technology — Rs. 37,435 crore
Total resources transferred to States and UTs is Rs 4.11 lakh crore
Recommended 3% fiscal deficit for three years with deviation of 0.5% of GDP.
Revenue deficit – 1.9 %
Pegged fiscal deficit of 2017-18 at 3.2% of GDP and remain committed to achieving 3% in the next year.
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On funding of political parties
Amendment is being proposed to RBI Act to enable issuance of electoral bonds that government will scheme.
Donor can purchase electoral bonds from banks or post office via cheque or digital transactions. They can be redeemed only by registered political parties.
Maximum amount of cash donation for political parties will be Rs 2,000 from any one source from Rs 20,000
95 crore individuals showed income between Rs 2.5 lakh to Rs 5 lakh.
Between Nov 8 to Dec 30: Deposits between Rs 2 lakh and Rs 80 lakh was made in 1.09 crore accounts.
Capital gains tax to be exempted for persons holding land from which land was pooled for creation of state capital of Telangana.
Corporate tax: In order to make MSME companies more viable, propose to reduce tax for small companies of turnover of up to Rs 50 crore to 25%. About 67 lakh companies fall in this category. 96% of companies to get this benefit.
Holding period for long term capital gain lowered to 2 years
Income Tax Act to be amended. No transaction above Rs 3 lakh to be permitted in cash.
India’s tax to GDP ratio is not favourable.
Limit of cash donation by charitable trust reduced to Rs 2,000 from Rs 10,000.
Net revenue loss in direct tax could be Rs. 20,000 crore.
Net tax revenue of 2013-14 was Rs 11.38 lakh crore.
Only 1.72 lakh people showed income of more than Rs 50 lakh a year.
Out of 13.14 lakh registered companies, only 5.97 lakh companies have filed returns for 2016-17.
Out of 76 lakh individual assessees declaring income more than Rs 5 lakh, 56 lakh are salaried.
Proportion of direct tax to indirect tax is not optimal.
Propose to have carry-forward of MAT for 15 years.
Propose to reduce basic customs duty for LNG to 2.5% from 5%
Rate of growth of advance tax in Personal I-T is 34.8% in last three quarters of this financial year.
SIT on black money suggested no cash transactions of more than Rs 3 lakh. Govt has accepted this proposal.
Personal Income Tax
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.
All other categories of tax payers in subsequent brackets will get benefit of Rs 12,500.
Existing rate of tax for individuals between Rs. 2.5- Rs 5 lakh reduced to 5% from 10%
People filing I-T returns for the first time will not come under govt. scrutiny.
Simple one page return for people with annual income of Rs. 5 lakh other than business income.
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