1.
INDIAN UNION BUDGET 2017- HIGHLIGHTS
 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 31st
December 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.