Highlights of Finance Budget 2017 in Simple Language 

Finance budget 2017 announced on 1st Feb 2017 and we brings you Highlights of Finance Budget 2017 in Simple Language , because most you wants to know  all the key points of Finance Budget 2017 in Simple Language . do share with your friends if you like it

Highlights of Finance Budget 2017 in Simple Language
Highlights of Finance Budget 2017 in Simple Language

Summary of Finance Budget 2017 in Simple Language 

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

For detailed analysis visit :- Union Budget 2017 Live Updates

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