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key points of Finance Minister Arun Jaitley Union Budget 2017; After the notes ban
TT Correspondent |  |  01 Feb 2017

Finance Minister Arun Jaitley is presents his fourth Union Budget 2017 today, the first after the notes ban. The key points of this year’s budget: -

• Reduced income tax for those who earn between 2.5 to 5 lakh per year to 5% instead of the existing 10%.

• 10% surcharge on individual income above Rs 50 lakh to upto Rs 1 crore.

• 15% surcharge on income above Rs 1 crore or more remains unchanged.

• A single page income tax return filing form for taxable income under Rs 5 lakh.

• No cash transaction above Rs 3 lakh.

• Political parties will be entitled to receive donations by cheque or digital mode. Maximum cash donation any party can receive will be Rs 2000 from one source.

• 5% tax reduction for companies with annual turnover of less than Rs 50 crore.

• The Foreign Investment Promotion Board (FIPB) has been abolished.

• 1.25 Crore people have adopted Bhim App for digital payments.

• Total allocation for rural, agricultural and allied sectors for 2017-18 is Rs 187223 crore.

• 1 crore houses for poor by 2019.

• 2 new All India Institute of Medical Sciences (AIIMS) to be set up in Jharkhand and Gujarat.

• For Rail passenger safety, a fund of 1 lakh crores will be allocated over the next 5 years.

• Due to demonetisation, advance tax on personal Income tax increased by 34.8%.

• Agriculture sector is expected to grow at 4.6%.

• Agriculture expenditure targeted at Rs 10 lakh crore.

• Out of 3.7 crore who filed tax returns in 2015-16, only 24 lakh persons showed income above Rs 10 lakh.

• Revenue deficit reduced to 2.1% from 2.3% for 2016-17.

• Service charge to be withdrawn on rail tickets booked through IRCTC.

• A new initiative called DigiGaon. This will be launched to provide tele-medicine, education, and skills, through digital technology.

• The Finance Minister Arun Jaitley also proposed Swayam, an online education platform or Massive Open Online Course (MOOC) that would help people to build skills and gain employment.

• The Finance Minister Arun Jaitley also announced Aadhaar-based smart cards with health and other details stored on them to be introduced for senior citizens.

• The Finance Minister Arun Jaitley also said that the government plans to rope in Infosys and TCS to provide core banking support to cooperative banks.

• By the end of 2017-18, high-speed broadband on OFC will be available in more than 150,000 gram panchayats, with hotspots and access to digital services at low tariffs & BharatNet Project has been allocated Rs 10,000 crores.

• Safe drinking water to cover 28000 arsenic and Fluoride-affected habitations in the next 4 years.

• 36% increase in FDI at $361 billion in January.

• A new metro rail policy will be announced.

• Defence expenditure excluding pension at Rs 2.74 lakh crore.

• 500 railway stations to be made by providing lifts and escalators.

• Allocation under MNREGA increased to 48,000 crore.

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