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Budget 2017 India

Budget 2017 Highlights:Announcements made by Finance Minister Arun Jaitley in Union Budget 2017-18,many Key decisions are taken

Posted by admin on 01 Feb 2017

Synopsis:-

1. Merger of Railways Budget with General Budget brings focus on a multimodal approach for development of railways, highways and inland water transport

2. World Bank expects GDP growth rate at 7.6 pc in FY18 and 7.8 pc in FY19

3. Two new AIIMS to be set up Jharkhand and Gujarat

4. Government to further liberalize FDI policy

5. Computer emergency response team to be set for cyber security of financial sector

6. Government to introduce two new schemes to promote BHIM App - referral bonus for users and cash back for traders

7. No change in slab but change in tax rate

8. Revenue deficit reduced to 2.1 pc from 2.3 pc for 2016-17

Taxation:-

1. Income Tax rate cut to 5 % for individuals having income between Rs 2.5 lakh to Rs 5 lakh

2. 10 % surcharge on individual income above Rs 50 lakh and upto Rs 1 cr to make up for Rs 15,000 cr loss of due to cut in personal I-T rate

3. 15 % surcharge on income above Rs 1 cr to continue

4. Reduce corporate tax to 25% for companies with a turnover upto Rs 50 cr, Around 95% of companies India shall be benefited through this new amendment in Income Tax Rate.

5. Government proposes carry-forward of MAT to 15 years from 10 years

6. Presumptive turnover threshold for companies w/turnover up to Rs 2 cr to 6%

7. Propose transparency in political party funding. Political funding limit set at Rs 2000; checks, e-payments only

8. No big changes in the indirect taxes given GST roll-out plan

Proposed Tax Slab (AY-2018-19)
Income Tax Slab Income Tax Rate
Income upto Rs. 2,50,000 Nil NIL
Income between Rs. 2,50,001 to Rs. 500,000 5% of Income exceeding Rs. 2,50,000
Income between Rs. 500,001 to Rs. 10,00,000 20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000 30% of Income exceeding Rs. 10,00,000

For Senior Citizens (60-80 yrs) income upto 3,00,000 lakh is exempt and for Super Senior Citizens ( above 80 yrs) income upto 5,00,000 lakh is exempt.

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