TaxTMI 
TaxTMI 
Union budget highlights - 2017
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....nion budget highlights - 2017<br>By: - CSSwati Rawat<br>Budget - Tax Proposals<br>Dated:- 1-2-2017<br><br>Union budget highlights: * IMF estimates world GDP will grow by 3.4 per cent in 2017. * Oil prices, rising dollar and volatile commodity prices seen as risks to Indian economy. * India is seen as engine of global growth, have witnessed historic reform in last one year. * Note ban is ex....
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....pected to have only a transient impact on economy. * The pace of remonetisation has picked up. * Effects of demonetisation not expected to spill over to next year. * Budget preponement to February 1 will give sufficient time to departments to implement government schemes. * Budget agenda is - transform, energise and clean India - TEC India. * Approach in preparing the Budget is to spend ....
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....more on rural areas, infrastructure and poverty alleviation with fiscal prudence. * Agriculture sector is expected to grow at 4.6%, agriculture expenditure targeted at ₹ 10 lakh crore. * 15. 36% increase in FDI flow; forex reserves at $361 billion in January, which is enough to cover 12 months needs. * Allocation under MNREGA increased to 48,000 crore from ₹ 38,500 crore. This is....
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.... highest ever allocation * Total allocation for rural, agricultural and allied sectors for 2017-18 is ₹ 187223 crore, which is 24% higher than last year. * One crore houses for poor by 2019. * Safe drinking water to cover 28,000 arsenic and Fluoride-affected habitations in the next four years. * 133-km road per day constructed under Pradhan Mantri Gram Sadak Yojana as against 73-km i....
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....n 2011-14. * For senior citizens, Aadhar cards giving their health condition will be introduced. * Two new All India Institute of Medical Sciences(AIIMS) to be set up in Jharkhand and Gujarat. * 3500km railway lines to be put up. * Service charge on rail tickets booked through IRCTC to be withdrawn. * Rail safety fund with corpus of ₹ 100,000 crore will be created over a period of ....
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....five years. * 500 rail stations to be made differently abled-friendly by providing lifts and escalators. * A new metro rail policy will be announced, this will open up new jobs for our youth. * Foreign investment promotion board (FIPB) to be abolished. * Allocation for infrastructure stands at a record ₹ 3,96,135 crore. * Government to set up strategic crude oil reserves in Odisha ....
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....and Rajasthan. * 1.25 crore people have already adopted Bhim App for digital payments. * Aadhaar Pay- an app for merchants- to be launched' 20 lakh aadhaar-based POS by September 2017. * Government is considering introduction of new law to confiscate assets of offenders who escape the country. * Defence expenditure excluding pension at ₹ 2.74 lakh crore. * Fiscal deficit for 20....
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....17-18 pegged at 3.2 percent of GDP. * Fiscal deficit target for next three years pegged at 3 percent. * India's tax-to GDP ratio is very low. We are largely a tax non compliance society, when too many people evade taxes burden falls on those who are honest. * Out of 3.7 crore who filed tax returns in 2015-16, only 24 lakh persons showed income above ₹ 10 lakh. * Of 76 lakh indivi....
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....duals who reported income of over ₹ 5 lakh, 56 lakh are salaried. * Small firms with turnover up to ₹ 50 crore to pay 25% tax now, instead of 30%. * Black money SIT has suggested no cash transaction above ₹ 3 lakh. The government has accepted this recommendation. * Maximum cash donation any party can receive will be ₹ 2000 from one source. * Political parties will b....
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....e entitled to receive donations by cheques or digital modes. * An amendment being proposed to RBI Act to enable the issuance of electoral bonds for political funding. * Reduction of income tax rate from 10% to 5% for tax slab of ₹ 2,50,000 to ₹ 5,00,000. * Surcharge of 10% for those whose annual income is ₹ 50 lakh to 1 crore. 47. 15% surcharge on incomes above ₹ 1 cr....
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....ore to continue. Reply By Siva Rama as = It is not for small firms the tax rate is reduced from 30% to 25%. It is only for Companies to encourage MSME enterprise viable and encourage company format of business. Company format of business is more encouraging because there are seperate laws, seperate returns and tracking is possible compared to unorganised sole proprietor and partnership firms.....
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.... Why this benefit is not extended to LLP. LLP also have seperate laws and seperate returns. Tracking is possible and more organised.? Is LLP neglected? Regards Siva Dated: 1-2-2017 Reply By Anjan Dey as = We are missing two crucial points: 1. Changes in Rebate Structure (U/s 87A) of Income Tax 2. Effective date of changes in fund collection process by political parties. Dated: 6-2-2017<....
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