Surcharge of 10 Per Cent On Income Above Rs 15 Lakh.: LIVE UPDATE

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  • Net revenue loss in direct tax is Rs 20,000 crore.
  • Govt to launch awareness outreach on GST on April 1
  • Surcharge of 10% for those whose annual income is Rs 50 lakh to 1 crore: FM Jaitley.
  • All other categories of tax payers in subsequent brackets will get benefit of Rs 12,500.
  • Personal income tax: Reduce existing rate of tax between Rs 2.5 lakh to Rs 5 lakh to 5% from 10%
  • Income tax reduced to 5% for individuals earning below Rs 5lakh
  • Direct tax collections not commensurate with income & expenditure pattern of Indian economy.
  • Rs 7,200 cr revenue loss due to reduction in tax on smaller companies.
  • Maximum cash donation any party can receive from one source, will be Rs 2000.
  • Propose To Allow Carry Forward Of MAT To 15 Years From 10 Years Now.
  • FM proposes no cash transaction above Rs 3 lakh.
  • Growth of 34.8 per cent also due to demonetisation
  • Govt doubles distribution target under Mudra Yojana to Rs 2.44 lakh crore for 2017-18
  • Holding period for land & building will be reduced to 2 yrs from 3 yrs.
  • Capital gains tax to be exempted, for persons holding land from which land was pooled for creation of state capital of Telangana.
  • NEW LAW FOR ECONOMIC OFFENDERS WHO FLEE
  • The Pradhan Mantri Mudra Yojana lending target doubled at Rs 2.44 lakh cr
  • 17% INCREASE IN TAX COLLECTION
  • Govt reaches out to farming community, raises credit to Rs. 10 lakh crore.
  • Propose to create new Payment Regulatory Board under RBI
  • SCHEMES FOR DALITS TO SET UP ENTERPRISES: FM
  • New rules for pricing medical devices should benefit common man.
  • By 2019 all coaches of Indian Railways will be fitted with Bio-Toilets
  • 125 lakh people have adopted BHIM app so far
  • Fiscal Deficit Target for 2017-18 at 3.2% of GDP.
  • Model Shops and Establishment Bill to open up additional opportunities for employment of women.
  • Aadhar enabled payment system to be launched soon.
  • Head post offices to be used as the front office for Passport services.
  • Delhi and Jaipur to have solid waste management plants and five more to be set up later.
  • 500 stations will be differently abled by providing lifts and escalators.
  • Rs. 10,000 crore for recapitalisation of banks.
  • 3.5 Crore youth will be trained under Sankalp program launched by the government.
  • Mission Antyodaya to bring 1 crore households out of poverty and to make 50,000 Gram Panchayats poverty-free
  • LIC will implement senior citizen scheme,provide pension with a return of 8% per annum for 10 yrs
  • FM Says To Set-up New Crude Oil Reserves.
  • Foreign Investment Promotion Board Will Be Abolished.
  • Taking steps to make India a global hub for electronics manufacturing, says Arun Jaitley
  • Selected airports in Tier 2 to be taken up via PPP mode.
  • New draft bill to contain illegal deposit schemes has been placed in public sector. need to protect poor.
  • Action plan to eliminate Kala Azar & Filariasis by 2017, Leprosy by 2018, Measles by 2020 & Tuberculosis by 2025
  • Atleast 25stations expected to be awarded during 2017-18; 500stations to be made differently abled-friendly by providing lifts&escalators:FM
  • Rs 10,000 cr for Bharatnet project
  • No service tax on rail bookings through IRCTC.
  • 7000 railway stations to be solar powered: FM Jaitley
  • All coaches of railways to be fitted with bio-tyres by 2019: Jaitley
  • Unmanned railway crossings to be eliminated by 2020: FM
  • Rs1.31 lakh crore capex fixed for Railways in 2017-18 including Rs 55,000 cr to be provided by govt:FM
  • For senior citizens, Aadhaar cards giving their health condition will be introduced
  • Railways to setup a safety fund of Rs 1 lakh crores over five years.
  • Introduction of a new Credit Linked Subsidy Scheme for Middle Income Group.
  • Innovation Fund To Be Created For Secondary Education.
  • To complete 1,00,00,000 houses by 2019 for houseless and those living in kaccha houses
  • Legislative reforms to simplify existing labour laws – wages, ind relations, social security, safety: Jaitley
  • Emphasis on science education will also encourage local education:
  • Announcement of two new AIIMS in Jharkhand and Gujarat.
  • Additional 5k post graduate seats per annum: Arun Jaitley.
  • We propose to establish a National Testing Agency to conduct entrance exams of higher education : FM
  • Swachh Bharat mission made tremendous progress and sanitation coverage has gone up to 60 per cent now, says Arun Jaitley.
  • Swachh Bharat mission made tremendous progress and sanitation coverage has gone up to 60 per cent now, says Arun Jaitley.
  • Quality education will energize our youth
  • NABARD To Set Up Micro Irrigation Fund; Cost Of Digitising Agri Co-Ops Rs 1900 Cr In 3 Yrs.
  • 100% electrification of villages by May 1, 2018
  • Cabinet approves extension of tenure of loans under Credit Linked Subsidy Scheme of PM Awas Yojana from 15 to 20yrs
  • Long term irrigation fund has been set up under NABARD, corpus now stands at Rs. 40,000 crore.
  • Target of agricultural loans to farmers set at record Rs 10 lakh crore in 2017-18:FM Jaitley.
  • MNREGA allocation increased to Rs 48,000 crore.
  • Agriculture is expected to grow at 4.1 per cent, says Arun Jaitley.
  • Tax Evasion Created An Unacceptable Parallel Economy.
  • Demonetisation as the ‘new normal’. By also saying it was a continuation of earlier measures, FM is really talking about a long run-up, a over-the-wicket release…and waiting for a snick to first slip as benefit reaped.
  • 10 Budget themes – farmers, rural, youth, poor, infra, financial, digital, public service, tax admin and so.
  • Budget under ten distinct themes.
  • Pace of  remonetisation has picked up, says Arun Jaitley
  • Impact of demonetisation not to spill over to next year, says Arun Jaitle.
  • There are positive signs, that point to a positive outlook for the next year.
  • Uncertainty Around Commodity Prices Presents A Challenge.
  • CPI Inflation declines to 3.4% in December 2016.
  • Demonetisation will ultimately result in GDP growth and more tax revenue: Arun Jaitley
  • Finance Minister: India now 6th largest manufacturer..Emerging market economies face 3 challenges: Fed rate hike, uncertainty of oil price, protectionism, says Jaitley
  • I am presenting this budget when the world economy faces uncertainty: Arun Jaitley
  • Growth has been restored and measures taken against black money, says Arun Jaitle.

New Delhi: Finance Minister Arun Jaitley is presenting his fourth Budget, the first after the notes ban. He began his Budget speech after obituaries were read out in Parliament for Lok Sabha member and former union minister E Ahamed, who died last night. Parliament is usually adjourned for a day after a sitting member dies, and the Congress and other opposition parties had suggested that precedent be followed. Mr Jaitley met with the President earlier this morning. “Watch me live presenting the Union Budget 2017 at 11 am, February 1, 2017,” the Finance Minister had tweeted.