1. India stands out as a bright spot amid world economic gloom .
2. Our focus will be on energising youth to reap benefits of growth and employment.
3. IMF estimates world GDP will grow by 3.4 per cent in 2017 .
4. Oil prices, rising dollar and volatile commodity prices seen as risks to Indian economy.
5. India is seen as engine of global growth, have witnessed historic reform in last one year.
6. Demonetisation is a bold and decisive measure, for many decades tax evasion was a way of life for many.
7. Note ban is expected to have only a transient impact on economy .
8. I am reminded of what our father of the nation Mahatma Gandhi said: "A right cause never fails".
9. The pace of remonetisation has picked up.
10. Effects of demonetisation not expected to spill over to next year.
11. Budget preponement to February 1 will give sufficient time to departments to implement government schemes.
12. Our Budget agenda is - transform, energise and clean India - TEC India.
13. Our approach in preparing the Budget is to spend more on rural areas, infrastructure and poverty alleviation with fiscal prudence .
14. Agriculture sector is expected to grow at 4.6%, agriculture expenditure targeted at Rs 10 lakh crore.
15. 36% increase in FDI flow; forex reserves at $361 billion in January, which is enough to cover 12 months needs.
16. Allocation under MNREGA increased to 48,000 crore from Rs 38,500 crore. This is highest ever allocation
17. Total allocation for rural, agricultural and allied sectors for 2017-18 is Rs 187223 crore, which is 24% higher than last year .
18. One crore houses for poor by 2019.
19. Safe drinking water to cover 28,000 arsenic and Fluoride-affected habitations in the next four years.
20. 133-km road per day constructed under Pradhan Mantri Gram Sadak Yojana as against 73-km in 2011-14 .
21. For senior citizens, Aadhar cards giving their health condition will be introduced .
22. Two new All India Institute of Medical Sciences(AIIMS) to be set up in Jharkhand and Gujarat .
23. 3500km railway lines to be put up.
24. Service charge on rail tickets booked through IRCTC to be withdrawn.
25. Rail safety fund with corpus of Rs 100,000 crore will be created over a period of five years.
26. 500 rail stations to be made differently abled-friendly by providing lifts and escalators .
27. A new metro rail policy will be announced, this will open up new jobs for our youth.
28. Foreign investment promotion board (FIPB) to be abolished .
29. Allocation for infrastructure stands at a record Rs 3,96,135 crore .
30. Government to set up strategic crude oil reserves in Odisha and Rajasthan.
31. 1.25 crore people have already adopted Bhim App for digital payments .
32. Aadhaar Pay- an app for merchants- to be launched' 20 lakh aadhaar-based POS by September 2017 .
33. Government is considering introduction of new law to confiscate assets of offenders who escape the country.
34. Defence expenditure excluding pension at Rs 2.74 lakh crore .
35. Fiscal deficit for 2017-18 pegged at 3.2 percent of GDP .
36. Fiscal deficit target for next three years pegged at 3 percent.
37. 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.
38. Out of 3.7 crore who filed tax returns in 2015-16, only 24 lakh persons showed income above Rs 10 lakh.
39. Of 76 lakh individuals who reported income of over Rs 5 lakh, 56 lakh are salaried.
40. Small firms with turnover up to Rs 50 crore to pay 25% tax now, instead of 30%.
41. Black money SIT has suggested no cash transaction above Rs 3 lakh. The government has accepted this recommendation .
42. Maximum cash donation any party can receive will be Rs 2000 from one source.
43. Political parties will be entitled to receive donations by cheques or digital modes.
44. An amendment being proposed to RBI Act to enable the issuance of electoral bonds for political funding.
45. Jaitley reduces income tax rate from 10% to 5% for tax slab of Rs 250,000 to Rs 500,000 .
46. Surcharge of 10% for those whose annual income is Rs 50 lakh to 1 crore .
47. 15% surcharge on incomes above Rs 1 crore to continue.
48. Food subsidy estimated at Rs 1.45 trillion in 2017/18 versus Rs 1.35 trillion revised estimate for 2016/17
2. Our focus will be on energising youth to reap benefits of growth and employment.
3. IMF estimates world GDP will grow by 3.4 per cent in 2017 .
4. Oil prices, rising dollar and volatile commodity prices seen as risks to Indian economy.
5. India is seen as engine of global growth, have witnessed historic reform in last one year.
6. Demonetisation is a bold and decisive measure, for many decades tax evasion was a way of life for many.
7. Note ban is expected to have only a transient impact on economy .
8. I am reminded of what our father of the nation Mahatma Gandhi said: "A right cause never fails".
9. The pace of remonetisation has picked up.
10. Effects of demonetisation not expected to spill over to next year.
11. Budget preponement to February 1 will give sufficient time to departments to implement government schemes.
12. Our Budget agenda is - transform, energise and clean India - TEC India.
13. Our approach in preparing the Budget is to spend more on rural areas, infrastructure and poverty alleviation with fiscal prudence .
14. Agriculture sector is expected to grow at 4.6%, agriculture expenditure targeted at Rs 10 lakh crore.
15. 36% increase in FDI flow; forex reserves at $361 billion in January, which is enough to cover 12 months needs.
16. Allocation under MNREGA increased to 48,000 crore from Rs 38,500 crore. This is highest ever allocation
17. Total allocation for rural, agricultural and allied sectors for 2017-18 is Rs 187223 crore, which is 24% higher than last year .
18. One crore houses for poor by 2019.
19. Safe drinking water to cover 28,000 arsenic and Fluoride-affected habitations in the next four years.
20. 133-km road per day constructed under Pradhan Mantri Gram Sadak Yojana as against 73-km in 2011-14 .
21. For senior citizens, Aadhar cards giving their health condition will be introduced .
22. Two new All India Institute of Medical Sciences(AIIMS) to be set up in Jharkhand and Gujarat .
23. 3500km railway lines to be put up.
24. Service charge on rail tickets booked through IRCTC to be withdrawn.
25. Rail safety fund with corpus of Rs 100,000 crore will be created over a period of five years.
26. 500 rail stations to be made differently abled-friendly by providing lifts and escalators .
27. A new metro rail policy will be announced, this will open up new jobs for our youth.
28. Foreign investment promotion board (FIPB) to be abolished .
29. Allocation for infrastructure stands at a record Rs 3,96,135 crore .
30. Government to set up strategic crude oil reserves in Odisha and Rajasthan.
31. 1.25 crore people have already adopted Bhim App for digital payments .
32. Aadhaar Pay- an app for merchants- to be launched' 20 lakh aadhaar-based POS by September 2017 .
33. Government is considering introduction of new law to confiscate assets of offenders who escape the country.
34. Defence expenditure excluding pension at Rs 2.74 lakh crore .
35. Fiscal deficit for 2017-18 pegged at 3.2 percent of GDP .
36. Fiscal deficit target for next three years pegged at 3 percent.
37. 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.
38. Out of 3.7 crore who filed tax returns in 2015-16, only 24 lakh persons showed income above Rs 10 lakh.
39. Of 76 lakh individuals who reported income of over Rs 5 lakh, 56 lakh are salaried.
40. Small firms with turnover up to Rs 50 crore to pay 25% tax now, instead of 30%.
41. Black money SIT has suggested no cash transaction above Rs 3 lakh. The government has accepted this recommendation .
42. Maximum cash donation any party can receive will be Rs 2000 from one source.
43. Political parties will be entitled to receive donations by cheques or digital modes.
44. An amendment being proposed to RBI Act to enable the issuance of electoral bonds for political funding.
45. Jaitley reduces income tax rate from 10% to 5% for tax slab of Rs 250,000 to Rs 500,000 .
46. Surcharge of 10% for those whose annual income is Rs 50 lakh to 1 crore .
47. 15% surcharge on incomes above Rs 1 crore to continue.
48. Food subsidy estimated at Rs 1.45 trillion in 2017/18 versus Rs 1.35 trillion revised estimate for 2016/17
49. Fuel subsidy seen at Rs 250 billion in 2017/18 versus Rs 275 billion revised estimate for 2016/17
50. Fertiliser subsidy seen unchanged in 2017/18 at Rs 700 billion
50. Fertiliser subsidy seen unchanged in 2017/18 at Rs 700 billion
51. Budget allocation to health seen at Rs 489 billion in 2017/18 versus revised estimate of Rs 399 billion in 2016/17
Common Man gets,
Tax relief
Finance Minister Arun Jaitley slashed the tax rate of individuals earning between Rs 2.5 lakh to Rs 5 lakh to 5% from the current 10% in this budget. It translates into an additional benefit of Rs 12,500 for taxpayers even beyond Rs 5 lakes,.
The combined effect of both these measures will mean that there would be zero tax liability for people getting income upto Rs 3 lakhs per annum and the tax liability will only be Rs 2,500 for people with income between Rs 3 to Rs 3.5 lakhs.
If the limit of Rs 1.5 lakhs under Section 80C for investment is used fully, the tax would be zero for people with income of Rs 4.5 lakhs.
Service charges on IRCTC e-tickets withdrawn
Service charges on e-tickets booked through IRCTC will be withdrawn. As of now, Rs. 40 on every ticket booked in air-conditioned classes and a service charge of Rs. 20 on every ticket booked in sleeper class is levied by the IRCTC when a ticket is booked through its website.
Goods and Services
Cheaper
> Booking railway tickets online
> RO membrane elements for household usage
> LNG
> Solar tempered glass used in solar panels
> Fuel cell based power generating systems
> Wind operated energy generator
> Vegetable tanning extracts used in making leather products
> POS machines card and fingerprint readers
> Group insurance for Defence services.
Dearer
> Cigarettes, pan masala, cigar, cheroots, bidis, chewing tobacco
> LED lamp components
> Cashew nuts (roasted and salted)
> Aluminum ores and concentrates
> Polymer coated MS tapes used in manufacturing of optical fibres
> Silver coins and medallions
> Printed circuit board used in making mobile phones
Simplification of I-T filing
Finance Minister also said that a simple one-page form to be filed as income tax return for the category of individuals having taxable income of upto Rs 5 lakhs other than business income.
Also, a person, who falls in this category and files income tax -return for the first time, would not be subjected to any scrutiny in the first year unless there is specific information available with the department regarding his high-value transaction.
Tax relief on capital gains in real estate
The holding period for Capital gains on the sale of immovable property - land and building - to qualify as long-term capital gains is proposed to be reduced to 2 years from 3 years.
