BUDGET Highlights
- Tax dividend on equity funds to be brought on par with others
- Increases health and education cess to 4 per cent. It was earlier 1 per cent
- Sec 80 D increased from Rs 30,000 to Rs 50,000 for senior citizens
- Capital gains made on shares until Jan 31, 2018 grandfathered
- Short-term capital gains tax continues to be 15%
- Propose to tax long term capital gains exceeding Rs 1 lakh at 10% without indexation
- New scheme to be introduced to complete assessments in electronic mode
- No tax to be deducted under Section 194A from bank interest up to Rs. 30,000 in case of senior citizens
- Import duty on raw cashews cut to 2.5% from 5%
- Customs duty on mobiles to increase to 20 from 15 per cent
- Toll system on ‘pay as you use’ basis to be introduced Government will consult states to amend India Stamps Act
- India’s first IFSC at GIFT city will compete with the world Financial Centers. Govt plans to establish a unified regulator for entities operating at IFSCs
- Allocation to Digital India Rs 373 crore
- Rs 150 crore for commemoration of Gandhi Jayanti in 2019-20
- Bank recapitatilisation will allow banks to lend an additional Rs 5 lakh crore
- National Insurance, United India Assurance and Oriental Insurance to be merged and then listed
- National Logistics Portal to link all stakeholders
- Central revenue for FY17-18 would be Rs 21.57 lakh crore as against the target of Rs 21.47 lakh crore
- In 2017-2018 Cente will receive a GST revenue for 11 months. There was a shortfall due to the deferment of spectrum auctions
- Introduces standard deduction of Rs 40,000 in lieu of transport and medical allowance
- Salaried tax payers 1.89 cr returns filed Rs.1.44 lakh crore tax paid
- Direct taxes growth at 12.6 per cent this year
- 41 per cent more returns were filed under the Presumptive Income Scheme ,
- Propose to extend tax relaxation up to 150 days to footwear and leather industry for employement creation
- No change in personal income tax structure, says Arun Jaitley
- Status quo for salaried class, says Arun Jaitley
- FM says Rs 90,000 cr extra collected as personal Income Tax in last 1 year. will continue with tax policies that reward honest tax payers
- 25% Corp tax rate extended to companies with turnover up to Rs 250 cr
- FM Arun Jaitley says propose to allow 100% tax deduction to companies registered as farmer-producer companies with a turnover of Rs 100 crore
- 5 million new taxpayers have filed returns for FY17: FM Arun Jaitley
- Total revised expenditure 21.575 lakh crore: FM Jaitley
- Revised Fiscal deficit FY18 at Rs 5.95 lakh cr, or 3.5% of GDP. Committed to 3.3% fiscal deficit in FY19: FM Jaitley
- Govt will bring out an industry-friendly defence production policy in 2018: Arun Jaitley
- Infrastructure outlay increased from Rs 4.94 lakh cr to almost Rs 6 lakh cr FY19: Arun Jaitley
- Emoluments of the president to be revised to Rs 5 lakh, Rs 4 lakh for the vice president and Rs 3.5 lakh for governors
- Jaitley proposes a law to facilitate automatic revision of emoluments for MPs every five years based on inflation Comprehensive gold policy on cards, gold monetisation scheme to be revamped:
- Airports Authority of India now has 124 airports, this will be expanded by 5 times. Aim of 1 billion trips a year.
- Niti Aayog to establish a national programme to direct efforts towards Artificial Intelligence, including research and development of its applications.