Budget India 2017-2018 at a glance
Basic exempt income limit is now 3 lac for individuals
Inome tax rate for companies having turnover of up to 50 Cr. decreased from 30% to 25% and individuals having income between 2.5lac to 5lacs tax rate is 5%
Railway budget merged
No difference between planned and non planned
Increase farmer income by double
In 5 years
Support nabard for computerisation and core banking
Big stimulus to social entrepreneurship
Dedicated micro irrigation fund.
Dairy processing infrastructures fund to be set up by nabard
MNREGA at 48000 crores
PMGSY roads construction is 133 kms per day.
Village electrifying process is under way and should complete by target date if may 1, 2018 under Deen Dayal Yojana
1 crore pucca houses by 2019
To remove filariasis by 2018 and halazar dresser by 2017
Educational sector to be reformed and more focus to UGC
Thanks to demonetisation the banks have started to reduce the lending rates
New AIIMS in Jharkhand and Gujarat
Railway budget is ₹1.35 lac crores
Unmanned railway crossings to be eradicated by 2020
500 stations to be disabled friendly.
Service charges on booking from irctc to be withdrawn.
25 big stations to be remodelled
All railway coaches to have bio toilets by 2019
New metro rail policy and new act to be enacted
Stimulus to make india the manufacturing hub for electronics. ₹1.25 lac crores allocated
SMS based clean my coach service
FIPB to be abolished to facilitate FDI
Listing of public sector enterprises to be stepped up
Big time divestment coming through. IRCTC ipo on the way.
Pradhan mantri mudra Yojana allocation at ₹2.44 lacs crores
BHIM app to be boosted more. Adhaar app to be launched soon
10000 crores for recapitalisation of PSU banks
Amendments in negotiable instrument act to suit the current need
Chandigarh and 8 districts of Haryana are now kerosene free
Introducing new law to confiscate assets of economic offenders who have escaped country
Capex up by 25.4%
Defence budget 2.75 lac crore (excl orop pension)
Total budget allocation 21.47 trillion in 2017-18
We are largely a tax non compliant economy
Houses allotted and not occupied will be taxed on notional interest basis
Indexation year is shifted from 1.4.81 to 1.4.01
Capital gains for long term for immovable property is reduced to 2 years from 3 years
Start up rules to be relaxed.
MAT credit to be carried forward to 15 years from current 10 years
Corporate tax rate at 25% for turnover below 50 crores. 96% companies to be benefited.
No cash transaction to be allowed above 3 lacs
Cash donation limit to charitable trust reduced to ₹2000 from ₹10000
Political funding new system- max cash donation reduced to ₹2000 from 20000. Entitled to receive donation in cheque or digitise method. New electoral bonds via RBI. Every political party to file returns in time.
Domestic transfer pricing was brought by 2012, limited only if enjoying specified deduction.
Presumptive income increased to ₹2crore.
40A(3) now at 10000
44AD at 6%
Income between 2.5-5 lacs reduced to 5%. 80C limit is held. Others to have a tax benefit of 12500.
One page return for assesse below ₹500000. 10% surcharge for income above 50lacs to 1 crore for individuals.
No tax on income upto ₹300000
GST finalisation done.
CBEC to facilitate implementation on time.
No change in current excise ST and custom & vat rates as gst to be set in soon.
If Return not filed as per Sec. 139 (1), concept of late fee introduced.
Rs. 5000 for delay up to 31st Dec. and Rs. 10000 thereafter. Late fee to be
paid before filing the Return.