Union Budget 2017: What It Means For You
Additional surcharge of 10% on individuals earning between Rs 50 lakh to Rs 1 crore
File image of Arun Jaitley. (Image: PTI)
New Delhi: Finance Minister Arun Jaitley said on Wednesday the Union Budget for 2017-18 will push growth, promote digital economy and bring transparency in political funding.
Here is a list of things you should watch for in Wednesday's budget.
FOR FARMERS & UNDERPRIVILIGED
· India to spend more in rural areas, on infrastructure and for poverty alleviation
· To allocate Rs 400 crore for skills training for youth
· Rs 1.84 lakh crore allocated for women and children welfare
· To double lending target under Micro Units Development and Refinance Agency (MUDRA) to Rs 2.44 lakh crore
· Excise duty hike on cigarettes to make the stick dearer. Another reason to quit
· National housing bank to provide Rs 20,000 crore for home loans
· Low cost housing to be given infrastructure status (Will help the companies actually, especially steel and cements. No surprise, the sectoral stocks shot up today).
· Long-term capital gains tax on immovable property to be levied after 2 years instead of 3 years
FOR TAX PAYERS
* No income tax if you are earning less than Rs 3 lakh per year
· Tax slab for individuals earning between Rs 2.5-5 lakh reduced to 5% from 10%
· Additional surcharge of 10% on individuals earning between Rs 50 lakh to Rs 1 crore
· Income tax rate for medium and small enterprises with annual turnover up to Rs 50 crore reduced to 25%
FOR VOTERS & POLITICAL PARTIES
· Parties will need to file income tax returns
· RBI Act to be amended to enable electoral bonds for political funding
· Individual cash donation to political parties reduced to Rs 2,000 from Rs 20,000
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