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1-min read

Union Budget 2017: What It Means For You

Additional surcharge of 10% on individuals earning between Rs 50 lakh to Rs 1 crore

Tushar Dhara | News18.com

Updated:February 1, 2017, 5:44 PM IST
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Arun Jaitley
File photo of Finance Ministry 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

FOR CONSUMERS

· 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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| Edited by: Nakshab Khan
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