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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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Union Budget 2017: What It Means For You
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
(Get detailed and live results of each and every seat in the Lok Sabha elections and state Assembly elections in Andhra Pradesh, Odisha, Arunachal Pradesh and Sikkim to know which candidate/party is leading or trailing and to know who has won and who has lost and by what margin. Our one-of-its-kind Election Analytics Centre lets you don a psephologist’s hat and turn into an election expert. Know interesting facts and trivia about the elections and see our informative graphics. Elections = News18)
| Edited by: Nakshab Khan
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