Here are the key Features of Budget 2017-2018,
Total Budget of ₹ 21.47 Lakhs crores for 2017-2018
Micro-irrigation fund with Rs 5000 crore corpus
Prime Minister Gram Sadak Yojan – Rs19,000 crore allocated; along with states, Rs27,000 crore will be spent in FY18
Pradhan Mantri Awas Yojana: Rs23,000 crore allocated
Fiscal Deficit pegged at 3.2% for the financial year 2017-18 and 3% for financial year 2018-2019
Cash transactions above 3 lakhs is not allowed
Transparency in political party funding – A political party cannot receive a sum exceeding Rs 2000 from an unknown source. They can receive money only through cheques, digital modes or RBI El
The limit on donations to charitable institutions cut to Rs 2000.
Not many changes to excise duties since GST will be implemented soon.
Tax for Micro Small and Medium Enterprises with an income less than Rs 50 crores reduced by 5%.
Tax rate for assesses falling in the bracket of 2.5 – 5 lakhs reduced to 5% from 10%.
Presumptive tax of 6% for turnover greater than 2 lakhs.
MAT not to be abolished at present; to allow carry-forward for 15 years instead 10 years.
Holding period for Land and Building for it to be considered as a Long Term Capital Asset reduced to 2 years.
India headed towards Digital Revolution.
Listing of Public sector enterprises to increase their accountability.