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Highlights of Budget 2017

Budget Growth

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.

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