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Union Budget 2017: As it happened

Finance Minister Arun Jaitley on Wednesday proposed to reduce existing rate of taxation of those with income between 2.5 lakh to 5 lakh from 10 percent to 5 percent while presenting the Union Budget 2017.

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New Delhi: Finance Minister Arun Jaitley on Wednesday proposed to reduce existing rate of taxation of those with income between Rs 2.5 lakh to Rs 5 lakh from 10 percent to 5 percent while presenting the Union Budget 2017.

Jaitley also proposed not to impose any tax on income up to Rs 3 lakh.

However, he announced a 10 percent surcharge on individual income above Rs 50 lakh and upto Rs 1 crore to make up for Rs 15,000 crore loss of due to cut in personal I-T rate. Additionally, the 15 percent surcharge on income above Rs 1 crore will continue.

 

 

01 February 2017
12:55 IST

Personal Income Tax

-No tax on income up to Rs 3 lakh

-Rate of taxation reduced from existing 10 percent to 5 percent for individual assesses between income of Rs 2.5 lakhs to Rs 5 lakhs

-While the taxation liability of people with income up to Rs 5 lakhs is being reduced to half, all the other categories of tax payers in the subsequent slabs will also get a uniform benefit of Rs 12,500 per person

-10 percent surcharge on people earning between Rs 50 lakh and 1 crore

-15 percent surcharge on income above Rs 1 crore will continue

-Simple one-page form to be filed as Income Tax Return for the category of individuals having taxable income up to Rs 5 lakhs other than business income

-3-year period for long-term capital gains tax on immovable property reduced to 2 years

-Carpet area and not built up area to be considered for affordable housing

-Propose to amend the RBI Act for issue of electoral bonds for political funding

-Maximum donation a political party can receive by cash capped at Rs 2,000; down from Rs 20,000

-Cheques and e-transactions for political donations above Rs 2,000

-Government considering option to amend Negotiable Instruments Act to ensure that holders of dishonoured cheques get payment

12:46 IST

- The profit-linked deduction available to start-ups for three years out of five years is now being changed to three years out of seven years

-National Housing Bank will refinance loans worth Rs 20,000 crore

-LNG basic customs duty halved from 5 percent

-Allocation of Rs 10,000 crore for Bharat Net project for providing high-speed broadband through optical fiber

-No transaction above Rs 3 lakhs to be permitted in cash

-A political party can receive a maximum of Rs 2000 cash donation from any one source

-Political parties can receive donation by cheque of digital payments from donors

-An amendment to the RBI Act has been proposed which will enable issuance of electoral bonds. Donor can purchase bonds from designated banks, and these bonds can be redeemed by a political party within a prescribed limit.

12:22 IST

TAX

-Capital gains tax exempted for the land pooled to build Andhra Pradesh's new capital effective from June 02, 2014

-Capital gains tax holding period down to 2 years from 3 years

-Not practical to remove MAT. Companies to carry forward their MAT to 15 years from the present period of five years.

-Tax relief for builders with unsold flats

-Income tax for companies with annual turnover of less than Rs 50 crore reduced to 25 percent

-96 percent of India's companies will benefit by the 5 percent reduction in the tax

-Data mining through demonetisation will help in increasing the tax net

-17% increase in tax collections

-Will make tax collection effective

-Rate of growth in advance in personal income tax in last 3 quarters is over 34.8%

-Affordable housing: the carpet area of 30 and 60 sq metres will now be counted.

-30 sq metres will be counted only in the municipal limits of 4 Metros

-Houses which remain unoccupied one year after the completion certificate will attract tax

-Changes in capital gains on sale of property

-Direct tax collection is not commensurate with income and expenditure in the country

-3.7 crore people filed returns in 2015; out of them 99 lakh showed income of less than Rs 2 lakh

-76 lakh people declared income more than Rs 5 lakhs and out of them 56 lakh are salaried class

-Corporate returns filed very low

-Only 24 lakh individuals showed income over Rs 10 lakhs

12:22 IST

Budget estimates:

- 3% fiscal deficit roadmap recommended for the next 3 years

-Fiscal target for 2017-18 has been pegged at 3.2 percent

-Target will be 3 percent next year

-Rs 21,47,000 crore – total expenditure

-Capital expenditure increased by 25.4 percent

-Defense expenses, excluding pensions: Rs 2,74,114 crore

12:20 IST

-8 districts of Haryana and Chandigarh have become kerosene free

-Head post offices will act as passport offices

-Web-based system of defense pensioners will be established

-Will merge tribunals wherever appropriate

-Government mulling introduction of legal changes to confiscate assets of offenders, including economic offenders, who flee the country

12:14 IST

-125 lakh people have adopted BHIM App

-Two new schemes will be launched to increase the reach of BHIM App

-Aadhar Pay to be launched

-Additional 10 lakh POS by March 2017

-20 lakh Aadhar POS by the end of 2017

-Target of 2,500 crore digital payments

-A payment regulatory board to be set up in RBI

-India on cusp of digital revolution 

12:11 IST

-Allocation for welfare of women and children stepped up from Rs 1.5 lakh crore to Rs 1.84 lakh crore

-50,000 Gram Panchayats to be made poverty free

-Computer Emergency Response Team for financial sector

-Divestment policy to continue

-Listing of PSUs will unlock their true potential

-Propose to setup of integrated oil company to competitive with global biggies

-IRCTC to be listed

-Rs 10,000 for recapitalisation of banks

-Lending target doubled to Rs 2.44 lakh crore

12:10 IST

-Total allocation for infrastructure stands at Rs 3,96,135 crore

-Rs 745 crore to help electronic manufacturers

-More than 90 percent FDI is now proposed through the automatic route

-FIPB will be abolished in 2017-18, roadmap will be announced soon

-New FDI policy under consideration

 

12:09 IST

-For senior citizens, Aadhaar-based health cards will be issued

-New rules regarding medical devices will be devised to reduce their cost

 

11:54 IST

-Rs 500 crore allocated to set up Mahila Shakti Kendras; Allocation raised from Rs 1.56 lakh crore to Rs 1.84 lakh crore for women and child welfare

-In higher education, we will undertake reforms in UGC, give autonomy to colleges and institutions

-The allocation for rural agri and allied sector in 2017-18 is record Rs 1,81,223 crore

-1 crore households to be brought out of poverty under Antyodaya Scheme

-To construct one crore houses by 2019 for homeless. PM Awas Yojana allocation raised from Rs 15,000 crore to Rs 23,000 crore

-Sanitation coverage in villages has increased from 42% in October 2016 to 60%, a rise of 18%

-We propose to provide safe drinking water to 28,000 arsenic and fluoride affected habitations

-Rs 27,000 crore to be spent on PMGSY; 1 crore houses to be completed by 2017-18 for houseless

-100% electrification of villages to be completed by May 2018

-Govt to set up dairy processing fund of Rs 8,000 crore over three years with initial corpus of Rs 2,000 crore

-Our agenda for next year is to transform, energise, and clean India

-World Bank expects GDP growth rate at 7.6% in FY18 and 7.8% in FY19

11:52 IST

RAILWAYS

- New metro rail policy will be announced

-Standardisation of hardware and software will be carried out

-National highways budget increased to Rs 64,000 crore

-2,000 km of coastal roads will be developed

-1,40,000 km of roads have been built in the three years since 2014

-Selected airports in tier 2 cities will be taken up of operation in PPP mode

-Total budget allocation for transport sector at Rs 2,41,387 crore

-OFC laid 1,55,000 km

-High-speed Internet will be available in 1,50,000 gram panchayats

-Two more strategic oil reserves to be set up – one in Rajasthan and other in Odisha

-250 investment proposals of electronic manufactures have been received in the last two years

-Rs 1,31,000 crore Budget estimate for Railways

-A rail safety fund to be set up with a corpus of 1 lakh crore over a period of 5 years

-Unmanned level crossings will be eliminated by 2020

- 3,500 km new lines will be commissioned by 2017-18

-Railways has set up JVs with 9 state governments

-500 stations will be made differently-abled friendly

-2,000 stations will be made solar powered

-Focus on swachh railways

-Introduce coach mitra facility – single window system for all issues related to coaches

-Bio-toilets in all coaches by 2019

-Railways will implement end-to-end logistics for selected commodities

-Service charge on e-tickets will be withdrawn

11:51 IST

-Additional 25,000 PG courses in medicine

-1.5 lakh health care centres will be upgraded

-Allocation for welfare of SC increased to Rs 52,393 crore, ST - Rs 31,920 crore, Minority - Rs 4,193 crore

 

-8 percent assured interest for senior citizens

-Aadhar card-based smart card for senior citizens

 

11:49 IST

-Mahila Shakti Kendras to be set up at village levels

-Financial scheme for pregnant women has already been announced by the PM

-Rs 6,000 to be given to each pregnant women who undergoes institutional delivery

-Affordable housing will now have infrastructure status

-Banks have already started to reduce lending rates

-Two new AIIMS in Gujarat and Jharkhand

11:45 IST

-Innovation fund for secondary education will be introduced to encourage local innovation

-SWAYAM access to be increased through DTH channels

-Market-relevant training to youth

-Emphasis on science education in schools

-PM Kaushal Kendras already in 60 districts and proposal to increase it to 600 districts

-100 India International Centres across the country to train youth to take up jobs abroad

-Next phase of skill strengthening for manufacturing sector will be launched

11:44 IST

-Rs 19,000 crore for Pradhan Mantri Gram Sadak Yojana in 2017-18

-Government will set up mini labs in Krishi Vigyan Kendras for agriculture research

-Record allocation of Rs 1,87,223 crore for rural and allied sector in 17-18

-Participation of women in MNREGA has increased to 55 percent

11:40 IST

-One crore houses for those living in kaccha houses

-100 percent village electrification by May 01, 2018

-Sanitation in rural areas has gone up 42 percent in 2014 to 60 percent now

-Submission for national rural drinking program

11:38 IST

-Rs 48,000 crore for MNREGA – highest ever allocation

-MNREGA to create assets to improve farm productivity

-Geo-tagging of MNREGA projects has helped in bringing transparency

-133 km roads are being built under PMGSY

-Have taken up task of connecting all habitats with more than 100 people

11:37 IST

-GDP will be bigger, cleaner after demonetisation

-36% increase in FDI flow; forex reserves at USD 361 billion in January enough to cover 12 months needs

-Demonetisation was a continuation of series of measures taken by govt in 2 years; it is a bold and decisive measure

-Govt took two tectonic policy initiatives - passage of GST Bill and demonetisation

-Effects of demonetisation not expected to spill over to the next year

-Only transient impact on economy due to demonetisation; long-term benefits include higher GDP growth and tax revenue

-Merger of Railways Budget with General Budget brings focus on a multi-modal approach for development of railways, highways, and inland water transport

-Demonetisation will help in transfer of resources from tax evaders to government

-Functional autonomy of the railways to be maintained

-Pace of remonetisation has picked up

-More steps will be taken to benefit farmers and weaker sections; budget being presented during weak global economy

11:36 IST

-Dairy processing fund to be set up with a corpus of Rs 2,000 crores

-NABARD to digitise 63000 agri-cooperatives

-To bring 1 crore families out of poverty

-10 lakh farm ponds will be completed under MNREGA by March 2017

11:35 IST

-We are moving from informal to formal economy, and the government is now seen as a trusted custodian of public money

-Long-term irrigation fund has been set up in NABARAD with a corpus of Rs 40,000 crore - Rs 5,000 crore micro-irrigation fund

-States will be asked to de-notify perishables from APMCs

-A model law on contract farming will be prepared and circulated among states for adoption

11:34 IST

- Government has continued with a steady path of fiscal consolidation

-India's macroeconomic stability continues to be the foundation of our economic success

-My approach in preparing the Budget 2017 is to spend more on rural areas, infrastructure and poverty alleviation with fiscal prudence

11:32 IST

-Agriculture expected to grow at 4%

-Double-digit inflation has been controlled; sluggish growth replaced by high growth; war on black money launched

-We have moved from discretionary-based administration to the policy-based one

 

11:31 IST

-Growth and stability through stronger institutions

-Efficient service delivery

-Tax administration – honouring the honest

-Agricultural credit target : Rs 10 lakh crore

-Farmers to also benefit from 60-day loan waiver

 

11:29 IST

-We are on an important point in our growth and development

-Pace of demonetisation has picked up and will soon reach comfortable levels

-Account deficit down to 0.3 percent

-Economic reforms to benefit the poor

-Budget on February 01 will help in avoiding vote on account

-Merger of general budget with railway budget is a historic step

-It will help in developing multi-nodal transport solutions

-It will also facilitate optimal allocation of resources

-TEC India is the new India

-Doubling farmers' income in five years

-Infrastructure in rural areas

-Energising youth

-Prudent fiscal management

11:22 IST

-CPI inflation dropped from 6 percent in July 2016 to 4.3 percent in December 2016

-India has become the 6th largest manufacturing country in the world

-India - an engine of global growth

-GST and demonetisation are tectonic reforms

-Demonetisation is a bold and decisive measure

-Tax evasion had become a way of life for some and had bred a parallel economy

-Demonetisation will create a more real GDP

-The advanced economies are expected to increase their growth from 1.6 percent to 1.9 percent and emerging economies from 4.1 percent to 4.5 percent

- The International Monetary Fund estimates that the world GDP will grow by 3.1 percent in 2016 and 3.4 percent in 2017

- India is seen as an engine of global growth, has witnessed historic reform in last one year

- I am reminded of what our father of the nation Mahatma Gandhi said - `A right cause never fails'

 

 

11:19 IST

-Sluggish growth replaced by high growth

-Many emerging economies will witness recovery in economic growth in 2017

-There are positive signs  in global economy

-Current monetary stance of US Fed Reserve may lead to higher capital outflows in emerging economies

- Higher oil prices may also tamper with growth

- Pressures of protectionism are building up in the world

-India stands out as a bright spot

-36 percent increase in FDI

- Foreign reserve has increased to USD 361 billion 

-India to be one of the fastest growing economies in 2017

 

11:12 IST

-Spring is a season of optimism, I extend my warm greetings

-People have huge expectations from our government

-Expectations included: Corruption, price rise, and crony capitalism

-We are trying to bring a transformative shift in governance

-Bringing objectivity in decision-making

-Inflation has been controlled and a massive war on black money has been launched

 

11:08 IST
11:08 IST

Instead the house will be adjourned tomorrow as a mark of respect for E Ahamed ji: Sumitra Mahajan

11:08 IST

I would have adjourned the house, but today's sitting has been fixed by President for presentation of Budget 2017: Sumitra Mahajan in LS

11:03 IST

Union Budget to be presented shortly

11:02 IST

Parliament pays respect to E Ahamed
 

10:46 IST

Cabinet meeting concludes, Budget 2017 approved

10:46 IST

Saddened by E Ahamed ji's demise but Budget will be presented: Sumitra Mahajan

10:39 IST

Budget 2017 will be presented today, formal announcement shortly: Sumitra Mahajan

10:38 IST

Arun Jaitley confirms Budget 2017 on course at 11 am

10:37 IST

Budget a constitutional obligation: Lok Sabha Speaker Sumitra Mahajan

10:20 IST

Watch me live presenting the Union Budget 2017 at 11 am, February 1, 2017, tweets FM Arun Jaitley

10:18 IST

Its not March 31, there is a lot of time to present Budget. Govt can postpone it: Kharge

10:11 IST

I think Govt already knew that he had passed away, but they were trying to maybe delay announcement: Kharge

10:09 IST

In our opinion, including JDU leaders and former PM Deve Gowda, the Budget should be postponed, says congress leader Mallikarjun Khadge

09:49 IST

FM Arun Jaitley reaches the Parliament

09:33 IST

Budget will be presented, obituary may happen before or after it, government has spoken to all parties and arrived at consensus: Govt sources

 

09:23 IST

Budget 2017 copies reach Parliament

09:06 IST

09:05 IST

Final decision on Budget to be taken by speaker, decision expected by 10 am

09:04 IST

FM Arun Jaitley leaves for Rashtrapati Bhavan

09:01 IST

FM Arun Jaitley arrives at Finance Ministry

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