Union Budget 2017
A Desire, A Dream and A Vision said by whom? The one and only leading Finance Minister of India, ‘Arun Jaitley’ addressed at his first speech. The Union Budget 2017 comes at a time of unusual volatility in the international economic environment. Here come the Top Highlights of India Budget that has a transformative agenda built on nine distinct pillars of agriculture welfare, rural sector, social sector, education, skills & job creation, infrastructure & investment, financial sector reforms, Governance and ease of doing business and fiscal disciple & Tax reforms. Behind this Budget session, the theme is going to be Investment. For this year Union Budget 2017 Date is expecting on February 1, 2017.
Top Highlights of India Budget
Arun Jaitley is going to organise the session for 2017. Prime Minister Narendra Modi announced Currency Demonetization of 500 and 1000 notes. Due to this reason, people are expecting cost reduction let’s see what is going to happen. The Union Budget 2017 seeks to revive growth and investment, promote domestic manufacturing and develop “Make in India” Scheme. This Budget contains some tax proposals for providing relief to small taxpayers, measures to boost growth and employment generation, incentivizing domestic value addition, reducing litigation, providing certainty, and for simplification & rationalisation of taxation. In this page you people can collect Top Highlights of India Budget for the year 2017. This year for the first time Railway Budget is merged to Union Budget and that announced on 01 Feb.
Union Budget 2017 Date
According to the experts, on Feb 1st Union Budget 2017 is going to be held. Due to scrapping old currency notes there are expectations like Jaitley will announce tax rebates and incentives to encourage transactions through card and digital means. Even they may also announce measures to tax cash withdrawals from banks. Raise on tax breaks offered on money parked in fixed deposits, insurance premium and mutual funds from Rs 1,50,000 to Rs 2,00,000 a year under the popular Section 80C scheme. For Agriculture finance minister Arun Jaitley will announce a series of measures to minimise the demonetisation pain for farmers in Budget 2017.
Expectations of India Budget:
- Personal tax rates
- Deduction of interest on housing loan
- Taxability of recovery of unrealised/arrears of rent
- Deduction under section 80GG of the Income-tax Act on account of rent paid by an individual increased
- The finance minister may put forward a proposal for creating a favourable environment for foreign direct investors (FDI)
- For this year Railway Budget will merge with Union Budget 2017
- Additional deduction of housing loan interest
- National Pension System will increase
- Provident Fund and Superannuation Fund
- Deduction for expenditure on skill development project
Budget 2017 India Expectations
The current income tax limit is Rs 2.5 lakh. It is expected that the government may increase this limit to Rs 4 lakh. This is the first Union Budget after Demonetisation and Budget 2017 India Expectations are cashless transactions. Next coming to relief of farmers, they are unable to sell their crops due to this exchange of notes with new cash and insufficient amount. They are expecting that farmers who are facing those problems must get benefited with some compensation. India’s Real Estate sector is not smooth for the major contribution of GDP. So, income tax and hike in HRA deduction limit for salaries along with constructions cost should decrease. Pradhan Mantri Awas Yojana (PMAY), The scheme is aimed to provide housing for all. Hence, some tax concessions in the budget may be announced. Finally, collect all these Latest News on Budget.
Agriculture and Farmer’s Welfare
- Allocation for Agriculture and Farmers’ welfare is ` 35,984 crore
- ‘Pradhan Mantri Krishi Sinchai Yojana’ to be implemented in mission 28.5 lakh hectares will be brought under irrigation.
- Implementation of 89 irrigation projects under AIBP, which are languishing for a long time, will be fast tracked
- A dedicated Long Term Irrigation Fund will be created in NABARD with an initial corpus of about ` 20,000 crore
- Allocation for rural sector – ` 87,765 crore.
- 87 lakh crore will be given as Grant in Aid to Gram Panchayats and Municipalities as per the recommendations of the 14th Finance Commission
- Every block under drought and rural distress will be taken up as an intensive Block under the Deen Dayal Antyoday Mission
- A sum of ` 38,500 crore allocated for MGNREGS.
Social Sector Including Health Care
- Allocation for social sector including education and health care – `1,51,581 crore. ` 2,000 crore allocated for initial cost of providing LPG connections to BPL families.
- New health protection scheme will provide health cover up to ` One lakh per family. For senior citizens an additional top-up package up to ` 30,000 will be provided.
- 3,000 Stores under Prime Minister’s Jan Ashudh Yojana will be opened during 2016-17. ‘National Dialysis Services Programme’ to be started under National Health Mission through PPP mode
- “Stand up India Scheme” to facilitate at least two projects per bank This will benefit at least 2.5 lakh entrepreneurs.
Education, Skills and Job Creation
- 62 new Navodaya Vidyalayas will be opened
- Regulatory architecture to be provided to ten public and ten private institutions to emerge as world-class Teaching and Research Institutions
- Sarva Shiksha Abhiyan to increasing focus on quality of education
- Higher Education Financing Agency to be set-up with initial capital base of ` 1000 Crores Digital Depository for School Leaving Certificates, College Degrees, Academic Awards and Mark sheets to be set-up
Financial Sector Reforms
- A comprehensive Code on Resolution of Financial Firms to be introduced.
- Statutory basis for a Monetary Policy framework and a Monetary Policy Committee through the Finance Bill 2016.
- A Financial Data Management Centre to be set up.
- RBI to facilitate retail participation in Government securities.
- New derivative products will be developed by SEBI in the Commodity Derivatives market.
- Amendments in the SARFAESI Act 2002 to enable the sponsor of an ARC to hold up to 100% stake in the ARC and permit non institutional investors to invest in Securitization Receipts.
- Comprehensive Central Legislation to be bought to deal with the menace of illicit deposit taking schemes.
- Increasing members and benches of the Securities Appellate Tribunal. Allocation of `25,000 crore towards recapitalisation of Public Sector Banks.
- Target of amount sanctioned under Pradhan Mantri Mudra Yojana increased to 1,80,000 crore