Union Budget 2017: Tax rate for individual earning of Rs 2.5-5 lakh reduced to 5%

In a sad new for those earning annual income from Rs 50 lakh to 1 crore, FM Jaitely proposed the surcharge of 10 pc.

In a move to make the aam aadmi happy, Finance Minister Arun Jaitley on Wednesday, proposed to reduce the existing rate of taxation of those with income between 2.5 lakh to 5 lakh from 10 percent to 5 per cent.

Finance Minister while presenting the historic Union Budget ha said: “I propose to reduce existing rate of taxation of those with income between 2.5 lakh to 5 lakh from 10 pc to 5 pc.”

In a sad new for those earning annual income from Rs 50 lakh to 1 crore, FM Jaitely proposed the surcharge of 10 pc.

“Surcharge of 10 pc for those whose annual income is Rs 50 lakh to 1 crore,” FM Jaitley said while presenting the budget.

Here are the highlights:

  • Committed to making taxation rate reasonable, our tax administration more fair and expand the tax base of the country
  • Pradhan Mantri Mudra Yojana lending target has been doubled at Rs 2.44 lakh crore for 2017-18
  • 3,500 km railway lines to be commissioned in 2017-18 against 2,800 km in 2016-17
  • Railways plan size for 2017-18 pegged at Rs. 1,31,000 crore, including Rs 55,000 crore to be provided by the government
  • Using space technology in a big way to plan MGNREGA works
  • During 2017-18, another 5 lakh ponds to be constructed for drought-proofing
  • AadharPay, a merchant version of Aadhaar-enabled payment system to be launched shortly for those without debit cards, mobile phones
  • Sanitation coverage in rural areas has gone up to 60 per cent
  • Swachh Bharat Mission has made tremendous progress in promoting safe sanitation and ending open defectation
  • By 2019 all passenger coaches of railways to be fitted with bio-toilets
  • 1 crore houses to be completed by 2019 for houseless and those living in ‘kacha’ houses
  • Rs 19,000 crore in 2017-18 for PMGSY; together with contribution from states, Rs 27,000 crore to be spent
  • Total allocation for rural, agricultural & allied sectors for 2017-18 is a record Rs 1,87,223 crore, up 24 per cent from last year
  • Target for agricultural credit in 2017-18 has been fixed at a record Rs 10 lakh crore
  • Coverage of Fasal Bima Yojana to go up from 30 per cent of cropped area, to 40 per cent in 2017-18, 50 per cent in 2018-19
  • NABARD to set up dedicated micro-irrigation fund to be set to achieve Per Drop More Crop mission
  • Corpus of NABARD’s long-term irrigation fund raised to Rs 40,000 crore
  • Mini soil-testing labs in Krishi Vigyan Kendras to ensure 100 per cent coverage

    Highest ever allocation to MGNREGA at Rs 48,000 crore

  • Merger of Railway Budget with Budget 2017 a historic step

    Transform, Energize and Clean India – #TECIndia – our agenda for the next year

  • Advancement of budget will enable all ministries, departments to operationalize all schemes right from beginning of next fiscal
  • Demonetisation aims to create a new normal, where the GDP would be bigger, cleaner and real
  • Effects of demonetisation not expected to spill over to next year
  • Firmly believe that GST, Demonetisation, built on JAM, will have an epoch-making impact on the lives of our people
  • Demonetisation aims to create a new normal, where the GDP would be bigger, cleaner and real
  • Recalls #MahatmaGandhi’s words: A right cause never fails
  • 3 challenges in current global scenario:Monetary stance of US FED Reserve, Commodity prices specially crude oil & retreat from globalisation
  • We have moved from a discretionary administration to a policy-based administration
  • Expectations included burning issues like inflation and price rise, issue of corruption & crony capitalism
  • Our government was elected amidst huge expectations of people, the underlying theme of expectations being good governance
  • Hope to resolve all issues regarding GST via consultations
  • We are moving from informal to formal economy & the Government is now seen as a trusted custodian of public money
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