Union Budget 2017: 5% tax rate on salary between Rs 2.5 lakh to Rs 5 lakh
Union Budget 2017 is scheduled to be announced at 11 am on February 1, 2017 by Finance Minister Arun Jaitley.
This is a unique budget in many ways as it is the first time in 92 years that there will be no separate railway budget.
Moreover, Budget usually has been scheduled for the end of February each year but the Government has broken that ritual this year. It said that this will help the Government to dole out money allotted in the budget to various ministries and schemes on time.
Union Budget 2017 is scheduled to be announced at 11 am on February 1, 2017 by Finance Minister Arun Jaitley.
This is a unique budget in many ways as it is the first time in 92 years that there will be no separate railway budget.
Moreover, Budget usually has been scheduled for the end of February each year but the Government has broken that ritual this year. It said that this will help the Government to dole out money allotted in the budget to various ministries and schemes on time.
Latest Updates
Budget speech: Future plan - Government envisions using rivers for cargo transportation, which will also decongest roads and railways, says FM.
Comprehensive restructuring of National Highways Programme to be done, to ensure creation of National Highways Grid of desirable capacity.
One of the key announcements that Finance Minister Arun Jaitley made during the Budget 2017 speech was that Foreign Portfolio Investors (FPIs) in category 1 and 2 are exempted from indirect transfer provision. Read more...
Start-ups will also get the profit (linked deduction) exemption available to them for 3 years out of 7 years from earlier 3 years out of 5 years. Read more...
For five key announcements of Budget 2017 for healthcare sector Read more
Tax will be zero for income upto Rs 4.5 lakh under Section 80C
Propose surcharge levied of 10% on income between Rs 50 lakh- Rs 1 crore
Propose to reduce tax rate to 5% for Rs 2.5 lakh-Rs 5 lakh
Restrict scope of domestic trasfer pricing, proposes Jaitley
Increase threshold limit for audit increased to Rs 2 crore
Proposes to exempt some FPI from indirect transfer provision
Finance Minister Arun Jaitley presented India's Union Budget 2017-18 speech in Parliament based on ten key themes on Wednesday. Read more
Transparency in political donation to be incentivise
Cash donation which can be received by any political party will be only Rs 2000
Political parties will be intitled to receive donation only via cheque or digital
Proposes half custom rate on LNG
Cash donation to any charity reduced from Rs 10,000 to Rs 2,000
No cash transaction of above Rs 3 lakh
Reduce capital gain tax in real estate
Allow carry forward of MAT for 15 years
Propose to ease income tax for smaller companies to 25%
96% of Indian companies to be taxed at 25%
Net tax revenue to grow higher than 17% for second year in a row.
Measures for Affordable Housing scheme: Proposes extension of affordable housing program to five years
Proposes to lower holding period for capital gain on properties
Committed to make tax rate reasonable, ensures FM.
We are largely non- tax compliance society, says FM
Revenue expenditure pegged at 1.9% as against 2% pegged under FRBM Act