BOOM

Trending Searches

    SUPPORT
    BOOM

    Trending News

      • Fact Check 
        • Fast Check
        • Politics
        • Business
        • Entertainment
        • Social
        • Sports
        • World
      • Law
      • Explainers
      • News 
        • All News
      • Decode 
        • Impact
        • Scamcheck
        • Life
        • Voices
      • Media Buddhi 
        • Digital Buddhi
        • Senior Citizens
        • Videos
      • Web Stories
      • BOOM Research
      • BOOM Labs
      • Deepfake Tracker
      • Videos 
        • Facts Neeti
      • Home-icon
        Home
      • About Us-icon
        About Us
      • Authors-icon
        Authors
      • Team-icon
        Team
      • Careers-icon
        Careers
      • Internship-icon
        Internship
      • Contact Us-icon
        Contact Us
      • Methodology-icon
        Methodology
      • Correction Policy-icon
        Correction Policy
      • Non-Partnership Policy-icon
        Non-Partnership Policy
      • Cookie Policy-icon
        Cookie Policy
      • Grievance Redressal-icon
        Grievance Redressal
      • Republishing Guidelines-icon
        Republishing Guidelines
      • Fact Check-icon
        Fact Check
        Fast Check
        Politics
        Business
        Entertainment
        Social
        Sports
        World
      • Law-icon
        Law
      • Explainers-icon
        Explainers
      • News-icon
        News
        All News
      • Decode-icon
        Decode
        Impact
        Scamcheck
        Life
        Voices
      • Media Buddhi-icon
        Media Buddhi
        Digital Buddhi
        Senior Citizens
        Videos
      • Web Stories-icon
        Web Stories
      • BOOM Research-icon
        BOOM Research
      • BOOM Labs-icon
        BOOM Labs
      • Deepfake Tracker-icon
        Deepfake Tracker
      • Videos-icon
        Videos
        Facts Neeti
      Trending Tags
      TRENDING
      • #Operation Sindoor
      • #Pahalgam Terror Attack
      • #Narendra Modi
      • #Rahul Gandhi
      • #Waqf Amendment Bill
      • #Arvind Kejriwal
      • #Deepfake
      • #Artificial Intelligence
      • Home
      • Business
      • 10 Key Budget 2017 Proposals That...
      Business

      10 Key Budget 2017 Proposals That Will Impact You

      No big bang announcements but income tax relief for the lowest slab, affordable housing boost and service charge removed on railway tickets booked online

      By - A Staff Writer |
      Published -  1 Feb 2017 2:52 PM IST
    • Boomlive

      Finance Minister Arun Jaitley

      The Narendra Modi government's fourth Union Budget has come up with a new slogan: Transform, Energise and Clean India. i.e Tech India. Giving a huge push to rural India with allocations to various existing schemes across housing, MNREGA and agriculture, finance minister Arun Jaitley resisted from the temptation of announcing populist measures with an eye to keep the fiscal deficit at 3.2% of the GDP in FY17.

      Here are 10 key proposals that affect the common man across rural and urban India.

      1) Income Tax on individuals

      Reduction of tax for those with income between 2.5 lakh to Rs 5 lakh from 10% to 5%.

      Surcharge of 10% introduced for those with annual income between Rs 50 lakh to Rs 1 crore.

      2) Cash Transactions above Rs 3 lakh banned

      Cash transactions above Rs 3 lakh banned in line with the recommendations of the special investigative team (SIT) on black money.

      3) Online railway tickets cheaper

      Service Tax abolished on railway tickets booked through IRCTC. Currently, IRCTC charges Rs 40 on every ticket booked in air-conditioned classes. For sleeper class, a service charge of Rs 20 is levied by IRCTC when ticket is booked through its website.

      4) Boost to Urban and Rural Housing

      To complete 1 cr houses by 2019 for homeless and those living in kaccha houses. PM Awas Yojana allocation raised from Rs 15,000 cr to Rs 23,000 cr.

      Holding period for levy of Long Term Capital Gains tax on immovable property reduced to 2 years from the current 3 years. Also the base year indexation has been shifted from 1.4.1981 to 1.4.2001.

      5) Corporate tax cut for small companies

      Income tax reduced to 25% with turnover upto Rs 50 crore. This is expected to benefit 95% of the companies in the country with a ripple down impact on jobs with the MSME sector being the largest collective employer in the country.

      6) Senior citizens pension scheme

      LIC will provide a pension scheme with guaranteed return of 8 per cent for 10 years, as part of government’s social security and financial inclusion programme.

      7) Smoking gets expensive

      The finance minister has raised excise duty on cigarettes by 6% across all lengths.

      8) Aadhar based payment system

      Finance Minister Arun Jaitley said that the government plans to bring in a Aadhaar-based payment system to promote digital transactions for people living outside urban areas. "A merchant enabled Aadhaar payment system will be launched shortly. This will specially be beneficial to those who do not have debit cards, mobile wallets or mobile phones," Jaitley said.

      Goverment will also introduce two new schemes to promote BHIM App - referal bonus for users and cash back for traders.

      9) Medical devices to get cheaper

      Medical devices are all set to get cheaper with the finance minister saying that the government will amend the Drugs and Cosmetics Rules to ensure availability of medicines at reasonable prices and also formulate new norms for the medical devices sector to bring in investments.

      "We propose to amend the Drugs and Cosmetic Rules to ensure availability of drugs at reasonable prices to ensure use of generic medicines. New rules regarding medical devices will be formulated. These rules will be internationally harmonised and attract investments into this sector. This will reduce the cost of such devices," Finance Minister Arun Jaitley said.

      10) No passenger fare hikes on Railways

      This is the first time in Indian Budget history that the railway budget proposals were merged with the Union Budget. Despite huge capital expenditure of Rs 1.31 lakh crore, the government has stayed away from hiking passenger fares.

      Tags

      Arun JaitleyBudget 2017GDPIncome TaxMSMEpension schemesenior citizens
      Read Full Article
      Next Story
      Our website is made possible by displaying online advertisements to our visitors.
      Please consider supporting us by disabling your ad blocker. Please reload after ad blocker is disabled.
      X

      Subscribe to BOOM Newsletters

      👉 No spam, no paywall — but verified insights.

      Please enter a Email Address
      Subscribe for free!

      Stay Ahead of Misinformation!

      Please enter a Email Address
      Subscribe Now🛡️ 100% Privacy Protected | No Spam, Just Facts
      By subscribing, you agree with the Terms & conditions and Privacy Policy connected to the offer

      Thank you for subscribing!

      You’re now part of the BOOM community.

      Or, Subscribe to receive latest news via email
      Subscribed Successfully...
      Copy HTMLHTML is copied!
      There's no data to copy!