Union Finance minister Arun Jaitley on Wednesday presented the Union Budget for 2017-18 with a major focus on rural areas, welfare schemes and infrastructure while also announcing reforms in political funding and income tax rates.
Here are 10 important announcements made by Jaitley in Budget:
1. For those with income between Rs 2.5 lakh to Rs 5 lakh, Income Tax reduced to 5 per cent from current 10 per cent.
2. Budget allocation to MNREGA increased to Rs 48,000 cr for 2017-18, from Rs 37,000 cr in 2016
3. Government aims to construct 1 crore houses by 2019. PM Awas Yojana to get Rs 23,000 cr this year.
4. Govt to abolish the FIPB this year, necessary announcements to be made in due course
5. Fiscal deficit in FY 2017-18 pegged at 3.2 per cent, target for next year is 3 per cent
6. Impetus for startups, SMEs. Corporate Tax for companies with annual turnover of upto Rs 50 crore reduced to 25 per cent from 30 per cent.
7. No cash transaction above Rs 3 lakh to be accepted
8. Cash donation to political parties trimmed down to Rs 2000 from Rs 20,000
9. Rs 3,96,135 crore allocated for infrastructure in 2017-18, up from Rs 2.21 lakh crore allocated in 2016-17.
10. Govt considering a new law which would allow enforcement agencies to confiscate assets of economic offenders
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