Highlights budget 2017

*Highlights of Union Buget 2017 - 2018*

*GST* - No changes in service tax & excise duty as GST draft will be launching soon

*Fiscal Deficit* - Seen at 3.2% (17-18) & 3% (18-19)

*Current Account Deficit* - 0.3% (16-17) 1st Half

*FDI Investments* - 1.45 Lakh Crores (16-17) 1st Half

*Direct Tax* - Tax to GDP Ratio is very low
Income upto 2.5 Lakhs - Nil Tax
Income above 2.51 Lakhs to 5 Lakhs  - Reduces to 5% Tax from 10%
Income above 50 Lakhs to 1 Crore - 10% surcharge

*Farmer* - Double their income in 5 years

*Agriculture* - 10 Lac Crores credit

*MNREGA* - Allocation 48,000 Crores

*PM Gram Sadak Yojna* - Allocation 19,000 Crores

*Sr. Citizen* - 8% guaranteed pension for 10yrs by LIC of India scheme

*Rail Budget* - 1.31 Lakh Crores, New Railway Line of 3500 kms, No service charge on IRCTC Ticket booking

*Highway* - 67,000 Crores for National Highways

*Disinvestment* - Continue through ETF's and timely disinvestments of PSU's,
Target 72500 Crores

*Banking* - 10,000 Crores to PSU banks for Recapitalisation, Double landing targets to Bank 2.44 Lac Crores, 2.44 Lac Crores under mudra scheme

*Total Expenditure* - Estimated at 21.47 Lac Crores

*Defence Expenditure* - 2.74 Lakh Crores excluding Pension

*Long Term Capital Gain* - For immovable property reduced to 2yrs from 3yrs

*Income Tax* - Companies turnover less than 50 Crores will pay 5%  less tax, Effective rate 25%

*Cash Transaction* - No transaction over 3 lakes will be permitted in cash

*Infra* - Insurance company has to invest 25% in Infra bonds

*New slab rate for income tax 2017-18 income*:

Till 2.5L - NIL
2.5L - 5L - 5%
5L - 10L - 20%
Over 10L - 30%

Rebate of 87A reduced to 2.5K from 5K