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2017 Union budget of India

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2017 Union budget of India

Emblem India

Submitted by Arun Jaitley, Finance Minister

Presented 1 February 2017

Parliament Indian Parliament

Party Bhartiya Janta Party

Website indiabudget.nic.in

2016

2017 Union Budget of India is the[1][2][3]

Annual Financial Statement (AFS) mandated by Article 112 of Constitution of India


Demands for Grants mandated by Article113 of Constitution of India
Appropriation Bill mandated by Article 114(3) of Constitution of India
Finance Bill mandated by Article110(a) of Constitution of India
and other documents presented as per the provisions of the Fiscal Responsibility and
Budget Management Act, 2003. for the financial year 2017 - 2018.

It was presented before the parliament on 1 February 2017 by the Finance Minister of
India, Arun Jaitley with 21.47 lakh crore rupees Budget size.[4][5][6]
The Honourable Finance Minister of India started speech by quoting "Madam Speaker, On
this auspicious day of Vasant Panchami, I rise to present the Budget for 2017-18. Spring is a
season of optimism. I extend my warm greetings to everyone on this occasion." [7]
In his speech the Honourable Finance Minister of India, Arun Jaitley has quoted that the
Agenda for 2017-18 is "Transform, Energise and Clean India" TEC India. [8] He further went
to explain that TEC India means to[9]

Transform the quality of governance and quality of life of our people


Energise various sections of society, especially the youth and the vulnerable, and
enable them to unleash their true potential
Clean the country from the evils of corruption, black money and non-transparent
political funding.

The printing of the budget documents began with a traditional Halwa ceremony in January
2017.
It's the first budget after major changes in the economy like Goods and Services Tax
(India) and 2016 Indian banknote demonetisation.

Contents
[hide]

1Railway budget
2Key points
3References
4External links

Railway budget[edit]
Railway budget will be merged with the Union budget and classification of plan and non-plan
expenditure has been done away with starting from the year 2017 by Narendra
Modiled Government of India.[10][11]

Key points[edit]

Existing rate of taxation for individual assesses between income of 2.5 lakhs to 5
lakhs reduced to 5%.

After rebates, zero tax liability for people with income of 3 lakhs. [12]

All other categories will also get uniform benefit of Rs 12,500.

Surcharge of 10% of tax payable on categories of individuals whose annual taxable
income is between 50 lakhs and 1 crore[13]

More than 1 crore: 15 percent surcharge[14]

One page Income tax return to be filled for persons having Taxable income up to 5
lakhs other than income from Profits and Gains from Business or profession(PGBP).

Maximum limit for audit of specified assesses who opt for presumptive income
(Section 44AD of Income Tax Act) scheme increased from 1 crore to 2 crores.

No transaction above 3 lakhs through cash is permitted subject to certain


exceptions[15]

To promote transparency in electoral funding, maximum donation of 2000 rupees in


cash is restricted from one person.[15][16]

Foreign Investment Promotion Board (FIPB) will be abolished[17][18]

Allocation of Rs 23,000 crore to the Pradhan Mantri Gramin Awas Yojana [19][20]

The Finance Minister of India has stated that "Consumer price index inflation is
expected to remain within RBIs mandated range of 2% to 6%". [21]

The Foreign direct investment increased from 1,07,000 crores in the first half of last
year to 1,45,000 crores in the first half of 2016-17. [22]

As stated by finance minister Foreign-exchange reserves have reached 361 billion


US Dollars as on 20 January 2017.[23]

Rs 48,000 crore allocated towards the Mahatma Gandhi National Rural Employment
Guarantee Act (MGNREGA)[24]

References[edit]
1. Jump up^

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