Wednesday, 1 February 2017

10 big announcement in the budget: tax-free income of up to Rs 3 lakh, ban on cash transactions over 3 lakh

New Delhi: Arun Jaitley on Wednesday presented first budget after Notbandi. The farmers, rural development, youths, and the digital economy such as housing for the poor are divided into 10 regions in the General Budget. Government announced a ban on cash transactions of more than 3 lakhs. Up to 3 lakh yearly income has now become tax free. More than 3 lak and less than 5 lakh income group also has given something to cheer about. They will now, have to pay only 5% of their taxable amount. However, the political parties will not be allowed to take more than 2,000 donations in cash as per the Government’s decision in budget. Government income tax relief to the common man and the tax-free income of 3 million made.
Mr. Jaitley said that if any defaulte flee his or her country, automatically their entire assets will be confiscated. The Government is quite serious and is taking every measure to come up with strong laws in near future. He said: "the Government has taken concrete steps to make the dream of every person realized’.

The 10 Big Things related with Budge is as follows:

1. 1 million houses by 2019 is targeted.
2. Now Passport can be made in the post offices
3. There will be formation of National Testing Agency for conducting entrance examinations of Higher Education. It will pave the way for the institutions like CBSE to focus entirely  on academics.
4. There will be two new AIIMS in Jkjarkhand and Gujarat.
5. There will be exemption of service charge in the E-tickets booked through IRCTC

6. Market-based training will be given to 3.5 million youths. The Government has announced the resolution schemes. For this work, the government has allotted Rs 4,000 crore.
7. Provision of Rs 1.84 lakh for Women and Child Welfare.
8. Farmers’ 60-days’ interest will be waived. 40 per cent farmers will get credit from co-operative societies. Crop insurance coverage has been increased to 40%.
9. One lakh 50 thousand gram Panchayats will be provided Provide high speed broadband service. 10 thousand crore has been allotted for the Bharat Net project.
10 For senior citizens, there will be Adhar-based smart card that will keep the record of their health

10 Important Considerations of budget:

1. Farmers' income to double in five years.
2. Infrastructure in Rural Development.
3. Jobs to youths.
4. Housing for the poor.
5. Social Security increase.
6. Infrastructure for Quality of Life.
7. To promote the digital economy.
8. Improve people's participation in public service.
9. The management that will ensure mobilization of the resources
10. Respect to the honest

Salient Features of the Budget 2017

Ø 10 lakh crore loan to farmers. 2 months’ interest waived.
Ø Soil health card to the farmers. This card will enable the farmers to get their soil checked
Ø There is provision to make 2 lakhs pond in the rural areas in 2017-18. The budget allocation for MNREGA for the 2017-18 has been earmarked to 48 thousand crores. It is highest budget allocation till now.
Ø Formation of top quality institutes for the youth of today. There will also be 350 online facilities.
Ø There will be 5 tourism sectors. Second campaign of Incredible India will also be launched.
Ø Two more AIIMS will be established—one in Gujarat and one in Jharkhand
Ø Every effort will be spared to root out the diseases like tuberculosis
Ø 6,49,000 crore rupees earmarked for the highway projects.
Ø 2,41,387 crore is allotted for transport. 3,96,135 crore will be spent on infrastructure
Ø 1 lakh crore is allotted for the safety of railways

                                             -----Ashish Jha


Post a Comment