2/2/2017 107KeyHighlightsofUnionBudget2017:SummaryLegalAdda

FinallyArunJaitleyUnionBudgetspeechisover.SotherearelotoftheGoodBenefitsfromtax
pointofviewwhichhasbeenissuedbythegovernmentinthissessionbudget.Sohereis
summarizedthe107KeyHighlightsofUnionBudget2017:

1.IncometaxforindividualsforRs2.5lakhtoRs5lakhloweredto5%
2.IndividualshavingincomelessthanRs5lakhwillhavetofileareturnwithaonepageform.
Surchargeof10%onthosewithincomeofRs50LtoRs1cr
3.Reductionintimelinesforrevisingreturnofincomeandcompletingscrutinyassessments.
4.IndiasFDIincreases36percentdespiteglobaldegrowthof5%
5.Indiahasbecomethe6thlargestmanufacturingcountryintheworldupfrom9thposition
previously
6.ForeignExchangeReservewithIndiastandsat361BillionDollars
7.Totalexpenditurefor201718atRs21,47,000crore.Capexup25.4%overpreviousyear
8.Demonetizationwasbolddecisiontocontrolblackmoney,itwillcreateclearandbiggerGDP
9.Demonetizationdisruptive,butwillhavelongtermbenefits.Paceofremonitisationhaspicked
upimpactofDeMonetisationwillnotspillovertonextyear
10.Forexreservescomfortablycoverfor12monthsofimports
11.3challengesincurrentglobalscenario:MonetarystanceofUSFEDReserve,Commodity
pricesspeciallycrudeoil&retreatfromglobalisation
12.ThetargetforagriculturalcreditfortheFY201718hasbeenfixedatRs10lakhcrore.
Agricultureisexpectedtogrowat4.1percent
13.MergeroftheRailwayBudgetwiththeUnionBudgetisahistoricapproach
14.TospendRs13,240croncropinsurance,modernlawoncontractfarmingwillbepreparedand
circulatedamongstatesforadoption
15.IssuanceOfSoilHealthCardsHasGatheredMomentum.ToUpCropInsuranceCoverageTo
50%InFY19
16.Missiontobring1crhouseholdsoutofpoverty
17.AcompositeindexofpovertyforeveryGramPanchayattomonitorprogresstobedeveloped
18.AdedicatedfundtobesetupbyNABARDwithcorpusofRs.5,000croretoassuremarket
pricestothefarmersfortheirproduce
19.DairyprocessinginfrastructurefundwillbesetupunderNABARD,withfundof8,000crore
20.Focusinruralspendingmnregafundtargetsachievedforlastyr,48000croreshighestever
allocations.MGNREGAgetsRs48Kcrfromrs38.5Kcrlastyear,highesttillnow
21.50,000grampanchayatstobemadepovertyfreeby2019
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2/2/2017 107KeyHighlightsofUnionBudget2017:SummaryLegalAdda

22.OverallapproachwhilepreparingBudget2017hasbeentospendmoreinruralareas,
infrastructureandpovertyalleviation
23.AllocationforPradhanMantriAwaazYojanaupfrom15,000crto23,000cr
24.100percentelectrificationofvillagesbyMay1,2018
25.Promisesdoubleincomeoffarmersin5yearsandfocusonpovertyalleviationwithfiscal
prudence.
26.INR19,000croresproposedforPMGKYSchemesoastoconstruct1crorehousesforthose
livinginkachhahouses
27.Safedrinkingwaterkeyprioritypanchayatrajinstitutionsstilllackbasicfacilitiesprogmtobe
launchedforthispurpose
28.Allocationforruralhousingincreasedfrom15,000crto23,000cr
29.Participationofwomenin#MNREGAhasincreasedto55%
30.Modellawoncontractfarmingtobeadoptedandcirculatedtostates
31.SwachBaharatMissionmadetremendousprogress,Opendefecationwillbereducedby
providingwaterfacilityinruralareas
32.AllocationtoagicultureandalliedactivitieshighestatRs187223crore,up27%overlastyear
33.AllocationforschemesforruralIndiapegged24percenthigheratoverRS1lakh,87,000cr
34.InnovationFundinhighschoolannouncedrevisedframeworkcomingsoonforoutcome
basedaccreditationforcolleges
35.ForprovidingQualityeducationforyouth,aninnovationfundwillbecreated
36.PradhanMantriGramSadakYojanabuilt133kmroadsasagainst73kmearlier
37.eMarkettobeextendedover500APMCstohelpfarmers
38.Skillcentreswillbesetupacrossthecountrytohelpyouthseekingopportunitiesoutsidethe
country
39.GovttosetupNewBodytoconductallexamsforhighereducation
40.GovttoformulatemodernlawoncontractfarmingandtobecirculatedamongStates
41.Aspecialschemeforleatherandfootwearsectortobeintroduced.
42.FivespecialtourismzonesanchoredasIncredibleIndia2tobepromoted
43.Govtwiilprovideonestopconvergencesupportsystemforskillemploymentetcforrual
women
44.Rs6000willbetransferredtopregnantwomensaccountswhogoforinstitutionaldelivery
45.100SkillCentresinEnglish,HindiandForeignlanguages.
46.ProposeToFinish1CrHousesBy2019ForThoseLivingInKachchaHouses.
47.EliminationofTBby2025isalsotargeted.Povertyisusuallyassociatedwithpoorhealth
actionplantotacklediseasessuchasleprosy,TB
48.HaveHikedAllocationForWomenSkillDevelopmentToRs1.84LakhCrInFY18.
49.Forwelfareofwomenandchildren,allocationofRS1.84croreisproposed.
50.Newrulesregardingmedicaldeviceswillberegulated,ProposeToAmendDrugRulesTo
ensureAvailabilityOfDrugsatReasonablePrices.
51.TwonewAIIMSwillbesetupinJharkhandandGujarat
52.BudgetallocationforwelfareofwomenandchildrenincreasedtoRs1,84,632crore:
53.GovttointroduceSrCitizenSmartHealthCardSchemeLICtocomeupspecialscheme.
AadharbasedsmartcardsforseniorcitizenswiththeirhealthdetailstobeintroducedLICto
introducepensionschemeforseniorcitizenswithassuredreturnof8%
54.GovttosetupdairyprocessingfundofRs8,000croreover3yearswithinitialcorpusofRs
2,000crore
55.Railwaystofocuson4areas:passengersafety,capital&developmentworks,cleanliness,
financial&accountingreforms
56.1.5LakhHealthSubcentresToBeTransformedToHealthWellnessCentres.
57.Railwaysafetyfundtobelaunched,corpusof1lakhcrover5years.Asafetyfundtobesetup
withacorpusofRs1lakhcroreoverfiveyears
58.500railwaystationstobemadedisabledfriendlyandAllcoacheswillbefittedwithbiotiolets
by2019andBy2019allcoachestoequippedwithautopilot
59.Rs1.31lakhcrorecapexfixedforRailwaysin201718includingRs55,000crtobeprovided
bygovt.
60.Dedicatedtrainsfor#tourismand#pilgrimage
61.IRCTCnottocollectservicechargeonetickets
62.GovttocomeupwithNewMetroRailPolicytoinvolveprivateinvestment
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2/2/2017 107KeyHighlightsofUnionBudget2017:SummaryLegalAdda

63.ToCommission3,500KmOfRailwayTracksIn2018.RailwaysToImplementEndtoend
SolutionsForSomeCommodities.
64.ANewMetroRaliwaypolicywillbeintroducedtoimproveurbantransportandyouth
employment
65.NationalHighwayAllocationAtRs64,000Cr.
66.Highspeedopticalfiberwillbeavailablemorethan150,000grampanchayats
67.AirportsAuthorityofIndiaActToBeAmendedToEnableMonetisationOfLand.
68.TotalcapitalexpenditureonRailwaysincreasedto131000crorefrom121000crore.Govts
contributionwillbe55,000crore
69.AirportsinTierIIcitiestobedevelopedunderPPPmodel
70.ToCommission3500kmOfRailwayLinesInFY18.
71.TotalallocationforinfrastandsatarecordlevelofRs396000crore
72.ForeignInvestmentPromotionBoardhasbeenabolished.FIPBtobeabolishedandmorethan
95%ofFDItobeunderautomaticroute.FDIpolicieswillbefurtherliberalised
73.AdraftBilltocurtailillegaldepositsschemewillbeintroducedshorty:
74.ToTakeUpSecondPhaseOfSolarPowerDevelopmentForAddl20,000MW.
75.Rs10,000croreforrecapitalisationofbanks
76.IRCTCwillbelisted.FocusonPSUdivestmenttocontinuewithRailwaysubsandother
governmentagencies
77.3,500kmrailwaylinestobecommissionedin201718asagainst2,800kmin201617:
78.Evidenceofincreaseddigitaltransaction.Bhimappadoptedby125lakhpeople.Twonew
schemestoencouragetransactionsthroughBHIMappwillbelaunched.Aadharenabled
paymentsystemtobelaunchedshortly.Bankswillbeincentivisedtointroduce20lakhAadhar
PayterminalsbySeptember2017
79.Proposaltomandateallgovtreceiptsasdigitaltransactions,beyondacertainlimit
80.Willdevelopacentraliseddefencetravelsystem.Nowsoldierscannowbookticketsonline.
Webbaseddistributionsystemfordefencepensionerstoaddresstheirgrievances
81.HeadPostOfficesinfarflungareasof#Indiatorenderpassportservices.Headpostofficesto
beusedasthefrontofficeforPassportsevices
82.Confiscationofpropertiesofthosefleeingfromfacinglawproposed.
83.intendingtoamendNegotiableInstrumentActtohelpquickrealizationincaseofdishonored
cheques
84.DefenceExpenditureExcludingPensionAtRs2.74LakhCr.
85.Fiscaldeficittargetedat3.26%Fiscalroadmapof3%ofGDPFiscaldeficitforthenextthree
years.
86.Revenuedeficitdownincurrentfiscalfixedat1.9%fornextfiscal
87.Asagainst4.2croreinorganisedsector,onlyRs1.7crorerupeesIncomeTaxreturnsfiled.
Only7,781companieshaveshownincomeofmorethanRs10crore.From3.5crindividuals
whofiledtaxreturns,99lakhshowedincomebelowincometaxslab.Outof13.9lakhcos5.97
lakhfoledtaxretuensforAY201617.Outofthis2.76lakhshowLosseor0income.Figures
showwearelargelyaataxnoncompliantsociety.Whentoomanypeopleevadetaxes,the
burdenfallsonhonestpeople
88.FY18netmarketborrowingpeggedat3.48lakhcrore
89.Nettaxrevenuefor201314was11.38lakcrthisgrewby9%in201415and17%in201516
90.Post#DeMonetisationDepositsBetweenRs280LakhsMadeIn1.09CrAccounts.>Rs80
lakhweredepositedinmorenumberofaccounts1.48lakhcrA/Cs.WhileRs2toRs8lakh
wasdepositedin1.09crA/Cs
91.Holdingperiodforlongtermcapgainsforimmobileassetsreducedfrom3yearsto2years
baseyearforindexationtobe2001
92.HighesteveradvancetaxcollectioninpersonalincometaxinlastthreequarterofcurrentFY
93.Startupscancarryforwardlossesforthreeyearsevenifpromoterholdinggoesbelow51%.
Definitionofstartupsrelaxedforqualificationofexternalcommercialborrowing.
94.MATcanbecarriedforwardby15years,itcanbecarriedforwardby10yearscurrently.Govt.
proposescarryforwardofMATCreditforaperiodof15yearsinsteadof10years
95.TomakeMSMEbizmoreviable,ITforcoswithturnoverofupto50crreducedto25%from
30%
96.InsteadOfBuildupArea,CarpetAreaWillBeCountedForAffordableHousing
97.NationalHousingBankwillrefinanceloansworthRs.20,000crore
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