Here is all you need to know about the Union Budget 2017- 18
Finance Minister Arun Jaitley today presented his fourth annual budget, the budget 2017 -18. He is the first finance minister who has presented Union Budget and Railway Budget together.
Here are the highlights of this year’s budget, take a look:
- Income tax has been cut upto 5 percent for individuals having income between 2.5 lakh to 5 lakh.
- Revenue deficit reduced to 2.1 pc to 2.3 pc for 2016- 17.
- Functional Autonomy of the railways will be maintained
- NABARD fund will be increased to Rs.40, 000 crore.
- Issuance of soil cards has gained momentum.
- Irrigation corpus has increased from Rs.20,000 crore to Rs.40,000 crore
- A sum of Rs.10 lakh crore is allocated as credit to farmers, with 60 days interest waiver.
For Rural Population
- Over 3 lakh crore will be invested in rural India. MGNREGA to double the farmers income
- Space technology would be used in a big way to ensure MGNREGA works.
- During 2017- 18, five lakh farm ponds will be taken up under the MGNREGA
- The government has proposed 1 crore houses for the homeless people.
For the health of underprivileged
- Aadhaar- based smartcards will be issued to senior citizens to monitor health.
- Tuberculosis will be completely eliminated till 2025.
- Two AIIMS will be set up in Jharkhand and Gujarat
- Affordable housing will be given infrastructure status
Infrastructure and Railways
- Unmanned level crossings will be eliminated by 2020.
- SMS- based “clean my coach service” is put in place.
- By 2019 all the trains will have bio – toilets
- Railways will offer competitive ticket booking facility.
- Rs.64, 000 crore allotted for highways.
Personal Income Tax
- People filing I-T return for people with annual income for Rs.5 Lakh other than business income.
- Simple one page return for people with annual income of Rs.5 lakh other than business income.
- All other categories for tax payers in subsequent brackets will get benefit of 12, 5000.