UNION BUDGET HIGHLIGHTS

UNION BUDGET HIGHLIGHTS

Finance Minister Arun Jaitley presented the Union Budget 2017-2018 in Lok Sabha on Wednesday. This is the fourth budget by the Narendra Modi government. Jaitley said the demonetisation move by Prime Minister Narendra Modi on November 8, 2016 will not have a lasting impact on the economy. He also announced that he took immense pride in presenting a joint budget, including the Railway Budget. Railways will focus on passenger safety, capital works and cleanliness, among other issues.

Softening the demonetisation blow, the Budget halved the tax to 5 percent on incomes up to Rs 5 lakh but proposed a new surcharge of 10 percent on incomes between Rs 50 lakh and Rs 1 crore and raised duties on cigarettes and pan masala while stepping up allocations for infrastructure, rural, agriculture and social sectors.

The change in the personal income tax rate for individual assessees between Rs 2.5 lakh and Rs 5 lakh income would reduce the tax liability of all persons below Rs 5 lakh to either to zero (with rebate) or 50 percent of their existing liability.

In order to have duplication of benefit, the existing benefit of rebate available to them is being reduced to Rs 2,500 available only to assessees up to an income of Rs 3.5 lakh.

While the taxation liability of people with income up to Rs 5 lakh is being reduced to half, all other categories of taxpayers in the subsequent slabs will also get a uniform benefit of Rs 12,500 per person.

In the case of senior citizens above 60 years, there will be no tax up to Rs 3 lakh, while the exemption will be up to Rs 5 lakh in case of citizens above 80 years. Both the categories will attract income tax of 20 percent on income between Rs 5 lakh and Rs 10 lakh and 30 percent for income above Rs 10 lakh.

This budget is claimed to be one of a kind, but in the long run, considering all the policies that the Modi government is regularly coming up with, the results of the budget is highly unpredictable.

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