UNION BUDGET 2017: LIVE UPDATES AND ANALYSIS

Mr. Arun Jaitley, Finance Minister of India is set to present his fourth budget of the Modi Government. Will this be path breaking with measures like universal basic income? Will the households get benefit from it? Income tax rates will be reduced? Service Tax and other indirect tax will be hiked?. Also this is the first time in Indian history that both rail budget and finance budget will be presented in the house on February 1, one month in advance to the regular date being February 29. We will get you the live updates and announcements of the union budget 2017  to make it simpler for you to understand the impact on your pocket:

11.05 am: Arun Jaitley starts presentation of the budget amidst uproar!

 11.23 am: FM Explains benefits of the Finance Budget and Rail Budget being presented together.

EXPENDITURE

11.26 am: Farmers: Agriculture Credit Target Affixed at Rs. 10 Lakh Crores. Fasal Bima Yojana scope will increase to 40%.

11.32 am: Rural Areas: Target of 15000 poverty free gram panchayats by 2019.

11.33 am: Rural Areas: Rs. 48000 crores being provisioned for MNREGA. Increased participation of women.

11.36 am: Rural Areas: Rs. 23000 crores for Pradhan Mantri Gram Awas Yojana.

11.40 am: Youth: Innovation fund for secondary education, Reforms in UGC with more autonomy, Swayam platform for e-learning,  National Testing Agency to host all the entrance exams for higher education to free CBSE/AICTE  from such burden.

RAILWAYS

11.52 am: Rail Suraksha Kosh of Rs. 1 Lakh Crores for passenger safety. JV with 9 state governments. 25 stations to be awarded for stations redevelopment. 7000 stations to be fed with solar power in medium term.

11.53 am: Coach Mitra facility for all complaints and feedback. Bio toilets in all coaches by 2019.

11.55 am: Competitive ticket booking, NO Service charges on IRCTC booking. Cashless reservation stands at 68%.

11.57 am: Metro Rail Policy will be announced

INFRASTRUCTURE

11.58 am: Total investment of Rs. 3.96 lakh crores. RECORD LEVEL

11.59 am: 2 more strategic crude oil reserves, New scheme called export trade infrastructure scheme will be launched to promote exports.

 12.04 pm: Divestment policy to continue, IRCTC –  IRFC would be listed on stock exchanges.

12.07 pm: PM Mudra Yojana target set to be at Rs. 2.44 lakh crores. Priority to SC, ST and OBC.

12.09 pm: Referral bonus and cashback scheme for BHIM application. Aadhar pay will be launched for merchants.

12.14 pm: Head Post office to be utilized for passport services in remote areas.

12.15 pm: 2 TIER system of examination for public service, merger of tribunals, New law to confiscate the assets of the economic offenders fleeing outside India.

12.17 pm: Total Expenditure Rs. 21.47 lakh crores, Capital Expenditure up by 25%. Fiscal deficit target 3.2% of the GDP. Revenue deficit estimate at 1.9%

REVENUE

12.22 pm: Among 76 lakh assesses who declared income above 5 lakh rupees 56 lakh are salaried employees.

12.30 pm: Holding period for long term capital gains from immovable property will be reduced to two years. Base year to be shifted to 1-4-2001.

12.37 pm: Reduced corporate tax of 25% for companies with turnover less than Rs. 50 crores. Thumbs up for MSME sector.

12.40 pm: Presumptive taxation system profit calculation criteria reduced to 6%. Cash expenditure limit set at Rs. 10,000. No transaction above Rs. 3 lakh would be allowed in cash.

12.45 pm: Maximum cash donation a political party can receive will be Rs. 2000 from any political sources. Parties will be entitle to receive by cheque or digital mode. Electoral Bonds to be introduced for the political parties.

12.47 pm: Audit limit for assesses not following presumptive tax routes raised to Rs. 2 crores.

12.52 pm: Direct taxes reduced

0-2.5 lakhs  – NIL

2.5- 5 lakhs – 5%

5 – 10 lakhs – 20%

10    lakhs  – 30%

Rebate of Rs. 2500 for individuals with taxable income less than Rs. 3.5 lakhs.

12.57 pm: No major changes under indirect taxes net. Budget speech concluded.