Union Budget 2017-18 Highlights | Fusion - WeRIndia

The Union Budget 2017-18 was presented by finance minister Arun Jaitley in the Lok Sabha yesterday.

N.R. Bhanumurthy said that the plan to have the Union budget will be serving like an input to state budgets so they can plan their budgets better.

Do you want to know what’s there for a common man to relax or worry about?

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The highlights of the Budget are as follows:

• Income tax rate for between ₹2.5- lakh to ₹5 lakh has reduced to 5 per cent from 10 per cent.
• The tax payers of following tax brackets will get a benefit of ₹12,500.
• Individuals with an annual income of ₹5 lakh can file one page return except in case of business income.
• 10 per cent surcharge is applicable on individual income above ₹50 lakh and up to ₹1 crore.

• Basic customs duty for LNG is reduced to 2.5 per cent from 5 per cent.
• No cash transaction of more than ₹3 lakh is permitted and IT Act would be amended accordingly.
• The cash donation limit by charitable trusts is reduced to ₹2,000 from ₹10,000.
• A sum of ₹10 lakh crore is allocated to farmers as credit and interest is waived for 60 days.
• ₹5,000 crore of micro-irrigation fund will be set up under NABARD.
• The allocation for Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) is increased. It is the Highest ever allocation with ₹48,000 crore from the past₹37,000. It will be used for minimum employment for the rural employed and underemployed. The participation of women in MGNREGA has increased to 55%.
•  40 per cent cropped area has to be covered under Fasal Bima Yojana in the current Budget. This is a 10 per cent rise from the earlier 30 per cent. This will be increased to 50 per cent in the next financial year i.e. in 2018-19. ₹9,000 crore are allocated for this scheme in the present budget.
• Colleges will be identified based on accreditation.
• New system will be introduced to measure the leaning outcomes yearly and innovation fund will be set up for secondary education which is used to improve the skills of students.

• Virtual learning will be encouraged under SWAYAM platform and 1500 courses will be available under this.
• Sankalp, skill acquisition fund will be established with ₹4000 crore to improve market skills.
• 100 India International centers will be set up across the country.
• National Testing Agency will be established to conduct entrance exams like JEE and CAT and to reduce pressure on other boards like CBSE.
• Mahila Shakthi Kendras are allotted ₹500 crore.
• ₹6,000 will be transferred to each pregnant woman under a nationwide scheme.
• Senior citizens will be issued Aadhaar-based smartcards to check their health.
• Political parties are permitted to receive up to ₹2,000 in cash as donation from any one source. They are permitted to receive donations by cheque or digital mode from donors.
• RBI will issue electoral bonds so that the donors can purchase them by way of cheque or digital mode of payment which can only be redeemed by the registered political parties.

Image credit: Arun Jaitley image by Deccan Herald is licensed under CC BY 2.0

Image Reference: https://www.flickr.com/photos/144157974@N04/35623632595