Highlights of Union Budget 2017-18
Finance Minister Arun Jaitley presented theUnion Budget 2017, his fourth annual budget, today. Here are the highlights of this year's budget:
►Income Tax rate cut to 5 pc for individuals having income between Rs 2.5 lakh to Rs 5 lakh
►10 pc surcharge on individual income above Rs 50 lakh and upto Rs 1 cr to make up for Rs 15,000 cr loss of due to cut in personal I-T rate
►15 pc surcharge on income above Rs 1 cr to continue
►Of 3.7 cr individuals who filed tax returns in 2015-16, 99 lakh showed income below exemption limit
►Direct tax collection not commensurate with income and expenditure pattern
►Revenue deficit reduced to 2.1 pc from 2.3 pc for 2016-17
►Govt pegs fiscal deficit target at 3.2 per cent for 2017-18 and 3 per cent for next year.
► Monetary policy ...