Live Union Budget 2017: Income tax rate for individuals earning Rs2.5-5 lakh

Live -Union- Budget- 2017-updates
Live Union Budget 2017

Hello friends In this post I will cover Union Budget 2017 ,LIVE updates on Arun Jaitley halves income tax rate live Union Budget 2017: Reactions to Arun Jaitley's budget Arun Jaitley on  his Union Budget's speech  Arun Jaitley on DemonetisationUnion Budget 2017-18 Finance Minister Arun Jaitley's full speech,Union Budget 2017 Live, Live Union budget 2016-2017 and Arun jailey budget,Live Union Budget 2017 updates.

Live Union Budget 2017
The union budget of the Union of Finance Ministers, Arun Jaitley, prompted various reactions from politicians, industry leaders, experts and Twitterati. Here you can get Live Union Budget 2017 updates.

Here are some of the reactions:

  •  Prime Minister Narendra Modi: "The FM presented a" Uttam "budget, dedicated to strengthening the hands of the poor," tweeted the PMO.
  •  Hemal Mehta, Partner, Deloitte Haskins & Sells Llp: "Affordable housing is a priority for government and is expected to achieve infrastructure status. With infrastructure status, developers can access foreign funds at cheaper cost by debt and it will be a priority loan for banks as well. This should lead to progress in the sector. Fine printing should provide greater clarity. "(Reuters)

  •  Minister of Power Piyush Goyal: "Congratulate @arunjaitley ji on reform-oriented budget with concessions to the middle class and SMEs while keeping taxes through compliance," tweeted.

  •  Yoghurt Yadav: "The bullish tone of FM and the pink image of the economy is not confirmed by the modest picture painted by the economic survey yesterday. Reducing the limit of funds for political financing from Rs 20K to Rs 2K is meaningless because there is no limit in number of people, "tweeted.

EU Finance Minister Arun Jaitley proposed in his budget speech Wednesday to propose revised tax limits for individual assessments in his presentation of the 2017 Union budget.

Here is what the Minister of Finance has proposed:

-Tax liability for those with an annual income between Rs2.5 and 5 lakh at 5% instead of the existing 10%.

-10% reduction for people whose annual income is Rs50 lakh and Rs1 crore.

-Failure on individual annual income of Rs1 crore or more remains unchanged at 15%.

-A one-page income tax return form for taxable income under Rs5 lakh.
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(Lvie) Arun Jaitley’s budget Highlights and Union Budget 2017

Highlights of the EU budget 2017-18 Income tax rate for individuals earning Rs2.5-5 lakh

Here are the live updates on Arun Jaitley's budget speech:

12.50pm: Tax rate for individuals earning between Rs2.5 lakh and Rs5 lakh reduced to 5% by 10%; 10% supplement on people who have an income between Rs50 lakh and Rs1 crore. A one-page form for filing tax returns for taxable income up to Rs5 lakh.

The maximum amount of cash donations to a political party will be Rs2,000 of an individual.

12.47pm: Political parties will have the right to receive donations by check or on a digital basis from their donors.

12h43: Arun Jaitley limits cash transactions for individuals to Rs3 lakh.

12.39pm: Basic duty on LNG to be reduced from 5% to 2.5%.

12h37: To make SMEs (micro, small and medium-sized enterprises) more viable, reduce the tax on small business income. Tax rates for businesses with an annual turnover up to Rs50 crore to be reduced to 25%.

The growth rate of personal income tax in the last three quarters of this fiscal year is 34.8%.

12.33pm: 24 lakh people show income above Rs10 lakh in 2016. 1.7 crore people file income tax returns on 4.2 crore salaried employees.

Awesome to hear FM @ arunjaitley about the atrocious abnormality in direct tax / indirect relationship. A very low compliance rate for direct taxes. About time!

- Ajit Ranade (@ajit_ranade) 1 February 2017
12.32pm: As a result of demonetization, the anticipated tax on personal income tax increased by 34.8%

12.28pm: We are committed to making tax rates reasonable. This approach will change the color of money.

12.27pm: From 8 November to 30 December (period of demonetisation), deposits between Rs2 lakh and Rs80 lakh were made in 1.09 crore bank accounts.

12:25: Arun Jaitley states that India is largely a fiscally non-compliant country.

12:24: The commercial infrastructure export program will be launched in 2017-18; Total allocation for infrastructure at record Rs 3.96 lakh crore (Rs3.96 trillion).

ALSO READ | Union budget 2017: the government abolishes the FIPB, more FDI policies on the anvil

12.22pm: Digi Gaon will be launched to promote telemedicine and education. A dedicated micro-irrigation fund will be set up by Nabard to carry out the mission of Per Drop, More Crop. (PTI)

The second phase of the development of solar energy will be resumed with the aim of generating 20,000 MW. The commercial infrastructure export program will be launched in 2017-18. The total allocation for infrastructure at Rs3.96 trillion record. (PTI)
12:20: Budget allocation for highways increased to Rs64,000 crore in FY18 of Rs57,676 crore. For the transportation sector, including railways, road and shipping, the government provides Rs 2.41 lakh crore. (PTI)

Allocation of Rs10,000 crore for the Bharat Net project to provide high-speed broadband in FY18. (PTI)

12.12pm: Service charges on e-tickets reserved via IRCTC will be withdrawn; Railway tariffs to be fixed on the basis of costs, social obligations and competition; New metropolitan railway policy to be unveiled. (PTI)

Delhi and Jaipur to have solid waste management plants and five others to be set up later. (PTI)

12.11pm: The government proposes the installation of coach Mitra to repair grievances related to train coaches. (PTI)

12.08pm: Capital and development expenditures set at Rs 1.31 lakh cr for the railways in 2017-18 from the budget. Rs1 lakh crore (Rs1 trillion) corpora for railway safety fund over five years. Five hundred stations will be differently accessible by providing elevators and escalators. (PTI)

12.04pm: The FIPB (Foreign Investment Promotion Office) will be abolished in 2017-18 to liberalize FDI policy. More than 90% of FDI proposals are now processed automatically. (PTI)

12.03pm: Increase of 35% of the allowance for castes scheduled to Rs52,393 crore.

So far this is a budget for Bharat: focus on farmers, rural areas, reprocessing of the anti-poverty strategy

- Anil Padmanabhan (@capitalcalculus) February 1, 2017
12.02pm: Shop patterns and opening bill to open up additional opportunities for women's employment. For the elderly, Aadhaar health cards will be issued.

12.00pm: The government to set up a dairy fund of Rs8,000 crore over three years with the initial corpus of Rs2,000 crore.

11.55: In higher education, we will undertake reforms within the UGC (University Grants Commission), give autonomy to colleges and institutions. The allocation for rural agriculture and the allied sector in 2017-18 is record Rs181 223 crore. (PTI)

Pradhan Mantri Kaushal Kendras will be expanded to 600 districts; 100 international skills centers will be opened to help people find employment abroad (ITP)

11.52am: The Cabinet extends the duration of loans granted by Pradhan Mantri Awas Yojana under the credit subsidy program from 15 to 20 years.

Coverage of Fasal Bima Yojana to increase from 30% of cultivated area to 40% in 2017-18 and 50% in 2018-19 :: FM # Budget2017

- GDP India (@PIB_India) 1 February 2017
11.51am: A system of annual learning outcomes in schools to be A system of annual learning outcomes in schools to be introduced; Innovation Fund for Secondary Education

11:50 am: We are providing drinking water to 28,000 homes affected by arsenic and fluoride. Health coverage in villages rose from 42% in October 2016 to 60%, an increase of 18%. (PTI)

11.48am: Rs27,000 crore on to be spent on Pradhan Mantri Gram Sadak Yojana; A crore homes to be completed by 2017-18 for the homeless. (PTI)

11.47am: The merger of the railway budget with the general budget emphasizes a multimodal approach for the development of railways, motorways and inland transport. Functional autonomy of the railways to be maintained. (PTI)

11.46am: Demonetization has been a continuation of a series of measures taken by the government in two years, it is an audacious and decisive measure. It will only have a temporary impact on the economy and bring long-term benefits, including higher growth in GDP and tax revenues. Demonetization will help transfer the resources of tax evasion to the government. (PTI)

11:45 am: The government has taken two tectonic policy initiatives in 2016-17: the adoption of the goods and services tax (GST) bill and demonetisation. The rhythm of the remontization resumed; The effects of demonetisation will not be reflected in next year. (PTI)

11.43am: We are seen as the engine of global growth. The International Monetary Fund (IMF) sees India developing faster in major economies. The effects of demonetisation should not be reflected in the following year.

11:41 AM: The agricultural sector is expected to grow at 4.1 per cent this fiscal year. Agricultural Credit Objective
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