Indian Budget Highlights - 2017
Some Interesting and effective budget highlights shared below on Personal Taxes. Govt. has tried to demonstrate that the govt. is going to support the tax payers and are going to take action against the tax evaders. Some strong statements regarding political party fundings, some data mining results details shared by the Finance minister. Most important statements since De-monetization in November.
A few excerpts shared below.
Personal Income Tax
· More people to be brought in to the tax Net ( currently ONLY approx 3% people pay tax)
· Reduce the existing rate of Taxation 2.5 to 5 Lakh ( Rate of Tax = 5% reduced from 10% earlier)
· 0% liability for Income below 3 Lakh and 2500 for 3 to 3.5 Lakh
· Additional 10% surcharge on people earnings above 50+ lakhs
· Anyone filing the tax for 1st time will not be scrutinized for there declaration in first year
Some real Interesting Data mining results and Facts from De-Monetization
- 76 Lakh people are earning more than 5 Lakh as per tax collection
- Out of this 55 Lakh are salaried
- 10+ lakh income = 24 Lakh ppl
- 20+ Lakh Income declared by only 1.72 Lakh people
- Contrary to all this 1.2 Crore cars sold ( How is this possible???)
- 1.48 Lakh accounts had got 80+ lakh rupees during demonetization
- The best part is that 3.1 Crore people travelled Abroad although, only 2 Lac people earn 20+ Lac rupees.
Some Good Intents of Govt came to light. Although some concrete measures are required and must be done in the days to come. Political parties are being questioned by general public and rightly are to be held accountable for the funds. Some highlights shown below
Political Funding Reforms, a Strong move by govt. in political funding.
- Max cash donation reduced from 20k to 2k from any source
- Donation to be received by Cheque or by electronic mode
- Electoral Bonds can be purchased from Bank - redeemable for a political party
- Political Parties to file ITR as per the timing guidelines
- With Transparency in Political party Income declaration, tax rebates will be given
One thing which was good, govt increased the budget for MNREGA contrary to what the P.M said in 2014 about MNREGA scheme. Good to see that the some corrections are being done and govt. is not sticking to the egos.
DISCLAIMER:- this is not a review, it is just as much information as we could collect.