* Govt’s health scheme to provide health cover to 10 crore poor families is world’s largest.
* Electronic IT assessment throughout Country will lead to greater efficiency and transparency.
* PAN to be used as Unique Entity Number for non- individuals from April 1.
* Govt makes PAN mandatory for any entity entering into a financial transaction of Rs 2.5 lakh or more.
* Tax long term capital gains exceeding Rs 1 lakh at 10 per cent without indexation.
* Exemption of interest income on bank deposits raised to Rs 50,000 for senior citizens
* Custom duty on Mobile phones increased to 20 per cent.
* Health and education cess has been increased to 4 per cent.
* Tax on distributed income by equity oriented mutual funds to be at 10 per cent.
* Standard deduction of Rs 40,000 for salaried employees in lieu of transport and medical expenses.
* If the turnover of a Company is up to Rs 250 crore, it would be taxed at 25 per cent
*There is no changes in tax slabs for the salaried class this year.
* FM proposes a fiscal deficit of 3.3% of GDP for 2018-19.
* Finance Minister Arun Jaitley proposes revising emoluments as per the following structure:
— Rs 5 lakh for the President of India
— Rs 4 lakh for the Vice President
— Rs 3.5 lakh for the Governors
* Jaitley also proposes automatic revision of emoluments of Parliamentarians every five years, indexed to inflation.
* In rural areas, 5 lakh WiFi hotspots will be set up to provide easy internet access.
* Government will take all steps to eliminate use of cryptocurrencies which are funding illegitimate transactions.
* Govt announces Amrut program to focus on water supply to all households in 500 cities. Water supply contracts for 494 projects worth Rs 19,428 core will be awarded.
* 4,000 km of new railway track will be laid down by 2019.
* All railways stations with footfall more than 25,000 to have escalators.
* The government will do redevelopment of 600 major railway stations across the country.
* Arun Jaitley announces capital expenditure of Rs 1,48,528 crore for Indian Railways in 2018-19.
* National Heritage City Development Augmentation Scheme has been undertaken to preserve and protect heritage cities in the country, announces the Finance Minister.
* Government to contribute 12 per cent of EPF contribution for new employees in all sectors: FM
* Target of 3 lakh crore for lending under PM Mudra Yojana: FM
* MSME enterprises are a major element for growth, says Jaitley. He also added that mass formalisation of MSME sector is happening after demonetisation and GST.
* Govt will launch health scheme to cover 10 crore poor families.
* Government aims to bring 60 crore bank accounts under the Jan Dhan Yojana.
* Eklavya schools to be started for Scheduled Tribe populations.
* Rs 600 crore allocated to Tuberculosis patients undergoing treatment.
* Govt will set up two new Schools of Planning and Architecture.
* To tackle brain drain, Jaitley announces scheme to identify bright students pursuing B Tech in premiere engineering institutes, and providing them higher-education opportunities in the IITs and IISc. These students will receive handsome fellowships, and will be expected to dedicate a few hours to teach in higher education institutions weekly.
* Specialised railway university to be set up at Vadodara.
* Jaitley proposed integrated BEd programme for teachers: “training of teachers during service is essential.” Technology will be the biggest driver in improving the quality of education.
* Budget allocates money for social security and protection programme for all widows and orphaned children.
* We have a target to provide all Indians with their own homes by 2022, says Jaitley.
* Ujjwala scheme to amplify targets, will now provide 8 crore rural women free LPG connections.
* Air pollution in Delhi-NCR has been a cause of concern, govt has proposed subsidised machinery for in-situ management of crop residue in Punjab, Haryana, Uttar Pradesh and NCT Delhi.
* Govt of India will take necessary measures to put in place measures for the state government to purchase surplus solar power produced by local farmers at sutiable prices.
* Arun Jaitley proposes a sum of Rs 500 crore for ‘Operation Green’ on the lines of ‘Operation Flood’.
* Food processing sector is going at an average of 8 per cent per annum.
* Arun Jaitley on Minimum Support Price of agricultural products: Only increasing the MSP is not enough, the government will fix the MSP of agricultural products at 1.5 times the market rate.
*Long term Capital gain exemption under section 10(38) in respect of listed STT paid shares being withdrawn, however, capital gains upto 31.01.2018 shall not be taxed as cost of acquisition will be taken as Fair Market Value as on 31.01.2018. Tax on STT paid long term capital gain shall be taxed at 10% under section 112A. Further such tax shall be liable to TDS.
* Provision of secion 40(ia) and 40A(3) and 40A(3A) are being made applicable to Charitable Trust. Therefore, expenditure incurred without deducted of tax and in cash will not be eligible as application of income under section 10(23C) and 11(1)(a)
*Provision of Section 43CA, 50C and 56(2)(x) being amended to allow 5% of sale consideration in variation vis a vis stamp duty value. This is on account of location, disadvantage, etc.
*Deemed dividend to be taxed in the hands of the Company itself as Dividend distribution of tax @ 30%.
* Market to market loss computed as per ICDS to be allowed under new section 43AA
* Agriculture Commodity Derivatives income/loss not be considered as speculative under section 43(5)