Highlights of Union Budget-VIII

Finance Minister Arun Jaitley is presenting the Union Budget for financial year 2017-18.

Highlights of the Union Budget are as follows:

? Fiscal Deficit target for 2017-18 is 3.2%.

? FRBM review committee recommended 3% fiscal deficit for next 3 years.

? Have increased allocation for scientific ministry to Rs 37,435 cr in 2017-18.

? We are largely a tax non compliance society, when too many people evade taxes burden falls on those who are honest.

? Out of 3.7 crore who filed tax returns in 2015-16, only 24 lakh persons showed income above Rs 10 lakh.

? Due to Demonitisation advance tax on personal Income tax increased by 34.8%.

? There is an urgent need to protect the poor from chit fund schemes, draft bill placed in public domain.

? Data mining after demonetisation will help us widen tax net.

? Plan to extend basket of financial instruments to which the capital gains can be invested sans payment of tax.

? The net tax revenue grew by 17% in 2015-16.

Ends MM

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ANI

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