The Big Takeaways
* Limit of cash donations to political parties reduced from Rs 20,000 to Rs 2,000
* Bans on general cash transactions above Rs 3 lakh
* Tax liability for individuals earning between Rs 2.5-5 lakh reduced to 5% from 10%
* Zero tax liability for people earning up to Rs 3 lakh per annum
* Surcharge of 10% for individuals earning between Rs 50 lakh to Rs 1 crore
* Companies with annual turnover of Rs 50 lakh get a 5% reduction in corporate tax
* Foreign investors exempted from paying tax on offshore funds with Indian assets
* India abolishes the Foreign Investment Promotion Board (FIPB), the body which approves all inbound FDI investment proposals.
* Payment regulatory board to be created at the RBI, will be watchdog for e-wallets like Paytm
* Government sticks to fiscal consolidation path, fiscal deficit marginally up to 3.2% of GDP in FY 2017-18, 3% in FY 2018-19
*Total expenditure of government in FY 2017-18 pegged at 21.47 lakh crore
* Bans on general cash transactions above Rs 3 lakh
* Tax liability for individuals earning between Rs 2.5-5 lakh reduced to 5% from 10%
* Zero tax liability for people earning up to Rs 3 lakh per annum
* Surcharge of 10% for individuals earning between Rs 50 lakh to Rs 1 crore
* Companies with annual turnover of Rs 50 lakh get a 5% reduction in corporate tax
* Foreign investors exempted from paying tax on offshore funds with Indian assets
* India abolishes the Foreign Investment Promotion Board (FIPB), the body which approves all inbound FDI investment proposals.
* Payment regulatory board to be created at the RBI, will be watchdog for e-wallets like Paytm
* Government sticks to fiscal consolidation path, fiscal deficit marginally up to 3.2% of GDP in FY 2017-18, 3% in FY 2018-19
*Total expenditure of government in FY 2017-18 pegged at 21.47 lakh crore
Dr. K.K.S. Bhatia,
Vice Chancellor
Poornima University
Jaipur
Phone: 08875666629
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