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Focus on Union Budget FY 2017-18

For individual tax payers below 60 years of age (both men & women)

  1. Foreign Investment Promotion Board (FIPB) to be abolished in 2017-18.
  2. Liberalisation of FDI policy under consideration. .
  3. Shares of Railway PSE like IRCTC will be listed on stock exchanges.
  4. Negotiable Instruments Act to be amended.
  5. Pradhan Mantri Mudra Yojana's lending target at Rs 2.44 lakh crores.
  6. Rs 10,000 crores for recapitalisation of Banks provided in 2017-18.
  7. BHIM app will unleash mobile phone revolution. The government will introduce two schemes to promote BHIM App .
  8. FDI policy reforms will take place.
  9. Cyber-security mechanism to be developed.
  10. Computer Emergency Response Team will be established for Financial Sector (CERT-Fin) .
  11. 1 crore households to be brought out of poverty under Antodya Scheme.
  12. 100 per cent electrification of villages to be completed by May 2018.
  13. Construction of one crore houses by 2019 for homeless.
  14. Pradhan Mantri Awas Yojana allocation raised to Rs 23,000 crore from Rs 15,000 crore in past.
  15. Pradhan Mantri Kaushal Kendras to be extended to 600 districts and 100 international skill centres to be opened to assist people get jobs abroad.
  16. National Testing agency to conduct all examinations in higher education, freeing CBSE and other agencies.
  17. Two new AIIMS to be set up Jharkhand and Gujarat.
  18. Aadhaar based health cards will be issued to senior citizens.
  19. Head post office as the central office for rendering passport service.
  20. A new Exchange Traded Fund (ETF) with diversified CPSE stocks and other Government holdings will be launched in 2017-18.
  21. Service charge on rail tickets booked through IRCTC to be withdrawn.
  22. Rail safety fund with corpus of Rs 100,000 crore will be created over a period of five years.
  23. Small firms with turnover up to Rs 50 crore to pay 25% tax now, instead of 30%.
  24. Simplification in filing of Income Tax Returns through simple one page return for people with an annual income of Rs. 5 lakh other than business income.
  25. People filing I-T returns for the first time will not come under any government scrutiny.
  26. The existing rebate under Section 87A (currently given to people with income up to Rs 5 lakh) is proposed to be reduced to Rs 2500 from the existing Rs 5000 for individuals earning between Rs 2.5 lakh to Rs 3.5 lakh.
  27. Reduction in income tax rate from 10% to 5% for tax slab of Rs 250,000 to Rs 500,000. All other categories of tax payers in subsequent brackets will get a benefit of Rs 12,500.
  28. Surcharge of 10% for those whose annual income is Rs 50 lakh to 1 crore .
  29. 15% surcharge on incomes above Rs 1 crore to continue.
  30. Reduction in the holding period for computing long term capital gains from transfer of immovable property from 3 years to 2 years.
  31. Proposal of shifting of the base year for indexation from 01.04.1981 to 01.04.2001 for all classes of assets including immovable property.
  32. A scheme for senior citizens to ensure 8% guaranteed returns to be managed by Life Insurance of India (LIC) .
  33. Government is considering introduction of new law to confiscate assets of offenders who escape the country.
  34. Total allocation for rural, agricultural and allied sectors for 2017-18 is Rs 187223 crore, which is 24% higher than last year.
  35. To create integrated public sector oil major.
  36. Panel to study legal framework for spot and derivative markets.
  37. Allocation under MNREGA increased to 48,000 crore from Rs 38,500 crore in past.This is highest ever allocation. Participation of women in MNREGA increased to 55% from 45% in past. Space technology to be used for monitoring MNREGA implementation.
  38. Total allocation for infrastructure: Rs3.96 lakh crore.
  39. Total allocation to transport sector at Rs2 lakh crore.
  40. Roads sector: Allocation for national highways at Rs64,000 crore.
  41. Total capex and development expenditure of railways pegged at Rs1.31 lakh crore.
  42. Long-term irrigation fund in Nabard: corpus of Rs40,000 crore.
  43. To make India global hub for electronics manufacture.
  44. Reduction in basic customs duty for LNG halved to 2.5% from 5%.
  45. No cash transaction above Rs 3,00,000/-.
  46. Maximum amount of cash donation a political party can receive will be Rs 2000 from any one source
  47. Political parties will be allowed to receive donations in cheque or any electronic mode Against such donations, electoral bonds to be issued by RBI.

Upcoming Bank Holidays

2021 January 23 is a bank holiday in Andaman And Nicobar Island due to 4th Saturday Bank Holiday.
2021 January 23 is a bank holiday in West Bengal due to Birthday Of Netaji.
2021 January 23 is a bank holiday in Tripura due to Netaji Subhash Chandra Bose Jayanti.
2021 January 26 is a bank holiday in Andaman And Nicobar Island due to Republic Day.
2021 February 11 is a bank holiday in Chandigarh due to Maha Shivaratri.
2021 February 11 is a bank holiday in Andaman And Nicobar Island due to Maha Shivratri.

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