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.
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• 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.
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