Budget 2017-18: Income tax for Rs 2.5 lakh-Rs 5 lakh slab reduced to 5%; 10% surcharge for Rs 50 lakh-1 cr; 15% surcharge on income above Rs 1 crore to continue

Finance Minister Arun Jaitley on Wednesday presented the Union Budget 2017-18 in Parliament. The income tax rate have been reduced from 10 per cent to 5 per cent for those with the income between 2.5 lakh to Rs 5 lakh. The finance minister proposed a surcharge of 10 per cent for those with annual income of Rs 50 lakh to 1 crore.

Here are the highlights of Finance Minister Arun Jaitley's Budget speech in Parliament.

#Lok Sabha adjourned after FM Jaitley concludes his Budget 2017 speech

#15% surcharge on incomes above Rs 1 crore to continue

#GST Council finalised its recommendations; Implementation of GST likely to bring more taxes to Centre, States

#A single one-page form for filing IT returns for taxable #Income up to 5 lakh rupees

#Surcharge of 10% for those whose annual income is Rs 50 lakh to 1 crore

#Income tax rate reduced from 10% to 5% for people earning from Rs 2.5 lakh to Rs 5 lakh

#Propose to reduce existing rate of taxation of those with income between 2.5 lakh to 5 lakh from 10% to 5%

#Duty exempted on various POS machines and iris readers to encourage DigitalPayments

#Direct Tax collection not commensurate with income and expenditure pattern

#Govt pegs Fiscal Deficit target at 3.2 per cent for 2017-18 and 3 per cent for next year

#Revenue deficit reduced to 2.1 pc from 2.3 pc for 2016-17

#Customs Duty on LNG halved to 2.5 per cent

#Total expenditure in FY18 at Rs 21.47 lakh cr

#Rs 7,200 cr revenue loss due to reduction in tax on smaller companies

#Govt to set up a web-based interactive platform for defence pensioners

#Head post offices to issue passports

#Govt considering option to amend Negotiable Instruments Act to ensure that holders of dishonoured cheques get payment

#FRBM review committee has recommended 60 pc debt to GDP ratio; 0.5 pc of GDP deviation from stipulated fiscal deficit targets

#Payment regulatory board to be set up in RBI to regulate electronic payments, replacing BPSS

#3 yr period for long-term capital gains tax on immovable property reduced to 2 yrs; base year indexation shifted to 1.4.2001

#Political parties will be entitled to receive, by cheque or digital mode, donation up to Rs 2000 from single source

#Maximum cash donation any party can receive will be Rs 2000 from one source

#Political parties continue to receive most funds through anonymous donations

#Govt to introduce two new schemes to promote BHIM App - referral bonus for users and cash back for traders

#SIT has suggested no cash transaction above Rs 3 lakhs. Govt has accepted this

#I propose to reduce basic customs duty on LNG from 5% to 2.5% in 2017-18

#A proposal to receive all government receipts beyond a certain threshold through e-modes under consideration

#Not to remove Minimum Alternative Tax in 2017-18; Propose to allow a carry forward of MAT for a period of 15 yrs as against 10 yrs now

#Income tax for small companies with an annual turn over of 50 crore, now to pay 25%, a 5% reduction

#Capital gains tax to be exempted, for persons holding land from which land was pooled for creation of state capital of AP

#After demonetisation on Nov 8, deposit of between Rs 2 L and Rs 80 L made in 1.09 cr bank a/cs at an avg of Rs 5.03 L till Dec 30

#Govt doubles distribution target under Mudra Yojana to Rs 2.44 lakh crore for 2017-18

#Capital gains tax to be exempted, for persons holding land from which land was pooled for creation of state capital of Telangana

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

#Advance tax on personal Income tax increased by 34.8% post demonitisation

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

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

#The shares of railway CPSEs like IRCTC and IRFC to be listed on various stock exchange

#Of 76 lakh individuals who reported income of over Rs 5 lakh, 56 lakh are salaried

#More funds beyond Rs 10,000 cr for recapitalisation of banks will be provided if needed

#New ETF with diverse stocks will be launched in 2017-18

#Integrated public sector oil major to be created to match global giants

#Urgent need to protect poor from chit fund schemes, draft bill placed in public domain

#Govt will amend the Multi-state Cooperative Act to protect the poor and gullible investors

#Dispute resolution in #infrastructure projects in PPP mode will be institutionalised

#Computer emergency response team to be set for cyber security of financial sector

#Govt to further liberalise FDI policy

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

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

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

#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

#Dedicated micro-irrigation fund to be set up by #NABARD to achieve mission of 'Per Drop, More Crop

#Digi Gaon will be launched to promote tele-medicine and education

#Trade Infrastructure Export Scheme to be launched in 2017-18; total allocation for infra at record Rs 3.96 lakh cr

#Crude oil strategic reserves to be set up in Odisha and Rajasthan apart from 3 already constructed

#Coverage of Fasal Bima Yojana to go up from 30 pc of cropped area to 40 pc in 2017-18 and 50 pc next year

#Government provides Rs 2.41 lakh crore for transport sector, including railways, road and shipping

#Fiscal Deficit target for 2017-18 is 3.2%

#Total resources being transferred to the states & union territories with legislature is Rs 4.11 lakh crore

#Defence expenditure excluding pension at Rs 2.74 lakh crore

#Total expenditure of budget 2017-18 has been placed at Rs 21.47 lakh crore

#Allocation of Rs 10,000 cr for Bharat Net project for providing high-speed broadband in FY18

#Aadhar enabled payment system to be launched soon; Banks have targeted to introduce additional 10 lakh Point-of-Sale terminals by Mar'17

#Govt considering introduction of new law to confiscate assets of offenders who escape the country

#By 2019 all coaches of Indian Railways will be fitted with Bio-Toilets

#Select airports in tier-II cities to be taken up for operations, development on PPP mode

#Chandigarh and eight districts of Haryana have been declared Kerosene free

#Propose to double the lending target of Pradhan Mantri Mudra Yojana and set it up at Rs 2.44 lakh crore for 2017-18

#3.5 Crore youth will be trained under Sankalp program launched by the government

#Railway related state-run companies like IRCON and IRCTC to be listed on stock exchanges

#During 2017-18, another 5 lakh ponds will be constructed, for drought-proofing

#Mission Antyodaya to bring 1 crore households out of poverty and to make 50,000 Gram Panchayats poverty-free

#During 2017-18, another 5 lakh ponds will be constructed, for drought-proofing

#Railway tariffs to be fixed on the basis of cost, social obligation and competition

#New metro rail policy to be unveiled

#Delhi and Jaipur to have solid waste management plants and five more to be set up later

#Government proposes Coach Mitra facility to redress grievances related to rail coaches

#Unmanned railway level crossings to be eliminated by 2020

#Capital and development expenditure pegged at Rs 1.31 lakh cr for railways in 2017-18 from Budget

#Allocation for SCs increased from Rs 38,833 cr to Rs 52,393 cr, a rise of 35 per cent

#A scheme for senior citizens to ensure 8 per cent guaranteed returns

#Rs 1 lakh cr corpus for railway safety fund over fiveyears

#Mission Antyodaya to bring 1 crore households out of poverty and to make 50,000 Gram Panchayats poverty-free

#Action plan to eliminate Kala Azar & Filariasis by 2017, Leprosy by 2018, Measles by 2020 & Tuberculosis by 2025

#The Foreign Investment Promotion Board has been abolished

#Transport sector allocated Rs 2.41 Lakh Crore and Bharat Net Project allocated Rs 10,000 crore

#Service charge on e-tickets booked through IRCTC to be withdrawn

#Model Shops and Establishment Bill to open up additional opportunities for employment of women

#National Housing Bank will refinance indiviual loans worth Rs 20,000 cr in 2017-18

#1.5 lakh health sub centres to be converted to Health Wellness Centres

#Railways will integrate end to end transport solutions for selected commodities through partnership

#By 2019, all coaches of Indian Railways will be fitted with Bio-toilets

#At least 25 stations expected to be awarded during 2017-18; 500 stations to be made differently abled-friendly by providing lifts & escalators

#A new metro rail policy will be announced, this will open up new jobs for our youth

#Rs 500 cr allocated to set up Mahila Shakti Kendras; Allocation raised from Rs 1.56 lk cr to Rs 1.84 lk cr for women & child welfare

#PM Kaushal Kendras to be extended to 600 districts; 100 int'l skill centres to be opened to help people get jobs abroad

ALSO READ | Congress demands postponement of Budget following E Ahamed's demise

#The allocation for rural, agri and allied sector in 2017-18 is record Rs 1,81,223 crore

#In higher education, we will undertake reforms in UGC, give autonomy to colleges and institutions

#Rail safety fund with a corpus of Rs 100,000 crore to be created over a period of 5 years

#Rail safety fund with corpus of Rs 100,000 crore will be created over a period of 5 years

#Steps will be taken to launch dedicated trains for pilgrimage and tourism

#A system of annual learning outcome in schools to be introduced; innovation fund for secondary education to be set up

#Sanitation coverage in villages has increased from 42 pc in Oct 2016 to 60 pc, a rise of 18 pc

#We propose to provide safe drinking water to 28,000 arsenic and fluoride affected habitations

#To construct 1 crore houses by 2019 for homeless, PM Awas Yojana allocation raised from Rs 15,000 cr to Rs 23,000 cr

#100 pc electrification of villages to be completed by May 2018

#27,000 cr on to be spend on #PMGSY; 1 cr houses to be completed by 2017-18 for houseless

#Two new All India Institute of Medical Sciences (AIIMS) to be set up in Jharkhand and Gujarat

#National Testing agency to conduct all examinations in higher education, freeing CBSE and other agencies

#Total allocation for rural, agricultural and allied sectors for 2017-18 at record Rs 1.87 crore, it is up by 24%

#For senior citizens, Aadhar cards giving their health condition will be introduced

#133-km road per day constructed under Pradhan Mantri Gram Sadak Yojana as against 73-km in 2011-14

ALSO READ | Know all about landmark budgets instrumental in transforming Indian Economy

#Govt to set up dairy processing fund of Rs 8,000 crore over 3 years with initial corpus of Rs 2,000 crore

#Safe drinking water to cover 28,000 arsenic & Fluoride affected habitations in the next four years

#1 cr households to be brought out of poverty under Antodya Scheme

#Participation of women in #MNREGA increased to 55 pc from 45 pc in past

#Modern law on contract farming will be drafted and circulated to states

#Space technology to be used for monitoring MNREGA implementation

#Dedicated micro-irrigation fund to be created with a corpus of Rs 5000 crore

#Market reforms will be undertaken, states will be asked to denotify perishables from Essential Commodities Act

#Open defecation free villages are now being given priority for pipe to water supply

#For youth, proposed to introduce a system of measuring annual learning; Science to be given focus

#100% village electrification will be achieved by May 1, 2018

#As Swami Vivekananda said 'education which does not help the common mass of people to equip themselves is it worth of the name?

ALSO READ | Budget 2017: Here's how the Union Budget is prepared in India

#Total allocation for rural, agricultural and allied sectors for 2017-18 is Rs 187223 cr, which is 24% higher than last year

#Committed to doubling the farm income in 5 yrs

#Rs 9,000 cr higher allocation for payment of sugarcane arrears

#We will continue the process of economic reform for the benefit of poor

#Functional autonomy of the railways to be maintained

#Target of agriculture credit fixed at Rs 10 lakh cr in 2017-18

#Demonetisation will help in transfer of resources from tax evaders to government

#Plan, non-plan classification of expenditure done away with in the #Budget2017-18 to give a holistic picture

#Tax administration honouring the honest is one of the 10 pillars of Budget 2017-18 #Merger of Railways Budget with General Budget brings focus on a multi-modal approach for development

#Only transient impact on economy due to #demonetisation; long term benefit include higher GDP growth and tax revenue

#Agricultural sector is expected to grow at 4.1 per cent this fiscal

#Minilabs by qualified local entrepreneurs to be set up for soil testing in all 648 krishivigyan kendras in the country

#World Bank expects #GDP growth rate at 7.6 pc in FY18 and 7.8 pc in FY19

#Govt took two tectonic policy initiatives - passage of GST Bill and demonetisation

#Budget allocation to MNREGA increased to a record Rs 48,000 crore for 2017-18, from Rs 37,000 crore in 2016-17

#Dedicated micro-irrigation fund will b set up by NABARD to achieve goal of 'Per Drop More Crop'.Initial corpus will be Rs 5000 crore

#Pace of remonetisation has picked up; demonetisation effects will not spill over to next year

#Budget 2017 presentation advanced to help begin implementation of schemes before onset of monsoon

#36 pc increase in FDI flow; forex reserves at USD 361 billion in January enough to cover 12 months needs

#Protectionism is increasing

#CAD declined from 1 pc last year to 0.3 pc in first half of current fiscal

#India has emerged as bright spot in the world

#Uncertainty around commodity prices especially oil to have impact on emerging economies

#Monetary policy to be expansionary in major economies

#Target of agricultural loans to farmers set at record Rs 10 lakh crore in 2017-18

#3 challenges in current global scenario: Monetary stance of US FED Reserve, Commodity prices specially crude oil & retreat from globalisation

#Iss mod par na ghabra kar tham jaaiye aap, Jo baat nayi hai usay apnaaiye aap, Darte hain nayi raah pe kyun chalne se, Hum aage aage chalte hain aaiye aap

#Dairy processing infrastructure fund will be set up under NABARD, with fund of 8,000 crore

#Issuance of soil health cards have gathered momentum, will setup a mini lab in krishi vigyan kendras

#With better Monsoon, agriculture is expected to grow at 4.1% in current year

#Uncertainty around commodity prices, especially around crude oil, one of the major challenges

#My approach in preparing the #Budget2017 is to spend more on rural areas, infrastructure & poverty alleviation with fiscal prudence

#We are aware we need to do more for our people, our agenda is transform, energise and clean India, that is 'tech India'

#Pace of remonetisation has picked up & will soon reach comfortable levels; effects of demonetisation not expected to spill over to next year

#Demonetization seeks to create a new normal where in the GDP would be bigger, cleaner and real

#Merger of railway budget with Union Budget is a hostoric decision

#I am reminded of what our father of the nation Mahatma Gandhi said 'a right cause never fails'

#The advanced economies are expected to increase their growth from 1.6%-1.9% and emerging economies from 4.1%-4.5%

#Demonetisation is a bold and decisive measure, for many decades tax evasion was a way of life for many

#India is seen as engine of global growth, have witnessed historic reform in last one year

#International Monetary Fund estimates that the world GDP will grow by 3.1% in 2016 and 3.4% in 2017

#The focus will be on energizing our youth, to reap benefits of growth & employment

#We have moved from a discretionary administration to a policy-based administration

#Our Govt. was elected amidst huge expectations of people, the underlying theme of expectations being good governance

#The Govt is now seen as a trusted custodian of public money,I express gratitude to people for their strong support

# Inflation under control, Big war on black money.

# Finance Minister begins his budget speech amid Opposition's demand of postponement of budget following E Ahamed's demise

# Uproar in Lok Sabha as FM Arun Jaitley begins his Budget speech. 

# Finance Minister rises to present budget. Applause from Treasury benches, opposition continues to make noise and disturb the House

# Instead the house will be adjourned tomorrow as a mark of respect for E Ahamed ji

# I would have adjourned the house, but today's sitting has been fixed by President for presentation of #Budget2017

# Lok Sabha Speaker Sumitra Mahajan pays obituary to #EAhamed

Watch me live presenting the Union Budget 2017 at 11 am, February 1, 2017 https://t.co/BtQAlBf8Zz

— Arun Jaitley (@arunjaitley) February 1, 2017

Earlier, after a brief moment of confusion over the postponement of the budget after the demise of MP E Ahamed, the business was declared as usual. However, Arun Jaitley cleared the air saying he will be presenting the budget as scheduled in Parliament.

"Watch me live presenting the Union Budget 2017 at 11 am, February 1, 2017," Finance Minister Arun Jaitley tweeted.

The tweet came as doubts were being cast over presentation of the Budget in the wake the death of former Union minister and Indian Union Muslim League leader E Ahamed early this morning.

Some quarters even demanded putting off the Budget presentation till tomorrow following the tradition of Lok Sabha adjourning for the day as a mark of respect whenever a sitting MP passes away.

Full Coverage: Union Budget 2017-18

The government, however, felt that performing a constitutional duty did not mean any disrespect to the departed soul and there were two precedents where death of a sitting MP and minister did not prevent the then government from presenting the Budget on the scheduled day.

Sources said the government cited death of minister M B Rana on the Budget day on August 31, 1974. The then Speaker G S Dhillon decided to go ahead with the Budget presentation.  Indira Gandhi was the prime minister then.

Also, on April 19, 1954, sitting member Jujhar Pal Sorein passed away on the day of presentation of the Railway Budget, but the House proceedings were held as scheduled.

Full Coverage: Budget Session of Parliament

Sources said that on both occasions, the Lok Sabha met in the morning and was adjourned for a few hours as mark of respect to the departed and the Budget was unveiled in the evening, in line with the schedule.

In those days, the Budget was presented in evening, usually at 5 pm. The Budget presentation, the sources said, is likely after an obituary reference. Also, all Budget papers are printed with today’s date, postponement will cause many hassles, the government argued.

Sources said Jaitley met President Pranab Mukherjee in the morning to fulfil the constitutional obligation of getting a go-ahead from the head of state for the Budget presentation.