The Union Budget for 2017 has been presented by Finance Minister Arun Jaitley.
The key points of the Union Budget are as listed below
1. Income Tax
The tax rates have been halved from 10 to 5 percent for those earning between 2.5 to 5 Lakhs. For those earning Rs 50 Lakhs to 1 crore, a 10 percent additional surcharge has been levied.
2. Curb on Black Money
Curbing the menace of Black money has been effectively tackled in the Union Budget. Cash transaction above Rs 3 Lakhs will be allowed.
3. Political Funding
Cash donations to political parties have been capped at a minimal of Rs 2000. Anything beyond this amount has to be paid through cheque or digital mode. All parties will now have to file returns within a specific frame of time.
4. Digital Economy
The digital economy has been promoted in this budget. BHIM app has been launched and efforts to promote cashless economy have been particularly emphasized in this budget.
5. Railways
The concept of presenting a separate railways budget has been shelved. In Union Budget 2017, provisions have been made for commissioning of 3,500 km rail line. Bio-toilets will be introduced in all the trains by the year 2019.
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