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Union Budget 2017-18 LIVE: Income Tax rates reduced for those earning between Rs 2.5 to Rs 5 lakh

Finance Minister Arun Jaitley presented BJP government's fourth Budget on February 1, 2017.

BT Online        Last Updated: February 1, 2017  | 16:49 IST
Highlights Union Budget 2017-18
FM Arun Jaitley
  • Defence was a big sector where spending was increased: Arun Jaitley
  • Many steps in the budget are towards boosting employment: FM
  • PM: We have taken strict actions against black money hoarders: FM
  • The commitment to eliminate corruption and black money is reflected in the Budget: PM Modi
  • This Budget will help small businesses to become competitive in the global market: PM Modi
  • Merger of the Railway Budget with the General Budget will give an impetus to the transport sector's growth: PM
  • Govt aims to double farmers' income by 2022: PM Modi
  • Budget has taken steps for the interst of all sectors: PM Modi
  • This is a disappointing Budget. This government will not complete its term, says Lalu Prasad
  • Budget had nothing substantive for farmers. We were expecting some fireworks, it was a damb squib, says Rahul Gandhi
  • Sensex up 130 points amid Budget announcements
  • Finance Minister Arun Jaitley concludes his Budget speech
  • Surcharge of 15% for those whose annual income is above Rs 1 crore
  • A single one-page form for filing IT returns for taxable income up to Rs 5 lakh
  • Surcharge on 10% on people whose income between Rs 50 lakh to Rs 1 crore
  • Propose to reduce existing rate of taxation of those with income between Rs 2.5 lakh to Rs 5 lakh from 10% to 5%: Arun Jaitley
  • Political parties will be entitled to receive donation by cheque or digital mode by donors
  • Electoral Bonds to be introduced for donors
  • Maximum donation any party can receive from one source is Rs 2000
  • Effort required to cleanse the political funding system in India: Arun Jaitley
  • 5% reduction in Income Tax for companies with annual turnover of less than Rs 50 crore
  • The net tax revenue grew by 17% in 2015-16: Jaitley
  • Capital Gains Tax holding period reduced from 3 years to 2 years for real estate
  • We are committed to make taxation rates reasonable and expand tax base of the country: Arun Jaitley
  • 3.7cr individuals who file tax returns, 99 lakh showed income below Rs 2.5 lakh
  • We are largely a tax non-compliance society: Arun Jaitley
  • Direct tax collection very low in India
  • Arun Jaitley announcing tax proposals for 2017-18
  • Fiscal deficit pegged at 3.2 % of the GDP
  • Defence expenditure, excluding pension, Rs 2 lakh 74 thousand crore
  • Total Budget expenditure - Rs 21 lakh 47 thousand crore
  • New law soon to confiscate assets of economic offenders who have fled the country
  • Proposal to rationalise number of tribunals wherever appropriate
  • Head post offices to be used as head office for passport procurement in far flunged areas
  • Two new schemes to be launched soon to promote BHIM app
  • 1.25 lakh people have adopted BHIM app
  • Promotion of digital economy integral part of government's plans
  • FIPB to be abolished in 2017. Roadmap to be announced soon
  • Govt will continue with its reform agenda, says Arun Jaitley
  • Highway allocation raised to Rs 68,000 crore
  • Proposal for an integrated public sector oil major
  • Airport assets to be monetised
  • High speed broadband connectivity for more than 1 lakh gram panchayats
  • Rs 10,000 crore for BHARATNET project in 2017-18
  • Selected airports in tier-2 cities to be operated under PPP model
  • 2,000km coastal roads have identified for construction
  • New Metro Rail policy to be announced
  • Service Tax for E-tickets booked through IRCTC to be scrapped
  • Railway to offer end-to-end transportation services
  • Special corpus fund of Rs 1 lakh crore for Railway Safety Fund
  • Rs 1.31 lakh crore including Rs 55,000 crore provided for Railways. Railway line of 3,500 km will be commissioned in 2017-18
  • Unmanned level crossing to eliminated by 2020
  • Railways to focus on passenger safety, cleanliness and accounting and financing
  • Jharkhand, Gujarat to get two new AIIMS
  • Proposal to create 1 crore houses for the houseless by 2019
  • Five special tourism zones will be set up
  • Mahila Shakti Kendra given Rs500cr to provide one stop convergance system to empower rural women
  • SANKALP programme for skill development for training of 1 crore youth
  • Outcome based ranking system for higher education institutions
  • Reforms in UGC for higher education
  • Innovation Fund for secondary education
  • Sanitation coverage in rural areas increased from 49 to 67 % under Swachh Bharat Mission
  • 100% rural electrification by 2018: Jaitley
  • We propose to complete 1 crore houses by 2019: Arun Jaitley
  • Government has taken conscious effort to reinvent MNREGA, Rs 48,000cr earmarked for it: Arun Jaitley
  • Fasal Bima Yojana - coverage to be raised from 30% in FY17 to 40% in FY18 and 50% in FY19: Arun Jaitley
  • With better monsoon, agriculture is expected to grow at 4.1 per cent in current year: Arun Jaitley
  • We are committed to double farmers' income in the next five years: Arun Jaitley
  • We are aware we need to do more for our people. Our prime agendas are transform, energise and clean India: Jaitley
  • Merger of Railway Budget with General Budget is a historic step. However, functional autonomy of the railways to continue: Jaitley
  • Budget 2017-18 contains three major reforms, says Arun Jaitley
  • We are moving from informal to formal economy: Jaitley
  • The pace of remonetisation has picked up and soon will reach comfortable levels: Arun Jaitley
  • A right cause never fails, Jaitley evokes Mahatma Gandhi
  • Like all reforms, demonetisation is also seen to be destructive, says Arun Jaitley
  • International Monetary Fund estimates that the world GDP will grow by 3.1% in 2016 and 3.4% in 2017: Jaitley
  • India has become sixth largest manufacturing country: Arun Jaitley
  • FDI increased by 36 per cent, account deficit came down to 0.3 per cent: Arun Jaitley
  • Foreign Exchange Reserve has reached 360 billion dollar: Jaitley
  • Presenting this Budget in view of economic uncertainity worldwide: Jaitley
  • Massive war against black money has been launched: Jaitley
  • We have moved from favouratism to transparency in decision making: Arun Jaitley
  • Our govt was elected amid huge expectation: Arun Jaitley
  • Finance Minister Arun Jaitley begins his Budget speech
  • Cabinet approves Budget
  • Budget has a sanctity. There should be no controversy over it. It is a Constitutional liability: Venkaiah Naidu
  • Budget a Constitutional obligation, will go ahead as planned: Lok Sabha Speaker Sumitra Mahajan
  • Finance Minister Arun Jaitley says he will be presenting Budget at 11am
  • Prime Minister Narendra Modi arrives at E Ahamed's house
  • President Pranab Mukherjee gives his assent allowing Arun Jaitley to present Union Budget 2017
  • All opposition parties are of the opinion that Budget be postponed by a day: Mallikarjun Kharge
  • Congress calls for postponing Union Budget
  • Finance Minister Arun Jaitley reaches Parliament
  • Jaitley may surprise the common man by lowering excise tax on petroleum products
  • The expectation is that the basic exempted income limit  for an individual below 60 years will go up to Rs 3 lakh
  • It is widely anticipated that the government will increase the tax slab
  • Experts believe there are likely to be more of good surprises in this year's Budget due to the upcoming elections
  • Rupee extends gains, up 24 paise against dollar
  • Budget will be presented and Kerala MP E Ahamed's obituary may happen before or after it: Govt sources
  • Finance Minister Arun Jaitley is meeting President Pranab Mukherjee
  • Budget copies reach Parliament
  • Market has opened on a positive note. Sensex 15 points up, Nifty 11 points up
  • Note ban a risk to growth target for financial year 2017-18: Economic Survey
  • Economic Survey hints at growth slowdown in the next fiscal
  • It will be a challenging task for Arun Jaitley as he will be presenting the Budget less three months after PM Modi's demonetisation move
  • Allocation of Rs 20,000cr for safety upgrade and customised trains for agri products are likely to be in focus of Jaitley's first Rail Budget
  • For the first time in history, Rail Budget has been merged with Union Budget.
  • Finance Minister Arun Jaitley will be presenting his fourth budget
  • Hello and welcome to LIVE coverage of Budget 2017
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