01 February 2017

1 Feb.2017: 3 Jamadiul Awwal 1438: Vol:8, No:104
Union Budget: Income tax rate for individuals earning Rs2.5-5 lakh reduced to 5%
New Delhi: Union finance minister Arun Jaitley is expected to present the annual budget on schedule today despite the death of a sitting parliamentarian. Earlier, Confusion prevailed over the fate of the presentation of the Union budget on Wednesday morning after former Union minister and Indian Union Muslim League (IUML) MP E. Ahamed passed away at 2.15am after suffering a cardiac arrest.
Highlights of Union Budget 2017-18
12.50pm: Income tax rate for individuals earning between Rs2.5 lakh and Rs5 lakh reduced to 5% from 10%; 10% surcharge on those individuals who have an income between Rs50 lakh and Rs1 crore. Arun Jaitley also proposes one-page, income tax return form.

12.47pm: Political parties will be entitled to receive donation by cheque or in digital mode, from their donors.

12.41pm: Arun Jaitley limits cash transactions for individuals at Rs3 lakh.

12.39pm: Basic customs duty on LNG to be reduced from 5% to 2.5%.

12.37pm: To make MSMEs (micro, small and medium enterprises) more viable, income tax for smaller firms to be reduced. Tax rate for companies with an annual turnover up to Rs50 crore to be reduced to 25%.

Rate of growth in advance tax in personal income tax in last three quarters of this financial year is as high as 34.8%.

12.33pm: 24 lakh people show income above Rs10 lakh in 2016. 1.7 crore people file income tax returns out of 4.2 crore salaried people.

12.32pm: Due to demonetisation, advance tax on personal Income tax increased by 34.8%

12.28pm: We are committed to make taxation rates reasonable. This approach will change the colour of money.

12.27pm: From 8 November to 30 December ((demonetisation period), deposits between Rs2 lakh and Rs80 lakh were made in 1.09 crore bank accounts.

12.25pm: Arun Jaitley says India largely a tax non-compliant country.

12.24pm: Trade Infrastructure Export Scheme to be launched in 2017-18; total allocation for infrastructure at record Rs 3.96 lakh crore (Rs3.96 trillion).

12.22pm: Digi Gaon will be launched to promote tele-medicine and education. Dedicated micro-irrigation fund to be set up by Nabard to achieve mission of Per Drop, More Crop. (PTI)

Second phase of solar power development to be taken up with an aim of generating 20,000 MW. Trade Infrastructure Export Scheme to be launched in 2017-18. The total allocation for infrastructure at record Rs3.96 trillion. (PTI)

12.20pm: Budget allocation for highways stepped up to Rs64,000 crore in FY18 from Rs57,676 crore. For transport sector, including railways, road and shipping, government provides Rs 2.41 lakh crore. (PTI)

Allocation of Rs10,000 crore for Bharat Net project for providing high-speed broadband in FY18. (PTI)

12.12pm: Service charge on e-tickets booked through IRCTC will be withdrawn; railway tariffs to be fixed on the basis of cost, social obligation and competition; new metro rail policy to be unveiled. (PTI)

Delhi and Jaipur to have solid waste management plants and five more to be set up later. (PTI)

12.11pm: Government proposes Coach Mitra facility to redress grievances related to rail coaches. (PTI)

12.08pm: Capital and development expenditure pegged at Rs 1.31 lakh cr for railways in 2017-18 from the budget. Rs1 lakh crore (Rs1 trillion) corpus for railway safety fund over five years. Five hundred stations will be differently abled by providing lifts and escalators. (PTI)

12.04pm: FIPB (Foreign Investment Promotion Board) to be abolished in 2017-18 to liberalize FDI policy. Over 90% of FDI proposls are now processed through automatic route. (PTI)

12.03pm: 35% increase in allocation for Scheduled Castes to Rs52,393 crore.

12.02pm: Model Shops and Establishment Bill to open up additional opportunities for employment of women. For senior citizens, Aadhaar-based health cards will be issued.

12.00pm: The government to set up dairy processing fund of Rs8,000 crore over three years with initial corpus of Rs2,000 crore.

11.55am: In higher education, we will undertake reforms in UGC (University Grants Commission), give autonomy to colleges and institutions. The allocation for rural agri and allied sector in 2017-18 is record Rs181,223 crore. (PTI)

Pradhan Mantri Kaushal Kendras will be extended to 600 districts; 100 international skill centres to be opened to help people get jobs abroad (PTI)

11.52am: Cabinet extends tenure of loans under Credit Linked Subsidy Scheme of Pradhan Mantri Awas Yojana from 15 to 20 years.

11.51am: A system of annual learning outcome in schools to be A system of annual learning outcome in schools to be introduced; innovation fund for secondary education to be set up

11.50am: We propose to provide safe drinking water to 28,000 arsenic and fluoride affected habitations. Sanitation coverage in villages has increased from 42% in October 2016 to 60%, a rise of 18%. (PTI)

11.48am: Rs27,000 crore on to be spend on Pradhan Mantri Gram Sadak Yojana; one crore houses to be completed by 2017-18 for the homeless. (PTI)

11.47am: The merger of the railway budget with the general budget brings focus on a multi-modal approach for development of railways, highways and inland water transport. Functional autonomy of the railways to be maintained. (PTI)

11.46am: Demonetisation was a continuation of series of measures taken by the government in two years it is bold and decisive measure. It will have only transient impact on economy and bring in long-term benefits including higher GDP growth and tax revenue. Demonetisation will help in transfer of resources from tax evaders to government. (PTI)

Union Budget 2017 - No Cash Transactions Above Rs. 3 Lakhs, Says Arun Jaitley: 10 Points

Former Minister E Ahamed Dies After Suffering Cardiac Arrest
NEW DELHI: Former Union Minister E Ahamed, who collapsed Tuesday morning in parliament, has died. He was 78. Mr Ahamed was admitted at Delhi's Ram Manohar Lohia (RML) hospital after he suffered a cardiac arrest while both houses of parliament were being jointly addressed by President Pranab Mukherjee. At around 2.15 pm, Mr Ahamed was shifted to the RML trauma centre's ICU where he was put on ventilator. Ahamed died at 2:15 am at RML hospital."E Ahamed has passed away at 2:15 am. His body has been taken to AIIMS hospital for embalming (a method to preserve a corpse from decaying) as the facility is not available at RML," a senior RML doctor was quoted by PTI.His body will be taken to Kerala later today.News of his death was preceded by high drama as Mr Ahamed's family earlier alleged that they were not allowed to meet him by hospital authorities. Congress President Sonia Gandhi, her son and party vice president Rahul Gandhi, besides other party leaders visited the hospital late on Tuesday night to enquire about Mr Ahamed's health."Congress President Sonia Gandhi, Rahul Gandhi, Leader of Opposition Ghulam Nabi Azad and Ahmed Patel rushed to the RML hospital because E Ahamed's family, who collapsed today, is not being permitted to meet him or to know about his well being. This is complete high-handedness of the government," Congress chief spokesperson Randeep Surjewala was quoted by news agency PTI.He said the government has stopped the blood relatives of the former Union Minister from meeting him or knowing about his critical state at such a time.Quoting its sources, PTI said that Ahamed's son, daughters and son-in-law had an exchange of hot words with the hospital authorities.NDTV
Syria rebuffs rumors Assad dead or incapacitated: Times of Israel
Syrian government shot down speculation that President Bashar Assad died or is incapacitated, saying that he is carrying out his duties quite normally in a statement on Friday, according to Reuters.Rumors that the Syrian leader had suffered a stroke or been shot were fueled by his recent disappearance from the public eye, with his last sighting coming on January 20 in an interview with the Japanese television station TBS.In its statement Friday the Syrian government said the presidency denies all these reports, while adding that President Assad is in excellent health.The pro-regime Syrian News Channel reported Monday that Assad spoke by phone with Venezuelan President Nicholas Maduro, marking the first time the local media had reported on the Syrian presidents activities since the rumors began, according to Reuters.

 Compiled and edited by Anwarulhaq (Released at: 1:09 PM)


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