Highlights of Union Budget 2017-18
union budget 2017 details: Finance Minister Arun Jaitley
Finance Minister Arun Jaitley presented the Union Budget 2017, his fourth annual budget, today. Here are the highlights of this year's budget:
This is the fourth budget by the Narendra Modi government. Jaitley said the demonetisation move by Prime Minister Narendra Modi on November 8, 2016 will not have a lasting impact on the economy. Jaitley also announced that the budget allocation for welfare of women and children under various ministries will be increased to Rs 1,84,632 cr.
The 2017 Union Budget, presented by the Union Finance Minister Arun Jaitley on Wednesday, was broadly focused on 10 issues — farmers, rural population, youth, poor and health care for the underprivileged, infrastructure, financial sector for stronger institutions, speedy accountability, public services, prudent fiscal management and tax administration for the honest.
Demonetisation

Demonetisation is expected to have a transient impact on economy.
We will have a great impact on the economy and lives of our people . The effects of demonetisation are not expected to spill over to next year.
Demonetisation is a bold and decisive measure that will lead to higher GDP growth.
The effects of demonetisation will not spillover to the next fiscal.
For youth

Introduction of a system of measuring annual learning outcomes, innovation fund for secondary education.
There will be a focus on 3,479 educationally-backward blocks
Colleges will be identified based on accreditation
Skill India mission was launched to maximise potential. 100 India International centres across country.
Courses on foreign languages to be introduced.
Skill India Mission was launched in 2015 to maximise the potential of our youth. 100 India International Skill centres will be established across the country.
Steps to create 5000 PG seats per annum
Personal Income Tax

Existing rate of tax for individuals between Rs. 2.5- Rs 5 lakh reduced to 5% from 10%
All other categories of tax payers in subsequent brackets will get benefit of Rs 12,500.
Simple one page return for people with annual income of Rs. 5 lakh other than business income.
People filing I-T returns for the first time will not come under govt. scrutiny.
10% surcharge on individual income above Rs. 50 lakh and up to Rs 1 crore to make up for Rs 15,000 crore loss due to cut in personal I-T rate. 15 surcharge on individual income above Rs. 1 crore to remain.

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