Friday, February 3, 2017

Know more About Budget 2017

  • Changes in the income Tax rate. Tax-free up to 3 lakhs per annum. 
  • 5% tax applicable on income between 3-5 lakhs.
  • 1 crore houses will be constructed up to 2019.
  • 100 days employment guarantee to every rural family.
  • No service charges on buying ticket through IRCTC.
  • Smart health card would be given to senior citizens.
  • 8% return guarantee on LIC policy of senior citizen. 
  • Tax reduction in the company's income till 50 crores.
  • AIIMS will soon be opened in Jharkhand and Gujrat.
  • 6000 rupees would be provided in the bank account of pregnant women.
  • Political Parties are not allowed to take cash more 2000.
Income Before Recent Savings
0-3Lakh 3090 0 3090
3-5 Lakh 20600 7725 12875
5-10Lakh 1,28,750 1,15,875 12875
10-15 Lakh 2,83,250 2,70,375 12875
15-20 Lakh 4,37,750 4,24,875 12875

Wednesday, February 1, 2017

Union Budget 2017

Union Budget 2017

You must have remembered that on 9th November 2016, Prime Minister Narendra Modi took a revolutionary decision by banning Rs 500 and Rs 1000 note to bring back the black money from the market. This decision has impacted a large number of people as the citizens of the country mostly used 500 and 1000 note. But later everything became normal. This year demonisation brought lots of changes in the market such as fluctuating prices of a stock exchange and gold prices. The Union Budget 2017 has emerged as the ray of hope to come up with the remonetization in the market. Arun Jaitley has introduced Union Budget 2017, which came up with new things to benefit the come man, some of the changes took place such as:

  • Income Tax deduction to 5% for individuals having income 2 lakhs to 2.5 lakhs
  • Income Tax deduction to 10% for individuals having income 50 lakhs to 1 cr
  • Revenue deficit reduced to 2.1%
  • Fiscal deficit targeted at 3.2 %
  • Merger between financial budget and railway budget came as a boon for the country
  • More steps will be taken in the favor of farmers and low-income people.
  • No tax on cashless payment 
  • 6% increment in defense spending. 

How Union Budget impact a common man?  

This budget has been introduced by keeping overall development in mind, new decisions have been made which would be benefited to every citizen of the country. As far as the demonization is the concern some steps have been taken to increase the capital in the market. People are expecting the positive impact from this budget. The collaboration of railway budget and the financial budget has shown positive impact amongst the people. Apart from all the things now the question arises that how does it impact the common man of the country, a development in the country can only take place if the common man is benefited. The budget is clearly focused on the farmers, middle-class people, railways and digital. This year budget will show a positive impact to the citizens such as, tax reduction, surcharges for income people, monetary benefits in selling and buying of the property, cashless payment above 3 lakhs, no service tax on railway e-booking, real estate may get cheaper, the foremost step is taken for healthcare, it is aimed to eradicate kala-azar, filariasis by 2017, leprosy by 2018 and TB by 2025. As far as education is the concern the government has launched a system for measuring learning in schools. The Proper focus is given on science and flexible education.