Union Budget 2017-18 to be announced – What to expect?

Union Budget 2017-18 

Full details about Union Budget 2017-18, which is going to announce on 1st February 2017. Find out the Highlights, Key Factors, Announcements on Tax, Tax Slab – Download pdf.

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On 1st February 2017, Finance Minister, Mr. Arun Jaitley is going to present the Union Budget 2017-18. Previously, there were many doubts concerning the budget announcement date, but the Supreme Court has recently given the green light. And, as per the decision by the authorities, 1st February will be the budget announcement day. Every Indian is eager to know about the Key points (Highlights) of the Union Budget 2017-18. Among all other aspects, the “tax” factor is most necessary. Many people want to know what new will finance minister offer to taxpayers. Are there going to be any changes in the tax slab or not? What new schemes will be launched and so on?

Answers to all these questions will be disclosed on 1st February 2017. We are providing you with the latest information regarding union budget 2017-18. Here you can read the detailed information regarding the union budget announcements. The Key Highlights section will present you the relevant critical information. It will include the most important highlights of the Union Budget Speech. In the download section (in the end), you will be able to download the budget highlights as a pdf file.

EXPECTATIONS FROM UNION BUDGET 2017-18 

The prime areas in this budget will be Agriculture, Infrastructure, Financial markets, Investment, Safe India, Tourism, Digital India, Railway & Tax proposals. Most of the businessmen will be interested in the Tax aspect of the budget. Here you can find some of the expectations from this year’s Union Budget –

Tax Slab – It is expected that the union minister will make changes in the tax slab. According to experts, there will be an upward revision. As we all know, the current income tax limit is 2.5 lakh. This limit could be increased to Rs. 4 Lakh this time.

Expected Tax Slab is –

Taxable Income Tax Rate
Less than 4 lakhs Nil
Rs. 4 lakhs to less than Rs. 8 lakhs 10% on taxable income exceeding Rs. 4 lakhs (Max. Rs. 40,000)
Rs. 8 lakhs to less than Rs. 12 lakhs Rs. 40,000 + 20 % on taxable income over Rs. 8 lakhs (Max. Rs. 1.2 lakhs)
Rs. 12 lakhs and above Rs. 1.2 lakhs + 25% on taxable income over Rs. 12 lakhs

Housing Loan – Some positive changes are anticipated in the housing loan rate of interest. Other important modification can be made regarding Pradhan Mantri Awas Yojana.

Education Sector – For merit holder students, the government is expected to announce various scholarship schemes. Also, strict rules could be implemented for private sector educational firms.

Cashless Economy – Focus on cashless transactions is also expected this time. Rewards and benefits could be declared for utilizing cashless payment methods.

Real Estate – The property segment is also going to be a key element.It is expected that there will be relaxation in income tax rate & hike in the HRA deduction limit for salaried people. Some steps to standardize construction raw material costs could be taken.

Agriculture – This year’s budget could give a great relief to farmers. It is supposed that compensation could be offered to the farmers who faced issues during the demonetization process. The government could focus on educating the farmers in using the cashless methods for payment of seeds, fertilizers, and other essential agricultural materials.

Expert View on Budget 2017-18 Expectations

  • Naina Lal Kidwai (FICCI president) recently gave a statement saying that this budget will be growth oriented.
  • Adi Godrej, CMD at Godrej Consumer Products stated that Individual tax rates could be reduced in this budget.
  • As per Kishore Biyani, there may be a drop in savings interest rate.

The previous budget was declared on 29th Feb 2016 while this one will announce 1st February 2017. The finance minister will address the nation with all his proposals and declarations. All the news channels will cover the live feed of budget speech. Every year, department releases the official documents, which can be downloaded, and studies by everyone. These documents will contain information regarding each and every aspect of the budget.

BUDGET 2017 NOTIFICATION DOWNLOAD

After the official declaration, you will be able to download the official notification from here.

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