Over 16,000 new enterprises have been set up under Stand-up India scheme.
Government to consider an option to amend Negotiable Instruments Act to ensure that holders of dishonoured cheques get payment.
A centralized pension distribution system to be established for defense personnel.
For big time economic offences, where offenders have fled the country, the Government will introduce a new law to confiscate assets of these citizens within the country.
84 Government schemes to be on DBT (Direct Benefit Transfer) Platform.
Head Post Offices will soon be used as front office for passport services. This helps those who have to travel long distances for obtaining a passport.
Railway lines of 3,500 Kms to be commissioned.
A railway safety fund with a corpus of 1 Lakh crores to be set up over 5 years.
500 rail stations to be made differently abled-friendly by providing lifts and escalators.
A new metro rail policy would soon be announced to open up new jobs for our youth.
Railway tariffs to be fixed based on cost, social obligation and competition.
Integration of end to end transport solutions by railways for selected commodities through partnerships.
All coaches of Indian Railways would be fitted with bio-toilets by 2019.
25 railway stations would be awarded in 2017-18.
There’s good news if you book rail tickets on IRCTC. You do not have to pay any service charge.
Focus to be on Swachch railways. SMS based clean my coach facility launched.
Dedicated trains would be launched for pilgrimage and tourism.
Innovation fund set up for secondary education.
Colleges would be identified, based on ranking and given autonomy.
National testing agency to be established for all entrance exams.
SWAYAM platform launched for virtual learning.
Fund of INR 4,000 Crores to promote skill acquisition and knowledge awareness.
100 Indian International skill centers to be set up offering courses in foreign languages.
Personal Income Tax:
Existing tax rate for citizens between INR 2.5 Lakhs – INR 5 Lakhs, reduced from 10% to 5%.
All categories of tax payers in subsequent tax brackets will get a benefit of INR 12,500.
Citizens filing IT returns for the first time will not come under Government scrutiny.
Simple one page tax filing form, for taxable income under INR 5 lakh, other than business income.
A 10% surcharge on individual income above INR 50 lakhs and up to INR 1 crore, to make up for the INR 15,000 crore loss due to cut in the personal I-T rate.
15% surcharge on income above INR 1 crore will continue.
The corporate tax rate for MSME with annual turnover less than INR 50 Crores reduced to 25%.
Funding for Political Parties:
Political parties can receive donations by cheque or digital mode from donors.
Political parties can receive maximum cash donations of INR 2000.
Want to know more on Tax Planning? Just leave a missed call on IndianMoney.com financial education helpline 02261816111 or just post a request on IndianMoney.com website. IndianMoney.com offers Free, Unbiased and on-call financial advice on Insurance, Mutual Funds, Real Estate, Loans, Bank Accounts and capital markets.
Get weekly tips on how to Save, Spend, Borrow, Invest Money wisely.
Be the first one to know the new things happening in the world of Finance.
Our free articles and tips will help you become a Financial Wizard.
IndianMoney.com Research Team
The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.