Evening NEWS DIGEST (EARLY)
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
OTHERS
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
WORLD
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 president’s activities since the rumors began, according to Reuters.
Compiled and edited by Anwarulhaq (Released at: 1:09 PM)
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