Tax Revenue Union Budget 2017 18

Fair value basis taxation on transferor of unquoted shares in order to ensure that the transfer of shares of an unlisted company is undertaken at fair value and there is no understatement of the sales consideration the bill proposes to introduce a new section 50ca in the it act.

Tax revenue union budget 2017 18. Tax rebate under section 87a raised from rs 2 000 to rs 5 000. First home buyers to get additional deduction of rs 50 000. Total receipts excluding borrowings and other liabilities estimated at rs 15 16 lakh crore us 224 billion a growth of 6 48 per cent. A comprehensive budget analysis tool helps to explore various priorities and proposals in union budget 2017 18.

Total union government expenditure as a proportion of gdp. Other measures proposed by budget 2016 increase in tax rebate. Effectively this means the basic exemption now is of rs 3 lakh. Please note that due to the age of these documents they may not meet current web publishing requirements and may not be compatible with some software.

Expectations from different industries and the public have already started coming in. The 2017 union budget presented by finance minister arun jaitley on wednesday was broadly focused on 10 themes the farming sector the rural population the youth the poor and underprivileged. The union budget 2017 18 is the first such budget program that includes both general and railway budgets delivered by mr. Historical budget documents are available for reference purposes.

This amendment is effective from fy 2017 18 onwards. Gross tax revenue. Union budget analysis tool 2017 18 budget overview. Arun jaitley the current minister of finance.

The union budget for 2017 18 will be presented in parliament in the first quarter of 2017 on 1st feb. Those earning below rs 5 lakh to save an additional rs 3 000 in taxes. Tax incentives to corporates to cost rs 83 492 cr in fy17 the government s revenue foregone in the form of incentives to corporates in the current fiscal is estimated to grow. Revenue receipts comprise of rs 12 27 lakh crore us 181 billion of tax revenues and rs 2 88 lakh crore us 42 7 billion of non tax revenues.