Union Budget 2017: Income Tax Halved For Income Up To Rs. 5 Lakhs, Relief For Small Taxpayers

This is Arun Jaitley's fourth Budget presentation and first after demonetisation.He began his Budget speech after obituaries were read out in Parliament for Lok Sabha member and former union minister E Ahamed, who died last night. India is a "bright spot" in the world economy, Finance Minister Arun Jaitley said as he unveiled his annual Budget today, adding that the impact on growth from the government's cash crackdown would wear off soon. "We are seen as an engine of global growth," Mr Jaitley said in the opening remarks of his fourth Budget.

Here are the key highlights from Union Budget 2017:

1:00 p.m.: Stock markets advance after Finance Minister Arun Jaitley completes his Budget speech. Sensex up 160 points at 27,816 and Nifty advances 40 points to 8,602. 

12:54 p.m.: Persons with income between Rs. 50 lakh and Rs. 1 crore to pay an additional surcharge of 10 per cent, says Arun Jaitley

12:53 p.m.: Plan to enforce greater accountability on tax officer, says Arun Jaitley

12:52 p.m.: I have outlined in the budget an overarching theme to transform, energise and clean India, says Arun Jaitley

12:49 p.m.: Income tax rate on income between Rs. 2.5 lakh and Rs. 5 lakh cut to 5 per cent from 10 per cent, says Arun Jaitley

12:46 p.m.: Max amount of cash donation for political parties will be Rs. 2,000 from any one source, says Arun Jaitley

12:44 p.m.: No transaction over Rs. 3 lakh will be allowed in cash, says Arun Jaitley
 

12:43 p.m.: Basic customs duty on LNG to be reduced from 5 per cent to 2.5 per cent, says Arun Jaitley

12:41 p.m.: Long-term capital gains tax on immovable property to apply after 2 years, instead of 3 years now, says Arun Jaitley

12:39 p.m.: Government to increase basket of instruments available to invest capital gains from property to save taxes, says Arun Jaitley.

12:37 p.m.: Arun Jaitley proposes to reduce income tax for smaller companies with turnover of up to Rs. 50 crore to 25 per cent from 30 per cent

12:36 p.m.: Government to increase basket of instruments available to invest capital gains from property to save taxes, says Arun Jaitley

12:33 p.m.: Because of efforts made by the government, growth in personal income tax at 34 per cent in first 3 quarter of the year, says Arun Jaitley
 

12:27 p.m.: Data mining after demonitisation will help us in widening tax net which was one of the objects of demonitisation, says Arun Jaitley

12:25 p.m.: Out of 3.7 crore who filed tax returns in 2015-16, only 24 lakh persons had shown income above Rs. 10 lakh, says Arun Jaitley

12:23 p.m.: There are 4.2 crore people in organised sector employment, but number of people filing returns is only 1.74 crore, says Arun Jaitley