Highlights of Union Budget-VIII

| Updated: Feb 01, 2017 18:09 IST

New Delhi [India], Feb 1 (ANI): Finance Minister Arun Jaitley is presenting the Union Budget for financial year 2017-18. Highlights of the Union Budget are as follows: •Fiscal Deficit target for 2017-18 is 3.2%. •FRBM review committee recommended 3% fiscal deficit for next 3 years. •Have increased allocation for scientific ministry to Rs 37,435 cr in 2017-18. •We are largely a tax non compliance society, when too many people evade taxes burden falls on those who are honest. •Out of 3.7 crore who filed tax returns in 2015-16, only 24 lakh persons showed income above Rs 10 lakh. •Due to Demonitisation advance tax on personal Income tax increased by 34.8%. •There is an urgent need to protect the poor from chit fund schemes, draft bill placed in public domain. •Data mining after demonetisation will help us widen tax net. •Plan to extend basket of financial instruments to which the capital gains can be invested sans payment of tax. •The net tax revenue grew by 17% in 2015-16.(ANI)