So what is the new buzz in the city? Budget Talks everywhere!
The Ministry of Finance announced the Union Budget 2017 recently. I am sure that many of you all were eager to know about the budget… especially after going through a drastic step like Demonetization.
Well, the main agenda of Union Budget 2017 was ‘Transform, Energize & Clean India!’
Every coin has got two sides. Thus, the reforms which are good for some people turn out to be worst for the others!
This budget has got a relief to the middle class since the tax slab of 2.5 lakhs – 5 lakhs has been cut down to 5% from 10% whereas it is a nightmare for the people who are earning above 60 lakhs since they have to pay 10% surcharge.
This is for the first time that the Political Parties will be filing their Income Tax Returns. Moreover, maximum cash donations allowed to them per person is only Rs. 2000. Rest other transactions should be made through cheque and digital mode! Isn’t this a step towards breaking the way politics used to be?!
The other major thing is about the holding period of Long Term Capital Gains which is reduced to 2 years from 3 years. The base indexation is also shifted from 01.04.1981 to 01.04.2001.
The cash expenditures per person is also reduced to 10000 thereby supporting the motive of digitization… Go Cashless!
Many good reforms have been made in the educational system, rural development, steps have been taken for providing employment to the youth of India and so on.
The main motive is the massive war against black money… digitization is been promoted through apps like BHIM App to form transparency in the economy thereby curbing the evil of black money.
All in all the Union Budget focuses on REMONITIZING INDIA!