A ready reckoner for savers and investors on what changes after Budget 2017
Budget 2017: Big announcements made by FM Arun Jaitley on banks and tax
Finance Minister Arun Jaitley presented the Union Budget 2017 in the Lok Sabha today. We have compiled the key announcements made by him in his speech on banks and tax changes.
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Banks
Aadhaar-enabled payment system to be launched with banks targeting to introduce additional 10 lakh point-of-sale terminals by March 2017
20 lakh Aadhaar-based swipe machines by 2020
Payment regulatory board will be created the in Reserve Bank of India
Digital payment push will focus on rural and semi-urban areas
Merchant version of Aadhaar-enabled pay will be launched shortly
Rs 10,000 crore to be provided for recapitalisation of banks
Tax
No tax on annual income of Rs 4.5 lakh who use rebates
Surcharge of 10 per cent on annual income of Rs 50 lakh and Rs 1 crore
15 per cent surcharge on incomes above Rs 1 crore to continue
No scrutiny on fist-time taxpayers
Propose to reduce existing rate of taxation of those with income between Rs 2.5 lakh to Rs 5 lakh to 5 per cent
Plan to extend basket of financial instruments to which the capital gains can be invested sans payment of tax