As authorized by Article 112 of the Indian Constitution, Union Budget in India is an Annual Fiscal Statement. It is a condensed and coherent statement displaying the economic and financial plans of the Government.
For an employee, Leave Travel Allowance is an amazing tax saving medium. Many corporate companies in India grant LTA which the employee can claim if he/she goes on a vacation after submitting the actual bills for verification. The total amount given as Leave Travel Allowance is free from taxation.
The annual budget for the Financial Year 2017 was presented to the Indian Parliament on 1st February 2017, by the Finance Minister of India, Mr. Arun Jaitley.
As presented, the budget document comprised of
The fiscal budget for the session 2017-18 brought many market reforms in the field of agriculture, with an extended waiver on the loans, increase on the allotment of funds to the crop insurance as well as increase in the amount allocated to National Bank for Agriculture and Rural Development. This initiative by the Indian Government was taken to combat the economic distress in the rural areas.
Some of the points included in the budget are
The Government plans to lower the poverty line and bring more development to the rural sector of the India society. With a budget of more than Rupees 3 lac crores allocated to the rural cause, the union aims to uplift more than 1 crore households out of poverty.
Focusing on the upliftment of rural section of the country, the budget promises
According to the budget statement, the coverage of Swatch Bharat Mission has since gone up to 60% from 42% in October 2016.
Growing unemployment is a matter of great concern for the Government of India. The fresh Union Budget focuses on creating jobs and providing skills to the youth for the progress of the country.
The government aims to educate every youth with core skills and this is the reason why Union Budget has been initiated to execute the following
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The Government plans to help uplift underprivileged groups and plans on passing reference to women.
The budget details include
For improving and providing safe travel via railways, the ministry has allotted a budget of Rupees 1, 31,000 crore to Railways, including Rupees 1 lac crore for Raksha coach (for the safety of passengers). The Government had also given ample attention to the development of infrastructure, assigning a sum of Rupees 39, 61,345 crore and another sum of Rupees 64,000 crore for the construction of Highways.
Under this segment, the developments will include
There has been a huge overhaul of the financial sector in accordance with the Finance Bill submitted by Finance Minister.
Some of the key points of the bill included
Apart from the benefits mentioned in the article Union Budget has also made a huge impact on the digital economy of India, providing public services, promoting affordable housing and real estate etc.
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08th June 2017
Financial Express
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