What you wanted vs. what you got in Budget 2017
Advertisement
Advertisement
After demonetisation, every class of citizens had big expectations—realistic or not—from the government to offer some sort of relief. However,
Below are the details of what different sections wanted and what they got in Budget 2017.
ALSO READ: This is what Budget 2017 had in store for startups
Individual taxpayers
Advertisement
What you got: Tax rate for individuals in the lowest income tax slab—Rs 2.5 lakh to Rs 5 lakh—to 5 per cent instead of 10 per cent.
Corporates
What you wanted:
What you got: MAT allowed to be carried forward for 15 years from 10 years now. Corporate tax was reduced to 25 per cent—but only for those with an annual turnover of up to Rs 50 crore.
Advertisement
ALSO READ: Where Indian start-ups stand globally after Union Budget 2017-18IT companies
What you wanted: Weighted deduction on
What you got: Nothing.
Youth
Advertisement
What you wanted: Cheaper mobile phones and other electronic gadgets. More affordable education loans. More jobs.What you got: No immediate benefit but several schemes with long-term impact: schemes to promote skills and employment-linked training in the rural India; making school and college education more outcome-based; effective accreditation for colleges; and SWAYAM platform with at least 350 online courses.
Banks
What you wanted: Tax exemptions customers as well as vendors/merchants conducting digital transactions above a certain limit. More capital infusion.
What you got: Increase in allowable provision for non-performing assets of banks from 7.5 per cent to 8.5 per cent. No additional capital infusion except Rs 10,000 crore under the ongoing Indradhanush scheme.
Advertisement
Housing sectorWhat you wanted: Higher income tax incentives for first-time home buyers. Infrastructure status to the housing sector.
What you got: Affordable housing given infrastructure status. Tax relief to real estate developers on the unsold stock as a liability to pay capital gains will arise only in the year a project is completed.
Mobile manufacturers
What you wanted: A 10-year tax holiday for local mobile manufacturers. Exemption of duty on import of capital goods used
Advertisement
in the manufacturing of mobile handsets and components.What you got: The government has proposed to impose a 2% special additional duty on populated printed circuit boards (
The poor
What you wanted: The way The Economic Survey 2016-17 advocated universal basic income, there was an expectation that something similar will be offered in the Budget. Cheaper daily use goods.
What you got: Nothing.
Advertisement
The middle classWhat you wanted: Moving up of the lowest income-tax slab. More income tax exemptions on a home loan. Cheaper consumer durables.
What you got: Tax rate for individuals in the lowest income tax slab—Rs 2.5 lakh to Rs 5 lakh—to 5 per cent instead of 10 per cent.
What you wanted: Lower interest on loans. Incentives for women entrepreneurs.
Advertisement
What you got: Advertisement
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market