The Union Budget 2017 for upcoming Financial Year 2017-18 is likely to be presented by Hon’ble Finance Minister Sh. Arun Jaitley on Feb 01, 2017.
The normally the Union Budget is presented on last day of February every year. However in certain case in public interest the Budget date can be shifted.
These days the whole opposition in parliament is against on presenting the Union Budget in February, 2017. However both Hon’ble Supreme Court and Election Commission has rejected the plea of opposition party and held that there is nothing unfair on presenting union budget on 01-02-2017.
The Institute of Chartered Accountants of India (ICAI) has already submitted its suggestion on upcoming Union Budget of India 2017. The same can be download by click to following links to http://www.icai.org/:
Expectation of Nation from Union Budget 2017
- Income Tax Slabs: As promised by BJP in 2014 election campaign, the public of Indian expect that income up to Rs.5 lacs be tax-free under income tax law. Therefore it can be expected from the budget that a major change in basic exemption limit, 80C limit etc. would be seen in the speech of Hon’ble Finance Minister.
- Boost to Cashless Society: After demonization Government put every efforts to support digital payment mechanism in indian economy. Therefore it can be expected for a relief/rebate on digital payment.
- Real Estate: After demonization the circulation of black money is reduced to a great extent. that’s why Real Estate business went on back foot due to cash crunch or hammer on black money. It is expected that Housing Loan would get a major relief to make successful the ‘Affordable Housing Scheme’ of PM Modi.
- Implementation of Goods and Service Tax (GST): Most awaited and buzzed tax reform i.e. GST is expected to come in picture in FY 2017-18. The Government has left no endeavour to implement GST in indian tax system. Therefore it can be expected GST in upcoming financial year.
Union Budget in Indian Economy: The Union Budget of India, also referred to as the Annual financial statement in the Article 112 of the Constitution of India, is the annual budget of India. It is presented each year on the last working day of February by the Finance Minister of India in Parliament. The budget, which is presented by means of the Financial bill and the Appropriation bill has to be passed by the Houses before it can come into effect on April 1, the start of India’s financial year.
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