Union Budget 2017: Income Tax Halved For Income Up To Rs 5 Lakhs, Relief For Small Taxpayers

NDTV Profit Desk

01 Feb 2017, 04:03 PM IST

Finance Minister increased Budget allocation to MGNREGA to a record Rs 48,000 crore.

Finance Minister Arun Jaitley is presented his fourth Budget, the first after the notes ban. He began his Budget speech after obituaries were read out in Parliament for Lok Sabha member and former union minister E Ahamed, who died last night. India is a "bright spot" in the world economy, Finance Minister Arun Jaitley said as he unveiled his annual Budget today, adding that the impact on growth from the government's cash crackdown would wear off soon. "We are seen as an engine of global growth," Mr Jaitley said in the opening remarks of his fourth Budget.

Here are the key highlights from Union Budget 2017:

3:35 p.m.: After Finance Minister's Budget speech, the Indian benchmark indices rose to their highest level in three month. The Sensex surged as much as 504 points and Nifty hit a high of 8,723.

1:00 p.m.: Stock markets advance after Finance Minister Arun Jaitley completes his Budget speech. Sensex up 160 points at 27,816 and Nifty advances 40 points to 8,602.

12:54 p.m.: Persons with income between Rs 50 lakh and Rs 1 crore to pay an additional surcharge of 10 per cent, says Arun Jaitley

12:53 p.m.: Plan to enforce greater accountability on tax officer, says Arun Jaitley

12:52 p.m.: I have outlined in the budget an overarching theme to transform, energise and clean India, says Arun Jaitley

12:49 p.m.: Income tax rate on income between Rs 2.5 lakh and Rs 5 lakh cut to 5 per cent from 10 per cent, says Arun Jaitley

12:46 p.m.: Max amount of cash donation for political parties will be Rs 2,000 from any one source, says Arun Jaitley

12:44 p.m.: No transaction over Rs 3 lakh will be allowed in cash, says Arun Jaitley

12:43 p.m.: Basic customs duty on LNG to be reduced from 5 per cent to 2.5 per cent, says Arun Jaitley

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12:27 p.m.: Data mining after demonetisation will help us in widening tax net which was one of the objects of demonetisation, says Arun Jaitley

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Union Budget 2017: Income Tax Halved For Income Up To Rs 5 Lakhs, Relief For Small Taxpayers

12:20 p.m.: Fiscal deficit target for 2017-18 set at 3.2 per cent and 3 per cent for 2018-19, says Arun Jaitley

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