Budget 2017: Jaitley speaks on structure of personal income tax

* Of 76 lakh individuals whose reported income is over Rs 5 lakh, 56 lakh are salaried.

* CDBT circular becomes null and void of Foreign portfolio investment (FPI).

* For quick refund of tax returns, time-frame reduced to 12 months.

* Reduce existing tax rate for income of 2.5-5 lakh to 5% from 10%.

* 50% saving in income tax if one person is earning upto Rs 5 lakh.

* Surcharge of 10% on income between Rs 50 to 1 crore.

* New Exchange-traded fund (ETF) with diverse stocks will be launched in 2017-18.


Steps taken for political transparency:

* Political parties will need to file income tax returns.

* A donor could purchase political bonds from authorised banks redeemable only in designated account of political party.

* Political parties will be entitled to receive donations by cheque or digital mode.

* Propose transparency in political party funding.

* To cut presumptive turnover threshold for companies w/turnover up to Rs 2 crore to 6 per cent.

* Parties continue to get funding in cash, maximum funding can be Rs 2,000 in cash.

* No cash transaction above Rs 3 lakh without PAN.