Budget 2017: Jaitley provides relief after cash crunch

Highlights:

* Direct tax collection not to commensurate with income and expenditure pattern.

* Out of 3.7 crore individuals who filed tax returns in 2015-16, 99 lakh showed income below exemption limit.

* A proposal to receive all government receipts beyond a certain threshold through e-modes under consideration.

* 3 year period for long-term capital gains tax on immovalble property reduced to 2 years; base year indexation shifted from 1.4.1981 to 1.4.2001.

* Payment regulatory board to be set up in RBI to regulate electronic payments, replacing Board for Regulation and Supervision in Payments and Settlements System.

* Govt considering option to amend Negotiable Instruments Act to ensure that holders of dishonoured cheques get payment.

* Fiscal Responsibility and Budget Management (FRBM) Act review committee has recommended 60 pc debt to GDP ratio; 0.5 pc of GDP deviation from stipulated fiscal deficit targets.

* Head post offices to issue passports.

* Govt to set up a web-based interactive platform for defence pensioners.

* Govt mulling introduction of legal changes to confiscate assets of offenders, including economic offenders, who flee the country.

* Rs 7,200 crore revenue loss due to reduction in tax on smaller companies.

* Total expenditure in FY18 at Rs 21.47 lakh crore.

* Capital expenditure stepped up by 25.4 per cent in FY18 over previous year.

* Maximum donation a political party can receive in cash is Rs 2,000 from any one source.

* Customs duty on LNG halved to 2.5 per cent.

* FPI to be exempt from indirect transfer provisions.

* Rs 7,200 crore revenue loss due to reduction in tax on smaller companies.

* Central Board of Excise and Customs (CBEC) will continue to strive to implement GST.