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Budget expectation

Niyati (Student) (9074 Points)

30 January 2017

What to expect from this budget

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7 Replies

CA Ruby Bansal (Finance Professional) (9621 Points)
Replied 30 January 2017

More surprise gift like given last year in u/s 80CCD(1) and various schemes like the one in budget 2015 - Sukanya Samridhi Scheme

Ayush (Executive ) (8345 Points)
Replied 30 January 2017

Tax slabs to be reduced

Yugandhar (CA) (124 Points)
Replied 30 January 2017

increase in service tax rates

Mita Basak (Professional) (1973 Points)
Replied 30 January 2017

PM urges all political parties to enable smooth Budget Session of Parliament

Budget advancement for efficient resource utilization; due care will be taken as it comes ahead of polls, says Finance Minister

Government will observe restraint in Budget presentation to ensure level playing field in State Assembly Elections: Finance Minister

Government holds All Party Meet ahead of Budget Session of Parliament

beginning tomorrow

Addressing floor leaders of parties in the Rajya Sabha and Lok Sabha here today, ahead of Budget Session of Parliament beginning tomorrow, Prime Minister Shri Narendra Modi noted that in order to preserve and enrich the institution of Democracy in India, it is imperative that both the Houses of the Parliament run without disruption and constructive discussion takes place on issues of national importance.

Shri Modi urged leaders of all the political parties to rise above party lines to cooperate with the Government and hoped that the experience of the last Winter session is not repeated. The Prime Minister also noted that knowledge is not limited to the treasury benches and it rather emanates from all the members of both Houses and hence, the session should be used constructively and differences be resolved by consensus.

Responding to observations of different leaders on advancing of the Budget Session 2017 and presenting the Budget before start of polling in five poll bound States, Finance Minister Shri Arun Jaitley asserted that this decision was a well thought of step and was discussed in detail in the Cabinet. Further, he informed that the decision to this effect was taken by the Cabinet over six months back and is based on sound financial principles that would lead to efficient utilization of finances under different Centre and State Government schemes. Shri Jaitley also assured all the parties that the Government will observe discipline and will abide by Election Commission guidelines regarding level playing field for all parties in poll bound States.

A host of issues were brought up by the leaders of parties during the meeting including withdrawal of high value currency notes, advancing of Budget presentation, increasing the number of sitting days of the Parliament and holding another meeting of leaders of all parties before the start of second part of the Budget Session 2017.There was a consensus across party lines on ensuring smooth functioning of the Parliament without disruptions and deadlocks to be resolved through constructive discussions in both the Houses.

Union Minister of Parliamentary Affairs, Shri Ananth Kumar, later briefing media persons said that all parties, especially the opposition, were in favour of a productive Budget session. He informed that the Government’slegislative agenda for the 31 sittings of the Budget Session includes 40 Bills consisting of 1 Bill relating to Supplementary Demands for General Budget.

Items of Government Business Identified for being taken up in both the Houses of Parliament during this Budget Session, 2017:

I Bills for replacing Ordinances

1. The Enemy Property (Amendment and Validation) Bill, 2016, as passed by Lok Sabha and as reported by Select Committee of Rajya Sabha

2. The Payment of Wages (Amendment) Bill, 2017

3. The Specified Bank Notes (Cessation of Liabilities) Bill, 2017

II Bills for Introduction, Consideration and Passing

1. The Finance Bill, 2017

2. The Indian Institute of Management Bill, 2017

3. The Inter-State River Water Disputes (Amendment), Bill, 2017

4. The Repealing and Amending Bill, 2017

5. The Representation of the People (Amendment) Bill, 2017

6. The Securities and Exchange Board of India (Amendment) Bill, 2017

7. The Aircraft (Amendment) Bill, 2017

8. The Anti-Maritime Piracy Bill, 2017

9. The Chit Funds (Amendment) Bill, 2017

10. The Collection of Statistic (Amendment) Bill, 2017

11. The Constitution (Scheduled Castes) Orders (Amendment) Bill, 2017

12. The Central Goods & Service Tax Bill, 2016;

13. The Integrated Goods & Service Tax Bill, 2016;

14. The Goods & Services Tax (Compensation for loss of revenue) Bill, 2016

15. The Divorce (Amendment) Bill, 2017

16. The Footwear Design and Development Institute Bill, 2017

17. The Financial Resolution and Deposit Insurance (FRDI) Bill, 2017

18. The High Court and the Supreme Court Judges (Salaries and Conditions of Service) Amendment Bill, 2017

19. The Indian National Defence University Bill, 2017

20. The Medical Termination of Pregnancy (Amendment) Bill, 2017

21. The Right of Children to Free and Compulsory Education (Amendment) Bill, 2017

III Bills for Consideration and Passing

(A) Bills pending in Lok Sabha

1. The Mental Health Care Bill, 2016, as passed by Rajya Sabha

2. The Maternity Benefit (Amendment) Bill, 2016, as passed by Rajya Sabha

3. The Motor Vehicles (Amendment) Bill, 2016

4. The Admiralty (Jurisdiction and Settlement of Maritime Claims) Bill, 2016

5. The National Institute of Technology, Science Education and Research (Second Amendment) Bill, 2016

6. The Constitution (Scheduled Castes and Scheduled Tribes) Order (Amendment) Bill, 2016

7. The Consumer Protection Bill, 2015

(B) Bills pending in Rajya Sabha

1. The Whistle Blowers Protection (Amendment) Bill, 2015, as passed by Lok Sabha

2. The Factories (Amendment) Bill, 2016, as passed by Lok Sabha

3. The Employees Compensation (Amendment) Bill, 2016, as passed by Lok Sabha

4. The Prevention of Corruption (Amendment) Bill, 2013

5. The Armed Forces Tribunal (Amendment) Bill, 2012

6. The Human Immunodeficiency Virus and Acquired Immune Deficiency Syndrome (Prevention and Control) Bill, 2014

IV Financial Business

1. Third Supplementary Demands for Grants (General) for 2016-17;

2. Demands for Grants for 2017-18;

V Bills for Withdrawal (in Lok Sabha)

1. The Payment of Wages (Amendment) Bill, 2016

CA Revanth Bharathwaj M (Freelance consultant in Direct Tax and F) (373 Points)
Replied 30 January 2017

My expectation is that since post demonitization, the real estate sector has suffered a death blow. So, in order to encourage new house property buyers, government will increase 80C deduction limit on principal amount or 24 deduction on interest amount...

1 Like

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