Here are key highlights of Union Budget 2017

Following are the highlights of Union Budget 2017-18, presented by Finance Minister Arun Jaitley in Parliament on Wednesday:

* Tax rates halved to 5% for income of Rs 2.5-5 lakh, tax Slabs unchanged

* 10% surcharge on people earning between Rs 50 lakh-1 crore 

* 15% surcharge on annual income above Rs 1 crrore to continue 

* Cash transactions above Rs 3 lakh to banned 

* Corporate tax for SMEs with turnover up to Rs 50 crore cut to 25%; 96% companies to benefit

* Customs duty of LNG halved to 2.5%

* Fiscal deficit pegged at 3.2% next year, 3% in FY19

* Political parties barred from accepting cash donation beyond Rs 2,000 per individual

 Here are 20 key Budget 2017 terms that you need to know 

* They can receive donations via cheques, electronic mode; Electoral bonds to be issued by RBI

* Aadhaar-based health cards for senior citizens; a scheme for them to ensure 8% guaranteed returns

* FIPB to be abolished; further FDI policy liberalisation

* Government to have time-bound procedure for CPSE listing

* Railway PSUs -- IRCTC, IRFC, IRCON to be listed

* Payment Regulatory Board to be set up within RBI to Regulate digital payments

* Negotiable instruments Act to be amended to deal with Cheque bounce cases

* Legislative changes to confiscate of assets of economic Offenders who flee country

* Demonetisation bold, decisive measure; to help GDP Growth, taxes mop up to rise

* Effect of demonetisation not to spill over to next year 

* GST, demonetisation 'tectonic changes' for economy

* Service charges on e-tickets booked via IRCTC waived

* Capital expenditure of Railway fixed at Rs 1.31 lakh crore

* Rail safety fund of Rs 1 lakh crore over 5 years, unmanned level crossing to be eliminated by 2020

* Budget based on three agenda -- Transform, Energise, Clean India (TECIndia).

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