Union Budget 2017 Highlights

  1. Total Budget of Rs. 21.47 Lakh crores for 2017-2018.
  2. Increase in Direct Tax collection by 34% after demonetization.
  3. Holding period for LTCG for Land & Building reduced to 2 years.
  4. FIPB abolished. Welcome move for Foreign Investment in India
  5. Carried forward of MAT Credit for 15 years instead of 10 years.
  6. 5% tax exemption for companies having turnover below Rs. 50 crores.
  7. 6% presumptive tax for turnover upto Rs. 2 crores.
  8. No cash transaction above Rs. 3 Lakh will be permitted.
  9. Maximum Donation receivable from unknown source by political party will be Rs. 2000.
  10. Change in period of limitation for scrutiny assessment.
  11. 5 % tax for income below Rs. 5 Lakh.
  12. No tax for income upto Rs 3 Lakh.
  13. 10% surcharge for Assessed income between Rs.  50 Lakh to Rs. 1 crores.
  14. One page Income Tax return proposed.
  15. No major changes for Indirect taxes due to GST implementation.
  16. Base Year for Capital Gain shifted to 2001 from 1981. For Immovable Property LTCG will be treated if Holding period > 2 yrs
  17. Allowability of Cash expenditure per day is reduced to 10K from 20K
  18. 44AA: limit of turover increased from 10Lakh to 25Lakhs, Limit of profit from 1.2 Lakhs profit to 2.5 lakhs
  19. Rebate of 2500 only till 3.5 Lakhs Income
  20. Provision of 10Lakh Crore for Proving Credit to Farmers
  21. Other Benefits for Farmers Soil Health Card to farmers, Micro Irrigation Fund will be setup, 75 Lakh Subsidy for setting up Packing Grading Facility

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