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