Budget 2017| Income Tax Slabs could be affected


Budget 2017| Income Tax Slabs could be affected

Basic Income Tax limit increased to 3.00 lakh and tax rate reduced to 5% for Income upto 5 lakhs
Cash expenses limit reduced to 10,000 to promote digital transaction

 

Budget 2017| Income Tax Slabs could be affected

Huge expectations have been raised for today’s budget presentation, as it comes immediately after Demonetization, and what more – just coming weeks before the Assemble Polls in five states across India.

For our readers – a quick takeaway from the Budget 2017 today morning:

  • Finance Bill proposes ban on Cash transactions above Rs. 3 lakhs
  • Presumptive Income under Section 44AD for digital receipts is reduced to 6%
  • End to a controversy – Amendment is proposed that income on NPA Accounts will be recognized on receipt basis instead of accrual basis
  • Capital Gain Tax under Joint Development Agreement to be levied in a year of completion
  • Finance Minister proposes to reduce tax rate by 5% for SMEs with annual turnover of up to 50 crores. Now rate is 25%.
  • Govt. proposes carry forward of MAT Credit for a period of 15 years instead of 10 years
  • 2001 shall be the base year for calculating the Capital Gains instead of existing 1981
  • Capital Gains: Holding period for immovable property is reduced to 2 years
  • Proposal for changes in Profit linked deduction for affordable housing scheme
  • Govt. intending to amend Negotiable Instrument Act to help quick realization in case of dishonored cheques
  • To promote digital economy, FM proposes two new schemes to promote BHIM application
  • More than 90% of FDI are proposed under automatic route
  • Draft bill to curb illegal deposit shall be proposed in current budget session
  • Rs. 500 crores allocated to set up Mahila Shakti Kendras
  • Service charge on IRCTC ticket booking will be removed
  • A dedicated fund to be set up by NABARD with corpus of Rs. 5,000 crore to assure market prices to the farmers for their produce
  • 48000 crore allocated to MGNREGA Scheme
  • Affordable housing will be given infrastructure status
  • Service charges withdrawal on e-Ticket to boost govt’s digitisation endeavour
  • Cash expenses limit reduced to 10,000 to promote digital transaction.
Contributed by: CA Anshul Mogra – Vice President, ICAI Branch, Udaipur

To join us on Facebook Click Here and Subscribe to UdaipurTimes Broadcast channels on   GoogleNews |  Telegram |  Signal