Budget - 2017
Key Highlights of Finance Bill, 2017
*What’s in for Infrastructure and Real Estate Sector*
1. Allocation for infrastructure stands at a record Rs 3,96,135 crore
2. 3500km railway lines to be put up.
3. Government to set up strategic crude oil reserves in Odisha and Rajasthan.
*What’s in for common man*
1. Jaitley proposes to reduces income tax rate to 5 percent for tax slab of Rs 250,000 to Rs 500,0002. Surcharge of 10% for those whose annual income is Rs 50 lakh to 1 crore
3. 15% surcharge on incomes above Rs 1 crore to continue
4. Service charge on rail tickets booked through IRCTC to be withdrawn
5. 500 rail stations to be made differently abled-friendly by providing lifts and escalators
6. 3500km railway lines to be put up
7.Two new All India Institute of Medical Sciences(AIIMS) to be set up in Jharkhand and Gujarat.
8. For senior citizens, Aadhar cards giving their health condition will be introduced
9. A new metro rail policy will be announced, this will open up new jobs for our youth
10.Aadhaar Pay- an app for merchants- to be launched' 20 lakh aadhaar-based POS by September 2017
11.Small firms with turnover up to Rs 50 crore to pay 25% tax now, instead of 30%
Base Year for Capital Gain shifted to 2001 from 1981
MAT credit can be carried forward to 15 yrs
Companies whose annual turnover is below 50 crore : Income tax @ 25%
Tax @ 6% u/s 44AD for Non Cash Transaction
Allowability of Cash expenditure per day is reduced to 10K from 20K
Maximum cash donation receivable by political party from one source at Rs 2,000
44AA: limit of turover increased from 10Lakh to 25Lakhs, Limit of profit from 1.2 Lakhs profit to 2.5 lakhs
*Individual Tax:*
2.5 lakhs to 5 Lakhs Tax @ 5%Rebate of 2500 only till 3.5 Lakhs Income
To levy surcharge of 10% on income between Rs 50 lakh-1 crore
Comments
Post a Comment