Finance minister Arun Jaitley today stating that India as “largely a non-tax compliant society”, said the government is putting a Rs 3 lakh limit on cash transactions.
Also significant tax relief for those earning between Rs 2.5-5 lakhs, cutting tax rates to as low as 5% from the earlier 10%.
Learn all major Highlights of Union Budget 2017 below:
1. Total Budget of ₹ 21.47 Lakhs crores for 2017-2018.
2. Increase in Direct Tax collection by 34% after demonetisation.
3. Holding period for LTCG for Land & Building reduced to 2 years.
4. Carried forward of MAT Credit for 15 years instead of 10 years.
5. 5% tax exemption for companies having turnover below ₹ 50 crores.
6. 6% presumptive tax for turnover upto ₹ 2 crores.
7. No cash transaction above ₹ 3 Lakhs will be permitted.
8. Maximum Donation receivable from unknown source by pol party will be ₹ 2000.
9. Change in period of limitation for scrutiny assessment.
10. Income tax 5 % for income below ₹ 5 Lakhs. (Earlier it was 10%)
11. No tax for income upto ₹ 3 Lakhs.
12. 10% surcharge for assesse income between ₹ 50 Lakhs to ₹ 1 crores.
13. One page Income Tax return proposed.
We hope this years Budget brings relief to the common man of India.