Union Budget 2017-18, Indian Budget, Budget Highlights: Banknet India



Indian Union Budget 2017-18

Union finance minister Arun Jaitley on 1st February 2017 announced the Indian Union Budget 2017-18 in the parliament.

Here are Tax related highlights of Union Budget 2017-18 :


*Existing rate of tax for individuals between Rs. 2.5- Rs 5 lakh reduced to 5% from 10%

*All other categories of tax payers in subsequent brackets will get benefit of Rs 12,500.

*Simple one page return for people with annual income of Rs. 5 lakh other than business income.

*People filing I-T returns for the first time will not come under govt. scrutiny.

*10% surcharge on individual income above Rs. 50 lakh and up to Rs 1 crore to make up for Rs 15,000 crore loss due to cut in personal I-T rate. 15 surcharge on individual income above Rs. 1 crore to remain.

*Holding period for long term capital gain lowered to 2 years

*Propose to have carry-forward of MAT for 15 years.

*Capital gains tax to be exempted for persons holding land from which land was pooled for creation of state capital of Telangana.

*Corporate tax: In order to make MSME companies more viable, propose to reduce tax for small companies of turnover of up to Rs 50 crore to 25%. About 67 lakh companies fall in this category. 96% of companies to get this benefit.

*Propose to reduce basic customs duty for LNG to 2.5% from 5%

*SIT on black money suggested no cash transactions of more than Rs 3 lakh. Govt has accepted this proposal.

*Income Tax Act to be amended. No transaction above Rs 3 lakh to be permitted in cash.

*Limit of cash donation by charitable trust reduced to Rs 2,000 from Rs 10,000.

Indian Economic Survey 2016-17 Highlights .... Read here

BUDGET RELATED SECTIONS -

Budget Main
Budget Basics
Budget Glossary
Economic Survey
Budget Updates


PREVIOUS BUDGETS

Indian Union Budget 2014-15 .... Click here
Indian Union Budget 2013-14 .... Click here
Indian Union Budget 2012-13 .... Click here
Indian Union Budget 2011-12 .... Click here
Indian Union Budget 2010-11 .... Click here
Indian Union Budget 2009-10 .... Click here
Indian Union Budget 2008-09 .... Click here
Indian Union Budget 2007-08 .... Click here
Indian Union Budget 2006-07 .... Click here
Indian Union Budget 2005-06 .... Click here
Indian Union Budget 2004-05 .... Click here