Budget - Quick review

[CS Swati Dodhi]

*BUDGET 2017 AT GLANCE*

1) Base Year for Capital Gain shifted to 2001 from 1981. For Immovable Property LTCG will be treated if Holding period > 2 yrs 

2) MAT credit can be carried forward to 15 yrs

3) Companies whose annual turnover is below 50 crore : Income tax @ 25%

4) Tax @ 6% u/s 44AD for Non Cash Transaction

5) Allowability of Cash expenditure per day is reduced to 10K from 20K

6) Maximum cash donation receivable by political party from one source at ₹ 2,000
 
7) 44AA: limit of turover increased from 10Lakh to 25Lakhs, Limit of profit from 1.2 Lakhs profit to 2.5 lakhs

8) Individual Tax: 
2.5 lakshs to 5 Lakhs Tax @ 5%
 
9) Rebate of 2500 only till 3.5 Lakhs Income

10) To levy surcharge of 10% on income between ₹ 50 lakh-1 crore

11) Any Transaction in Cash cannot be made for more than 3lakh

12) FIPB abolished. Welcome move for Foreign Investment in India

13) Provision of 10Lakh Crore for Proving Credit to Farmers

14) Other Benefits for Farmers Soil Health Card to farmers, Micro Irrigation Fund will be setup, 75 Lakh Subsidy for setting up Packing Grading Facility,