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Finance Minister announces several measures for revenue mobilization in the General Budget 2017-18 along with a reduction in tax rates for small tax payers

Budget - Dated:- 1-2-2017 - In a major relief to small taxpayer and to bring more people in the tax net, the Union Finance Minister Shri Arun Jaitly announced a reduction in tax rates from 10 per cent to 5 per cent for individual income between ₹ 2.5 to 5 lakhs. The total amount of tax foregone on account of this measure is expected to be ₹ 15,500 crores. So the Finance Minister also announced several revenue mobilization measures in the Budget 2017-18. While presenting the General B .....

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ily (HUF) and firms. II. Widen the scope of Section 56 of the Income-tax Act to provide that any money, immovable property or specified movable property received without consideration or with inadequate consideration, by any person, subject to certain exemption and exceptions, shall be taxable if its value exceeds ₹ 50000. III. In case of transfer of unquoted equity shares, where the fair market value, determined in the prescribed manner is less than the consideration received, such fair m .....

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