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In order to make MSME companies more viable income tax for smaller companies with annual turnover upto ₹ 50 Crore is reduced to 25

Budget - Dated:- 1-2-2017 - Press Information Bureau Government of India Ministry of Finance 01-February-2017 14:27 IST Government allows carry forward of minimum alternate tax (mat) upto a period of 15 years instead of 10 years To give boost to banking sector, allowable provision for non performing asset increased from 7.5 % to 8.5% The basic customs duty on LNG reduced from 5% to 2.5%. Presenting the General Budget 2017-18 in Parliament today, the Union Minister for Finance and Corporate Affai .....

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tive as compared to large companies. The revenue forgone estimate for this measure is expected to be ₹ 7,200 crore per annum. The Union Finance and Corporate Affairs Minister Shri Arun Jaitley said it is not practical to remove or reduce MAT at present. However, in order to allow companies to use MAT credit in future years, he proposed to allow carry forward of MAT upto a period of 15 years instead of 10 years at present. Minimum Alternate Tax is at present levied as an advance tax. Althou .....

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ings or in bonds and Government securities. This concession is available till 30.6.2017. The Finance Minister proposed to extend it to 30.6.2020. This benefit is also extended to Rupee Denominated (Masala) Bonds. The Government gave income tax exemptions to Start-Ups with certain conditions last year. For the purpose of carry forward of losses in respect of such Start-Ups, the condition of continuous holding of 51% of voting rights has been relaxed subject to the condition that the holding of th .....

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