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Salient Features of Direct Tax Proposals in Union Budget 2017

Budget - Dated:- 1-2-2017 - Press Information Bureau Government of India Ministry of Finance 01-February-2017 16:37 IST The Union Budget 2017 was laid before the Parliament today by the Hon ble Finance Minister of India. The salient features of Direct Tax proposals are summarised below: I. Affordable Housing: 1. Three concessions in the scheme of Income Tax exemption for affordable housing: (a) Area of 30 and 60 Sq.mtr. to be counted as carpet area and not built-up area; (b) 30 Sq.mtr. only in 4 .....

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4.1981 to 1.4.2001 for all classes of assets including immovable property. 4. Basket of financial instrument in which capital gain can be invested without payment of tax to be expanded. 5. For joint development agreement, the liability to pay capital gain tax will arise in the year in which project is completed. 6. For Andhra Pradesh capital, land belonging to owners as on 2.6.2014 to be exempted from capital gain if the same is offered under land-pooling mechanism. II. Measures for stimulating .....

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ment instead of 3 out of 5 years 3. The period of carry forward of MAT/AMT credit increased from 10 years to 15 years. 4. The corporate income tax to be reduced from 30% to 25% for companies with turnover upto ₹ 50 crore in 2015-16. This will benefit 96% of existing 6.67 lakh companies. This will result into tax saving of 16.67% for these companies. 5. Deduction for provision for NPA of Banks to be increased from to 8.5% instead of 7.5% of profit. 6. In case of NPA of non-scheduled coopera .....

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cash donation to political parties from one person limited to ₹ 2,000/-. 2. Electoral Bond to be introduced for facilitating donation to political parties from explained sources. 3. Political parties to file their return in time limit prescribed in the Income Tax Act. V. Ease of Doing Business: 1. Domestic transfer pricing to be applied only if one of the two companies enjoys specified profit-linked deduction. 2. The audit limit for business entities opting for presumptive scheme to be in .....

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