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Budget - one to all.

Budget - By: - CS Swati Dodhi - Dated:- 2-2-2017 - Quick brief of today s budget speech by our FM Arun Jaitley *Personal Taxation* Tax for Income 2.5 lakh to 5 lakh reduced to 5% instead of 10% Rebate u/s 87A restricted to ₹ 2,500 Surcharge of 10% on assessees having income greater than ₹ 50 lakhs but less than ₹ 1 crores No other changes in individual tax rates *Capital Gains * Immovable properties to be long term after 2 years (instead of 3 years now) Base year for indexation .....

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ents exempt Banks allowed NPA provision upto 8.5% from 7.5%. Non-scheduled banks allowed to tax interest from NPAs on receipt basis on accrual basis. Builders of immovable properties to be allowed breathing period of 1 year for payment of income on notional value of rent. Lower tax rates on interest payable to foreign entities to continue till 2020. *Cash Transactions * Cash transactions above ₹ 3 lakhs prohibited. Provisions to be introduced in Income Tax Act Cash limit under 40A(3) reduc .....

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