TMI BlogBudget - one to all.X X X X Extracts X X X X X X X X Extracts X X X X ..... Budget - one to all. - By: - CS Swati Dodhi - Budget - 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 ind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ividual tax rates *Capital Gains * Immovable properties to be long term after 2 years (instead of 3 years now) Base year for indexation moved to 1.4.2001 instead of 1.4.1981 *Business* Income to be presumed at 6% of non-cash turnover for assessees having turnover upto ₹ 2 crores. Lower corporate tax rate of 25% for COMPANIES having annual turnover less than 50 Crores Carry forwar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d of losses allowed to startups even on change of shareholdings Profits of startups exempted for 3 years out of 7 years (instead of 3 out of 5 earlier) C/f of MAT Credit allowed for 15 years from 10 years earlier. TDS on commission to insurance agents 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 ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sis. 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) reduced to ₹ 10,000 Charitable d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onation to be limited to ₹ 2000. Also applicable for political parties. *Returns and asstt* 1 page return form for assessees having income upto ₹ 5 lakhs No scrutiny for first time tax return filers (subject to no adverse report) Time period for scrutiny to 18 months from 21 months for AY 18-19. To be further reduced to 12 months from AY 19-20. *Indirect Taxes* No changes p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roposed in Excise and Service tax considering imminent repealing of the same. Customs duty on LNG reduced. Duties on POS, finger print scanner, etc. removed to encourage digital participation. - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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