Important changes of Budget 2017, effective from 01st April 2017     Key Features of BUDGET 2017     Budget 2017 - Highlights     After liberal concessions by Centre, GST council inks breakthrough, new tax regime roll-out on July 1     I-T Dept to keep record of deposits over Rs 2 lakh     IT Department changes PAN rules for automobile sales above Rs 2 lakh     GST Council meet: 14% revenue growth assumed for states     Submit monthly data of appeals disposed of: CBDT to officers     GST: The ride just got better for logistics     Adoption of GST poised to boost India's medium-term growth: IMF     GST Network operating expenses to be funded by user fee     GST rate of 18% to have short-lived impact on inflation, says RBI     GST Council: Tax exemption threshold fixed at Rs 20 lakh     GST Council consensus emerging on April 1, 2017 rollout, Rs 25 lakh threshold     Recommended 7-year tax holiday for start-ups: Sitharaman     Centre may have to re-notify GST Constitutional Amendment Act; here’s why     Rules may be eased for banks and NBFCs under GST     GST bill now a law, President Pranab Mukherjee gives assent to the constitutional amendment bill     GST will unleash significant economic activity: Barack Obama     Due Dates for the Month of September 2017     RuPay debit cards to gain from small finance banks     Barring five all petroleum items under GST regime     Sebi relaxes restrictions on more than 200 entities      Important Amendments effective from 01.06.2016    

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 Budget 2017 - Highlights

 

Budget 2017 is being presented by Hon'able Finance Minister Mr. Arun Jaitley today. Below are the major tax proposals in Finance Act 2017:

1.       Aadhar pay will be launched shortly.

2.       Long term capital asset in immovable property holding proposed to 2 years reduced from 3 years. Indexation to be considered for 01.04.2001.

3.       MAT credit carried forward for 15 years.

4.       Corporate Income tax rate reduced to 25% for companies having Annual turnover upto 50 crores.

5.       Basic custom duty to be reduced for certain goods.

 

6.       Presumptive taxation rate reduced to 6% for turnover via digital payments.

7.    No cash expense permitted over 3 lakh.

8.       Domestic Transfer pricing reduced

9.       Presumptive income audit limit increased to Rs. 2 crores.

10.     Income tax rate reduced to 5% from existing 10 % upto income between 2.5 lac to 5 lac.

11.       Rs. 12,500/- uniform benefit to all other tax tax payers.

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