The Finance Bill 2017 was introduced today, 1st February 2017, in Parliament. A copy of the Finance Bill 2017, together with the key highlights, speech of the Hon’ble Finance Minister and the Explanatory Memorandum, is available for download
Major Highlights of Union Budget 2017:
– Total Budget of Rs. 21.47 Lakh crores for 2017-2018.
– Increase in Direct Tax collection by 34% after demonetization.
– Holding period for LTCG for Land & Building reduced to 2 years.
– Carried forward of MAT Credit for 15 years instead of 10 years.
– 5% tax exemption for companies having turnover below Rs. 50 crores.
– 6% presumptive tax for turnover upto Rs. 2 crores.
– No cash transaction above Rs. 3 Lakh will be permitted.
– Maximum Donation receivable from unknown source by political party will be Rs. 2000.
– Change in period of limitation for scrutiny assessment.
– 5 % tax for income below Rs. 5 Lakh.
– No tax for income upto Rs 3 Lakh.
– 10% surcharge for Assessed income between Rs. 50 Lakh to Rs. 1 crores.
– One page Income Tax return proposed.
– No major changes for Indirect taxes due to GST implementation.
People filing I-T returns for the first time will not come under govt. scrutiny for the first year : FM @arunjaitley #BudgetforBetterIndia
— Ministry of Finance (@FinMinIndia) February 1, 2017
Some key figures fromBudget 2017-18 #BudgetForBetterIndia pic.twitter.com/22lheYwSmC
— Ministry of Finance (@FinMinIndia) February 1, 2017
[…] K. C. Singhal, former Vice President of the ITAT, has opined that certain provisions in the Finance Bill 2017 are unjustified and have the potential to cause immense hardhip to taxpayers. The learned author […]