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Major Highlights of Union Budget 2017

Budget-2017

Major Highlights of Union Budget 2017:

1. Total Budget of ₹ 21.47 Lakhs crores for 2017-2018.
2. Increase in Direct Tax collection by 34% after demonetisation.
3. Holding period for LTCG for Land & Building reduced to 2 years.
4. Carried forward of MAT Credit for 15 years instead of 10 years.
5. 5% tax exemption for companies having turnover below ₹ 50 crores.
6. 6% presumptive tax for turnover upto ₹ 2 crores.
7. No cash transaction above ₹ 3 Lakhs will be permitted.
8. Maximum Donation receivable from unknown source by pol party will be ₹ 2k.
9. Change in period of limitation for scrutiny assessment.
10. 5 % tax for income below ₹ 5 Lakhs.
11. No tax for income upto ₹ 3 Lakhs.
12. 10% surcharge for assesse income between ₹ 50 Lakhs to ₹ 1 crores.
13. One page Income Tax return proposed.
14. No major changes for Indirect taxes due to GST implementation.

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