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Union Budget 2017 - Highlights
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Target for agricultural credit in 2017-18 has been fixed at a record level of Rs.
10 lakh crores.
Allocation to Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) to
be the highest ever, at Rs. 48,000 crores in 2017-18.
The holding period for computing long term capital gains from transfer of immovable
property has been reduced from 3 years to 2 years. Also, the base year for indexation
is proposed to be shifted from 1.4.1981 to 1.4.2001 for all classes of assets including
immovable property.
Direct Tax:
• Income up to Rs. 2.5 Lakh – NIL Tax
• Income between Rs. 2.51 Lakh – Rs. 5 Lakh - 5% (reduced from 10%)
• Income between Rs. 5 Lakh – Rs. 10 Lakh - 20% (unchanged)
• Over Rs. 10 Lakh – 30% (unchanged)
• Income above Rs. 50 Lakh to Rs. 1 Crore - 10% surcharge
• All incomes above Rs. 5 Lakh are entitled for a rebate of Rs. 12,500
In order to make MSME companies more viable, income tax for companies with annual
turnover up to Rs. 50 crores is reduced from 30% to 25%.
Under scheme of presumptive income for small and medium tax payers whose turnover
is up to 2 crores, the present, 8% of their turnover which is counted as presumptive
income is reduced to 6% in respect of turnover which is by non-cash means.
Affordable housing has been given infrastructure status.
The total capital and development expenditure of Railways for 2017-2018 has been
pegged at Rs. 1,31,000 crores. This includes Rs. 55,000 crores provided by the Government.
Threshold limit for audit of business entities that opt for presumptive income scheme
is increased from Rs. 1 Crore to Rs. 2 crores. Similarly, the threshold for maintenance
of books for individuals and HUF increased from turnover of Rs. 10 Lakh to Rs. 25
Lakh or income from Rs. 1.2 Lakh to Rs. 2.5 Lakh.
No transaction above Rs. 3 lakh would be permitted in cash, subject to certain exceptions.
MAT credit is allowed to be carried forward up to a period of 15 years instead of
10 years at present.
There has been an increase in excise duty on various lengths of cigarettes from,
2.5% to 6%.
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Warm Regards,
Team StockAxis
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