All about India’s Union Budget 2017-18

India’s Union Budget 2017-18 – An Overview

The Union Budget 2017-18 of India has been presented by MoF Sh. Arun Jaitley in the Parliament, today (i.e. 1 Feb. 2017). This budget is being considered as a common man oriented budget as it proposes to reduce tax rate from 10% to 5% for income of Rs. 2.5 lac to 5 Lac.

Download PDF copy of Union Budget 2017-18

Key to Budget 2017 Documents

Budget 2017-18 Speech alongwith Tax proposals by FM Sh. Arun Jaitley

Budget 2017-18 At a Glance (Overview)

Key Features of Budget 2017-18 (Highlights)

Finance Bill 2017 (Proposals on Direct/ Indirect Taxes)

Memorandum to Finance Bill 2017

ICAI’s Highlights on Tax Proposals – Union Budget 2017-18

Direct Tax Proposals 

Indirect Tax Proposals

E-Flash “Amendments Proposed by The Finance Bill, 2017”

CBDT Circulars/ Notifications on Budget 2017

Salient Features of Direct Tax Proposals in Finance Bill 2017: CBDT Presss Release dt. 1 Feb. 2017

Video of Budget 2017 Speech by FM Shri Arun Jaitley

Highlights of Tax Proposals in Budget 2017-18

1. Surcharge of 10% for income ranging between Rs. 50 lakhs and Rs. 1 crore;

2. Income Tax rates reduced from 10% to 5% for income in teh slab of 2.5 lakhs to 5 lakhs;

3. Threshold limit for Tax Audit of entities under S. 44AD (Presumptive Taxation) increased to 2 crores;

4. Single/ One page Form of ITR for taxpayers with income upto 5 lakhs (except business income);

5. Basic custom duty on LNG reduced from 5% to 2.5%;

6. Cash donations of maximum Rs. 2,000 can be accepted by Political parties, from any one source;

7. Corporate tax rates for MSME/ Small companies reduced to 20% (cases where turnover is upto Rs. 50 crore);

8. Cash payments threshold limit u/s 40A(3) reduced to Rs. 10,000;

9. Ban on cash transactions above Rs. 3 lakhs as per SIT recommendations;

10. S. 44AD Presumptive income for digital receipts reduced to 6%, in line with previus Notification of CBDT;

11. Affordable housing gets infrastructure status;

12. majority of FDI proposed to be kept under automatic route (more than 90%);

13. Holding period for immovable property is reduced to 2 years for determining Long term Capital Gains;

14. Base year for calculating the capital gains to be taken as 2001 instead of existing 1981;

15. Carry forward of MAT Credit for 15 years instead of present 10 years.

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