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Union budget 2017-18 was presented on 1st February, 2017. These changes will be effective from 1st April, 2018. Here are the budget highlights:
Change in Slab Tax Rate:
Ay 2016-17
AY 2017-18
Rs. 2.5 Lakh to Rs. 5 Lakh – 10%
Rs. 2.5 Lakh to Rs. 5 Lakh – 5%
Changes in Surcharge:
Ay 2016-17
AY 2017-18
Surcharge: 15% for Income greater than Rs. 1 Crore
Surcharge: 10% for Income between
Rs. 50 Lacs and Rs. 1 Crore
Surcharge: 15% for Income greater than Rs. 1 Crore
Change in Rebate:
Ay 2016-17
AY 2017-18
Rs. 5000 in income is below Rs. 5 Lakhs
Rs. 2500 if income is below Rs. 3.5 Lakhs
For presumptive taxation scheme, income from business will be calculated at 6% of turnover or gross receipt (Non cash transactions only) instead of 8%.
Tax rates are reducible from 30% to 25% for small and medium scale companies (SMEs) having turnover below Rs. 50 crores.
Simple one page ITR Form for people with annual income of Rs. 5 lakh other than business income.
In case of Long Term Immovable Assets (Land & Building), holding period of the asset has been reduced from 3 years to 2 years.
For Indexation benefit on Long Term Capital Gains, base year will be considered as 2001 instead of 1981.
Political parties can accept maximum upto Rs. 2000 in cash donations from a single person. This implies that an individual would not be able to make an anonymous donation in cash to political parties beyond Rs. 2000
To expedite tax return processing, revision period allowed has been reduced to 12 months from the end of the financial year.
For startups the profit linked deductions available will be for 3 years out of 7 years instead of 3 years out of 5 years.
Threshold limit for maintaining books of accounts for business has been increased from Rs. 10 Lakhs to Rs. 25 Lakhs, and for professionals it has been increased from Rs. 1.2 Lakhs to Rs. 2.5 Lakhs.
For those taxpayers who are filing for the first time will be exempt from scrutiny assessment.
Any cash transactions of Rs. 3 lakhs or above is subject to banning. The finance Minister proposed the framing of an act to declare such transaction as illegal and punishable under law.
