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.
*Highlights of Union Buget 2017 - 2018*
*GST* - No changes in service tax & excise duty as GST draft will be launching soon
*Fiscal Deficit* - Seen at 3.2% (17-18) & 3% (18-19)
*Current Account Deficit* - 0.3% (16-17) 1st Half
*FDI Investments* - 1.45 Lakh Crores (16-17) 1st Half
*Farmer* - Double their income in 5 years
*Agriculture* - 10 Lac Crores credit
*MNREGA* - Allocation 48,000 Crores
*PM Gram Sadak Yojna* - Allocation 19,000 Crores
*Sr. Citizen* - 8% guaranteed pension for 10yrs by LIC of India scheme
*Rail Budget* - 1.31 Lakh Crores, New Railway Line of 3500 kms, No service charge on IRCTC Ticket booking
*Highway* - 67,000 Crores for National Highways
*Disinvestment* - Continue through ETF's and timely disinvestments of PSU's,
Target 72500 Crores
*Banking* - 10,000 Crores to PSU banks for Recapitalisation, Double landing targets to Bank 2.44 Lac Crores, 2.44 Lac Crores under mudra scheme
*Total Expenditure* - Estimated at 21.47 Lac Crores
*Defence Expenditure* - 2.74 Lakh Crores excluding Pension
*Income Tax* - Companies turnover less than 50 Crores will pay 5% less tax, Effective
*Infra* - Insurance company has to invest 25% in Infra bonds
Regards
Team JSRA
No comments:
Post a Comment