Here are the key highlights from the Budget 2017
– Income tax rate from 10% to 5% for tax slab of Rs 250,000 to Rs 500,000.
– Surcharge of 10% for those whose annual income is Rs 50 lakh to 1 crore.
– 15% surcharge on incomes above Rs 1 crore to continue.
– Small firms with turnover up to Rs 50 crore to pay 25% tax now, instead of 30%
– Rebate U/s 87A proposed to reduced to Rs. 2500 and will be available only 4 Taxpayer having Income upto Rs. 3.5Lakh
– One page simple form for tax return form for those with income less than Rs 5 lakh
– No cash transaction above Rs 3 lakh allowed
– Presumptive Income Scheme proposed to be extended for Turnover up to Rs. 2 Crore
– Carry forward of MAT credit increased to 15 years as opposed to 10 years
– Capital Gains Tax holding period reduced from 3 years to 2 years for real estate.
– Indexation base year shifted to 1-4-2001 for capital gains.
– Maximum cash donation any party can receive will be Rs 2000 from one source.
– 500 rail stations to be made differently abled-friendly by providing lifts and escalators.
– Foreign investment promotion board (FIPB) to be abolished.
– Service charge on rail tickets booked through IRCTC to be withdrawn.
– Allocation under MNREGA increased to 48,000 crore from Rs 38,500 crore. This is highest ever allocation