The Finance Bill 2017 was introduced today, 1st February 2017, in Parliament. A copy of the Finance Bill 2017, together with the key highlights, speech of the Hon’ble Finance Minister and the Explanatory Memorandum, is available for download <\/p>\n
Major Highlights of Union Budget 2017:<\/p>\n
– Total Budget of Rs. 21.47 Lakh crores for 2017-2018.
\n– Increase in Direct Tax collection by 34% after demonetization.
\n– Holding period for LTCG for Land & Building reduced to 2 years.
\n– Carried forward of MAT Credit for 15 years instead of 10 years.
\n– 5% tax exemption for companies having turnover below Rs. 50 crores.
\n– 6% presumptive tax for turnover upto Rs. 2 crores.
\n– No cash transaction above Rs. 3 Lakh will be permitted.
\n– Maximum Donation receivable from unknown source by political party will be Rs. 2000.
\n– Change in period of limitation for scrutiny assessment.
\n– 5 % tax for income below Rs. 5 Lakh.
\n– No tax for income upto Rs 3 Lakh.
\n– 10% surcharge for Assessed income between Rs. 50 Lakh to Rs. 1 crores.
\n– One page Income Tax return proposed.
\n– No major changes for Indirect taxes due to GST implementation.<\/p>\n
\nPeople filing I-T returns for the first time will not come under govt. scrutiny for the first year : FM @arunjaitley<\/a> #BudgetforBetterIndia<\/a><\/p>\n
— Ministry of Finance (@FinMinIndia) February 1, 2017<\/a><\/p><\/blockquote>\n