Budget 2017 - 18 : No tax for income upto Rs. 3 Lakhs...!

The Union Minister for Finance and Corporate Affairs, Mr. Arun Jaitley while presenting the General Budget 2017-18 in Parliament today said that the present burden of taxation is mainly on honest tax payers & salaried employees who are showing their income correctly. 

He said that the central government is trying to bring within tax-net more people who are evading taxes. In this direction, the Finance Minister Mr. Jaitly has reduced the Income Tax rate from 10% to 5% for small taxpayers. 

* First slab for individual reduced to 5 % tax for income below Rs. 5 Lakhs.

* No tax for income upto ₹ 3,00,000 (Rs.3 Lakhs).

* Holding period for LTCG for Land & Property / Building reduced from three years (3) to two (2) years.

*  10% surcharge for assesse income between Rs. 50 Lakhs to Rs. 1 crores.

*  One page Income Tax return proposed for income upto 5 lacs.

* No scrutiny for 1st year ITR for new assesee

Carried forward of MAT Credit for 15 years instead of 10 years.

 25% tax for companies having turnover below ₹ 50 crores.

6% presumptive tax for turnover upto ₹ 2 crores on turnover other than cash.

No cash transaction above ₹ 3 Lakhs will be permitted.

Maximum Donation receivable from unknown source by politcical party will be Rs. 2,000

Change in period of limitation for scrutiny assessment.

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