Budget 2017-18 -Key Highlights
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- Finance Bill proposes ban on cash transactions above 3 lakhs
- 2001 shall be the base year for calculating the capital gains instead of existing 1981.
- Capital Gains: Holding period for immovable property is reduced to 2 years
- Presumptive income under Section 44AD for digital receipts is reduced to 6%
- Govt. proposes carry forward of MAT Credit for a period of 15 years instead of 10 years
- Govt. proposes levy of surcharge of 10% for income between Rs. 50 lakhs and Rs. 1 crores
- Service charge on IRCTC ticket booking will be removed
- For senior citizens, adhaar based smart card containing their health details will be introduced
- Jaitley proposes changes in Profit linked deduction for affordable housing scheme
- Govt. intending to amend Negotiable Instrument Act to help quick realization in case of dishonored cheques
- To promote digital economy, FM proposes two new schemes to promote BHIM application
- One page ITR form to be introduced for taxpayers with taxable income of up to 5 lakhs except business income: FM
- Persons filing returns for the first time will not be subject to scrutiny, unless specific information is available with the Dept.: FM
- No major changes proposed in existing regime of indirect taxation: FM
- FM proposed no change in Exemption limit but reduces tax rate to 5% for income between 2.5 lac to 5 lacs
- Threshold limit for audit of entities opting for presumptive taxation under Section 44AD is increased to 2 crores
- FM proposes to reduce basic customs duty on LNG from 5% to 2.5% in 2017-18
- Corporate tax rates for small companies with turnover of up to Rs. 50 crore is reduced to 20%: FM
- Capital gains tax to be exempted for the land acquired for creation of Telangana: Arun Jaitley
- Threshold limit under Section 40A(3) for payment of expenses in cash is reduced to Rs. 10,000: FM
- To end the controversy, amendment is proposed that income on NPA Accounts will be recognized on receipt basis instead of accrual basis
- Capital gain tax under Joint Development Agreement to be levied in a year of completion: FM
- Finance Minister proposed to reduce tax rate by 5% for SMEs with annual turnover of up to 50 crores
- Govt. proposes to extended facility of Concessional withholding rates on interest payable to foreign entities
- The maximum amount of cash donation for political party will be Rs. 2,000 from any one source.
- Political parties will be entitled to receive donations by cheques or digital modes.
- IRCTC, IRFC, IRCON to be listed in stock exchanges
- More than 90% of FDI are proposed under automatic route
- Draft bill to curb illegal deposit shall be proposed in current budget session
- Rs. 500 crores allocated to set up Mahila Shakti Kendras
- A dedicated fund to be set up by NABARD with corpus of Rs. 5,000 crore to assure market prices to the farmers for their produce
- 48000 crore allocated to MGNREGA Scheme.
- Affordable housing will be given infrastructure status:
- SANKALP programme will be introduced for skill development and training of 1 crore youth
- Govt. will create ‘Passenger Safety Sanraksha kosh’ for safety of Railways passengers with corpus of Rs. 1 lakh crores