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 Budget 2017 - Highlights

 

Budget 2017 is being presented by Hon'able Finance Minister Mr. Arun Jaitley today. Below are the major tax proposals in Finance Act 2017:

1.       Aadhar pay will be launched shortly.

2.       Long term capital asset in immovable property holding proposed to 2 years reduced from 3 years. Indexation to be considered for 01.04.2001.

3.       MAT credit carried forward for 15 years.

4.       Corporate Income tax rate reduced to 25% for companies having Annual turnover upto 50 crores.

5.       Basic custom duty to be reduced for certain goods.

 

6.       Presumptive taxation rate reduced to 6% for turnover via digital payments.

7.    No cash expense permitted over 3 lakh.

8.       Domestic Transfer pricing reduced

9.       Presumptive income audit limit increased to Rs. 2 crores.

10.     Income tax rate reduced to 5% from existing 10 % upto income between 2.5 lac to 5 lac.

11.       Rs. 12,500/- uniform benefit to all other tax tax payers.

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