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Wednesday, 1 February 2017

Budget 2017 Update

Budget 2017 Update

Income of Rs. 2.5 lakh to Rs. 5 lakh to be taxed at 5%

Latest Update of Budget 2017 –
Finance Minster Jaitley addressing the parliament,

“The present burden of taxation is on salaried employees. Therefore, post-demonetisation this class expects a reduction their burden of taxation.”

Income between Rs. 2.5 lakh – Rs. 5 lakh to be taxed at 5 per cent.

“If nominal rate of taxation is kept at a lower slab, more people will come into the tax net.”

All other categories of taxpayers in subsequent brackets will get benefit of Rs 12,500.

Surcharge of 10 per cent to be levied on persons earning between Rs. 50 lakh to Rs. 1 crore.

A person filing returns for the first time will not be subject to scrutiny. The SIT on black money has decided that no transaction above Rs. 3 lakh should be permitted in cash.

Mr. Jaitley begins speaking about transparency in funding political parties.

“Maximum amount of cash donation from one source will be limited to Rs. 2,000. Politcal parties will be entitled to receive donations by cheque or digital mode from donors.”

Amendment in RBI Act proposed to enable issuance of electoral bonds.”

“Tax to be levied for unoccupied houses a year after getting completion certificate. Capital Gains Tax holding period reduced from 3 years to 2 years for real estate.”

“Capital Gains tax exemption for people involved in land pooling mechanism for the creation of Andhra Pradesh’s capital city.” “IT exemption for startups.”

“Allowance for NPAs in banks to be increased from 7.5 per cent to 8.5 per cent.”

LIC Housing Finance (up 1.44%),
HDFC (up 1.03%), Dewan Housing Finance (up 1.16%), Can Fin Homes (up 2.47%) and
PNB Housing Finance (up 1.15%) all gain ground after

Finance Minister Arun Jaitley gives infrastructure status to affordable housing segment. Infrastructure status will give access to easier and cheaper credit facilities.

Rs. 1,31,000 crore has been budgeted for Railways for capital expenditure in 2017-18, including Rs. 51,000 crore from the government, says Mr. Jaitley, moving to the Railways portion of the Budget.

Net revenue loss in direct tax could be Rs 20,000 crore.

“When my aim is right, when my goal is in sight, my winds favour me and I fly,” says Mr. Jaitley ending his Budget speech.
The Finance Minister tables the Budget 2017-18. The Minister introduces the Finance Bill. The House is adjourned till Friday. Prime Minister Narendra Modi says: “The Finance Minister has presented an ‘Uttam’ Budget, devoted to strengthening the hands of the poor. The merger of the Railway Budget with the general Budget will give an impetus to the transport sector’s growth. The aim of the government is to double the income of farmers. This Budget is yet again devoted to the well being of the villages, farmers and the poor. Special emphasis has been given on women empowerment in the Budget. The housing sector stands to gain immensely; The commitment to eliminate corruption and black money is reflected. This Budget will help small businesses to become competitive in the global market.”

ighlights of Budget 2017 in Personal Income Tax Front

Highlights of Budget 2017 in Personal Income Tax Front

Except 5% reduction in Income Tax in respect of Income coming under Income Slab between Rs. 2.5 lakh to Rs. 5.0 lakh no major changes have been effected in Budget presented on 1st February 2017 Finance Minister Arun Jaitley presented the Union Budget 2017, his fourth annual budget, today.
Here are the highlights of this year’s budget in personal Income Tax Front Income Tax rate cut to

5 % for individuals having income between Rs 2.5 lakh to Rs 5 lakh

10 % surcharge on individual income above Rs 50 lakh and

upto Rs 1 cr to make up for Rs 15,000 cr loss of due to cut in personal I-T rate 15 %

surcharge on income above Rs 1 cr to continue

No change in Deductions under Section 80 C which is presently Rs.1.5 lakh

No change in Deduction on Interest on House Property which is presently Rs. 2.0 lakh

Source: Economic Times

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