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.