Big Annoucments in Busget 2017 fpr Individual and Corporates

For Individual the big annoucements in union budget 2017 are as follows.

1- The maximum amount of cash donation for political party will be Rs. 2,000 from any one source

2- FM proposes to reduce basic customs duty on LNG from 5% to 2.5% in 2017-18

3- Finance Bill proposes ban on cash transactions above 3 lakhs

4- 2001 shall be the base year for calculating the capital gains instead of existing 1981

5- Capital Gains: Holding period for immovable property is reduced to 2 years

6- Service Charge on IRCTC ticket booking will be removed

7- Finance Bill proposes ban on cash transactions above 3 lakhs

8- Capital gains tax to be exempted for the land acquired for creation of Telangana

9- Govt. proposes levy of surcharge of 10% for income between Rs. 50 lakhs and Rs. 1 crores

10- FM proposed no change in Exemption limit but reduces tax rate to 5% for income between 2.5 lac to 5 lacs

11- Threshold limit for audit of entities opting for presumptive taxation under Section 44AD is increased to 2 crores

12- Presumptive income under Section 44AD for digital receipts is reduced to 6%

13- Capital gain tax under Joint Development Agreement to be levied in a year of completion

Big Annoucments in Busget 2017 fpr Individual and Corporates

For Corporates the big annoucements are as under.

1- Jaitley proposes changes in Profit linked deduction for affordable housing scheme

2- Threshold limit under Section 40A(3) for payment of expenses in cash is reduced to Rs. 10,000

3- Corporate tax rates for small companies with turnover of up to Rs. 50 crore is reduced to 20%

4- Govt. proposes to extended facility of Concessional withholding rates on interest payable to foreign entities

5- Govt. proposes carry forward of MAT Credit for a period of 15 years instead of 10 years