Major Highlights of Union Budget 2017

1.   Total Budget of ₹ 21.47 Lakhs crores for 2017-2018.

2.   Increase in Direct Tax collection by 34% after demonetisation.

3.   Holding period for LTCG for Land & Building reduced to 2 years.

4.   Carried forward of MAT Credit for 15 years instead of 10 years.

5.   5% tax exemption for companies having turnover below ₹ 50 crores.

6.   6% presumptive tax for turnover upto ₹ 2 crores.

7.   No cash transaction above ₹ 3 Lakhs will be permitted.

8.   Maximum Donation receivable from unknown source by pol party will be ₹ 2k.

9.   Change in period of limitation for scrutiny assessment.

10.  5 % tax for income below ₹ 5 Lakhs.

11.  No tax for income upto ₹ 3 Lakhs.

12.  10% surcharge for assesse income between ₹ 50 Lakhs to ₹ 1 crores.

13.  One page Income Tax return proposed.

14.  No major changes for Indirect taxes due to GST implementation.

Union Budget 2017