Some highlights from the Budget Speech
1. Total expenditure 21.47 Lakhs crores
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 Rs 50 crores.
6. No cash transaction above Rs. 3 Lakhs will be permitted.
7. Maximum Donation receivable from unknown source by pol party will be Rs 2000.00
8. Change in period of limitation for scrutiny assessment.
9. The tax rate for the slae between Rs 2.5 lakhs and Rs. 5 Lakhs has been reduced to 5%
10. 10% surcharge for assesse income between Rs 50 Lakhs toRs 1 crores.
11. Simple One page Income Tax return proposed.
12. IRCTC to be listed
13. Corporate tax for small corporates - MSME with turnover upto Rs 50 crores will be 25%
14. People not filing taxes for the first time will not be subject to scrutiny
15. Huge focus on infrastructure spending and poverty alleviation
16 Base Year for indexation now 2001 instead of 1981 for long term capital gains
17. Capital gains period for real estate reduced to 2 years
18. Fiscal deficit contained - at 3.2% of GDP
15. Huge focus on infrastructure spending and poverty alleviation
16 Base Year for indexation now 2001 instead of 1981 for long term capital gains
17. Capital gains period for real estate reduced to 2 years
18. Fiscal deficit contained - at 3.2% of GDP
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