BUDGET 2017 AT GLANCE
Base Year for Capital Gain shifted to 2001 from 1981
MAT credit can be carried forward to 15 yrs
Companies whose annual turnover is below 50 crore : Income tax @ 25%
Tax @ 6% u/s 44AD for Non Cash Transaction
Allowability of Cash expenditure per day is reduced to 10K from 20K
Maximum cash donation receivable by political party from one source at Rs 2,000
44AA: limit of turover increased from 10Lakh to 25Lakhs, Limit of profit from 1.2 Lakhs profit to 2.5 lakhs
Individual Tax:
2.5 lakshs to 5 Lakhs Tax @ 5%
Rebate of 2500 only till 3.5 Lakhs Income
To levy surcharge of 10% on income between Rs 50 lakh-1 crore
Base Year for Capital Gain shifted to 2001 from 1981
MAT credit can be carried forward to 15 yrs
Companies whose annual turnover is below 50 crore : Income tax @ 25%
Tax @ 6% u/s 44AD for Non Cash Transaction
Allowability of Cash expenditure per day is reduced to 10K from 20K
Maximum cash donation receivable by political party from one source at Rs 2,000
44AA: limit of turover increased from 10Lakh to 25Lakhs, Limit of profit from 1.2 Lakhs profit to 2.5 lakhs
Individual Tax:
2.5 lakshs to 5 Lakhs Tax @ 5%
Rebate of 2500 only till 3.5 Lakhs Income
To levy surcharge of 10% on income between Rs 50 lakh-1 crore
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