CA Nitin Pathak:BUDGET 2017 HIGHLIGHTS: Finance Bill, Budget Highlights, FM's Speech & Key Highlights

Finance Bill
Budget Highlights
Key Highlights
Finance Speech

 Dear Friends,

BUDGET 2017 HIGHLIGHTS

• War against Black Money
• The information gather for cash deposition during demonization period is going to be used to enhance the Tax Collection
• There will be  accountability of tax official for omission or mistake
• Individual Tax:  from Rs. 2.5 lakhs-Rs 5 Lakhs Tax @ 5%
• Rebate U/s 87A of Rs.2500 only till Rs. 3.5 Lakhs Income
• To levy surcharge of 10% on income between Rs 50 lakh-1crore
• Companies whose annual turnover is below 50 crore  & Startup Company : Income tax @ 25%
• Capital gains for long term for immovable property is reduced to 2 years from 3 years 
• Base Year for Capital Gain shifted to 2001 from 1981
• Cash donation limit to charitable trust reduced to ₹2000 from ₹10000
• MAT credit to be carried forward to 15 years from current 10 years 
• Presumptive tax for Small traders u/s 44AD :Turnover increased from ₹1 crore to ₹2crore. There will be two type of receipt: 1.Banking channel rate 6 % 2. Other than banking channel 8  %/ 
• 44AA: limit of turover increased from 10Lakh to 25Lakhs, Limit of profit from 1.2 Lakhs profit to 2.5 lakhs
• Allowability of Cash expenditure per day is reduced to 10K from 20K u/s 40A(3)
• No Political Donation More than  ₹2000 qua each party. Income tax Return by Political party is compulsory ,otherwise exemption will be loss.
• RBI Bond for Political Party will be floated shortly
• Domestic Transfer Pricing is applicable for "Relative party Transaction" Only
• Revised IT Return time is reduce to 12 Month from filing of original return
• Scrutiny completion period is reduce to 12 Month
• No cash transaction to be allowed above ₹3 lakh 
• Upto 50 lakhs professional receipt only one installment of advance tax
• Single page form for income below Rs.5.00 lakh
• GST finalization done. 
• CBEC to facilitate GST implementation on time. 
• No change in current excise ST and custom & other rates as GST to be set in soon from 1st July. 

 Regards,
CA Nitin Pathak
E-mail Id: nitinmpathak@gmail.com