Union Budget 2017-18- Major Tax Proposals

1. No change in Tax slabs; income from 2.5 LK to be charged at 5% instead of 10%

2. 10% surcharge on persons having income of 50Lk-1Cr crores

3. No scrutiny of Income Tax Return unless there is information from Investigation Department

4. Reduce Tax of Companies having 50 crores to 25%

5. Corporate Tax reduced to 25% to small companies

6. Proposal to allow carry forward of MAT to 15 years from 10 years.

7. Proposal to Tax Relief to Builders on Unsold Inventories

8. Holding period for CG from immovable property reduced to 2 years

9. Joint Development agreement; Tax liablity will arise only in the year of selling the property

10. Indirect transfer provisions not applicable to FPIs

11. Restriction on tax relief enjoyed by political parties. Political parties can receive a maximum amount of Rs. 2,000 at a time. The payment shall be through throughcheques or digital payment through athorised banks through Bank accounts

12. Ban on cash transactions above 3 lakhs

13. No change in service Tax and Excise Duty because of GST

14. Customs Duty on LNG slashed

15. GST Council has finalised almost all recommendations

Read the full text of the Budget Speech and The Finance Bill, 2017 below.