2 February 2017 - Wealth18.com

Key Points & Highlights of Indian Union Budget 2017-18 - presented on 1st Feb 2017 Personal Taxation Income tax for individuals for Rs 2.5 lakh to Rs 5 lakh lowered to 5% Individuals having income less than Rs 5 lakh will have to file a return with a one page form. Surcharge of 10% on those with income of Rs 50L to Rs 1 cr Reduction in timelines for revising return of income and completing scrutiny assessments. Read full details on the impact on personal taxes in more details. Fiscal Information India’s FDI increases 36 per cent despite global degrowth of 5% India has become the 6th largest manufacturing country in the world up from 9th position previously Foreign Exchange Reserve with India stands at 361 Billion Dollars Total expenditure for 2017-18 at Rs 21,47...

Budget 2017 was unique in the sense that it changed two things the age-old tradition of being presented on the last day of February, this year it was done on 1st of Feb and for the first time in independent India, the Railway Budget was combined with the general Budget. Key Personal Taxation Change 1. Tax Slab changes The rate of income tax is proposed to be reduced to 5% (from 10%) for income between INR 2.5 to INR 5 lakhs. This is likely to bring tax saving of at least INR 12,875 for all taxpayers with an income exceeding INR 5 lakhs. Other tax slab and rates remain unchanged. TOTAL Income Proposed Tax (AY 2018-19) Existing tax AY 2017-18) upto Rs 2.5 lakhs Nil Nil Rs 2.5 - 5 lakhs 5% 10% Rs 5 - 10 Lakh 20% 20% above Rs 10 lakh 30% 30% 2. Surcharge A surcharge of 1...

Day: 2 February 2017

Key Highlights Summary of Indian Union Budget 2017-18

Personal Tax Impact – Indian Budget 2017-2018