{"id":650,"date":"2017-02-01T23:08:54","date_gmt":"2017-02-01T17:38:54","guid":{"rendered":"http:\/\/financialfunda.com\/?p=650"},"modified":"2023-01-24T22:05:51","modified_gmt":"2023-01-24T16:35:51","slug":"proposed-changes-in-income-tax-in-union-budget-2017","status":"publish","type":"post","link":"https:\/\/cacube.in\/?p=650","title":{"rendered":"Proposed Changes in Income Tax in Union Budget 2017"},"content":{"rendered":"<h1>Proposed Changes in Income Tax in Union Budget 2017<\/h1>\n<p>In the Budget Speech, Finance Minister, Mr. Arun Jaitley proposed following changes in Income tax in Union Budget 2017:<\/p>\n<ul>\n<li>Tax Rate for first Slab of 2.5 lakh to 5 lakh reduced to 5% from 10%. And introduction of Surcharge @ 10% on individual having income above Rs. 50 lakh and up to Rs 1 crore . As earlier 15% surcharge on individual income above Rs. 1 crore to remain.<\/li>\n<li>\u00a0New tax slab for financial Year 2017-18 are as follows:<\/li>\n<\/ul>\n<div class=\"budget article-block-item \">\n<div class=\"teaser \">\n<div class=\"infographicWrapper\">\n<table class=\"tg\" width=\"100%\">\n<tbody>\n<tr>\n<th class=\"tg-erlg\">Income<\/th>\n<th class=\"tg-erlg\">Tax rate<\/th>\n<\/tr>\n<tr>\n<td class=\"tg-9hbo\" colspan=\"2\">Individual tax payers<\/td>\n<\/tr>\n<tr>\n<td class=\"tg-yw4l\">Up to Rs 2,50,000<\/td>\n<td class=\"tg-yw4l\">No tax<\/td>\n<\/tr>\n<tr>\n<td class=\"tg-yw4l\">Rs 2,50,001 to Rs 5,00,000<\/td>\n<td class=\"tg-yw4l\">5%<\/td>\n<\/tr>\n<tr>\n<td class=\"tg-yw4l\">Rs 5,00,001 \u2013 10,00,000<\/td>\n<td class=\"tg-yw4l\">20%<\/td>\n<\/tr>\n<tr>\n<td class=\"tg-yw4l\">More than Rs 10,00,000<\/td>\n<td class=\"tg-yw4l\">30%<\/td>\n<\/tr>\n<tr>\n<td class=\"tg-9hbo\" colspan=\"2\">Senior citizens who are 60 years old and above but less than 80 years<\/td>\n<\/tr>\n<tr>\n<td class=\"tg-yw4l\">Up to Rs 3,00,000<\/td>\n<td class=\"tg-yw4l\">No tax<\/td>\n<\/tr>\n<tr>\n<td class=\"tg-yw4l\">Rs 3,00,001 to Rs 5,00,000<\/td>\n<td class=\"tg-yw4l\">5%<\/td>\n<\/tr>\n<tr>\n<td class=\"tg-yw4l\">Rs 5,00,001 to Rs 10,00,000<\/td>\n<td class=\"tg-yw4l\">20%<\/td>\n<\/tr>\n<tr>\n<td class=\"tg-yw4l\">More than Rs 10,00,000<\/td>\n<td class=\"tg-yw4l\">30%<\/td>\n<\/tr>\n<tr>\n<td class=\"tg-9hbo\" colspan=\"2\">Senior Citizens who are 80 years old and above<\/td>\n<\/tr>\n<tr>\n<td class=\"tg-yw4l\">Up to Rs 5,00,000<\/td>\n<td class=\"tg-yw4l\">No tax<\/td>\n<\/tr>\n<tr>\n<td class=\"tg-yw4l\">Rs 5,00,001 to Rs 10,00,000<\/td>\n<td class=\"tg-yw4l\">20%<\/td>\n<\/tr>\n<tr>\n<td class=\"tg-yw4l\">More than Rs 10,00,000<\/td>\n<td class=\"tg-yw4l\">30%<\/td>\n<\/tr>\n<tr>\n<td class=\"tg-yw4l\" colspan=\"2\">(Surcharge of 10 per cent on income of all individuals above Rs 50 lakh and less than Rs 1 crore and surcharge of 15 per cent on income above Rs 1 crore).<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<ul>\n<li>\u00a0No Transaction of Rs. 3 Lakh permitted in Cash.<\/li>\n<li>Rebate U\/s 87A is reduced to Rs. 2500\/- for income group upto Rs. 3.5 Lakh.<\/li>\n<li>The holding period for <b>capital gains<\/b> on sale of immovable property\u2014land and building\u2014to qualify as long term <b>capital gains<\/b> (LTCG) is proposed to be reduced to 2 years from 3 years in the Union <b>Budget<\/b>. Currently, <b>capital gains<\/b> on land and building qualify as long term <b>capital gain<\/b> if holding period is minimum 3 years. Base year for calculation of capital gain is also proposed to be shifted to 2001 from 1981.<\/li>\n<li><em>Time period for revising<\/em> a <em>tax return<\/em> is being <em>reduced<\/em> to 12 months from completion of financial year, at par with the <em>time period<\/em> for filing of <em>return.<\/em><\/li>\n<li>To have simple one page ITR form for individual having taxable income upto Rs. 5 Lakh.<\/li>\n<li>MAT not to be abolished at present. MAT credit is allowed for 15 years.<\/li>\n<li>Corporate Tax Rate reduced to 25% for smaller companies with turnover upto Rs. 50 Crore.<\/li>\n<li>Limit of Cash donation for Trust and political partied is reduced to Rs. 2000.<\/li>\n<li>Proposed to reduce time for completion of scrutiny assessment to 18 months from 21 months.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>To see complete list of changes proposed in finance bill, 2017, Please <a href=\"https:\/\/drive.google.com\/open?id=1CQXLPetaHkp1hKpt23bpSf9NalxuH_Wh\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Click Here<\/strong><\/a><\/p>\n<p>or download finance bill 2017, from download section.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Proposed Changes in Income Tax in Union Budget 2017 In the Budget Speech, Finance Minister, Mr. Arun Jaitley proposed following changes in Income tax in Union Budget 2017: Tax Rate for first Slab of 2.5 lakh to 5 lakh reduced to 5% from 10%. And introduction of Surcharge @ 10% on individual having income above [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[277],"tags":[94],"class_list":["post-650","post","type-post","status-publish","format-standard","hentry","category-income-tax-updates-for-fy-2017-18-ay-2018-19","tag-budget"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9X28M-au","_links":{"self":[{"href":"https:\/\/cacube.in\/index.php?rest_route=\/wp\/v2\/posts\/650","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cacube.in\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cacube.in\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cacube.in\/index.php?rest_route=\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/cacube.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=650"}],"version-history":[{"count":3,"href":"https:\/\/cacube.in\/index.php?rest_route=\/wp\/v2\/posts\/650\/revisions"}],"predecessor-version":[{"id":3796,"href":"https:\/\/cacube.in\/index.php?rest_route=\/wp\/v2\/posts\/650\/revisions\/3796"}],"wp:attachment":[{"href":"https:\/\/cacube.in\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=650"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cacube.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=650"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cacube.in\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=650"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}