Budget 2017: Gift to personal tax payers
Shital Jibhe / 01 Feb 2017
A single one-page form for filing IT returns for taxable income up to Rs 5 lakh. There will be no scrutiny on fist-time taxpayers. No tax on annual income of Rs 4.5 lakh who use rebates. The net revenue foregone on income tax changes is Rs 12,800 crore.
* The slab of 2.5 lakh to 5 lakh income tax has been reduced from 10 per cent to 5 per cent.
* The surcharge of 10 per cent for those with income above 50 lakhs per annum. There will be 15 per cent surcharge on incomes above Rs 1 crore.
* A single one-page form for filing IT returns for taxable income up to Rs 5 lakh. There will be no scrutiny on fist-time taxpayers. No tax on annual income of Rs 4.5 lakh who use rebates. The net revenue foregone on income tax changes is Rs 12,800 crore.
* At the same time, there will be no changes in service tax as after implementation of GST, there will be changes in this bracket. The government is not proposing many changes to indirect taxes given GST roll-out plan.
* Budget also suggested plans to extend basket of financial instruments in which the capital gains can be invested sans payment of tax. The government has allowed to continue MAT for 15 years.
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