/ / Highlights: Budget 2017 in simple steps

Highlights: Budget 2017 in simple steps

Edit





Union Budget 2017 is here. Here’s summary of Budget 2017 by ClearTax – India’s largest e-filing and tax saving website.
Remember, the changes in this budget start applying after April 1, 2017.



Individuals – Pay up to Rs.12,500 less in taxes
  • If your income is below Rs. 5 Lakhs, you pay only 5% tax
  • 1-page tax return form if you have non-business income less than Rs.5 lakh. This would apply from 2018.
  • No government Scrutiny for first time filers
Note: If you are looking to Save Taxes on the income you’re currently earning, you need to finish doing 80C investments before March 31st 2017. ClearTax helps you invest in Tax Saving easily.



Other major changes
  • If you're an entrepreneur, you will now pay tax on profits for only 3 of your first 7 years of operation (against 5 years previously). 
  • From April, you will no longer pay a service charge on railway tickets booked through IRCTC.
  • No cash transactions above Rs. 3 Lacs permitted
  • If you're a professional or a small business, your Presumptive Tax rate on digital transactions is reduced to 6% from 8%.


Reference: clearTax
Share on Google Plus

1 comments:

Subscribe to: Post Comments ( Atom )