- Affordable Housing Project Schemes – Rationalized to give more benefit;
- Capital Gains – Immovable Property [Period of Holding reduced from 3 years to 2 years];
- Base Year for the purpose of capital gains moved from 1st April 1981 to 1st April 2001;
- Joint Development Agreements – Tax to be suffered based on Project Completion rather than at the time of entering into JDA and handing over the possession;
- Exemption to transfer of Immovable Properties in the case of the state of AP announced;
- MAT Credit – From 10 Years to 15 Years;
- Presumptive Tax Scheme – Reduced from 8% to 6% if the transactions are non-cash based;
- Cash donations to be only up to Rs 2,000 rather than Rs 10,000/- [Sec 80G / Charitable Purpose];
- Political Parties – Return is a must; Cash donations from any single source to be only up to Rs 2,000/-;
- Domestic TP provisions – Only for those who are claiming profit linked incentives and not to others;
- FPIs – Category 1 and 2 are exempted from Indirect Transfers;
- Professionals – Advance tax shall be by March 15th when opted for presumptive tax scheme;
- Personal Taxes – Relief given w.r.t those falling in Rs 2.5 lakhs to 5.00 lakhs: The rate of tax would be 5% but not 10%.
- Rate of taxes for SMEs would be 25% if the turnover is up to Rs 50 Crores;
- Time limits for scrutiny gradually reduced 21 months – to 18 months – 12 months.
Wednesday, February 1, 2017
Top 15 snippets from Budget, 2017
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