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TMI BlogBudget review - Monetary issuesX X X X Extracts X X X X X X X X Extracts X X X X ..... Budget review - Monetary issues - By: - CS Swati Dodhi - Budget - Dated:- 1-2-2017 - - Income Tax rate cut to 5 pc for individuals having income between ₹ 2.5 lakh to ₹ 5 lakh 10 pc surcharge on individual income above ₹ 50 lakh and upto ₹ 1 cr to make up for ₹ 15,000 cr loss of due to cut in personal I-T rate 15 pc surcharge on income above ₹ 1 cr to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... continue A scheme for senior citizens to ensure 8 per cent guaranteed returns Political parties can receive donations in cheque, electronic mode; electoral bonds to be issued by RBI Maximum amount of cash donation a political party can receive will be ₹ 2000 from any one source as part of effort to clean political funding 3 yr period for long-term capital gains tax on immovalble ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... property reduced to 2 years; base year indexation shifted from 1.4.1981 to 1.4.2001 No transaction above ₹ 3 lakh in cash will be allowed as suggested by SIT To make MSME companies more viable, govt proposes to reduce IT tax with annual turn over of ₹ 50 core up to 25 per cent I-T for smaller cos with turnover of upto ₹ 50 cr up to 25 per cent Not possible to remove ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... MAT levied on advance tax for now; carry forward allowed for 15 yrs instead of 10 yrs Relaxation in norms for Start Ups for getting tax exemption Capital gains tax exempted for the land pooled to build new capital of Andhra Pradesh effective from 2.6.2014 - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagemen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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