Budget review - Monetary issues

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....udget review - Monetary issues<br>By: - CSSwati Rawat<br>Budget - Tax Proposals<br>Dated:- 1-2-2017<br><br>* Income Tax rate cut to 5 pc for individuals having income between &#8377; 2.5 lakh to &#8377; 5 lakh * 10 pc surcharge on individual income above &#8377; 50 lakh and upto &#8377; 1 cr to make up for &#8377; 15,000 cr loss of due to cut in personal I-T rate * 15 pc surcharge on income ab....

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....ove &#8377; 1 cr to 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 &#8377; 2000 from any one source as part of effort to clean political funding * 3 yr period for long-term capital ....

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....gains tax on immovalble property reduced to 2 years; base year indexation shifted from 1.4.1981 to 1.4.2001 * No transaction above &#8377; 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 &#8377; 50 core up to 25 per cent * I-T for smaller cos with turnover of upto &#8377; 50 cr up to 25 per cent ....

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.... * Not possible to remove 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<br> Scholarly articles for knowledge sharing by authors, experts, professionals ....