The budget 2017, presented on 1st Feb 2017 has proposed to bring following changes under Income Tax .
1.No cash transactions is allowed above Rs 3 lakh.
2.MSMEs with 50 crore turnover will get a 5% reduction in corporate income tax i.e 25% .
3.Income Tax rate for annual income between Rs 2.5 lakh to 5 lakh reduced to 5% from 10%.
4.Zero income tax liability for people with annual income of Rs 3 lakh
5.Surcharge of 10% on individuals earning between Rs 50 lakh to Rs 1 crore.
6.Payment regulatory board to be created at the RBI, will be watchdog for e-wallets.
7.Cash donations to political parties cut from Rs 20,000 to Rs 2,000.
8.Foreign investors will not have to pay tax after cashing out of offshore derivatives with India assets.
9.Long term capital gains tax on immovable property holding period down to 2 years from 3 years.
10. Joint Development of property under a joint development agreement shall be subjected to tax only in the year of completion of project.
The aforesaid moves are aimed at bringing more people under the net of income tax , bringing relief to common people , MSME as well as to support ease of doing business in India.
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