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Union Budget 2017
Highlights
UNION BUDGET 2017
10KEY PILLARS
Infrastructure
Rural
Development
Youth Poverty
Doubling
Farmer’s
Income
Financial
Sector
D...
➜A new metro rail policy to be announced to enable easier financing and implementation.
➜Focus on passenger safety, cleanl...
Union Budget 2017
Railways
•Raksha coach with a corpus of Rs. 1 lakh cr for five
years (for passenger safety)
•Unmanned le...
Foreign Investment
Promotion Board to
be Abolished
Union Budget 2017
Union Budget 2017
Financial Sector
•Bill on resolution of financial firms to be introduced in
this session of parliament.
...
Rebate of Rs 12,500
Available to those in personal
income tax slabs over Rs 5
lakh per annum
Union Budget
2017
Union Budget 2017
Personal Income Tax
• Surcharge of 10% of tax payable on categories of
individuals whose annual taxable ...
INCOME TAX RATE FOR
THOSE IN RS 2.5 LAKH-RS 5
LAKH CUT FROM 10
PERCENT TO 5 PERCENT
Union Budget
2017
Union Budget 2017
Ease of Doing Business
•Scope of domestic transfer pricing restricted to only
if one of the entities inv...
Union Budget 2017
Ease of Doing Business
•Commission payable to individual insurance agents
exempt from the requirement of...
Reduction in
Corporate Tax rate
for MSMEs having
revenues less than 50
crores to 25%
Union Budget 2017
Measures for stimulating growth
•Concessional withholding rate of 5% charged on
interest earned by forei...
Union Budget 2017
Measures for stimulating growth
• MAT credit is allowed to be carried forward up to a
period of 15 years...
Time period for revising a tax return is being reduced to 12 months from
completion of financial year, at par with the tim...
Holding period for
Long-term capital
gains tax
on immovable property
from three years to two
years
Union Budget 2017
Union Budget 2017
Housing Sector
• Exemption from capital gain tax for persons holding
land on 2.6.2014, the date on which...
Union Budget 2017
Promoting Digital Economy
Under scheme of presumptive
income for small and medium tax
payers whose turno...
UNION BUDGET 2017
GST
Preparation of IT
System on
Schedule
Extensive reach
out efforts to start
from 1st April
2017
Recomm...
Thanks!
Any questions?
Write to us
Disclaimer: Information presented in this document is considered private & proprietary ...
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Budget 2017 Highlights

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Missed out on the Union Budget 2017 Presentation?
Indian Finance Minister, Mr. Arun Jaitely has once again taken the nation by wave with his pro-poor, pro-growth, pro-middle class, pro-youth & paradigm shifting Budget. Read the highlights of the Budget here.

Publié dans : Économie & finance
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Budget 2017 Highlights

  1. 1. Union Budget 2017 Highlights
  2. 2. UNION BUDGET 2017 10KEY PILLARS Infrastructure Rural Development Youth Poverty Doubling Farmer’s Income Financial Sector Digital Economy Public service Prudent Fiscal Management Tax Administration with focus on honoring the honest
  3. 3. ➜A new metro rail policy to be announced to enable easier financing and implementation. ➜Focus on passenger safety, cleanliness and overhauling accounting practices. ➜Service Tax on E-tickets booked through IRCTC to be withdrawn Union Budget 2017
  4. 4. Union Budget 2017 Railways •Raksha coach with a corpus of Rs. 1 lakh cr for five years (for passenger safety) •Unmanned level crossings to be eliminated by 2020 •3,500 km of railway lines to be commissioned this year up •Coach mitra facility - to register all coach related complaints •2019 - bio toilets for all trains •500 stations to be made differently-abled friendly •Railways to partner with logistics players for front end and back end solutions for selected commodities. •Shares of Railway PSE like IRCTC would be listed on stock exchanges.
  5. 5. Foreign Investment Promotion Board to be Abolished Union Budget 2017
  6. 6. Union Budget 2017 Financial Sector •Bill on resolution of financial firms to be introduced in this session of parliament. •Revised mechanism to ensure time bound listing of CPSEs •Computer emergency response team for financial sector to be formed. •Pradhan Mantri Mudra Yojana lending target at Rs 2.44 lakh crore for 2017-18 •Negotiable Instruments Act might be amended. •For big-time offences - including economic offenders fleeing India, the govt. will introduce a legislative change or new law to confiscate the assets of these people within the country
  7. 7. Rebate of Rs 12,500 Available to those in personal income tax slabs over Rs 5 lakh per annum Union Budget 2017
  8. 8. Union Budget 2017 Personal Income Tax • Surcharge of 10% of tax payable on categories of individuals whose annual taxable income is between Rs 50 lakhs and Rs 1 crore • Simple one-page form to be filed as Income Tax Return for the category of individuals having taxable income upto Rs 5 lakhs other than business income • Appeal to all citizens of India to contribute to Nation Building by making a small payment of 5% tax if their income is falling in the lowest slab of 2.5 lakhs to 5 lakhs.
  9. 9. INCOME TAX RATE FOR THOSE IN RS 2.5 LAKH-RS 5 LAKH CUT FROM 10 PERCENT TO 5 PERCENT Union Budget 2017
  10. 10. Union Budget 2017 Ease of Doing Business •Scope of domestic transfer pricing restricted to only if one of the entities involved in related party transaction enjoys specified profit-linked deduction • Threshold limit for audit of business entities who opt for presumptive income scheme increased from Rs 1 crore to Rs 2 crores. Similarly, the threshold for maintenance of books for individuals and HUF increased from turnover of 10 lakhs to 25 lakhs or income from 1.2 lakhs to 2.5 lakhs • Foreign Portfolio Investor (FPI) Category I & II exempted from indirect transfer provision.
  11. 11. Union Budget 2017 Ease of Doing Business •Commission payable to individual insurance agents exempt from the requirement of TDS subject to their filing a self-declaration that their income is below taxable limit • Under scheme for presumptive taxation for professionals with receipt upto Rs 50 lakhs p.a. advance tax can be paid in one installment instead of four •. Indirect transfer provision shall not apply in case of redemption of shares or interests outside India as a result of or arising out of redemption or sale of investment in India which is chargeable to tax in India
  12. 12. Reduction in Corporate Tax rate for MSMEs having revenues less than 50 crores to 25%
  13. 13. Union Budget 2017 Measures for stimulating growth •Concessional withholding rate of 5% charged on interest earned by foreign entities in external commercial borrowings or in bonds and Government securities is extended to 30.6.2020. This benefit is also extended to Rupee Denominated (Masala) Bonds •For the purpose of carry forward of losses in respect of start-ups, the condition of continuous holding of 51% of voting rights has been relaxed subject to the condition that the holding of the original promoter/promoters continues. Also the profit (linked deduction) exemption available to the start-ups changed to 3 years out of 7 years
  14. 14. Union Budget 2017 Measures for stimulating growth • MAT credit is allowed to be carried forward up to a period of 15 years instead of 10 years • Allowable provision for Non-Performing Asset of Banks increased from 7.5% to 8.5%. Interest taxable on actual receipt instead of accrual basis in respect of NPA accounts of all non-scheduled cooperative banks also to be treated at par with scheduled banks •Basic customs duty on LNG reduced from 5% to 2.5%
  15. 15. Time period for revising a tax return is being reduced to 12 months from completion of financial year, at par with the time period for filing of return. Also the time for completion of scrutiny assessments is being compressed further from 21 months to 18 months for Assessment Year 2018-19 and further to 12 months for Assessment Year 2019-20 and thereafter. UNION BUDGET 2017
  16. 16. Holding period for Long-term capital gains tax on immovable property from three years to two years Union Budget 2017
  17. 17. Union Budget 2017 Housing Sector • Exemption from capital gain tax for persons holding land on 2.6.2014, the date on which the State of Andhra Pradesh was reorganized, and whose land is being pooled for creation of capital city of Andhra Pradesh under the Government scheme •For Joint Development Agreement signed for development of property, the liability to pay capital gain tax will arise in the year the project is completed •For builders for whom constructed buildings are stock-in-trade, tax on notional rental income will only apply after one year of the end of the year in which completion certificate is received
  18. 18. Union Budget 2017 Promoting Digital Economy Under scheme of presumptive income for small and medium tax payers whose turnover is up to 2 crores, the present, 8% of their turnover which is counted as presumptive income is reduced to 6% in respect of turnover which is by non-cash means No transaction above Rs 3 lakh would be permitted in cash subject to certain exceptions
  19. 19. UNION BUDGET 2017 GST Preparation of IT System on Schedule Extensive reach out efforts to start from 1st April 2017 Recommendations Finalised based on 9 meetings held
  20. 20. Thanks! Any questions? Write to us Disclaimer: Information presented in this document is considered private & proprietary information (unless otherwise noted) and may not be distributed or copied. We strongly recommend that you seek professional guidance and opinion before acting in any way on the proposals. While SGA makes every effort to provide accurate and complete information, various proposals may change subsequently. SGA welcomes suggestions on how to improve our services and correct errors if any. SGA provides no warranty, expressed or implied, as to the accuracy, reliability or completeness of furnished information

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