KEY BUDGET HIGHLIGHTS 2017-18 Individuals 1. Reduction in Income Tax rate from 10% to 5% for tax slab of Rs 2.5 lakhs - 5 lakhs 2. Surcharge of 10% for those whose annual income is Rs 50 lakh - 1 Crore 3. 15% surcharge on incomes above Rs 1 crore to continue 4. Increase in rebate from Rs. 2,000 to Rs.5,000 5. 3 year period for long-term capital gains tax on immovable property reduced to 2 years; base year indexation shifted from 1.4.1981 to 1.4.2001 6. A single one-page form for filing IT returns for taxable income up to Rs 5 lakh Companies 1. Limiting cash expenses to Rs.10,000 2. Small firms with turnover up to Rs 50 crore to pay 25% tax now, instead of 30% 3. To cut presumptive turnover threshold for companies with turnover up to Rs 2 cr to 6 percent 4. MAT credit allowability period increased from 10 years to 15 years 5. Govt to further liberalise FDI policy 6. FIPB wil
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