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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 will be abolished

Charitable Organizations and Political Parties

1.      Maximum cash donation receipt by Charitable organizations reduced to  Rs 2,000 from one source
2.      Maximum amount of cash donation a political party can receive will be Rs 2000 from any one source
3.      Political parties will need to file income tax returns

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