BUDGET 2017 INCOME TAX FORMULA

BUDGET 2017

Highlights of Union Budget 2017:

1.Total Budget of ₹ 21.47 Lakhs crores for 2017-2018.
2.Increase in Direct Tax collection by 34% after demonetisation.
3.Holding period for LTCG for Land & Building reduced to 2 years.
4.Carried forward of MAT Credit for 15 years instead of 10 years.
5.5% tax exemption for companies having turnover below ₹ 50 crores.
6.6% presumptive tax for turnover upto ₹ 2 crores.
7.No cash transaction above ₹ 3 Lakhs will be permitted.
8.Maximum Donation receivable from unknown source by pol party will be ₹ 2k.
9.Change in period of limitation for scrutiny assessment.
10.5 % tax for income below ₹ 5 Lakhs.
11.No tax for income upto ₹ 3 Lakhs.
12.10% surcharge for assesse income between ₹ 50 Lakhs to ₹ 1 crores.
13.One page Income Tax return proposed.
14.No major changes for Indirect taxes due to GST implementation.

INCOME TAX FORMULA

NEW Income Tax Slab declared
Earlier, the tax slabs had caps at annual income of Rs 2.5 lakh, Rs 5 lakh and Rs 10 lakh attracting income tax of 10 per cent, 20 per cent and 30 per cent respectively.
Those with annual income between Rs 50 lakh to Rs 1 crore will be levied a surcharge of 10 per cent.
The 15 per cent surcharge on incomes above Rs 1 crore will continue to be charged.
After today's announcement the following tax slabs:

Annual income             Income Tax rates              Education Cess          Higher Education Cess
Upto Rs 3 lakh                 Nil                                            Nil                                                 Nil
Rs 3- 5 lakh                     5%                                            2%                                                 1%
Rs 5 - Rs 10 lakh           20%                                          2%                                                 1%
Above Rs 10 lakh          30%                                           2%                                                 1%
Above Rs 50 lakh          30%    + Surcharge of 10 per cent
Above Rs 1 crore          30%    + Surcharge of 15 per cent

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