Live Budget 2017: Income Tax Decrease upto Half | Big Relief for Small Companies

Live Budget 2017

Finance Minister Arun Jaitley is introducing budget 2017-18 in parliament. Earlier, Speaker Sumitra Mahajan and other parliamentarians paid homage to the late MP E.Ahmed. Opposition MPs are opposed to the budget. Both Cabinet and Lok Sabha Speaker approved the budget. Finance Minister Arun Jaitley tweeted that the budget will be presented at 11 am today. This is the first time when the rail budget and the general budget will be presented together.

Budget 2017 Updates

Middle Class Got Relief as the Tax Decreases to Half

Those having income from Rs. 2,50,000 to 5,00,000 will have to pay only 5% tax which was earlier 10%. Transaction above 3 lakh will be digital.

Big Decision on Political Donations

  • The political parties can take only Rs 2 thousand donations in cash.
  • Now, the political parties have to provide details of the donations above Rs 2000.
  • Donations above Rs 2000 would be taken only through cheque and digital transactions.
  • So far, the political parties had not need to give the details of the donations above Rs. 20,000.
  • Bond will come for political donations. Bond will be credited into account of the parties.

Tax relief for small companies

  • Corporate Tax for small companies reduced from 30% to 25%.
  • Tax has been reduced to 5 percent for the companies having income more than 50 crore.

Property-Related Announcements

  • In Andhra, no capital tax on land.
  • Capital gain tax reduced for houses, limit of capital gain tax changed from 3 years to 2 years.
  • Carpet area would be higher, schemes of cheap homes will be continued.
  • The built up area will be carpet area.

Financial Minister Said On Tax

  • No changes in the fiscal deficit target
  • The deficit will remain 3.2%.
  • Revenue, capital expenditure increased by 25.4%: the government will take a loan of 3.48 lakh crore, last year it took a loan of 4.2 lakh crore.
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