Most promising thing in any budget for a common man is the amount of tax he is going to pay and this budget brings a saving to every tax payers. FM has proposed to reduce the tax rate of first tax slab of 2.5-5 lacs, from 10% to 5%.
Fiscal deficit for 2017-18 is 3.2% and as per our Finance Minister, it is inline to our expectation.
In the view of looking political funding with much more clarity, FM proposed to cap the maximum cash donation receivable from single source to Rs. 2000/- only.
Proposed to have better changes in capital gain taxes for houses. It has been said that the tenure to be counted for capital gain has been proposed to be reduced from 3 years to 2 years.
Minimum Alternate Tax has been proposed to carry forward up-to 15 years which was earlier only up to 10 years.
Govt is in mood to invest more in rural areas. MGNREGA (Mahatma Gandhi National Rural Employment Guarantee Act) has also got hiked to 48,000 crore.No cash transaction is allowed more than 3 lacs.
No cash transaction is allowed more than 3 lacs.
Govt has proposed to build 1 crore houses by 2019, for homeless.
Those having income b/w 50 lacs to 1 crore in an annum is suppose to pay an extra surcharge of 10%, which is actually a pain point for those who are making more money.