👾👾 🌸 UPDATES IN PUBLIC FINANCE(TAX)🌸👾👾
Following are key highlights
• The Individuals tax rates Slashed on income
from 2.5 lakh to 5 lakh reduced to 5 %
instead of 10%
• 0% tax liability on income up to 3 lacs
• 10% Surcharge on individuals with income
between 50 lakh to 1 Crore
• 15% surcharge on individuals with income of
1 cr and more
• No cash transaction on above 3 lacs and
more to reduce black money
• Holding period for long-term capital gains for
immobile assets reduced from 3 years to 2
years; base year for indexation to be 2001.
• A single one-page form for filing IT returns
for taxable income up to 5 lakh rupees except
one for business
• Time period of revising tax return to be
reduced to 12 months
• Income tax changes announced for small
companies with an annual turnover of 50
crore. They will now to pay 25% instead of
30% and save 5 %
• Maximum amount of cash donation a
political party can receive to be 2000 rupees
from any one source