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union budget 2017 tax rate for individual earning of rs 25 5 lakh reduced to 5 - Search

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union budget 2017: most you get for being an honest taxpayer: rs 14,806


new delhi: with finance minister arun jaitley reducing the tax rate on income slab of rs 2.5 lakh to rs 5 lakh+ from 10% to 5%, all taxpayers whose income is up to rs 50 lakh get a relief of rs 12,500. the relief can go up to a maximum of rs 14,806 (with 15% surcharge) for those with income of over rs 1 crore. the lowering of tax rates on wednesday, though nominal, comes after a gap of 20 years. the last time taxpayers got relief was in 1997 when p chidambaram presented his "dream budget". this time, the relief will benefit around 2 crore taxpayers. explaining the reasoning for the tax cut, jaitley said it was aimed at lowering the burden of "honest taxpayers and salaried employees who are showing their income correctly". however, those with income between rs 50 lakh and rs 1 crore have b






union budget 2017: most you get for being an honest taxpayer: rs 14,806


new delhi: with finance minister arun jaitley reducing the tax rate on income slab of rs 2.5 lakh to rs 5 lakh+ from 10% to 5%, all taxpayers whose income is up to rs 50 lakh get a relief of rs 12,500. the relief can go up to a maximum of rs 14,806 (with 15% surcharge) for those with income of over rs 1 crore. the lowering of tax rates on wednesday, though nominal, comes after a gap of 20 years. the last time taxpayers got relief was in 1997 when p chidambaram presented his "dream budget". this time, the relief will benefit around 2 crore taxpayers. explaining the reasoning for the tax cut, jaitley said it was aimed at lowering the burden of "honest taxpayers and salaried employees who are showing their income correctly". however, those with income between rs 50 lakh and rs 1 crore have b






union budget 2017: how to pay less tax this year and beyond


1. with a decrease in tax rate from 10% to 5%+ for total income between rs 2.5 lakh and rs 5 lakh, there is tax saving of up to rs 12,500 per year and 14,806 (including surcharge and cess) for those with income above rs 1 crore. 2. tax rebate is reduced to rs 2,500 from rs 5,000 per year for taxpayers with income up to rs 3.5 lakh (earlier rs 5 lakh). due to the combined effect of change in tax rate and rebate, an individual with taxable income of rs 3.5 lakh will now pay tax of rs 2,575 instead of rs 5,150 earlier. 3. [email protected]% of tax levied on rich taxpayers, with income between rs 50 lakh and 1 crore. the rate of surcharge for the super rich, with income above rs 1 crore, will remain 15%. 4. holding period for immovable property to be considered "long term" reduced to 2 years from 3






personal income tax: 10 things individual taxpayers should know


1. with a decrease in tax rate from 10% to 5% for total income between rs 2.5 lakh and rs 5 lakh, there is tax saving of up to rs 12,500 per year and rs 14,806 (including surcharge and cess) for those with income above rs 1 crore. 2. tax rebate is reduced to rs 2,500 from rs 5,000 per year for taxpayers with income up to rs 3.5 lakh (earlier rs 5 lakh). due to the combined effect of change in tax rate and rebate, an individual with taxable income of rs 3.5 lakh will now pay tax of 2,575 instead of 5,150 earlier. 3. surcharge at 10% of tax levied on rich taxpayers, with income between rs 50 lakh and rs 1 crore. the rate of surcharge for the super rich, with income above rs 1 crore, will remain 15%. 4. holding period for immovable property to be considered “long term” reduced to 2 years from






budget 2017 proposes lower tax for the super rich: find out how


although the government says that it aims to reduce tax burden on the poor and transfer it more to the rich, the budget 2017 proposals will result in those earning over rs 1.07 crore (the super rich) paying rs 14,810 less than earlier. however, those in the rs 50 lakh to rs 1 crore tax bracket would actually be paying much more tax than before due to the 10% surcharge. the fm in the budget yesterday has proposed to levy a surcharge of 10% on income tax payable by those having taxable income from rs 50 lakh (rs 50,00001 to be exact) up to rs 1 crore. this category was earlier exempt from surcharge. surcharge of 15% on income tax is and continues to be payable by those with income over rs 1 crore. in order to tax the rich having income from rs 50 lakh to rs 1 crore, the fm has actually bene






union budget 2017: tax rate for individual earning of rs 2.5-5 lakh reduced to 5


in a move to make the aam aadmi happy, finance minister arun jaitley on wednesday, proposed to reduce the existing rate of taxation of those with income between 2.5 lakh to 5 lakh from 10 percent to 5 per cent.finance minister while presenting the historic union budget ha said: “i propose to reduce existing rate of taxation of those with income between 2.5 lakh to 5 lakh from 10 pc to 5 pc.”in a sad new for those earning annual income from rs 50 lakh to 1 crore, fm jaitely proposed the surcharge of 10 pc.you may also like“surcharge of 10 pc for those whose annual income is rs 50 lakh to 1 crore,” fm jaitley said while presenting the budget.here are the highlights:committed to making taxation rate reasonable, our tax administration more fair and expand the tax base of the countrypradhan man






budget 2017 benefits & drawbacks: has arun jaitley's budget left you richer or p


for taxpayersbenefits►tax rate for individual income in the lowest rs 2.5 lakh-5 lakh bracket halved to 5 per cent. one-page tax form for those with taxable income up to rs 5 lakh. ►no tax scrutiny for such first-time return filers. ►deduction to self-employed on contributions to national pension scheme doubled from 10 per cent to 20 per cent, subject to a limit of rs 1.5 lakh. drawbacks►tax rebate cut from 5,000 to 2,500 for individuals with income up to rs 3.5 lakh. ►tax break due to interest paid on rented homes (whether first or second) will now be capped at rs 2 lakh. this is likely to impact investment in real estate. ►10 per cent surcharge on income of rs 50 lakh-1 crore. ►pay up to rs 10,000 for late filing of tax return. ►limit of cash donation to charitable trusts reduced from rs






budget impact on income tax: budget 2017 impact on your personal income tax: who


here’s who will pay less and who will pay more personal tax following the finance minister’s personal tax proposals in budget 2017. once the fm’s proposals are implemented: 1. a person with taxable income (after deductions such as section 80c, etc.) of rs 3.5 lakh will pay a tax of rs 2,575 as against rs 5,150 payable earlier. 2. persons with taxable income over rs 5 lakh up to rs 50 lakh will pay rs 12,875 less (including the cess saved), according to ey. 3. however, individuals with taxable income over rs 50 lakh up to rs 1 crore will be paying a flat surcharge of 10% on the total tax payable by them. for example, an individual earning gross total income of rs 60 lakh will pay (after availing tax deductions as umed in the table) rs 1,45,024 additional tax due to the surcharge. as shown






income tax rate cut, no changes in excise rates, sen up by over 300 points


12:23 pm (ist)total expenditure: rs 21.47 lakh crorescience - rs 37,435 croredefence expenditure - rs 2.74 lakh crorestates, uts - rs 4.11 lakh crorerevenue deficit - 1.9%india targets fy18 budget deficit at 3.2% of gdp






real estate: first house on 20-year loan to cost rs 2.4 lakh less


if you earn up to rs 18 lakh per annum, buying your first house will cost about rs 2.4 lakh less as the government will subsidise a part of your home loan interest. at present, this subsidy is available to only those earning up to rs 6 lakh per annum. the government has announced two new subsidy slabs to spur the real estate market and achieve housing for all by 2022. the slabs will apply to loans with a tenure of up to 20 years, as against the limit of 15 years now. on december 31, 2016, pm narendra modi had announced two subsidy schemes under prime minister awas yojana (pmay), but their details have been worked out only now. homebuyers will get subsidy at different rates depending on the income bracket they are in. people earning less than rs 6lakh per annum will get a subsidy of 6.5 pe






arun jaitley warns parties of serious consequences if they violate the latest do


new delhi: finance minister arun jaitley has warned political parties of serious consequences if they violate the latest donation rules announced in the budget. during budget speech, fm had announced that the political parties now cannot accept donations more than rs 2000 from a single anonymous source, down from earlier limit of rs 20,000. "every party will get a tax exemption...donor will get expenditure deduction if the donation is paid through cheque or digital mode," arun jaitley said during a conver ion with times now. read also: arun jaitley's post-budget interview"political parties should ask their donor to give smaller amount and through digital mode..there will be serious consequences if the conditions are violated; political parties who violate the conditions will loose exempti






budget impact on income tax: budget 2017 impact on your personal income tax: who


here’s who will pay less and who will pay more personal tax following the finance minister’s personal tax proposals in budget 2017. once the fm’s proposals are implemented: 1. a person with taxable income (after deductions such as section 80c etc) of rs 3.5 lakh will pay a tax of rs 2575 as against rs 5150 payable earlier. 2. persons with taxable income over rs 5 lakh up to rs 50 lakh will pay rs 12875 less (including the cess saved), according to ey. 3. however, individuals with taxable income over rs 50 lakh upto rs 1 crore will be paying a flat surcharge of 10% on the total tax payable by them. for example, an individual earning gross total income of rs 60 lakh will pay (after availing tax deductions as umed in the table) rs 1,45,024 additional tax due to the surcharge. as shown in the






budget 2017: are you richer or poorer?


for taxpayersbenefitstax rate for individual income+ in the lowest rs 2.5 lakh-5 lakh bracket halved to 5 per cent. one-page tax form for those with taxable income up to rs 5 lakh. no tax scrutiny for such first-time return filers. deduction to self-employed on contributions to national pension scheme doubled from 10 per cent to 20 per cent, subject to a limit of rs 1.5 lakh. drawbackstax rebate cut from 5,000 to 2,500 for individuals with income up to rs 3.5 lakh. tax break due to interest paid on rented homes (whether first or second) will now be capped at rs 2 lakh. this is likely to impact investment in real estate. 10 per cent surcharge on income of rs 50 lakh-1 crore. pay up to rs 10,000 for late filing of tax return. limit of cash donation to charitable trusts reduced from rs 10,000






has arun jaitley's budget left you richer or poorer? read and find out


for taxpayersbenefits►tax rate for individual income in the lowest rs 2.5 lakh-5 lakh bracket halved to 5 per cent. one-page tax form for those with taxable income up to rs 5 lakh. ►no tax scrutiny for such first-time return filers. ►deduction to self-employed on contributions to national pension scheme doubled from 10 per cent to 20 per cent, subject to a limit of rs 1.5 lakh. drawbacks►tax rebate cut from 5,000 to 2,500 for individuals with income up to rs 3.5 lakh. ►tax break due to interest paid on rented homes (whether first or second) will now be capped at rs 2 lakh. this is likely to impact investment in real estate. ►10 per cent surcharge on income of rs 50 lakh-1 crore. ►pay up to rs 10,000 for late filing of tax return. ►limit of cash donation to charitable trusts reduced from rs






real estate: first house on 20-year loan to cost rs 2.4 lakh less


if you earn up to rs 18 lakh per annum, buying your first house will cost about rs 2.4 lakh less as the government will subsidise a part of your home loan interest. at present, this subsidy is available to only those earning up to rs 6 lakh per annum. the government has announced two new subsidy slabs to spur the real estate market and achieve housing for all by 2022. the slabs will apply to loans with a tenure of up to 20 years, as against the limit of 15 years now. on december 31, 2016, pm narendra modi had announced two subsidy schemes under prime minister awas yojana (pmay), but their details have been worked out only now. homebuyers will get subsidy at different rates depending on the income bracket they are in. people earning less than rs 6lakh per annum will get a subsidy of 6.5 p






your 1st house on 20-year loan will cost rs 2.4 lakh less now, real estate news,


if you earn up to rs 18 lakh per annum, buying your first house will cost about rs 2.4 lakh less as the government will subsidise a part of your home loan interest. at present, this subsidy is available to only those earning up to rs 6 lakh per annum.the government has announced two new subsidy slabs to spur the real estate market and achieve housing for all by 2022. the slabs will apply to loans with a tenure of up to 20 years, as against the limit of 15 years now.on december 31, 2016, pm narendra modi had announced two subsidy schemes under prime minister awas yojana (pmay), but their details have been worked out only now.homebuyers will get subsidy at different rates depending on the income bracket they are in. people earning less than rs 6 lakh per annum will get a subsidy of 6.5 perce






tax rate reduced to 5% on income rs 2.5l-5l


new delhi: stating that india is "largely a non-tax compliant society," finance minister arun jaitley today said the government is putting a rs 3 lakh limit on cash transactions. in addition, the minister gave a significant tax break to those earning between rs 2.5-5 lakhs+ , cutting their tax rates to as low as 5 percent from the earlier 10%. the minister imposed a surcharge of 10 percent for those whose annual income is rs 50 lakh to rs 1 crore. the 15% surcharge on incomes above rs 1 crore will continue. stating that political parties continue to receive most funds through anonymous donation, jaitley announced that the maximum amount of cash donation a political party can receive is rs 2000 from any one source. the minister also said the government plans to extend the basket of financi






funniest twitter reactions on budget 2017


the budget 2017 was quite an event.while the unfortunate demise of veteran parliamentarian e ahamed was deeply saddening, the budget was announced as per its scheduled time despite protests from the opposition. total expenditure of this year’s budget is 21 lakh 47 thousand crore rupees. rs 2.44 was trending as ‘the pradhan mantri mudra yojana’ lending target has been doubled at rs 2.44 lakh crore for 2017.right from the somewhat shaky beginning to the announcement of target of agricultural loans to farmers being set at a record rs 10 lakh crore in 2017, we all were glued to our tv sets as it unfolded. you know who else was watching it closely? yes, twitterati.our ‘twitter journos’ were closely watching and ready with their ammunition of ‘budget jokes’ and they began well before 11 am.its i






budget 2017 wishes unfulfilled: what you wanted and what you got in budget 2017


new delhi: after demoneti ion, every cl of citizens had big expectations—realistic or not—from the government to offer some sort of relief. however, budget 2017 has failed to meet most of the raised expectations. below are the details of what different sections wanted and what they got in budget 2017.individual taxpayerswhat you wanted: minimum slab for personal income tax was expected to be raised by at least rs 1 lakh. slabs were also expected to be restructured by lowering tax on slabs above rs. 5 lakh. what you got: tax rate for individuals in the lowest income tax slab—rs 2.5 lakh to rs 5 lakh—to 5 per cent instead of 10 per cent. corporateswhat you wanted: jaitley was expected to cut corporate tax of 30 per cent by at least one percentage point as he has himself promised in his budg






tax rate reduced to 5% on income rs 2.5l-5l


new delhi: stating that india is "largely a non-tax compliant society," finance minister arun jaitley today sought to remedy that by reducing the base tax rate to 5 percent from the earlier 10 percent on income of between rs 2.5 lakh to rs 5 lakh. the minister imposed a surcharge of 10 percent for those whose annual income is rs 50 lakh to rs 1 crore. the 15% surcharge on incomes above rs 1 crore will continue. the minister also said the government plans to extend the basket of financial instruments to which the capital gains can be invested without the payment of tax. jaitley reduced the holding period for long-term capital gains tax on property to 2 years from 3 years. there is also a proposal to allow a carry forward of minimum alternative tax for a period of 15 years up from the curr






wishes unfulfilled: what you wanted and what you got in budget 2017


new delhi: after demoneti ion, every cl of citizens had big expectations—realistic or not—from the government to offer some sort of relief. however, budget 2017 has failed to meet most of the raised expectations. below are the details of what different sections wanted and what they got in budget 2017.individual taxpayerswhat you wanted: minimum slab for personal income tax was expected to be raised by at least rs 1 lakh. slabs were also expected to be restructured by lowering tax on slabs above rs. 5 lakh. what you got: tax rate for individuals in the lowest income tax slab—rs 2.5 lakh to rs 5 lakh—to 5 per cent instead of 10 per cent. corporateswhat you wanted: jaitley was expected to cut corporate tax of 30 per cent by at least one percentage point as he has himself promised in his budg






what's new in budget 2017 for real estate sector?, real estate news, et realesta


bengaluru | mumbai | new delhi: finance minister arun jaitley in his budget 2017 speech has given one of the much needed thrust to the indian real estate sector. the minister announced that the ‘affordable housing’ will be given ‘infrastructure’ status, which is likely to result in increased participation from private players.“the announcement of affordable housing being given infrastructure status is a welcome move and will act as a catalyst to meet the objectives of housing to all by 2022. credit off-take towards affordable segment of housing will lead to creation of supply especially for both stake holders the first home buyer and developer who will now have access to cheaper funding,” said ravi ahuja, executive director, office services & investment sales at colliers international






budget 2017 proposes a fee for delayed filing of income tax return


new delhi: making it easier for small tax payers, finance minister arun jaitley today said there will be no scrutiny of essees filing income tax returns for the first time. individuals having taxable income up to rs 5 lakh can just fill up a simple one-page form for filing their tax returns. "when too many people evade taxes the burden of their share falls on those who are honest and compliant. we are now tightening our noose around tax evaders and that money is coming to exchequer, so we are trying to reward the honest tax payers," jaitley said at the post budget press conference. in the budget for 2017 , the government has sought to lower the tax burden on small tax payers with income in the lowest slab of rs 2.5-5 lakh by halving their tax rate to 5 per cent. "the other aim was also th






income tax return: budget 2017 proposes a fee for delayed filing of income tax r


new delhi: making it easier for small tax payers, finance minister arun jaitley today said there will be no scrutiny of essees filing income tax returns for the first time. individuals having taxable income up to rs 5 lakh can just fill up a simple one-page form for filing their tax returns. "when too many people evade taxes the burden of their share falls on those who are honest and compliant. we are now tightening our noose around tax evaders and that money is coming to exchequer, so we are trying to reward the honest tax payers," jaitley said at the post budget press conference. in the budget for 2017 , the government has sought to lower the tax burden on small tax payers with income in the lowest slab of rs 2.5-5 lakh by halving their tax rate to 5 per cent. "the other aim was also th






only 76 lakh indians showed income of over rs 5 lakh, says arun jaitley


new delhi: union finance ministerrun jaitley on wednesday said that the tax collection is not commensurate with the income and expenditure patterns. presenting the union budget 2017 + in the lok sabha, jaitley hit out at tax evaders and said "over decades tax evasion had become a way of life. we are largely a tax non-compliant society. when too many evade tax, the burden falls on those who are honest." arun jaitley placed before parliament data exposing the gap between tax collection and income and consumption patterns of the economy even as he announced steps to widen the tax net+ . among the 3.7 crore individuals who filed tax returns in 2015-16, 99 lakh showed income below the exemption limit of rs 2.5 lakh per annum; 1.95 crore showed income between rs 2.5 lakh and rs 5 lakh; 52 lakh






tax breaks: budget 2017 is a mix of tax breaks and tax hits: find out whether yo


most taxpayers had expected finance minister arun jaitley to roll out big tax cuts in the budget. after all, the middle cl had suffered due to demoneti ion and crucial elections are just weeks away. so, when jaitley announced a rebate of rs 12,500 for all taxpayers, mumbai-based mukund dalal could not stop himself from smiling. the rebate will reduce dalal’s tax outgo by 48% and give him an additional rs 12,875 to spend (or invest). “i would have liked it if the budget had increased the basic exemption limit to rs 5 lakh. even so, i am happy with the overall budget,” he says. in delhi, retired government employee loknath bhatia is also full of praise for jaitley’s fourth budget. “i am an active investor in stocks and there was this nagging fear that the tax rules for equities will be chan






here's how women will benefit from jaitley's current budget


women and children welfare found ample presence in the union budget presented by finance minister arun jaitley today. the central government has increased the budget allocation for women and children welfare under various ministries from rs 1.56 lakh crore to rs 1.84 lakh crore.jaitley mentioned that sabka h, sabka vikas begins with child and woman and for this, the government has allocated rs 500 crore to set up mahila shakti kendras at the village level in 14 lakh anganwadi centres.pregnant women and lactating mothers have also got financial istance in the budget. under the indira gandhi matritva sahyog yojana (igmsy), the centre’s maternity benefits program for pregnant and lactating mothers, the allocation has been increased from rs 400 crore to rs 21,000 crore in the new budget. in ad






arun jaitley allots rs 2.74 lakh crore for defence


finance minister arun jaitley on february 1 presented the union budget 2017 and announced that the government has set rs 2.74 lakh crore as a budget for the defence. in the budget 2016, the government had allocated rs 2.58 lakh crore for the defence. jaitley added that this expenditure is excluding the pension.it must be noted that in terms of defence spendings, india ranks 4th in the world. the finance minister, however, did not give a detailed break up of the military spending in his speech. the budget for the defence was much-awaited after a number of jawans recently posted several videos online highlighting the problems they have to undergo at the border and the lack of facilities provided to them.railways got a specific mention in the budget 2017 with the government allocating rs 5500






minor hike for defence, gets about rs 15 lakh more than last year


finance minister arun jaitley on february 1 presented the union budget 2017 and announced that the government has set rs 2.74 lakh crore as a budget for the defence. in the budget 2016, the government had allocated rs 2.58 lakh crore for the defence. jaitley added that this expenditure is excluding the pension.it must be noted that in terms of defence spendings, india ranks 4th in the world. the finance minister, however, did not give a detailed break up of the military spending in his speech. the budget for the defence was much-awaited after a number of jawans recently posted several videos online highlighting the problems they have to undergo at the border and the lack of facilities provided to them.railways got a specific mention in the budget 2017 with the government allocating rs 5500






gujarat: wish for cut in corporate tax remains unfulfilled


by: express news service | ahmedabad | published:february 2, 2017 5:00 am new delhi: an official showing the copy of union budget 2017 at parliament after its presentation in the lok sabha in new delhi on wednesday. pti p oindustry titans from gujarat on wednesday said that the union budget was on “expected lines” with focus on infrastructure, rural economy, employment generation and digiti ion, but expressed disappointment over corporate tax not being reduced.kamlesh patel, cmd, asian granito india ltd, said, “reducing corporate tax by 5 per cent, from 30 per cent to 25 per cent, will give major relief to unogranised small scale players in morbi-cluster. allocation of rs 23,000 crore for pradhan mantri awaas yojana and target of completing 1 crore houses by 2019 will boost the tiles indu






west bengal allocates funds for people affected by note-ban in budget


by: pti | kolkata | published:february 10, 2017 8:57 pm west bengal finance minister amit mitra present the state budget 2017 in the legislative embly in kolkata on friday. pti p o the west bengal government on friday allocated funds for people affected by demoneti ion and made adjustment to the proposed goods and services tax (gst) regime in its 2017 budget, which aimed at a tax revenue rise of 14 per cent over the revised estimates of 2016-17.watch what else is making newsthe budget was presented by state finance minister amit mitra as the opposition left front, congress and bjp members boycotted the proceedings protesting the alleged ault of the leader of opposition abdul mannan on wednesday.mitra in his 2017 estimates, targeted to collect revenue of rs 55,786.74 crore against the revi






auto dealers see no immediate relief, await gst, auto news, et auto


maruti suzuki will raise prices of its cars by up to rs 20,000 from january 1. aurangabad: with no specific announcement for the automobile sector in the union budget, city-based auto dealers feel the market might not react sharply to budget proposals in the coming days. however, hemant khinvasara - one of the leading auto dealers in the city - is quite optimistic about the sales going up due to additional demand being generated by the middle-cl and those coming from rural pockets. "the government has not made changes in indirect taxes as we are now waiting for the goods and service tax (gst). due to this, the prices of two-wheelers and cars have remained unchanged," he said. but the finance minister announced relief on income tax for those earning between rs 2.5 lakh and rs 5 lakh. "this






demonetisation 'biggest scam of 2016': chidambaram


mumbai: terming demonetisation as the "biggest scam of 2016", former finance minister p chidambaram has said the country is likely to grow by 6-6.5 per cent in 2016-17, much lower than what have been predicted by the cso and rbi, due to the impact of note ban.notably, the central statistical organisation (cso) has predicted a growth rate of 7.1 per cent and rbi pegs it at 6.9 per cent for financial year 2016-17."i am sorry to make the prediction that 2016-17 will end with growth (rate) between 6 and 6.5 per cent, a good one per cent down from the earlier estimate and that means a hit of rs 1.5 lakh crore on gdp. the gdp this year is rs 150 lakh crore, so one per cent hit is rs 1.5 lakh crore," chidambaram said at a function here today.he is in the city to campaign for the february 21 brih






budget 2017: government rules out tax incentive beyond rs 2 lakh for second home


new delhi: ruling out rollback of the proposal to restrict tax incentive for second home to rs 2 lakh per annum, revenue secretary hasmukh adhia today said there is no point in subsidising purchase of second property by those who have surplus funds. moreover, he added that the tax incentive for second home loan borrower is being "virtually misused." citing limited resources, he said it is prudent to subsidise first-time buyer and not the second property owner who is not staying in that but earning income from the second unit. the finance bill 2017 has restricted set-off of loss towards second home against other heads of income up to rs 2 lakh under section 71 of the income tax act. under the present dispen ion, there is no such limit for set-off of loss from house property, which is mainl






union budget 2017: here's how arun jaitley's announcements will benefit the yout


if not jump in euphoria, finance minister arun jaitley has given youth some reason to smile with his union budget announcments. if you happen to be a first-time earner and draw a salary of rs 3 lakh to rs 5 lakh, you can be happy because you will only pay 2.5 per cent as tax as against 5 per cent. if you are making below rs 3 lakh per year, you don’t have to pay any tax whatsoever. the earlier limit was set at rs 2.5 lakh, so here is another measure that would bring a smile on the faces of india’s youngsters.the end result of changed income tax rules is that those making between rs 3 lakh and 5 lakh will end up saving a little over rs 2,500 on tax now. the budget move is likely to be received favourably by millions of indian youth workers who have just entered the workforce. around 50 perc






penalty for those accepting cash above rs 3 lakh: hasmukh adhia


new delhi: in a bid to check generation of black money, a steep penalty awaits those accepting cash in excess of rs 3 lakh, beginning april 1, to settle any transaction. a ban on cash transaction of more than rs 3 lakh has been proposed in the budget for 2017 . in an interview to pti, revenue secretary hasmukh adhia said the penalty for doing cash transaction will be steep and the receiver will have to pay an amount equivalent to the cash received. "supposing you do a transaction of rs 4 lakh in cash, then the penalty would be rs 4 lakh. if you do a transaction of rs 50 lakh, penalty would be rs 50 lakh," he said, adding that the penalty will be levied on the receiver. so, if someone buys an expensive watch for cash, it is the shopkeeper who will have to pay the tax, he said, adding that






union budget 2017: here's how arun jaitley's announcements will benefit the yout


if not jump in euphoria, finance minister arun jaitley has given youth some reason to smile with his union budget announcments. if you happen to be a first-time earner and draw a salary of rs 3 lakh to rs 5 lakh, you can be happy because you will only pay 2.5 per cent as taxes as against 5 per cent. if you are making below rs 3 lakh per year, you don’t have to pay any tax whatsoever. the earlier limit was set at rs 2.5 lakh, so here is another measure that would bring a smile on the faces of india’s youngsters.the end result of changed income tax rules is that those making between rs 3 lakh and 5 lakh will end up saving rs 12,500 more on tax now. the budget move is likely to be received favourably by millions of indian youth workers who have just entered the workforce. around 50 percent of






pm modi congratulates fm arun jaitley on presenting 'uttam' budget


soon after finance minister arun jaitley presented the union budget 2017, prime minister narendra modi on february 1 congratulated the fm for presenting a “uttam” budget.the fm has presented an ‘uttam’ budget, devoted to strengthening the hands of the poorthe merger of the railway budget with the general budget will give an impetus to the transport sector’s growththe aim of the government is to double the income of farmersthis budget is yet again devoted to the well-being of the villages, farmers and the poorspecial emphasis has been given on women empowerment in the budgetthe housing sector stands to gain immensely from the budgetthe commitment to eliminate corruption and black money is reflected in the budgetthis budget will help small businesses to become competitive in the global marke






union budget 2017 speeches: 12 words that show how economy walked the budget tal


if you are a salaried employee1 feb, 2017* government will slash the basic rate of income tax from 10 percent to five percent. * the basic rate applies to those with annual incomes of between rs 250,000 rupees and rs 500,000 rupees.if you are into farming1 feb, 2017* farm sector will grow at 4.1% this fiscal and government will double income of farmers in five years. * for imparting new skills to people in rural areas, mason training will be provided to five lakh persons by 2022. * farm credit target for next fiscal at rs 10 lakh crore. * fasal bima yojana increased to 40% of crop area; raised to rs 1.41 lakh crore in kharif 2017 season. * infrastructure investment pegged at rs 3.96 lakh crore. * dairy processing fund with rs 2000cr corpus to be set up. * to double irrigation fund corpus t






demonetisation 'biggest scam of 2016': chidambaram


mumbai: terming demonetisation as the "biggest scam of 2016", former finance minister p chidambaram has said the country is likely to grow by 6-6.5 per cent in 2016-17, much lower than what have been predicted by the cso and rbi, due to the impact of note ban. notably, the central statistical organisation (cso) has predicted a growth rate of 7.1 per cent and rbi pegs it at 6.9 per cent for financial year 2016-17. "i am sorry to make the prediction that 2016-17 will end with growth (rate) between 6 and 6.5 per cent, a good one per cent down from the earlier estimate and that means a hit of rs 1.5 lakh crore on gdp. the gdp this year is rs 150 lakh crore, so one per cent hit is rs 1.5 lakh crore," chidambaram said at a function here today. he is in the city to campaign for the february 21 b