Behind the Scenes

10 Must-Know Updates Of Union Budget 2017! Will You Pay More Tax?

What’s in it for you?

The Union budget  2017 is topping headlines for many unexpected updates. Finance Minister Arun Jaitley’s fourth budget focussed on rural ad transport developments. Here are 10 things you must know about the Union Budget!

  • Relief for tax payers are income tax halved for income up to Rs 5 lakhs. The ones earning between Rs 50 lakh to a crore will have to pay a surcharge of 10 per cent.

  • Income tax rate on income between Rs. 2.5 lakh and Rs. 5 lakh cut to 5 per cent from 10 per cent.

  • Jaitley said,”No cash transaction above 3 lakhs”. Cash donations towards political parties should not exceed Rs 2000.

  • Income tax for smaller companies with Rs 50 crore turnover reduced to 25 per cent from 30 per cent.

  • Target for fiscal deficit set at 3.2 per cent for 2017-18 and 3 per cent for 2018-19.

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