No change in exemption slab. However rate of tax between Rs.2.5 lakh to Rs.5 lakh will be reduced from 10% to 5%
Rebate under Section 87A will be available only if taxable income of a resident individual does not exceed Rs.3.5 lakh. Rebate is restricted to Rs.2,500/-
Tax rate for domestic company will be @25% if total turnover of the company is Rs.50 crore or less for the FY 15-16. w.e.f. 01.04.2017
Limit for payment of expenses by cash or bearer cheque(both capital & revenue exp)is reduced from Rs.20,000 to Rs.10,000
No person shall be eligible to accept cash receipt of Rs.2,00,000 or more, otherwise equal amount of penalty would be levied.
Minimum Alternate Tax(MAT) credit can be carried forward for 15 years instead of earlier 10 years.
Under presumptive tax scheme 44AD , business income will be calculated @6% if gross turnover/receipt received through cheque or electronic mode.
An individual or HUF(not covered under taxaudit case) shall be liable to deduct TDS @5% if monthly payment of rent exceeds Rs.50,000/-
Period of holding in case of immovable property has been reduced from 3 years to 2 years for calculating Long Term Capital Gain
For Long Term Capital Gain, the base year is shifted from 1981 to 2001.
Fair market value as on 01.04.2001 can be adopted as cost of acquisition if capital asset acquired prior to 01.04.2001 for capital gain tax.
A cash donation exceeding Rs.2,000 will not be eligible for deduction u/s 80G.
A fees (ranging from Rs.1,000 to Rs.10,000) will be levied for late filing of income tax return.
Every individual who is eligible to obtain Aadhaar number, should quote such number in the income tax return.
Every individual who has been allotted PAN as on July 1, 2017 must intimate Aadhaar to the tax authority, failing which PAN shall be deemed to be invalid.
