The Finance Minister Arun Jaitley in Parliament is presenting the Union Budget 2017 which is the third budget of Prime Minister Narendra Modi Government. This time with the Union Budget, Railway Budget is also presented. In 93 years, for the first time this is happening and with it for the first time the Budget is presenting on February 1 instead of 28 or 29 February.
Below are the announcements made in Taxation....
1. 3.7 crore individuals filed tax returns, 99 lakh of them below taxable limit. Number of people with more than 50 lakh income is 1.26 lakh.
2. Data mining will help in widening tax net.
3. The advance tax on personal income tax increased by 34.8%.
4. The net tax revenue grew by 17% in 2015-16.
5. Tax rate for companies with an annual turnover up to 50 crores to be reduced to 25%.
6. Change in Income Tax slab
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