Some Salient Features in
2017-18 Central Budget
1. 3,500 km of railway lines to be
commissioned this year up from 2,800 km last year.
2. SMS-based ''clean my coach service''
is put in place.
3. Coach mitra facility will be
introduced to register all coach related complaints.
4. By 2019 all trains will have
bio-toilets.
5. Five-hundred stations will be made
differently-abled friendly.
6. High speed Internet to be allocated
to 1,50,000 gram panchayats.
7. Shares of Railway PSE like IRCTC will be listed on stock exchanges.
8. Head
post office as the central office for rendering passport service.
9. Individuals
numbering 1.95 crore showed an income between Rs. 2.5 lakh to Rs. 5 lakh.
10. Out
of 76 lakh individual assessees declaring income more than Rs. 5 lakh, 56 lakh
are salaried.
11. Only
1.72 lakh people showed income of more than Rs. 50 lakh a year.
12. Between
November 8 to December 30, deposits ranging from Rs. 2 lakh and Rs. 80 lakh
were made in 1.09 crore accounts
13. The
Income Tax Act to be amended to ensure that no transaction above Rs 3
lakh is permitted in cash.
14. The
limit of cash donation by charitable trusts is reduced to Rs 2,000 from Rs
10,000.
No service charge on tickets booked through IRCTC.
Personal income tax
1. Existing rate of tax for individuals
between Rs. 2.5- Rs 5 lakh is reduced to 5% from 10%.
2. All other categories of tax payers in
subsequent brackets will get a benefit of Rs 12,500.
3. Simple one page return for people
with an annual income of Rs. 5 lakh other than business income.
4. People filing I-T returns for the
first time will not come under any government scrutiny
|
Income
|
Tax rate
|
|
Individual tax
payers
|
|
|
Up to Rs 2,50,000
|
No tax
|
|
Rs 2,50,001 to Rs 5,00,000
|
5%
|
|
Rs 5,00,001 – 10,00,000
|
20%
|
|
More than Rs 10,00,000
|
30%
|
|
Senior citizens
who are 60 years old and above but less than 80 years
|
|
|
Up to Rs 3,00,000
|
No tax
|
|
Rs 3,00,001 to Rs 5,00,000
|
10% (Is
it not 5%?)
|
|
Rs 5,00,001 to Rs 10,00,000
|
20%
|
|
More than Rs 10,00,000
|
30%
|
|
Senior Citizens
who are 80 years old and above
|
|
|
Up to Rs 5,00,000
|
No tax
|
|
Rs 5,00,001 to Rs 10,00,000
|
20%
|
|
More than Rs 10,00,000
|
30%
|
|
(Surcharge of 10 per cent on income of all
individuals above Rs 50 lakh and less than Rs 1 crore and surcharge of 15 per
cent on income above Rs 1 crore).
|
|
We have been demanding I tT Exemption up to Rs 5 Lakhs but that has not been accepted.
ReplyDeleteNo FM Will increase the IT Exemption limit upto 5 Lakh, since the Central Govt is getting the TAX paid ( Mostly from TDS)by the salaried people and pensioners very easily without putting any extra effort by the IT Department.
DeleteK Selvarajan REtd.DGM TN Circle Chennai
For senior citizens, the IT for Rs.3,00,001 to 5,00,000/- will be 5% only.
ReplyDeleteK Selvarajan Retd. DGM, TN Circle Chennai