Major Highlights of Union Budget 2017-18

Major Highlights of Union Budget 2017:
1.Total Budget of ₹ 21.47 Lakhs crores for 2017-2018.
2.Increase in Direct Tax collection by 34% after demonetisation.
3.Holding period for LTCG for Land & Building reduced to 2 years.
4.Carried forward of MAT Credit for 15 years instead of 10 years.
5.5% tax exemption for companies having turnover below ₹ 50 crores.
6.6% presumptive tax for turnover upto ₹ 2 crores.
7.No cash transaction above ₹ 3 Lakhs will be permitted.
8.Maximum Donation receivable from unknown source by pol party will be ₹ 2k.
9.Change in period of limitation for scrutiny assessment.
10.5 % tax for income below ₹ 5 Lakhs.
11.No tax for income upto ₹ 3 Lakhs.
12.10% surcharge for assesse income between ₹ 50 Lakhs to ₹ 1 crores.
13.One page Income Tax return proposed.
14.No major changes for Indirect taxes due to GST implementation.