Major Highlights Budget 2017, Changes Made by Finance Bill 2017. Budget Analysis for Small and Medium Enterprises. Analysis of Finance Bill 2017 for Small and Medium Enterprises. Direct Tax Amendments, Check Key Highlights of Budget 2017-18, Details Analysis for Direct tax changes in Budget 2017. Now scroll down below n check more details for “Major Highlights Budget 2017, Changes Made by Finance Bill 2017 “
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Direct Tax – Personal Income Tax Rates and Surcharge
· Tax on Total Income between Rs. 2.50 Lacs and Rs. 5 Lacs reduced to half i.e. 5% from 10%
· Rebate u/s 87A reduced to Rs. 2500 from Rs. 5000; Allowed to only Individuals/HUF with total income less than or equal to Rs. 3.50 Lacs
· Surcharge of 10% on every Individual/HUF/AOP/BOI having Total Income more than Rs. 50 lacs but less than Rs. 1 Crore
Final Position of Tax Slabs
Donation-related Amendments
A · Cash donation is allowed only up to Rs. 2000/- in cash for deduction under section 80G [A.Y. 2018-19 on wards]
· Also, the donation to political parties in cash shall be allowed as the deduction only if made up to Rs. 2000/-
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