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Union Budget 2017: A list of key steps by Arun Jaitley that changed your money life

What finance minister Arun Jaitley said in the Union Budget today will definitely have an impact on your financial life. Here’s a quick glance as to the steps the minister has proposed.

 Union Budget 2017: A list of key steps by Arun Jaitley that changed your money life

Arun Jaitley. PTI

# Reduced tax rate for Rs 2.5 lakh to Rs 5 lakh to 5% from 10%. Overall average tax rate will come down for those with income below Rs 5 lakh and slightly even for those whose income is above Rs 5 lakh.

# Holding period for immovable property for applicability of long-term capital gains tax reduced to 2 years from 3 years. Also tax will be levied for unoccupied houses a year after getting completion certificate.

# No cash transactions above Rs 3 lakh will be allowed.

# Tax on the rich and wealthy continues. Surcharge of 10% on those with income Rs 50 lakh to Rs 1 crore. Surcharge on Rs 1 crore and more stays as usual.

# Income tax returns forms will be made easy. One page form for returns for non business income below Rs 5 lakh.

# Service charges for tickets which are booked though internet on IRCTC website will be withdrawn.

# Aadhar-based Point of Sale terminals will be set up. The shift to digital platform will have huge benefits for common man, according to the finance minister.

# Senior citizens will get Aadhar smart cards with health details on them. The government will work with Life Insurance Corporation to implement a scheme for senior citizens with 8 percent return on annuity.

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Updated Date: Feb 01, 2017 13:31:52 IST