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.
# 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# Service charges for tickets which are booked though internet on IRCTC website will be withdrawn.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.
Updated Date: Feb 01, 2017 13:31 PM