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UNION BUDGET 2018      Important changes of Budget 2017, effective from 01st April 2017      Key Features of BUDGET 2017      Budget 2017 - Highlights      After liberal concessions by Centre, GST council inks breakthrough, new tax regime roll-out on July 1      I-T Dept to keep record of deposits over Rs 2 lakh      IT Department changes PAN rules for automobile sales above Rs 2 lakh      GST Council meet: 14% revenue growth assumed for states      Submit monthly data of appeals disposed of: CBDT to officers      GST: The ride just got better for logistics      Adoption of GST poised to boost India's medium-term growth: IMF      GST Network operating expenses to be funded by user fee      GST rate of 18% to have short-lived impact on inflation, says RBI      GST Council: Tax exemption threshold fixed at Rs 20 lakh      GST Council consensus emerging on April 1, 2017 rollout, Rs 25 lakh threshold      Recommended 7-year tax holiday for start-ups: Sitharaman      Centre may have to re-notify GST Constitutional Amendment Act; here’s why      Rules may be eased for banks and NBFCs under GST      GST bill now a law, President Pranab Mukherjee gives assent to the constitutional amendment bill      GST will unleash significant economic activity: Barack Obama      Due Dates for the Month of February 2018      RuPay debit cards to gain from small finance banks      Barring five all petroleum items under GST regime      Sebi relaxes restrictions on more than 200 entities       Important Amendments effective from 01.06.2016     

 Important changes of Budget 2017, effective from 01st April 2017

*Union Budget’ 2017*: 
The following changes in Income Tax law come into effect from *01 APR 2017*:
(1) Cash Expenses Limit (capital or revenue) reduced from Rs.20K to Rs.10K per day in aggregate per person.
(2) No person shall receive an amount of 2 Lac or more, by cash (Sec. 269ST) in aggregate from a person in a day; or in respect of a single transaction; or in respect of transactions relating to one event or occasion. Penalty equal to the amount of such receipt.
(2A)  No TCS on cash sales exceeding Rs.2 Lac.
(3) In case of turnover below Rs.2 Crores, for Non Cash Sales (through Digital, Online, cheque, Bank etc.)  - Net Profit equal to 6% of Turnover / Gross Receipt, otherwise 8%.
(4) 5% Tax Rate Slab for Income from Rs.2.50 upto Rs.5 Lac. Tax Rebate U/s 87A - Rs.2500. for total income upto Rs.3.50 Lac. Surcharge @ 10% for Individuals with total income between 50Lac to 100 Lac. Surcharge @ 15%, when total income exceeds Rs. 1 crore.
(5) Payment of Rent - Rs.50,000 per month by any Individual or HUF (not subject to Tax Audit requirements) - deduct TDS @ 5%.
(6) Periodicity for long term Capital Gain is reduced from 3 years to 2 years. Base year shifted from 01.04.1981 to 01.04.2001 for all assets.
(7) 25% Corporate Tax Rate with annual turnover upto Rs. 50 crores (in FY 2015-16). No change for firm tax rate of 30%.
(8) No 80G for Donations made exceeding Rs.2000 in cash.
(9) Sale of unquoted shares to be taxed at (deemed) fair value.
(10) In absence of PAN of the buyer of specified goods, the rate of TCS will be twice of the extent rate or 5%, whichever is higher.
(11)  From financial year 2017-18, if Return is not filed within due date, late fee of Rs.5000 for delay up to 31st December, and Rs. 10000 thereafter.
(12) Aadhar Number is MUST in the Return of income w.e.f. 1 JUL 2017. Furthermore, every person who has been allotted PAN as on 1st July 2017 must intimate the AADHAR number to the Tax Authority, failing which, PAN allotted to such person shall be deemed to be invalid.  Kindly note that linking of AADHAR with PAN is not possible, unless name as per AADHAR and PAN match perfectly.  Hence, please take steps to rectify your name as per AADHAR to match as per PAN.


(13) Where Sec.12AA registered trusts modify their objects clause, they need to apply within 30 days to CIT for approval of the modified clauses.

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