Highlights of Union Budget-IX

| Updated: Feb 01, 2017 18:28 IST

New Delhi [India], Feb 1 (ANI): Finance Minister Arun Jaitley is presenting the Union Budget for financial year 2017-18. Highlights of the Union Budget are as follows: •Capital gains tax to be exempted, for persons holding land from which land was pooled for creation of state capital of Telangana. •Income tax for small companies with an annual turnover of 50 crore, now to pay 25%, a 5% reduction. •Not to remove Minimum Alternative Tax (MAT) in 2017-18. Propose to allow a carry forward of MAT for a period of 15 yrs as against 10 yrs now. •I propose to reduce basic customs duty on LNG from 5% to 2.5% in 2017-18. •Long-term capital gains tax on immovable property to apply after 2 years, instead of 3 years now. •SIT has suggested no cash transaction above Rs 3 lakhs. Govt has accepted this. •Political parties continue to receive most funds through anonymous donations. 70 years if independence the country has not been able to make political funding transparent. •Maximum cash donation any party can receive will be Rs 2000 from one source. •Political parties will be entitled to receive donations by cheque or in the digital mode from their donors. •An amendment being proposed to RBI Act to enable the issuance of electoral bonds for political funding.(ANI)
iocl