INDIA BUDGET 2017 HIGHLIGHTS 5 |
32. India`s tax-to-GDP ratio is very low. We are largely a tax non compliance society, when too many people evade taxes burden falls on those who are honest.
33. Out of 37 Million who filed tax returns in 2015-16, only 2,400,000 persons showed income above Rs 10 lakh.
34. Of 7,600,000 individuals who reported income of over Rs 5 lakh, 5,600,000 are salaried.
35. Small firms with turnover up to Rs 50 crore to pay 25% tax now, instead of 30%.
36. No cash transaction above Rs 300,000.
37. Maximum cash donation any party can receive will be Rs 2000 from one source.
38. Political parties will be entitled to receive donations by cheques or digital modes.
39. An amendment being proposed to RBI Act to enable the issuance of electoral bonds for political funding.
40. Income Tax rate from 10% to 5% for tax slab of Rs 250,000 to Rs 500,000.
41. Surcharge of 10% for those whose annual income is Rs 50 lakh to 1 crore.
42. 15% surcharge on incomes above Rs 1 crore to continue.
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