Union Budget 2017 was tabled earlier today by Finance Minister Arun Jaitley and was much appreciated by Prime Minister Narendra Modi also. PM said that the new budget will give strength to the economy for eliminating corruption. Anil Chopra, CEO & Director, Bajaj Capital said,“The Budget 2017-18 is on expected lines of giving marginal relief to taxpayers without any big bang reforms. For taxpayers with annual income up to Rs. 50 lacs the max income relief is Rs. 12,500. This is because the initial slab of 10% is now reduced to 5%. However Budget is harsh for those whose income is between 50 lacs – 1 crore as they will end up paying higher tax to the tune of Rs. 1 lac to Rs. 3 lacs and relief of Rs. 12,500 is minuscule in front of additional surcharge at the rate @ 10%.”
He also said, “It is surprising that those with an annual income of Rs. 1 crore or above will also get relief of Rs. 12,500. However, the biggest benefit will accrue to Small & Medium corporates whose annual turnover is less than Rs. 50 crore per annum as their Income Tax rates has been reduced from 30% to 25%. This will encourage entrepreneurship & growth of small business.”
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“The other positive announcement is the reduction in holding period for land & building for computation of long term capital gain from 3 years to 2 years. This will spur the sale/purchase activity in the Real-Estate sector,” he said.
Budget 2017 has been all about the farmers. The government is aiming to double the income of the farmers which includes new schemes.