Starting, 1st April 2017, there will a lot of changes in the financial policies. Here is a quick overview.

  • 1-page tax form for individuals with taxable income up to ₹5 Lacks (excluding business income)
  • 5% reduction in tax for total income between ₹2.5 lacks and ₹5 lacks.
  • ₹2500 per year Tax rebate for taxpayers with income up to ₹3.5 lacks, reduced from ₹5000 earlier.
  • 10% surcharge for taxpayers with income between ₹50 lacks and ₹1 crore a year.
  • 2 years will be the holding period for calculating long term capital gains on the immovable property instead of 3 years.
  • 2001: New base year for adjusting prices for inflation of assets instead of 1981.
  • ₹2 lacks cap on cash transactions.
  • 2% price hike for 875 drugs including those for treating diabetes, cancer, hypertension & hepatitis, that are on the list of National List of Essential Medicines.
  • 5% change in premium rates on general insurance in addition to the advanced third party motor insurance rate.

 

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QYKLY – Daily Expense Manager
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Source-http://www.newsflicks.com/story/new-year-new-rules

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