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Major Highlights of Union Budget 2017 For The Common Man.

Let's take a look at Major Highlights of Union Budget 2017 1 min


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  1. anjali_khurana
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    If your income is less than Rs. 3 lakhs per annum, then you don't have to pay tax.
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  2. anjali_khurana
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    People who have income between Rs 3 lakhs to Rs 5 lakhs, have to pay tax of 5 % over 3 lakhs.This means a person earning 5 lakhs has to pay Rs. 10,000/-Calculation : No tax of income upto 3 lakhs. Income over 3 lakhs for person making 5 lakhs is 2 lakhs. So 5 % of 2 lakhs is Rs. 10,000/-
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  3. anjali_khurana
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    People who fall under the 5 lakhs tax bracket can simply file their income tax with a one page income tax return.
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  4. anjali_khurana
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    Long Term Capital Gain for property has been reduced from 3 years to 2 years. This means you don't have to pay any income tax on capital gains from Land & Building if you have been holding it for a duration which is more than 2 years.
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  5. anjali_khurana
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    You won't be able to make cash transactions over Rs. 3 lakhs. You can still transfer larger amounts through the banking route.
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