{"id":12014,"date":"2017-04-01T23:40:02","date_gmt":"2017-04-01T23:40:02","guid":{"rendered":"https:\/\/manikarthik.com\/blog\/?p=12014"},"modified":"2020-02-25T11:16:31","modified_gmt":"2020-02-25T11:16:31","slug":"2017-income-tax","status":"publish","type":"post","link":"https:\/\/manikarthik.com\/blog\/2017-income-tax\/","title":{"rendered":"New Income Tax Rules in India : Things To Know"},"content":{"rendered":"

So, the India Govt. recently\u00a0passed its budget for 2017<\/a> and there are new rules galore. For the fiscal year 2017 – 18, there have been many amendments made (good and bad). Here’s everything you need to know.<\/p>\n

    \n
  1. If your annual\u00a0income is between 2.5 lakhs and 5 lakhs then your income tax is now reduced to 5%. [Good]<\/strong><\/li>\n
  2. After rebates, zero tax liability for people with income of 3 lakhs annually. [Good]<\/strong><\/li>\n
  3. All other categories will get uniform benefit of Rs 12,500.<\/li>\n
  4. If you annual taxable income is between 50 lakhs and 1 crore, there shall be a surcharge of 10% of income tax [Bad]<\/strong><\/li>\n
  5. If you annual taxable income is above\u00a01 crore, you will be charged\u00a015 percent surcharge. [Bad]<\/strong><\/li>\n
  6. For persons having Taxable income up to 5 lakhs other than income from Profits and Gains from Business or profession(PGBP), you can file your taxes with just a one page Income tax return.<\/li>\n
  7. Maximum limit for audit of specified assesses who opt for presumptive income (Section 44AD of Income Tax Act) scheme is now increased from 1 crore to 2 crores.<\/li>\n
  8. Transactions above 3 lakh Rupees will not be permitted via cash. (with some exceptions).\u00a0[Good]<\/strong><\/li>\n
  9. Maximum donation of 2000 rupees in cash per person for political parties.<\/li>\n
  10. Foreign Investment Promotion Board (FIPB) will be abolished.<\/li>\n
  11. Rs 23,000 crore is now allocated to the Pradhan Mantri Gramin Awas Yojana<\/a>.<\/li>\n
  12. Foreign direct investment increased from 1,07,000 crores in the first half of last year to 1,45,000 crores in the first half of 2016-17.<\/li>\n<\/ol>\n

    Overall, it’s been a great budget for all spectrums with the exception of those with income above 1 Crore annually. For most of the lower and middle class, the changes are welcome and should help to build a better economy.<\/p>\n

    References 1<\/a>, 2<\/a>, 3<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

    So, the India Govt. recently\u00a0passed its budget for 2017 and there are new rules galore. For the fiscal year 2017 – 18, there have been…<\/p>\n","protected":false},"author":1,"featured_media":12015,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[33],"tags":[],"class_list":["post-12014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nri-finance"],"modified_by":"Mani Karthik","menu_order":0,"_links":{"self":[{"href":"https:\/\/manikarthik.com\/blog\/wp-json\/wp\/v2\/posts\/12014","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/manikarthik.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/manikarthik.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/manikarthik.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/manikarthik.com\/blog\/wp-json\/wp\/v2\/comments?post=12014"}],"version-history":[{"count":1,"href":"https:\/\/manikarthik.com\/blog\/wp-json\/wp\/v2\/posts\/12014\/revisions"}],"predecessor-version":[{"id":12016,"href":"https:\/\/manikarthik.com\/blog\/wp-json\/wp\/v2\/posts\/12014\/revisions\/12016"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/manikarthik.com\/blog\/wp-json\/wp\/v2\/media\/12015"}],"wp:attachment":[{"href":"https:\/\/manikarthik.com\/blog\/wp-json\/wp\/v2\/media?parent=12014"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/manikarthik.com\/blog\/wp-json\/wp\/v2\/categories?post=12014"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/manikarthik.com\/blog\/wp-json\/wp\/v2\/tags?post=12014"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}