– Minister pats himself on the back for controlling inflation, high growth and war on black money
– Inflation has dropped from 6% to 3.4%
– Current account deficit declined from 1% to 0.3% of GDP in the first half of the year
– Forex reserves at $361Bn (12 months of imports)
– India is 6th largest manufacturing country in the world now.
*B) Indirect Tax*: No change in rates , as GST is to be implemented.
i) Individual Tax Slab
2.5 lacs – 05 Lacs 5%
05 lacs – 10 Lacs 20%
10 lacs – 15 Lacs 30%
ii) 12500 rebate for all above income of Rs 500000
iii) Sec 40A(3) to be amended. Limit to be 10000
iv) Capital expenditure of more than 10000 to be in other than cash
v) MAT credit to be carried forward for 15 years
vi) Corporate tax for companies having turnover up to 50 crores reduced to 25 percent
vii) One page income tax return for income below 5 Lacs.
viii) Company with turnover below 50 cr, income tax rate reduced to 25 % from 30%.
ix) LTCG holding period for land building reduced to 2 years
x) Books to be compulsory for turnover exceeding Rs. 25 lakhs
xi) Presumptive income: TO Upto 2 crore 6% tax rate for non cash base
xii) Scrutiny cases to be completed by September as against December now
i) Law for confiscation of loan defaulters to be made.
ii) No service charges on ticket booking from IRCTC