Summary of Union Budget 2017

  • Only 5% tax rate for individuals with income below Rs. 5 Lakhs
  • Lower holding period for capital gains
  • No government scrutiny for first time filers

Tax Saving under 80C

  • Quick & paperless investments in mutual funds
  • Shortest lock-in period & higher interest rates
  • Get tax saving investment proof immediately

For Salaried Individuals- Savings of up to Rs.12,500

  • Lower Taxes: Existing tax rate for individuals in Rs. 2.5-5 Lakh income bracket reduced to 5% from 10%.
  • This will result in savings of Rs.12,500 for all individuals with income > 5 lakhs.
  • Simplified Returns: One page return form for people with annual income upto Rs. 5 lakh other than business income.
  • Government Scrutiny: First-time I-T filers will not come under government scrutiny.
  • Income Surcharge: 10% surcharge on individual incomes between 50 lakhs and 1 crore. 15% surcharge on individual incomes above Rs.1 crore remain.