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.