Budget 2017

India Budget 2017 to be presented on 1st February 2017.

Tax rate for individual income+ in the lowest Rs 2.5 lakh-5 lakh bracket halved to 5 per cent. One-page tax form for those with taxable income up to Rs 5 lakh.
No tax scrutiny for such first-time return filers.
Deduction to self-employed on contributions to National Pension Scheme doubled from 10 per cent to 20 per cent, subject to a limit of Rs 1.5 lakh.
Drawbacks
Tax rebate cut from 5,000 to 2,500 for individuals with income up to Rs 3.5 lakh.
Tax break due to interest paid on rented homes (whether first or second) will now be capped at Rs 2 lakh. This is likely to impact investment in real estate.
10 per cent surcharge on income of Rs 50 lakh-1 crore.
Pay up to Rs 10,000 for late filing of tax return.
Limit of cash donation to charitable trusts reduced from Rs 10,000 to Rs 2,000.