Complied points on Budget 2017-18
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Budget 2017-18 Highlights presented by Dewan P N Chopra & Co. 2017-18
![BUDGET2017-2018Highlights
•WiththeobjectiveofJobcreationandstimulatingtheeconomy,allocationforcapital
expenditurewasincreasedby25.4%Y-O-Y.
•AttempttobringTransparencyinpoliticalfundinginIndiabylimitingcashdonationstoRs.2000andallother
donationstobebychequeordigitalmode.Taxbenefits availabletosuchpoliticalpartiessubjectto
compliancewithnewnorms.
••TaxrateonindividualsforslabofINR2.5lakhtoINR5lakhreducedto5%from 10%.Surcharge@ 10%
imposedonindividualshavingtotalincomebetweenINR50lakhtoINR1Crore
•Section115BBDAamendedtoextendscopeof10%taxondividendreceivedto“all residentassessee”
exceptdomesticcompaniesortrustorinstitutionorfund registeredu/s12AAorreferredtoinsection
10(23C).Earlierthissectionwas applicableonlyonresidentIndividual,HUFsandFirmsonly.
•The•TheholdingperiodforLTCGonimmovablepropertyisreducedto2yearsfrom existing3years.Further,the
baseyearforindexationandconsiderationofFMVis proposedtobechangedfrom1.4.1981to1.4.2001for
allclassesofassetsincludingimmovableproperty.
•NoexemptionofLTCGu/s10(38)onlistedequitysharesifsuchshareswereacquiredafter1.10.2004and
notsubjectedtoSecurityTransactionTax(STT).
•Section71(3A)SetoffofHousepropertylosseswiththeotherheadsrestrictedtoRs.2,00,000/-.Balancecan
bec/ftosubsequentyearstobeadjustedwiththeincomefromHouseproperty.
•Sec•Sec50CAproposedtobeinsertedtolevycapitalgainstaxontransferofunquoted sharesonFMVifthe
actualsaleconsiderationislessthanFMV.
•Clause(x)insertedinsection56(2)toextendtaxationofanymoney,immovable propertyormovable
propertyreceivedwithoutconsiderationorforinadequateconsiderationby“anyassessee”.Atpresentsuch
provisionsareapplicableonlyon IndividualorHUF[56(2)(vii)]andCompaniesandFirms[56(2)(viia)]in
certaincases.
••Tofulfillthecommitmenttoreducecorporatetaxrates,itisproposedtoreducetaxrateofMSMEcompanies
havingannualturnoveruptoINR50croreinFY2015-16to25%fromexisting30%.
•C/fofMATcreditproposedtobeallowedfor15yearsasagainst10yearsatpresent.](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
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Complied points on Budget 2017-18
- 1. BUDGET2017-2018Highlights •GDPGrowthfor2016-17at7.1%vs.estimatedfor2017-18at6.75%-7.5%. •Fiscaldeficitfor2016-17at3.5%vs.estimatedfor2017-18at3.2% •Thebudgetwasdocumentedkeepinginmindthegovernmentagendato “Transform,EnergizeandClean India”(TECIndia). •Followingtheirmissiontobringatransformativeshift,thegovernments’approachto thisbudgetistospendmoreinruralareas,infrastructureandpovertyalleviationwhilemaintainingfiscal prudence. •Agriculturehasbeengivensignificantimpetusthroughincreaseincredit,improvementininfrastructureand irrigationfacilitieswhichwillsupportthecontributionofthissectorat4.1%ofGDPin2017-18. •TotalbudgetallocationforRural,AgricultureandAlliedSectorshasincreased24% Y-O-Y.Stepstakeninthis budgetincludesprovidinghousing,villageelectrification,constructionofroadstoenhanceconnectivity, increasingsanitationcoverage,safedrinkingwaterandcreatingjobsthroughskilldevelopmentprograms. •Jobc•Jobcreationforyouththrougheducationandskilldevelopmentincludinglaunching ofonlinecourses,addingIndiaInternationalskillcentersacrossthecountry,providingmarketrelevant training,creatingemploymentinleather,textilesandfootwearindustryandintroductionofincredibleIndia2.0 campaigntopromotetourismandsupportemployment. •Significantallocationtoinfrastructurewheretransportationsectorincludingrail,roads,shippinghave receivedanincreasedbudgetallocationof10%Y-O-Y. ••2000km’sofCoastalconnectivityroads,3500km’sofRailwaylines,promoting privateparticipationin airportandrailwayoperationsandmaintenance,solar poweredanddisabledfriendlyrailwaystations, introductionofbiotoiletsacrossrailwaysaresomekeyinitiativesintheinfrastructuresectors. •‘DigiGaon’initiativetobelaunchedtoprovidetelemedicine,educationandskillsthroughdigitaltechnology bylayinghighspeedbroadbandconnectivityacrossGram Panchayats. •ForeignInvestmentPromotionBoard‘FIPB’tobeabolishedin2017-18topromoteeaseofdoingbusiness andFDIinIndia. •INR10,000c•INR10,000croresallocatedforrecapitalizationofbanksin2017-18. •SignificantpushtopromoteaDigitalEconomyandonlinetransactionsincluding proposedschemeson BHIMApp,AadharPayandmandateforallgovernmentreceiptsthroughdigitalmeans.
- 2. BUDGET2017-2018Highlights •WiththeobjectiveofJobcreationandstimulatingtheeconomy,allocationforcapital expenditurewasincreasedby25.4%Y-O-Y. •AttempttobringTransparencyinpoliticalfundinginIndiabylimitingcashdonationstoRs.2000andallother donationstobebychequeordigitalmode.Taxbenefits availabletosuchpoliticalpartiessubjectto compliancewithnewnorms. ••TaxrateonindividualsforslabofINR2.5lakhtoINR5lakhreducedto5%from 10%.Surcharge@ 10% imposedonindividualshavingtotalincomebetweenINR50lakhtoINR1Crore •Section115BBDAamendedtoextendscopeof10%taxondividendreceivedto“all residentassessee” exceptdomesticcompaniesortrustorinstitutionorfund registeredu/s12AAorreferredtoinsection 10(23C).Earlierthissectionwas applicableonlyonresidentIndividual,HUFsandFirmsonly. •The•TheholdingperiodforLTCGonimmovablepropertyisreducedto2yearsfrom existing3years.Further,the baseyearforindexationandconsiderationofFMVis proposedtobechangedfrom1.4.1981to1.4.2001for allclassesofassetsincludingimmovableproperty. •NoexemptionofLTCGu/s10(38)onlistedequitysharesifsuchshareswereacquiredafter1.10.2004and notsubjectedtoSecurityTransactionTax(STT). •Section71(3A)SetoffofHousepropertylosseswiththeotherheadsrestrictedtoRs.2,00,000/-.Balancecan bec/ftosubsequentyearstobeadjustedwiththeincomefromHouseproperty. •Sec•Sec50CAproposedtobeinsertedtolevycapitalgainstaxontransferofunquoted sharesonFMVifthe actualsaleconsiderationislessthanFMV. •Clause(x)insertedinsection56(2)toextendtaxationofanymoney,immovable propertyormovable propertyreceivedwithoutconsiderationorforinadequateconsiderationby“anyassessee”.Atpresentsuch provisionsareapplicableonlyon IndividualorHUF[56(2)(vii)]andCompaniesandFirms[56(2)(viia)]in certaincases. ••Tofulfillthecommitmenttoreducecorporatetaxrates,itisproposedtoreducetaxrateofMSMEcompanies havingannualturnoveruptoINR50croreinFY2015-16to25%fromexisting30%. •C/fofMATcreditproposedtobeallowedfor15yearsasagainst10yearsatpresent.
- 3. BUDGET2017-2018Highlights D295,DefenceColony NewDelhi–110024 D203,DefenceColony NewDelhi–110024 C109LGF,DefenceColony NewDelhi–110024 C9LGF,DefenceColony NewDelhi–110024 H57ConnaughtCircus NewDelhi110001 BranchOffices HeadOffice Followuson: •Tocurbblackmoney,itisproposedtoinsertSec269STwhichprovidesthatnoperson shallreceivean amountofINR300,000ormoreotherwisethanbyA/cpayeecheque/ bankdraft/electronicpayment. Contraventionof269STwillattractpenaltyu/s271DAequivalenttotheamountofsuchreceipt. •Lawoflimitation-Section197(C)oftheFinanceAct’2016whichprovidedforassessmentofundisclosed incomerelatingtoanyperiodpriortoIncomeDeclarationScheme-1hasbeenrepealed. •Timelimitforscrutinyu/s153forassessmentofAY2018-19reducedto18monthsfrom21months. •Domestic•DomesticTPscoperestricted-DTPnottoapplyonsection40A(2)(b)transactions. •ForeignPortfolioInvestor,CategoryIorIIexemptedfromIndirecttransferprovisions. •TheFinanceBill2017haspreferrednottomakeanychangesincurrentregimeofexcise&servicetaxasthe samearetobereplacedbyGSTsoon. DISCLAIMER ThisdocumenthasbeenpreparedinaconcisesummaryformbyDewanP.N.Chopra&Co.,CharteredAccountants,frompublicsourcesbelievedtobereliable.Theinformationcontainedhereinisintendedonlyforthepersontowhom itissent.Whiletheinformationisbelievedtobeaccuratetothebestofourknowledge,wedonotmakeanyrepresentationsorwarranties,expressorimplied,astotheaccuracyorcompletenessofsuchinformation.Recipientsshould conductandrelyupontheirownexamination,investigationandanalysisandareadvisedtoseektheirownprofessionaladvice.Theinformationanddatacontainedhereinisnotasubstitutefortherecipient’sindependentevaluation andanalysis.andanalysis.Thisdocumentisnotanoffer,invitation,adviceorsolicitationofanykind.Weacceptnoresponsibilityforanyerrorsitmaycontain,whethercausedbynegligenceorotherwiseorforanyloss,howsoevercausedor sustained,bythepersonwhoreliesonit. Phone:+91-11-23322359/1418|Email:dpnc@dpncindia.com