Excellent balanced budget
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Finance Minister Arun Jaitley presented the Union Budget 2017, his fourth annual budget, today.
I think Its a excellent balanced budget. Market also reacted positively on it. Sensex got hike of 300 points. Here are the highlights;
Key Changes in Taxation:
1. Income Tax rate reduced from 10% to 5% for slab of Rs. 250000- Rs. 500000.
2. Long Term Assets Indexing base year shifted from 1981 to 2001.
3. Income Tax rate reduced from 30% to 25% for companies having turnover less than Rs. 50 Crore.
4. Custom duty reduced from 5% to 2.5% in case of LNG.
5. No transaction above Rs 3 lakh to be permitted in cash. It will affect directly our Jewellery Industry and Real estate sector.
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