கடந்த ஃபிப்ரவரி ஒன்றாம் தேதி நாடாளுமன்றத்தில் தாக்கல் செய்யப்பட்ட மத்திய
பட்ஜெட்டில் , ஆண்டிற்கு இரண்டரை லட்சம் முதல் 5 லட்சம் வரை வருமானம்
ஈட்டுவோருக்கான வருமான வரி 10 சதவீதத்திலிருந்து 5 சதவீதமாக குறைக்கப்பட்டு
அறிவிக்கப்பட்டது.
இதனுடன் சேர்த்து, ஆண்டிற்கு 50 லட்சம் முதல் ஒரு கோடி ரூபாய் வரை வருமானம்
ஈட்டுவோருக்கான கூடுதல் வரி 10 சதவீதமும், ஒரு கோடிக்கும் மேல் வருமானம்
ஈட்டுவோருக்கான கூடுதல் வரி 15 சதவீதமும் உயர்த்தப்பட்டது.
மேலும், மாற்றியமைக்கப்பட்ட வர்த்தக வரி, டிடிஎஸ் பிடிப்பில் மாற்றம்,
வருமான வரி தாக்கல் செய்வதற்கு ஆதார் எண் அவசியம் உட்பட 10 விதிகள் மாற்றம்
செய்யப்பட்டிருந்தன. இந்த 10 விதி மாற்றங்களும் அடுத்த மாதம் ஏப்ரல்
ஒன்றாம் தேதி முதல் அமலுக்கு வரும் என மத்திய நிதி அமைச்சர் அருண் ஜெட்லி
தற்போது தெரிவித்துள்ளார்.
ஜூலை ஒன்றாம் தேதி முதல் ஜிஎஸ்டி வரி விதிப்பு முறை நடைமுறைக்கு வரவுள்ளது.
ஜிஎஸ்டி-யால் மறைமுக வரிகள் மட்டுமே தளர்த்தப்படும் என்பதால், வருமான
வரியில் இந்த மாற்றங்கள் மேற்கொள்ளப்பட்டுள்ளதாக நிதித்துறை அமைச்சகம்
தெரிவித்துள்ளது.
The tax rate on income between Rs. 2.5 lakh and Rs. 5 lakh will get halved to 5 per cent from 10 per cent.
Highlights
The Lok Sabha on Wednesday passed the Finance Bill
Starting from April 1, 2017, some income tax laws will change
Tax rate on income between Rs. 2.5-Rs. 5 lakh will get halved to 5%
The Lok Sabha on Wednesday passed the Finance Bill, completing the
budgetary exercise for 2017-18. Since the Finance Bill is a Money Bill,
it needs only to be cleared by the Lok Sabha. Starting from April 1,
2017, some income tax laws will change. Finance Minister Arun Jaitley
had announced a number of income tax changes in Budget 2017. In
addition, some amendments were also introduced in the Finance Bill that
was passed by the Lok Sabha. Here are some of the changes that income
tax payers should note:
1) The tax rate on income between Rs. 2.5 lakh and Rs. 5 lakh will get
halved to 5 per cent from 10 per cent. However, rebate under Section 87A
gets reduced from Rs. 5,000 to Rs. 2,500. And no rebate will be
applicable for taxpayers having income above Rs. 3.5 lakh. This means
tax savings of up to Rs. 7,700 for those with a taxable income between
Rs. 3 lakh and Rs. 5 lakh. And for persons with taxable income between
Rs. 5 lakh and Rs. 50 lakh, tax savings of Rs. 12,900.
2) A 10 per cent surcharge will be applicable for individuals having
income ranging from Rs. 50 lakh to Rs. 1 crore (existing surcharge of 15
per cent will remain the same for individuals having income above Rs. 1
crore.)
3) A simple one-page form will be introduced for filing tax return for
individuals having a taxable income up to Rs. 5 lakh other than business
income.
4) No deduction will be allowed for investment in Rajiv Gandhi Equity
Saving Scheme from Assessment Year 2018-19. This tax-saving scheme,
announced in the Union Budget for financial year 2012-13, was designed
exclusively for the first-time individual investors in the securities
market with gross total income below a certain limit.
5) Income tax officials can reopen tax cases for up to 10 years if
search operations reveal undisclosed income and assets of over Rs. 50
lakh. Currently, tax officers can go back up to six years to scrutinise
the books of accounts of assessees. Taxpayers who do not file their
returns on time will have to shell out a penalty of up to Rs. 10,000
from Assessment Year 2018-19. However, if the total income of the person
does not exceed Rs. 5 lakh, the fee payable under this section shall
not exceed Rs. 1,000.
6) The holding period of a property for qualifying as long-term gains
will be reduced to two years, from three years. This will help save tax
if a property is sold within two years of buying. The profit from the
transaction will be treated as short-term capital gains and will be
taxed according to the slab rate applicable to him/her.
7) The government has cut down tax benefits borrowers enjoyed on
properties let out on rent. As per current tax laws, for properties
rented out, a borrower could deduct the entire interest paid on home
loan after adjusting for the rental income. On the other hand, borrowers
of self-occupied properties get a deduction of Rs. 2 lakh on interest
repayment on home loan. But on rented properties, the borrower can only
claim a deduction of up to Rs. 2 lakh per year after adjusting for the
rental income. And the amount above Rs. 2 lakh can be carried forward
for eight assessment years. Since the interest component of home loan
repaid in initial years is higher, experts say that the borrower may not
be able to fully adjust the interest paid as deduction even in
subsequent years.
8) Individuals will be required to deduct a 5 per cent TDS (tax deducted
at source) for rental payments above Rs. 50,000 per month. Tax experts
say that the move will ensure that persons who get a large rental income
come into the tax net. It will be effective from June 1, 2017.
9) Partial withdrawals from National Pension System (NPS) will not
attract tax. According to the proposed changes, NPS subscribers can
withdraw 25 per cent of their contribution to the corpus for emergencies
before retirement. Remember that withdrawal of 40 per cent of the
corpus is tax-free on retirement.
10) Aadhaar number will be a must while applying for PAN as well as
filing of income tax returns from July 1. To curb black money, the limit
on cash transactions has been set at Rs. 2 lakh. The Finance Bill had
originally proposed the cap at Rs. 3 lakh. If a person receives any sum
in contravention of the tax law, he/she will be liable to pay, by way of
penalty, a sum equal to the amount.
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