Highlights of Union Budget-IX

Finance Minister Arun Jaitley is presenting the Union Budget for financial year 2017-18.

Highlights of the Union Budget are as follows:

• Capital gains tax to be exempted, for persons holding land from which land was pooled for creation of state capital of Telangana.

• Income tax for small companies with an annual turnover of 50 crore, now to pay 25%, a 5% reduction.

• Not to remove Minimum Alternative Tax (MAT) in 2017-18. Propose to allow a carry forward of MAT for a period of 15 yrs as against 10 yrs now.

• I propose to reduce basic customs duty on LNG from 5% to 2.5% in 2017-18.

• Long-term capital gains tax on immovable property to apply after 2 years, instead of 3 years now.

• SIT has suggested no cash transaction above Rs 3 lakhs. Govt has accepted this.

• Political parties continue to receive most funds through anonymous donations. 70 years if independence the country has not been able to make political funding transparent.

• Maximum cash donation any party can receive will be Rs 2000 from one source.

• Political parties will be entitled to receive donations by cheque or in the digital mode from their donors.

• An amendment being proposed to RBI Act to enable the issuance of electoral bonds for political funding.