This is the first time in Indian history that Union Budget has been announced one month in advance. This decision is made to complete the legislative process for approval of annual spending plans and tax proposals in chartered accountant firms in mumbai before beginning of the new financial year on April 1.
Govt. proposes levy of surcharge of 10% for income between Rs. 50 lakhs and Rs. 1 crores
FM proposed no change in Exemption limit but reduces tax rate to 5% for income between 2.5 lac to 5 lacs
Threshold limit for audit of entities opting for presumptive indirect taxation in India under Section 44AD is increased to 2 crores.
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